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Isaac Vasquez Tello

Lima, Peru
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About Isaac
Isaac Vasquez Tello is a journalist based in Lima, Peru.
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About 250,000 SMEs at risk due to increase in electricity tariffs

10 Oct 2023  |  peru21.pe
Nearly 250,000 micro and small enterprises (SMEs) in Peru, along with around 2,000 larger companies, face potential risks due to an impending regulatory change in the electricity market that could increase energy prices. The Supreme Court's recent ruling mandates the Ministry of Energy and Mines (Minem) to regulate natural gas prices used for electricity generation, which may lead to a 35% tariff hike for industrial users. This increase could severely impact SMEs, particularly those in manufacturing, by raising production costs and potentially leading to business closures. The Asociación Pyme Perú and experts like Luis Espinoza highlight the economic strain this could impose, especially during the ongoing pandemic.

José Luis Medina, Sustainability Manager of Petrotal: 'Surely in a few days Loreto will be out of fuel'

03 Oct 2023  |  peru21.pe
The article discusses the fuel shortage crisis in Loreto, Peru, following the seizure of Petrotal's vessels by indigenous groups. José Luis Medina, Petrotal's Sustainability Manager, highlights the risks to the region, including potential environmental disasters and economic losses. The conflict stems from disagreements over a proposed fund for local development. Authorities are urged to restore order and ensure the safety of the region's fuel supply.

Growing concern among unions over the monopoly of electricity distribution

02 Oct 2023  |  peru21.pe
Peruvian businesses are increasingly worried about a potential Chinese monopoly in electricity distribution, with concerns centered on the acquisition of Enel by China Southern Power Grid. The fear is that this could lead to price hikes and concentration of power in Chinese state-owned companies, following the 2020 purchase of Luz del Sur by China Three Gorges Corporation. The Asociación de Empresarios de Gamarra, led by Susana Saldaña, voiced strong concerns about the impact on small businesses. The acquisition requires approval from Indecopi, which has yet to receive a request. The process could take up to 175 days if complications arise. Former Economy Minister Carlos Oliva noted the importance of regulatory vigilance to prevent abuse of market dominance.

Claudia Cooper at Perumin: 'We are using resources collected from decisions made three decades ago'

02 Oct 2023  |  peru21.pe
Claudia Cooper, president of the 35th Perumin mining convention in Arequipa, emphasizes the significant potential of the mining sector to contribute to Peru's economy, with a project portfolio capable of attracting $53 billion in investments and creating 3.9 million formal jobs. She highlights the need for a long-term vision for the sector, addressing the challenges of dispassionate discussion and planning for future decades. Cooper stresses the importance of public-private collaboration and the role of the mining sector in economic reactivation, advocating for improved coordination between the Ministry of Economy and Finance and the Ministry of Energy and Mines.

The Future of Majes Siguas II in the Hands of Elmer Cáceres Llica

02 Oct 2023  |  peru21.pe
The future of the Majes Siguas II irrigation project hinges on the actions of Arequipa's regional governor, Elmer Cáceres Llica. The project, which aims to develop 38,500 hectares for agriculture and create over 100,000 jobs, recently received legislative approval for a public budget modification to extend a sovereign guarantee. However, the concessionaire, Consorcio Angostura Siguas, is exiting due to ongoing governmental non-compliance. The project requires the signing of Addendum 13 and favorable opinions from various entities, including the Ministry of Economy and Finance. Local business leaders express concerns over the project's viability and criticize the governor's handling of the situation.

Nationalizing Camisea Gas, a Proposal That Would Harm the Country

01 Oct 2023  |  peru21.pe
The article critically examines President Pedro Castillo's proposal to nationalize the Camisea gas project, highlighting the potential legal and financial challenges. Experts argue that such a move would require congressional approval and fair compensation to the consortium, potentially leading to international arbitration and significant financial liabilities for Peru. Historical parallels are drawn with past expropriations, emphasizing the long-term economic consequences. The article underscores the complexity and potential risks of nationalizing a major energy resource.

