Panama Loses Port Revenue From A Panama Ports Company. Audit Performed Was Beneficial

(MENAFN- Newsroom Panama) The rate charged for the movement of containers in the ports of Balboa and Cristóbal has not been reviewed since 2010, violating the obligation established in Resolution JD No. 026-2009 signed between the State and Panama Ports Company (PPC), which ordered a review every five years, starting in 2013. This resolution ordering the tariff review for container movement was published in the Official Gazette 26417 of November 30, 2009, in which the Panama Maritime Authority (AMP) was authorized to sign the second Addendum to the contract Law No. 5 of January 16, 1997 with PPC:“the period of validity of the movement tariff will be extended until Dec 31, 2013.

From that date, the tariff for movement will be reviewed between the State and the company and adjusted by the State every five years...” The $12.00 per container rate, set in 2010, was to be adjusted in 2013, 2018 and 2023 based on the consumer price index (CPI), with a maximum increase of 10% per five-year period. That just didn't happen, but with all the recent discussions surrounding the Panama Canal operations, it became noticed.

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