The Panama Canal Authority (ACP) has established the criteria for compensating residents affected by the construction of the Rio Indio reservoir, a project intended to secure water supplies for the interoceanic waterway and public consumption. Karina Vergara, the ACP’s manager of environmental and social water projects, stated during a National Assembly Budget Committee hearing that the valuation process is designed to provide a social benefit of replacement, ensuring residents are not financially disadvantaged.
The compensation framework, developed in coordination with the Ministry of Economy and Finance, the Comptroller General, the Public Registry, and the Ministry of Agricultural Development, focuses on three primary areas. Land will be valued at commercial market rates, regardless of whether the owner holds a formal property title. Structures, including homes, fences, and outbuildings, will be valued at current replacement costs rather than depreciated values; for example, older homes will be compensated based on the cost of modern construction. Furthermore, the ACP plans to fund the construction of homes with a number of bedrooms appropriate for the size of the resident family.
Agricultural compensation will include payments for lost production, calculated with the assistance of the Ministry of Agricultural Development to account for the commercial value of crops and the income farmers will lose during the transition.
Ilya Espino de Marotta, administrator of the Panama Canal, addressed concerns regarding land ownership in the project area. Based on a socio-environmental census conducted between 2023 and 2024, she stated that no properties belonging to political figures have been identified within the affected zone. According to the census data, 53 percent of residents hold less than 5 hectares, 33 percent hold between 5 and 25 hectares, and 14 percent hold more than 25 hectares.
To prevent real estate speculation, the ACP has established a protection polygon covering an area larger than the immediate footprint of the reservoir. This measure restricts land transactions within the zone, requiring approval from the Panama Canal Authority to protect the interests of local residents.
Article and image source: panamaamerica.com.pa
Farmer alleges pigs became sick after payment was due in disputed livestock deal
Trinidad-Developed Zuko App Helps Separated Parents Manage Responsibilities and Reduce Co-Parenting Conflict Together
Local Man shares IHOP and Applebee’s experience with homeless people across Trinidad and Tobago
Black Nissan Navara Stolen at Gunpoint from Bamboo on Tuesday, September 15
Tobago Chief Secretary Farley Augustine warns island to prepare now for drought-like conditions stretching into
School Health And Safety Officers Raise Concerns Over Contracts And Outstanding Gratuity Payments