Carlos Bruce: “Al gobierno solo se le ocurre tirar la plata”

01 Oct 2023  |  peru21.pe
Carlos Bruce, a former congressman and minister, criticizes the current Peruvian government's handling of social programs and economic recovery, describing it as the worst administration in the country's history. He highlights the lack of creativity and transparency in social policies and expresses concerns about the construction sector's future. Bruce also defends Pedro Pablo Kuczynski against what he sees as unjust detention and criticizes the influence of Vladimir Cerrón on President Pedro Castillo's administration.

The challenges of Peru in the face of the fourth industrial revolution

01 Oct 2023  |  peru21.pe
The article discusses the impact of the fourth industrial revolution on Peru and Latin America, highlighting the need for new skills and knowledge to adapt to technological advancements. The World Bank report emphasizes the importance of preparing the workforce for future changes, particularly in the service sector. Experts like Juan Carlos Carrillo from IBM and Álvaro Castro from ABB outline the challenges and necessary steps for successful digital transformation, including infrastructure improvements, business model innovation, and cybersecurity measures.

Víctor Gobitz: “We Need a Mining Policy”

01 Oct 2023  |  peru21.pe
Víctor Gobitz, who will preside over the Perumin 36 Mining Summit, emphasizes the need for a cohesive mining policy in Peru. He reflects on President Dina Boluarte's recent speech, noting her focus on public and private investment and the importance of addressing illegal economies. Gobitz highlights the potential for a petrochemical plant project and stresses the necessity of public-private collaboration to attract foreign investment. He also discusses the agenda for Perumin, which includes tackling illegal mining and developing mining projects in regions like Cajamarca and Piura. Gobitz calls for a national dialogue to create a comprehensive mining policy.

Duilio Sanguineti, CEO of Wait N’ Rest: “We aim to be the preferred option for quality rest in airports”

01 Oct 2023  |  peru21.pe
Wait N’ Rest, a Peruvian startup offering personalized rest options in airports, aims to expand into the U.S. and Canadian markets. The company, already operating in Bogotá's El Dorado Airport, has received invitations to bid in North America, Canada, and Central America. CEO Duilio Sanguineti highlights the significance of entering these markets due to their higher adoption of self-service technology. The company plans to have 100 operational rooms worldwide by 2024 and is exploring additional service lines, including food and beverages. Future expansion into Europe and Asia is also being considered.

Juan Fernando Correa: “No podemos vivir en un país donde hay tanta corrupción”

01 Oct 2023  |  peru21.pe
Juan Fernando Correa, president of CADE Ejecutivos 2023, emphasizes the importance of citizen participation in strengthening democracy and clarifies that Sada Goray is not a businesswoman but a corrupt individual.

Joaquín Rey: “It seems that Kurt Burneo is not willing to defend Fonafe”

01 Oct 2023  |  peru21.pe
The article discusses the recent resignation of Lorena Masías, the executive director of Fonafe, at the request of the Minister of Economy, Kurt Burneo, raising concerns about political interference in state-owned enterprises. Joaquín Rey, an economist from Videnza, highlights the risks of politicizing economic decisions, drawing parallels with the financial troubles of Petroperú. The text also touches on the potential reduction in mining investments due to political instability and the weakening of the Ministry of Economy's influence under the current administration.

Felipe Morris: “They are promoting changes behind the recommendations”

01 Oct 2023  |  peru21.pe
Felipe Morris, an economist and columnist, critiques the proposed pension reforms by the Peruvian Congress, highlighting the lack of clarity and potential risks. He argues that the reforms ignore recommendations from key financial institutions and could jeopardize the future of retirees. Morris advocates for a unified system with individual capitalization complemented by a state-guaranteed minimum pension, rather than the proposed mixed system. He also emphasizes the need for technical rigor and warns against hasty, large-scale changes without thorough analysis.

Rosa María Flores-Aráoz: “It is irresponsible to propose this regulatory reform in the electricity sector”

01 Oct 2023  |  peru21.pe
Rosa María Flores-Aráoz, general manager of Kallpa, warns that a proposed regulatory reform in Peru's electricity sector could lead to higher prices for citizens and businesses, benefit a select group of industry players, and undermine legal security. She criticizes the role of Luz del Sur in promoting the reform and emphasizes the potential negative impacts on competitive tariffs and market stability. Flores-Aráoz highlights the importance of maintaining stable regulatory conditions to encourage investment and warns that the proposed changes could significantly increase electricity costs for both industrial and residential users.

