SANTO DOMINGO. - President Luis Abinader reported yesterday, Wednesday, that nearly 110,000 property titles were delivered during the past four years of his administration, while also assuring that this number will triple in the next four years.
While presiding over the conference "Titling and Private Property: Keys to Economic Development," which was given by the Peruvian economist Hernando de Soto, in the Las Cariátides Hall, the president stated that when he leaves government, he will work to ensure that more governments in Latin America and the world can, in an organized and fair manner, deliver property titles.
"Because that will boost the local economy, give them social justice, and develop the economy of their areas," the president said.
He stated that with their property titles, people enter the formal economy, being able to go to banks and sleep more peacefully.
The head of state indicated that today, the value of a property title is often three times greater than it was before.
For the ruler, the delivery of property titles becomes a true act of social justice.
Hernando de Soto
Hernando de Soto. (External source).
Speaking during the conference, Soto explained that property is the way in which we communicate among human beings.
During his presentation, he explained that capital creation is a seven-link chain that goes from a title of ownership, perfect or imperfect, until it is transformed into capital and monetized.
He also pointed out that the links in red are the documents that protect the owners of the resources (private, communal and state) and investors against the risks of local interference, while the financial securitization (in blue) protects them from the risks they run in the capital markets.
Economist Hernando de Soto was born in Arequipa, Peru. He studied Social Psychology at the National University of San Agustín. Professor de Soto has contributed to transforming pro-development public policies.
In 1999, Time magazine named Hernando de Soto one of the most outstanding Latin American innovators of the century. Similarly, Forbes referred to him as one of the 15 intellectuals whose innovations will reinvent the future.
After completing his studies, he worked as an economist for the General Agreement on Tariffs and Trade (GATT); he was one of the forerunners of the World Trade Organization (WTO); he was also president of the Committee of the Organization of Copper Exporting Countries; CEO of the Universal Engineering Corporation and head of the Swiss Bank Corporation.
Cover photo: President Luis Abinader, Vice President Raquel Peña, Hernando de Soto, and Minister of Industry and Commerce Ito Bisonó. (External source).
