After todays meeting at the BCP I wanted to post this in English. I also want to thank Maria Boyd for filling for Lissy on translation and Diane who managed to not lash too many people in meeting management.

Boquete Tuesday Meeting ACODECO

This is Panama’s current law regarding discounts for resident pensioners. This will apply to any retiree Panamanian or foreigner who has a Pensionado Visa as long as they meet the age requirements. It does NOT apply to tourists.

It is the law of the land and there is a government agency, Acodeco that enforces the law. http://www.acodeco.gob.pa/

(20.827 Official Gazette of June 22, 1987)

By which take measures on behalf of Senior Citizens, Pensioners, Third and Fourth Age and creates and regulates the Pensioners text has been updated as amended by Act 18 of 1989, Act 15 of 1992, Act 37 of 2001, Act 14 of 2003, Act 51 of 2005, Act 30 of 2008.

Article 1.

Law 37 of 2001 and Act 14 of 2003.

THE LEGISLATIVE ASSEMBLY DECREES

Chapter I Discounts and Special Rates

Panamanians or foreigners residing in the country with fifty-five [55] years or more, if they are women, or sixty [60] years or more if you are male, and all retirees for any gender shall the following benefits:

1. 50% discount price charged for the entry into the recreation and entertainment such as cinemas, theaters, sports and other public events.This discount does not apply to charitable activities whose profits are aimed at children, for victims and programs authorized by the competent authority.

2. Discounted fares for public transport in accordance with the classification: Intercity buses, 30%; b. Trains, 30% c. Ships and boats, 30%, and d.25% on airfare public or private domestic and foreign.

3. A discount on the regular prices of hotels, motels and pensions as well: a. 50% from Monday to Thursday. b. 30% on Fridays, Saturdays and Sundays.

4. Discount of 25% of the value of individual consumption of food in any restaurant, except those regarded as funds that do not require a business license to operate.

5. A 15% discount in fast food establishments with national and international franchises.

6. 15% off the total bill for services of hospitals and private clinics.

7. A discount at pharmacies in 20% of the value of drugs purchased by prescription.

8. Rates at the following medical services: a. 20% in consultation fees of general medicine and medical and surgical specialties; b. 15% on dental services, and c. 15% for optometry services.

9. Insurance Companies That Their policies the disease include among risk, necessary to make the adjustments for the Benefit of These Are Deductions taken to secure payment of your premiums, at the age of fifty-five [55] years or more, if female, and at the age of sixty [60] year somore if male, and Pensioners.

10.Discount  20% of the fees for professional and technical services.

11.Discount 20% of all prostheses as well as all aid equipment and accessories.

12.Discount 50% of expenses or closing fee on transactions personal and commercial loans made in their name in the banks, financial and credit institutions. No public or private entity may charge any amount for the services of discount or benefit to borrowers with this Act, or banks, financial institutions and credit cooperatives in the transactions of personal and commercial loans made to name.

13.The personal transactions and commercial loans made in their name in banks, financial institutions and credit unions are exempt from payment of the over-rate or charge prescribed in the Special Compensation Fund Interest (SFIC).

14.Discount 15% maximum interest rate allowed by law to charge banks, finance companies, cooperatives and credit institutions in personal and commercial loans in your name.

15.Discount  1% interest rate on mortgage loans for its own use, at the time the person reaches fifty-five [55] years of age if female, or sixty [60] years old if male, or if they are pensioners. Exceptions to this provision of mortgage loans at preferential rates decreed by law.

16.A property tax freeze, provided that the residence is his name and is its sole property. This tax will be reduced if the value of the property is diminished in accordance with the law

17. Exoneration payment of the rate of recovery to their property, provided it is unique and is their home. Since the transfer of ownership, it may be liable to income tax recovery of works carried out during or after the transfer.

18.Discount 50% of the value of passports.

19.Discount of 25% in turnover of monthly consumption of electricity, public or private entity, to six hundred kilowatt-hours [600 kWh]. Normal rate will apply to the excess of this amount.

20.The properties of associations, federations, confederations of Retirees and Pensioners, formed in accordance with the law, enjoy the discounts granted to retirees namely electricity, water, telephone, postal, recovery rate, tax Property and other benefits granted to non-profit associations, as provided by the laws of the Republic.

21.Discount 25% of the fixed charge for phone service when: a.Telephone service account in your name. b. The account is residential. c.The charge is a single phone. Normal rate will apply to the excess of this amount.

22.Discount 25% of the water consumption fee, public or private entity, provided that: a. Consumption is not more than thirty Dollars [B/.30.00]. b.The account is in your name. c. The bill is residential and is their home. Normal rate will apply to the excess of this amount.

A number of things were clarified in the meeting. I am going to list a few.

1. Restaurants: The discount applies to an entire meal, not just the main course as long as a main course is ordered. It does not apply to just an appetizer, desert or drink. But if ordered with a meal it does earn a discount. It also applies to specials.

2. After the meeting I asked the definition of a Fonda which does not have to discount. A fonda has  a license as a fonda and has five tables or less. If a business has a restaurant license they need to offer the discount.

3. Hotels must discount what ever rate they quote. The game of rack rate does not apply unless that is the rate they quoted to you.

4. If a defective product under warranty is taken in for repairs it must be returned to you within 30 days. If not you are entitled to a new product. Even if it is a car.

5. Utilities.: The discounts apply even in places like Valle Escondido and The Springs.

The David ACODECO office has two english speaking staff to assist you in filing complaints. They are located across from the Aero Perlas office near the Hotel del Sol in David.