Press Release

The Supervisory Commission of the Fondo de Ahorro de Panama issues its Opinion Report for Fiscal Year 2025

Panama | September 3, 2026

The Supervisory Commission (the “Commission”) of the Fondo de Ahorro de Panama (“FAP” or the “Fund”) issued its Opinion Report for fiscal year 2025 (the “Report”) on June 10, 2026. The Commission is the representative body of civil society within the Fund’s corporate governance structure.

In accordance with Law 38 of June 5, 2012, which created FAP (the “FAP Law”), the Report is issued annually to provide an independent assessment of the Fund’s management model, corporate governance, financial results, and key strategic goals (access the 2025 Opinion Report here, in Spanish only).

Overall, the Commission considered that FAP’s management during 2025 reflected a prudent, technical, and long-term approach, accompanied by favorable financial results, a strengthened capital base, and institutional progress. In the Commission’s view, these elements contribute to consolidating the Fund’s capacity to preserve public savings, generate sustainable value, and fulfill its strategic role as a savings and economic and fiscal stabilization mechanism for the country.

Based on this assessment, the Commission structured its opinion around five pillars that set out the main observations and recommendations contained in the Report:

  1.  Financial performance and Fund management: The Commission considers that during fiscal year 2025 FAP maintained prudent and disciplined management, focused on capital preservation and sustainable value generation. In assessing the financial performance for the period, the Commission noted that FAP recorded net income of B/.146.8 million and an annual return of 9.08%, before costs, outperforming its composite benchmark by 180 basis points. The assessment also considered the annualized two- and three-year results, which, according to the Commission, reflect performance consistent with the Fund’s investment strategy.

  2. Strengthening the Fund’s capital base: With respect to strengthening the Fund’s capital base, the Commission highlights the consolidation of the State’s accumulated contributions and the exchange of the corresponding promissory notes for Bonds of the Republic of Panama. This transaction changed the composition of the portfolio. It also notes the importance of gradually reducing concentration in local sovereign risk, consistent with FAP’s role as an economic stabilization tool for the country. In this context, FAP’s Administration indicated that the Fund continues to move gradually and in an orderly manner toward the composition established in its Strategic Asset Allocation, subject to market conditions and the applicable investment framework. In addition, the Commission underscores the importance of continuing to evaluate alternatives that can expand and diversify the sources used to strengthen FAP’s capital base, in a manner consistent with its legal framework and its long-term savings and stabilization objectives.

  3. Governance, transparency, and institutional protection: The Commission recognizes that FAP maintains governance, transparency, and accountability practices aligned with the Santiago Principles and international best practices. It also identifies opportunities to continue strengthening the institutional framework, oversight and control mechanisms, and the legal protection and safeguarding of the Fund’s assets, with a view to preserving its long-term stability and sustainability.

  4. Portfolio diversification and strengthening risk management: The Commission considers that the investment strategy implemented by the Fund has been consistent with its mandate of capital preservation and sustainable value generation. The Report highlights the importance of continuing to broaden diversification opportunities, including the evaluation of new eligible asset classes, within prudent risk parameters and the applicable investment framework. The Report also addresses catastrophe insurance as a mechanism for mitigating fiscal risks associated with certain natural events.

  5. Institutional consolidation and fulfillment of strategic goals for 2026–2027: The Commission views positively the goals established by the Fund for the upcoming period, particularly those related to financial education, comprehensive risk management, institutional modernization, and the continuous development of technical capabilities. It also considers it essential to maintain initiatives that strengthen public awareness of FAP’s strategic role as a mechanism for intergenerational savings and fiscal stability for the country.

Members of the Commission

The Commission is composed of representatives of the following organizations:

  • Colegio de Contadores Públicos Autorizados de Panamá - (The Association of Certified Public Accountants of Panama);

  • Colegio de Economistas de Panamá - (The Association of Economists of Panama);

  • Consejo Ecuménico de Panamá - (The Ecumenical Council of Panama);

  • Consejo Nacional de Trabajadores Organizados (CONATO) - (The National Council of Organized Workers); and

  • Consejo Nacional de la Empresa Privada (CONEP) - (The National Council of Private Enterprise).

About the Fondo de Ahorro de Panama
The Fund was created under Law 38 of June 5, 2012, with the following primary objectives:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com
For additional information, please visit www.fondoahorropanama.com

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