Gianfranco Castagnola: “They want to make a pension reform for the next 30 years in 2 months”

01 Oct 2023  |  peru21.pe
The article discusses concerns raised by Gianfranco Castagnola, executive president of Apoyo Consultoría, and Elmer Cuba, partner at Macroconsult, regarding a proposed rapid pension reform in Peru. The reform aims to create a unified pension system managed by a new public entity, the Organismo Público de Pensiones, which would integrate current public and private pension systems. Critics argue that the proposal lacks clarity, risks mismanagement, and unfairly redistributes contributions, potentially impacting millions of Peruvians' future pensions. They call for more proactive and thoughtful solutions from the government.

Juan Fernando Correa: “We will bring the spirit of Paracas to the Sacred Valley”

01 Oct 2023  |  peru21.pe
Juan Fernando Correa, president of CADE 2023, discusses the decision to hold the event in Cusco, emphasizing the importance of demonstrating that the rest of Peru matters to business leaders. He highlights the need for government policies to foster investment and economic activity. Correa supports Fernando Cillóniz's proposal for an autonomous national authority for health and education to ensure professional management. He also discusses the Empresa Anemia Cero initiative aimed at reducing anemia among children and pregnant women, with over 100 companies participating.

Luis Miguel Castilla: “There is a divorce between reality and promises”

01 Oct 2023  |  peru21.pe
The article discusses the financial feasibility of promises made by political parties in the current Peruvian election campaign. Luis Miguel Castilla, director of Videnza Consultores and former Minister of Economy, highlights the disconnect between these promises and fiscal reality. He criticizes parties like Peru Libre, Juntos por el Perú, and Acción Popular for proposing significant increases in public spending without clear funding sources, which he deems irresponsible. In contrast, parties like Avanza País, Victoria Nacional, and Renovación Popular are noted for their less onerous proposals. Castilla warns of the risks of repeating past economic mistakes, such as those during Alan García's presidency, which led to hyperinflation and increased poverty.

Congressional Committee on Pension Reform Lacks Experience in Pension Matters

01 Oct 2023  |  peru21.pe
The congressional committee responsible for pension reform in Peru lacks members with relevant experience in pension matters, raising concerns among analysts. Only one member, José Núñez, has a background in economics. Experts like Carlos Oliva and Diego Macera stress the importance of involving technical experts from institutions like the Ministry of Economy and Finance (MEF) and the Superintendence of Banking, Insurance and AFP (SBS) to ensure the proposals are technically sound and sustainable. The article highlights skepticism about the committee's ability to produce a viable reform without expert input.

Economic recovery and employment at risk due to legislative powers

01 Oct 2023  |  peru21.pe
Analysts express concern over the potential negative impact of proposed legislative tax measures on Peru's economic recovery and employment. The Ministry of Economy and Finance argues that these measures will strengthen fiscal policy and increase revenue, but critics highlight the lack of solutions for high informality and tax evasion. Key measures, such as increasing mining royalties and rental income tax, are seen as detrimental. Experts suggest that the focus should be on broadening the tax base and addressing informality rather than increasing taxes on existing taxpayers.

Hugo Perea analyzes the economy in Peru: 'We are not going to see a significant rebound'

14 Aug 2023  |  peru21.pe
Hugo Perea, former Deputy Minister of Economy and chief economist for Peru at BBVA Research, provides an analysis of the Peruvian economy, indicating that a significant rebound is not expected. He anticipates a better performance in the second half of the year but does not foresee any miracles.

Investment in Health is Stalled in 8 Regions

07 Aug 2023  |  peru21.pe
Eight regional governments in Peru have spent less than 10% of their allocated health investment funds, with Tacna and Lambayeque among the worst performers. Despite the arrival of new governors, regions like Ayacucho and Tumbes have managed to spend a significant portion of their budgets. Former Health Minister Abel Salinas attributes the issue to a lack of leadership from the national government, which should act as a decentralizer of bureaucratic barriers.

Labor Minister of Dina Boluarte responds about the minimum wage increase

01 Aug 2023  |  peru21.pe
Labor Minister Fernando Varela discusses President Dina Boluarte's promise to increase the minimum wage in Peru.

