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Many who looked like judges supreme public morals now repentant pose as faithful to the surprise start of the government of Juan Manuel Santos. The presiding harangues forums view Colombian newspapers and before the presidential elections in May and June runoff became explicit renunciations surprise as much as the pragmatic and the wonderful communion of saints with the power. Without wishing to claim the right of those who vehemently attacked the followers of Santos and himself, especially when the government just takes a few months, should highlight the fact and, moreover, to remember what to do.

its beginnings as a candidate in the person of the year today is not very promising. An ad that contrasted markedly grim in the speech that was flying Mockus, while not distance himself from Alvaro Uribe promised to correct the deficiencies that seems swarmed in the government of president today. Santos was still believed him as the natural heir of the most popular governor in recent years, although its roots to Uribe was his greatest strength and its greatest fault, more so when people believed that the only thing that could lead to Uribe Uribe was the same. But something has changed: his campaign strategy was changed, the discourse is channeled and the electoral market is segmented. While there was reluctance on the part of the youth, which ultimately were the ones who cried harder in the race but the least voted, put Santos in the top of the polls, although it promised a fierce competition with an energy packed Mockus from social networks.

The safety speech was expanded into a much more economic and liberal, giving his campaign a less populist, sophisticated and pointing to the vote of opinion. His point of support was, among others, the transition to a modern management and unpublished in Colombian history of media and marketing, capturing gaps in social networks, taking advantage of the prominent weaknesses of their opponents and highlighting the spirit of statesmanship of former minister and candidate Santos. Reservations for the public to a man criticized for its apparent lack of beliefs and attachment to his image, battered inside and outside Colombia, began to evolve into an idea that seems today is more correct: Saints would be better president that candidate.

Santos seen as a conservative follower of Uribe's policies without changing a comma now emerges as a man liberal, surrounded by a team that has returned to the technique to the place that has never had to leave the state administration in a few days reconstituted relations with neighbors, sent a message of confidence in Colombia's foreign policy has driven reforms Uribe was always qualified as the law of land reform to royalties, health reform, the law of first job and the small but bold tax reform. Santos, along with a team of government property, it provides tools that well-managed, will yield promising results.

However, the winter change a little sense of optimism the Government. However, the prudence of the president to believe that the reconstruction of the country will be effectively, without media and with the sole aim of taking winter crisis as an opportunity to replace the old structures that make Colombia a country prone to tragedies, emerging and unable to prevent.

Santos deservedly is the character of the year. Their preparation and ability led him to be a candidate questioned supported a president, of course not without its opponents. But without doubt his good start to keep public opinion on the steps waiting to give future Government. Finally Colombia needs deep reforms he has promised to leave started. On the other hand, it seems a change from the way of the past eight years and what comes next: a what Uribe Uribe, with successes and mistakes, but Santos seems a sort of continuity with a marked turnaround, turning a pleasant history. The new year will tell.

Happy New Year to all.

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Contacts

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leading microfinance bank

Elizabeth Ventura, president
of Financial Trust

Financial Trust and BBVA Foundation for Microfinance signed a shareholding agreement and integration with the Fund of Rural Our People Credit Union with a view to the creation of a Rural Microfinance Bank experience and leadership in the country.

While the transaction is subject to obtaining the approval of the regulator and supervisor, the objective is to create a microfinance bank to lead rural microfinance, making financial products and services accessible to low-income people who do not normally have access to conventional financial system.

The combined entity will have two player in the microfinance sector, highly complementary, in a company with greater resources and operational scale, capable of serving communities with products and services more efficient and responsive to their needs .

Trust, began operations as Edpyme in the Mantaro Valley, Junín Region for 12 years, then covering new areas and / or regions as Pasco, Huanuco, Ucayali, Huancavelica, Lima and Callao. In September 2009 the company achieved its conversion pointing Financial since its aim to bank.

