Loans for housing increased to RD$18,033 million; the most in-demand home insurance is fire insurance; the dollar has depreciated 2.2% against the Dominican peso this year; the DGII (Dominican Republic's tax authority) says it has only convened public hearings on ITBIS (Value Added Tax) payments for digital services; in 11 years, salaries have lost RD$12,227 in monthly tax exemption; economists say bond issuance will create fiscal space; Global Finance recognizes Banco Popular as having the best investment banking; vaccination, private investment, and a favorable international environment are key to economic recovery; President Abinader is taking eight projects to UASD (Autonomous University of Santo Domingo) for 200 classrooms and 20 laboratories; mask use and other measures remain in effect at the country's airports; most companies will maintain health protocols, including mask use; new textbooks will be valid for four years; tensions are rising between Russia and the United States over Ukraine.
Loans for housing increased to RD$18,033 MM
At the close of 2021, the loan portfolio for home purchases and renovations totaled RD$167,415 million, representing a 12.1% increase, equivalent to RD$18,033 million more than the previous year. This information was reported by the Dominican Banking Association (ABA), which detailed that this segment of the multiple banking sector's loans grew from RD$149,382 million in December 2020 to RD$167,415 million in December 2021. Read more at https://inmobiliario.do/prestamos-de-viviendas-aumentaron-rd18033-millones-al-cierre-2021
The most in-demand home insurance is fire insurance
At the beginning of 2020, before the pandemic, less than 10% of households in the Dominican Republic were insured, despite the potential impact of hurricanes, earthquakes, and other natural phenomena. This situation changed, and according to statistics from the Superintendency of Insurance, of the RD$86 billion in net premiums collected by insurers, RD$23.156 billion were for Fire and Allied Risks; while the second largest sector was Health Insurance with RD$21.291 billion, followed by Motor Vehicles with RD$19.533 billion.
The dollar has fallen 2.2% against the Dominican peso this year
The Dominican peso has started the year with a strong strengthening trend, reflecting a 2.2 percent appreciation against the dollar. Statistics from the Central Bank show that the Dominican foreign exchange market has exhibited significant strengthening so far in 2022, with the dollar trading at 56.8261, equivalent to a year-on-year appreciation of 2.2%.
The DGII says it has only convened public hearings on ITBIS payment for digital services
Lawyer and communicator Julia Muñiz urged the public not to panic, reminding them that the General Directorate of Internal Taxes (DGII) has not presented a bill or a resolution, but has only called for public hearings to address the possibility of taxing digital services offered by foreign providers.
In 11 years, the salary loses RD$12,227 of monthly exemption
The government's decision to stop applying inflation adjustments to the income of individual taxpayers—whether salaried employees, self-employed professionals, or small business owners—has resulted in a taxable base of RD$146,722 accumulated over the 10 years that indexation has not been applied. Had inflation adjustments been applied without interruption, the monthly exemption would currently be around RD$46,912.00. However, due to these legal suspensions of indexation or inflation adjustments, the exemption amount remains at a monthly salary of RD$34,686.
Economists: Issuing bonds will create fiscalspace
Economists Fabricio Gómez Mazara, Miguel Collado Di Franco, and Antonio Cruz Ciriaco favor the issuance of sovereign bonds in the current climate of low interest rates and high liquidity in international markets, although they note that other measures are needed to reduce debt and ensure sustainability. Gómez Mazara believes this sovereign bond issuance was timely because it anticipated the U.S. Federal Reserve's potential increase in its policy rate, which would raise the cost of debt for countries like the Dominican Republic
Global Finance recognizes Popular as having the best investment banking
Banco Popular Dominicano was recognized by the financial magazine Global Finance as the best investment bank in the Dominican Republic for the fourth time, highlighting its strength in this branch of the banking business dedicated to managing large investment projects, both private and public, with a special focus on the long term.
Vaccination, private investment and a favorable international environment: the keytoeconomic recovery
The Deputy Minister of Planning and Public Investment of the Ministry of Economy, Planning and Development, Pavel Isa Contreras, highlighted that the vaccination process, private investment and a favorable international environment were key to the economic recovery in the Dominican Republic, in the face of the crisis caused by the Covid-19 pandemic
Abinader brings 8 projects to UASD for 200 classrooms and 20 laboratories
President Luis Abinader stated that the government has at least eight projects in the pipeline, involving the expansion and construction of several campuses for the Autonomous University of Santo Domingo (UASD) in different areas and regions of the country. According to information provided by the president during an event held in the university's main auditorium, these eight projects will result in a total of 202 new classrooms and more than 20 laboratories for the UASD.
Mask use and other measures remain in effect at airports across the country
The restrictions and health protocols in place at Las Américas International Airport and other terminals operated by Aeropuertos Dominicanos XXI (Aerodom) remain in effect despite President Luis Abinader's announcement of their suspension. At Las Américas Airport, security checks and restrictions continued to be enforced yesterday, Thursday, for passengers and visitors entering and leaving the country through this airport terminal.
Most companieswillmaintain health protocols, includingtheuse of masks.
Circe Almánzar, executive vice president of the Association of Industries (AIRD), said that most companies will maintain biosafety protocols, including the use of masks and physical distancing, because “the virus has not been eradicated.” Almánzar noted, however, that there is a global trend toward easing restrictions, both in Europe and the United States. She added that the World Health Organization (WHO) has stated that we must learn to live with the virus, which is shifting from a pandemic to an endemic profile.
New textbooks will be valid for four years
The textbooks that the Ministry of Education will distribute to students in the public pre-university system are updated to the new curriculum and are valid for four years, at which time they will be reviewed. The Minister of Education, Roberto Fulcar, explained that any necessary changes to the textbooks would be made through an amendment.
Tensions rise between Russiaand the United States over Ukraine
The United States asserted on Thursday that Russia is poised to launch a massive military attack against Ukraine, dismissing Moscow's claim that it is withdrawing its forces, as a Ukrainian kindergarten was struck by artillery fire. In a dramatic, unscheduled address to the United Nations in New York, Secretary of State Antony Blinken said that U.S. intelligence showed Moscow could order an attack against its neighbor in the "coming days.".