Diego Macera analysis prior to the July 28 message: 'They must give a message of confidence'

28 Jul 2023  |  peru21.pe
Diego Macera, Director of the Instituto Peruano de Economía, discusses the economic growth data for June, which may not be very positive. He emphasizes that the message on July 28 should include commitments extending to 2026 to instill confidence.

Patricia Barrios, presidenta de CADE Universitario: “Más del 50% de participantes son mujeres”

28 Jun 2023  |  peru21.pe
Patricia Barrios, president of CADE Universitario 2023, discusses the significance of creating debate spaces for youth to understand and engage in politics for the country's progress. The event, featuring over 400 young leaders from 13 regions of Peru, focuses on reflecting on democracy, inspiring collective solutions, and defining actionable commitments. Barrios highlights the high participation of women and the multidisciplinary nature of the event. The initiative aims to empower youth to take a leading role in strengthening democracy and addressing current challenges with optimism and a sense of collective responsibility.

Juan Carlos Mathews, head of Mincetur: 'With luck, by the end of 2023 we will have the agreement with Hong Kong'

12 Jun 2023  |  peru21.pe
Juan Carlos Mathews, the head of Mincetur, discussed trade agreements in Asia, expectations for domestic tourism in Peru this year, and measures to support tourism companies facing financial difficulties. He highlighted a progressive recovery in Cusco and projected an increase in tourist numbers. Mathews mentioned ongoing negotiations with Indonesia and Hong Kong, with the latter potentially concluding by the end of 2023. He also noted efforts to modernize older trade agreements, such as with China, and the resumption of talks with India. Domestically, he addressed the reprogramming of debts for tourism companies and the positive impact of promotional activities on internal tourism.

Liliana Picasso on tourism: 'Reservations in the north are canceled'

05 Jun 2023  |  peru21.pe
Liliana Picasso, entrepreneur and second vice president of Ahora Perú, discusses the challenges faced by the tourism sector in Peru, including the aftermath of the pandemic, social conflicts, El Niño phenomenon, and dengue fever alerts. She emphasizes the need for tourism to become a state policy and for the government to strengthen the sector institutionally. Picasso criticizes regional governors for their lack of knowledge in tourism, poor infrastructure, and connectivity, and highlights the absence of crisis management and prevention measures. She also mentions the impact of recent health alerts on tourism in the north of Peru, leading to canceled reservations and potential new poverty hotspots.

Samuel Dyer: 'It is key to have a train that connects the Amazon'

29 May 2023  |  Peru21
Samuel Dyer, entrepreneur and president of Grupo Pro Amazonía, believes in the integration of the Amazon, development without deforestation, and the feasibility of a train connecting the Peruvian jungle with the coast by 2050. This vision aligns with the agenda of the IV Congress of Amazonian Entrepreneurs, which will feature regional governors, mayors, and commerce chambers from the Amazon, as well as the international GCF. The congress will discuss a strategic plan for the Amazon's economic drivers, emphasizing the forest sector's potential to become the second-largest after mining. Dyer advocates for a train route for its cost-effectiveness and lower environmental impact compared to roads.

Víctor Gobitz, presidente de la SNMPE: “No se ve nada de la dimensión de Quellaveco”

22 May 2023  |  peru21.pe
Víctor Gobitz, president of SNMPE, discusses the current state and future of the mining sector in Peru, emphasizing the need for better investment strategies and efficient project management. He highlights the operational resilience of the mining industry during climatic crises and the importance of robust planning and execution at regional and local government levels. Gobitz also addresses the necessity for government entities like Senace and ANA to have adequate resources to expedite project approvals. He calls for a long-term vision in voting for political leaders and stresses the potential of mining clusters in northern Peru to enhance economic impact.

Alejandro Pérez-Reyes of Credicorp: 'We want the reform to be as good as possible'

08 May 2023  |  peru21.pe
Credicorp has proposed a reform for the Private Pension System in Peru, focusing on inclusivity, openness, and shared risk. Alejandro Pérez-Reyes, the company's operational manager, discussed the proposal with Peru21, highlighting initiatives to integrate informal and low-income independent workers into the system, allow more asset management competitors, and offer a choice between fixed and variable commission fees. The proposal has been shared with regulators and received feedback, aiming to contribute to the ongoing pension reform debate and achieve the best possible outcome.

Carlos Paredes: 'Petroperú is not anyone's farm, it belongs to all Peruvians' [Interview]

01 May 2023  |  peru21.pe
Carlos Paredes, former president of Petroperú, discusses the appointment of Pedro Chira as the new board president of the state-owned company, expressing the need for independent professional leadership. He criticizes the government's decision to allow Petroperú to operate Talara oil lots without a strategic improvement plan, emphasizing the company's lack of capital and experience for such investments. Paredes questions the role of the Ministry of Energy and Mines (Minem) and its head, Óscar Vera Gargurevich, in these decisions, urging clarity on whether they represent the interests of all Peruvians or a 'great brotherhood.' He also reflects on the influence of the Ministry of Economy and Finance (MEF) on Petroperú's governance and the serious debt situation addressed by the IMF. The article highlights the ongoing case of Hugo Chávez, former Petroperú president under Pedro Castillo's government, suggesting accountability for past management decisions.

Wholesale lemon prices soar 264% due to rains and Cyclone Yaku

15 Mar 2023  |  peru21.pe
Heavy rains in northern Peru and Cyclone Yaku have led to a significant increase in wholesale food prices, particularly for lemons, which have seen a 264.02% price surge in the last fortnight. The price of a kilo of lemons in a crate in Lima Metropolitan went from S/2.39 to S/8.7 between March 1 and 14. Other products from regions like Piura and Lambayeque have also become more expensive, albeit to a lesser extent. The AGAP reports hundreds of hectares of crops, mainly from small farmers, have been damaged. The Universidad del Pacífico warns that the humidity and high temperatures are conducive to pests, and the basic food basket could require up to 80% of the income of those in poverty, up from 40% in January.

Ports of Pisco, Matarani, and Ilo lose cruises due to violence

06 Feb 2023  |  peru21.pe
Ports in Pisco, Ilo, Matarani, and Salaverry have stopped receiving cruise ships due to ongoing social conflicts and road blockages, particularly affecting southern regions of Peru. Several cruise ships, including Seabourn Quest and Silver Moon, have rerouted to Chile instead. Eduardo Jáuregui, president of the Paracas Chamber of Tourism and Foreign Trade, blames the Parliament for not expediting elections, causing significant economic damage to small and medium-sized tourism and hotel businesses. Cruise ships are seen as vital for tourism recovery, with visitors spending an average of $100 per person.

Peruvian table grape will lose its world leadership due to roadblocks

31 Jan 2023  |  peru21.pe
Peru, the world leader in table grape exports, is at risk of losing its position due to roadblocks that have prevented shipments, particularly affecting the Ica region. The disruptions have led to a significant reduction in exports and raised concerns about customers turning to other countries. The grape industry is also facing employment challenges, with up to 110,000 workers affected by the halt in activities. The financial impact extends to lost additional income for workers during the peak harvest season. The situation is compounded by similar issues affecting blueberry exports.

Gianfranco Castagnola: “We have allowed the state to fragment”

30 Jan 2023  |  peru21.pe
Peru is facing a complex situation due to violent protests against the government of Dina Boluarte. Gianfranco Castagnola argues that the country is paying for the mistake of electing Pedro Castillo, but believes that removing him has improved the situation. He highlights the lack of political forces to mediate between the population and decision-makers, leading to uncertainty. Castagnola identifies three groups involved in the protests: peaceful supporters of Castillo, radical violent groups, and those linked to illegal economies. He criticizes the Congress for inaction on early elections and emphasizes the economic impact of the crisis, particularly on inflation, investment, and key sectors like mining, agriculture, and tourism. He concludes that the state's fragmentation and political institutional failures have contributed to the current crisis.

Oscar Caipo: “What we need to recover is social peace”

01 Jan 2023  |  peru21.pe
Oscar Caipo, president of Confiep, met with the Minister of Labor, Eduardo García, to discuss expectations for 2023, emphasizing the need to recover social peace following recent events. The meeting, attended by representatives from various business guilds, was described as cordial and a good start for addressing issues. Caipo highlighted the importance of stability for economic activities, including tourism and agriculture. He also expressed a positive view on the appointment of Contreras as Minister of Economy, citing continuity in economic recovery plans initiated under the Impulso Perú program.

Attorney General: 'We cannot allow corruption to become normalized'

18 Nov 2022  |  peru21.pe
Three prominent women, including Attorney General Patricia Benavides, People's Defender Eliana Revollar, and President of the Judiciary Elvia Barrios, emphasized the importance of institutional integrity and combating corruption at the CADE Executives forum. Benavides highlighted the constitutional demand against President Pedro Castillo, stressing the Congress's responsibility. Revollar pointed out the lack of management in social conflicts and the need for better resource utilization. Barrios underscored the significance of judicial independence and the increasing presence of women in power. The event concluded with calls for private investment and dialogue to address Peru's challenges.

Carlos Añaños: “We don't need political discussion but management”

15 Nov 2022  |  peru21.pe
Carlos Añaños, founder of Grupo AJE and president of Patronato de Pikimachay, discusses the need for optimism and effective management in Peru amidst political and economic turbulence. He emphasizes the importance of business confidence for economic growth and criticizes the government's handling of political issues and agricultural policies. Añaños calls for tangible actions from the government and acknowledges the contributions of the business sector to the country's export growth. He expresses concern over the high turnover of government ministers and its impact on stability and investment.

Chavimochic would not resume until 2026

17 Oct 2022  |  peru21.pe
The Chavimochic irrigation megaproject's third stage in La Libertad, Peru, is expected to resume only by 2026, with completion anticipated around 2028. This delay affects the projected 120,000 jobs for the region. The Cámara de Comercio de la Libertad estimates that diagnosing the current state of the works, contract liquidation, technical file preparation, and international bidding processes will take years. Criticism is directed at the Ministry of Agriculture for poor management and lack of expertise, particularly noting the dismissal of an experienced official, Hugo Obando, by Minister Jenny Ocampo. The project, which includes the construction of the Palo Redondo dam and other infrastructure, aims to create 30,000 hectares of new export crop areas.

Labor Code of Betssy Chávez Would Only Benefit 8% of Workers

14 May 2022  |  peru21.pe
The new labor code proposed by Betssy Chávez, head of the Ministry of Labor and Employment Promotion, is criticized for benefiting only 8% of workers in Peru, mainly those with indefinite contracts and union members. Consulting firm Apoyo Consultoría highlights the code's rigidity and increased labor costs, such as shorter fixed-term contracts and restrictions on certain types of dismissals. The proposal has not been debated in the National Labor Council, a tripartite social dialogue mechanism, but this is set to change. Business confederations like Confiep have expressed hope for a more fruitful consensus, noting that agreements had already been reached on 85% of the related topics.

The War of the Pacific and How Bolivia Lost Its Access to the Sea

30 Jan 2022  |  peru21.pe
The article discusses the historical context and events leading to Bolivia's loss of access to the sea during the War of the Pacific (1879-1883), involving Bolivia, Chile, and Peru. It highlights the breach of a territorial treaty by Bolivia, which led to the conflict, and the subsequent military and diplomatic actions. The article also touches on recent discussions and historical attempts to negotiate Bolivia's maritime access, including efforts by various leaders and the temporary concession of coastal territory by Peru.

Alonso Segura: “El MEF no toma las decisiones correctas”

10 Jan 2022  |  peru21.pe
Alonso Segura, former Minister of Economy, critiques the current government's economic policies, expressing concerns about the Ministry of Economy and Finance's (MEF) decision-making and its influence on the president. He highlights the Central Bank's significant role in stabilizing the currency and warns about the potential loss of independence of the Fiscal Council if the MEF changes its members. Segura also discusses the challenges of economic growth projections for 2022 and the implications of increasing the minimum wage on small businesses.

Quellaveco aims to start production in the first half of 2022

01 Dec 2021  |  peru21.pe
The Quellaveco mining project in Moquegua, with an investment of up to $5.5 billion, is 80% complete and is expected to begin copper production in the first half of 2022. Carlos Ojeda of Anglo American Quellaveco stated that full capacity is anticipated by 2023. The project is set to generate 29,000 jobs and will be Peru's first digital mine, utilizing smart mining technologies such as autonomous trucks and drones. Claudia Vivanco highlighted the project's innovative approach and its commitment to using 100% renewable energy sources.

Rosario Bazán, presidenta de CADE 2021: “El Estado debe ejecutar la inversión social”

15 Nov 2021  |  peru21.pe
Rosario Bazán, co-founder of Danper and president of CADE 2021, emphasizes the need for the Peruvian government to prioritize social investment in health, education, and infrastructure. She highlights the importance of private investment for economic growth and job creation, while also calling for careful evaluation of the second agrarian reform to avoid negative impacts on the export sector. Bazán criticizes the ineffective use of tax revenues by various levels of government and stresses the need for clear policies to promote responsible private investment.

Uncertainty in the mining sector due to social profitability

02 Sep 2021  |  peru21.pe
The mining sector in Peru is experiencing uncertainty due to unclear government policies, particularly regarding the concept of 'social profitability' introduced by President Pedro Castillo. Industry representatives, including Pablo de la Flor of the SNMPE and Roque Benavides of Compañía de Minas Buenaventura, express concerns about the lack of clarity and the need for a predictable, stable, and transparent regulatory framework to attract private investment. The sector is highly regulated, with large and medium-sized companies already adhering to high standards. The government is urged to define 'social profitability' and improve trust among investors to facilitate economic growth, especially during the current health and economic crisis.

An award for three illustrious Peruvians

26 Jul 2021  |  peru21.pe
The M. J. Bustamante de la Fuente Foundation has announced the winners of its Bicentennial Professional Career Contest, recognizing individuals for their contributions to Peru's development. The awards, determined through a national survey by Ipsos Perú, will be given to anthropologist and historian Ruth Shady, current president of the Central Reserve Bank (BCR) Julio Velarde, and former Foreign Minister Fernando de Trazegnies in the fields of history, economics, and law, respectively. The physical award, a statuette by the late Peruvian painter and sculptor Fernando de Szyszlo Valdelomar, will be presented virtually due to the pandemic.

One million AFP affiliates at risk of being left without a pension

09 Mar 2021  |  peru21.pe
The Peruvian Congress is reviewing eight legislative proposals that could lead to further withdrawals from the private pension system (SPP), potentially leaving an additional million affiliates without pension savings. Previous fund release measures have already left 2.1 million affiliates without coverage. Economists and the president of the Association of AFPs, Giovanna Prialé, warn that the system is being destroyed, with withdrawals potentially reaching up to S/70,000 million if 10 UIT are allowed to be withdrawn. The debate is occurring in a political and electoral context, with experts like Iván Alonso criticizing the initiatives as excessive and politically motivated.

José Silva Martinot: “We ask to extend the Reactiva deadline for restaurants”

15 Feb 2021  |  peru21.pe
José Luis Silva Martinot discusses the challenges faced by the restaurant industry in Peru due to COVID-19 restrictions, emphasizing the need for extended deadlines for the Reactiva Perú program and other supportive measures. He criticizes the current and past government actions, suggesting that without significant changes, the industry may not survive. He also highlights successful measures taken by Colombia and Chile as potential models for Peru.

José Luis Chicoma: 'The recovery of restaurants will take 3 to 4 years' (VIDEO)

19 Jan 2021  |  Peru21
José Luis Chicoma, head of the Ministry of Production of Peru, outlines the challenges faced by the manufacturing sector, restaurants, and micro and small enterprises (MSEs) due to the COVID-19 pandemic and the expectations for recovery in 2021. The government is monitoring the pandemic daily and implementing temporary measures prioritizing health and economic impact. The manufacturing sector, especially non-primary manufacturing, was significantly affected in 2020, with textiles and clothing dropping by approximately 35%. An estimated 10% of MSEs did not generate sales at the end of the year. The government is focusing on programs like Compras a Myperú to support MSEs, addressing execution bottlenecks, and planning to fully execute a budget of S/920 million by July 2021. Initiatives include accelerating the adjudication of the Ancón Industrial Park and executing 17 industrial park projects and supply markets, with the Gran Mercado de Belén in Iquitos expected to be completed by the end of 2021. Two tables are being launched to promote digitalization and access to credit in the gastronomic sector, which is a significant source of employment. The CITEs are set to expand, supporting the productive and innovative sectors with technical assistance and guidance.

A hasty pension system reform would affect job creation

27 Oct 2020  |  peru21.pe
Analysts and former economy ministers in Peru warn that a rushed pension system reform, planned before December by the Congressional Commission for Comprehensive Pension System Reform, could negatively impact the economy and job creation. The proposed Public Pension Agency (OPP) has raised public concern, particularly regarding its potential control over investment decisions, which could affect fund profitability and future pensions. Ex-SBS head Juan José Marthans argues that a reform carried out in a few months could limit local companies' ability to expand and create jobs. He advocates for a less politicized, more thorough debate on the reform, especially outside the context of presidential elections.

Miguel Incháustegui: “Lo más probable es que esta semana emitamos el decreto para los cambios en el sector eléctrico"

12 Oct 2020  |  peru21.pe
Miguel Incháustegui, the head of Peru's Ministry of Energy and Mines, discusses upcoming regulatory changes in the electrical sector, asserting that these changes will not lead to increased electricity tariffs for households and businesses. He highlights several mining projects set for 2022, including Pampa de Pongo and Zafranal, and addresses the progress of key projects like Quellaveco and Mina Justa. Incháustegui also emphasizes the importance of social and financial viability for future projects and mentions the potential of lithium mining in Puno. He reassures that the new regulations will not negatively impact renewable energy companies and outlines the ongoing work of a commission focused on the country's electrical system reform.

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SBS: Savings and Credit Cooperatives are a Potential Risk for Saving Money

30 Mar 2016  |  Correo
In Peru, over 1.6 million people are associated with savings and credit cooperatives, which hold over S/7 billion in deposits. However, only 164 out of 322 cooperatives report financial information to Fenacrep, the entity responsible for their supervision. Carlos Butrón from the SBS highlights the risks of money laundering and lack of protection for associates' savings, as nearly 50% of cooperatives are unsupervised. Fenacrep lacks the capacity for proper supervision and is not authorized to impose sanctions. A law project proposing SBS oversight has been stalled in Congress since 2013. Congressman Víctor Andrés García Belaunde confirmed the proposal is ready for debate, but there is a lack of interest among legislators. The SBS advises caution with cooperatives offering unusually high interest rates on deposits.

Lima has potential for more than 405,000 social housing units

29 Mar 2016  |  Correo
Lima has the potential to develop over 405,000 social housing units to meet the demand for 458,716 homes in the next two years, as identified by Capeco's 2015 Metropolitan Lima Demand Study. The construction of 140,000 units could reduce sector informality from 70% to 20%, contingent on increased service coverage and construction licensing. Capeco's executive director, Guido Valdivia, emphasized the need for urban planning programs in more cities, while the deputy minister of Housing and Urbanism, Ricardo Vidal, indicated that the MVCS is adjusting the good payer bonus, potentially increasing it in April. The creation of Inadus aims to provide cities with urban management tools without adding bureaucracy, focusing on areas needing programs like Techo Propio.

Companies and OSCE clash over New Procurement Law

25 Feb 2016  |  Correo
The new State Procurement Law in Peru has sparked controversy between the private sector and the Supervisory Body for State Contracts (OSCE). The Lima Chamber of Commerce (CCL) criticizes the law for reducing payment advances for works and potentially increasing bureaucracy in arbitration. The OSCE defends the changes, aiming to prevent stalled projects and increase transparency. Amidst these debates, congressman Modesto Julca has proposed a bill to repeal the law.

Edgar Vásquez: 'The main objective of APEC will be to conclude the study to develop the free trade area'

06 Dec 2015  |  Correo
Peru will host the Asia-Pacific Economic Cooperation (APEC) forum for the second time, with the main objective being to conclude a study for developing a free trade area in the Asia-Pacific region. The event will take place from November 17 to 19, 2016. Edgar Manuel Vásquez Vela, the Deputy Minister of Foreign Trade and Tourism, discussed the forum's goals, including promoting the formalization of SMEs, trade facilitation, and fostering regional value chains. Initiatives such as the Sepymex insurance for pre- and post-shipment credit and funds to support the internationalization of SMEs are being prepared. The forum is seen as an opportunity to strengthen trade relationships with Asia-Pacific economies, with non-traditional exports to APEC countries being significant for Peru.
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