With the addition of BBVA Foundation for Microfinance important strategic partner, Trust Financial enters a new phase that strengthens the microfinance industry in the country. At this early stage, both entities will maintain its legal identity and brand to the conversion to Bank

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DECLARE THREE RURAL NEW REGIONAL CONSERVATION AREAS

A few days the end of the International Year of Biodiversity, three regions of our country celebrate the announcement of the new Regional Conservation Areas (RCA): Choquequirao, the Forest-Titankayocc Puya Raimondi and the Ampiyacu - Apayacu located in the departments of Cusco , Ayacucho and Loreto respectively.

is important to note that these three new protected areas of regional conservation have a common goal to conserve biological diversity of forest ecosystems in each of these areas, for it was raised a job Joint and participatory between regional governments, communities living in the catchment areas and institutions involved in protecting natural resources areas to ensure their development.

ACR Choquequirao
This area recognized internationally for its natural and cultural features, adjacent to the Sanctuary, is located in the provinces of Anta Convention and in the department of Cusco, ensure spectacled bear conservation through this large biological corridor that will protect this endangered species.
Now with its official statement, the 16 endemic species birds, 93 species of endemic plants and other species representative of the site (spectacled bear, condor, toucan, puma, etc.) will be administered by regional governments to ensure their protection. It also contains a large reservoir of water in the snow Qoriwayrachina, Sacsarayoc, Grandmother and Padreyoc and on the western slope of Mount Salkantay, ensuring water supply.

Forest ACR-Titankayocc Puya Raimondi forests Puya (Puya Raimondi Harms) belonging to this new ACR, are located in the district departamenrto Vischongo in Ayacucho and are the most extensive and dense registered in the country. They are unique ecosystems that are home to many birds, many of which are in the pujas a nesting site. Moreover, this forest is home to wildlife species typical of the Andean region such as the vicuna, puma and cat grass.
addition, the importance of conservation of this area because the area and its catchment area has great cultural value by the presence of archaeological sites as the Intihuatana, Wari and Vilcashuamán, ensuring the sustainable development of communities living place through tourism.

ACR Ampiyacu - Apayacu located in the provinces of Maynas and Ramón Castilla in the department of Loreto, the new ACR preserve forest ecosystems of northern Amazonian lowlands of the Amazon River by ensuring access to natural resources through sustainable use of flora and fauna, thus promoting the development and improving the quality of life of local residents.
worth mentioning, which is one of the most biodiverse areas in the world's plant species because it has 500 thousand of them, plus live in this ecosystem 207 species of fish, 64 species of amphibians, 40 species of reptiles, 362 birds and 60 species of mammals. On the other hand, the upper parts of the basin and Apayacu Ampiyacu are permanent water source and important maintain habitat for aquatic fauna is the main source of food resources for the 16 native communities in these basins.
no doubt that with the declaration of three new regional conservation ANP Peru continues to grow more and more its total protected area, being the date 71 natural areas in national administration, 09 regional areas and 26 conservation areas private conservation covering more than 19 million hectares.

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http://www.certeza.pe/

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Optimism, public opinion and winter in Colombia Spain is the other

Week magazine recently published a survey which, among other things, measured the perception of optimism regarding the Colombian the future of their country. Indeed, one could expect the cruel winter and Colombia have cost the country two points of its GDP and more than two million homeless has undermined public confidence in the future and sees a host of problems that only natural tragedies can provide.

However we must accept that public opinion, as we say in the eighteenth century French Chamfort is the worst of opinions. Animal is more insatiable and voracious appetite there and tangible results is often the biggest cause of premature judgments certainly almost always wrong. President Santos is rated favorable but meanness is charged with managing the economy and issues are not resolved in the short term, but three months-to cite one example of those aspects of Colombian public opinion considers mismanaged. Not the right time to say whether the Government is doing well or not, albeit in a country like Colombia complexities might think it is normal for citizens to demand results instantly.

But the theory that best fits these results is the malaise in society caused widespread loss of assets, taking a look at a purely economic and financial. Great Depression of the 30's, but it was not natural disaster, assets destroyed soon led to the perception of the nation's future would not be affected. A fortiori, after natural events is normal that people who lose their assets feel powerless and angry and want to find a responsible person. The force of nature is difficult to evade but evidently States have tools to cushion the blows that tip and then the inconsistency arising when these tools are not well managed or are not taken, it is naive to think that the effects of stronger winter Colombian History go unnoticed but it is possible to believe that millionaires damage caused by the floodwaters of the course could have been minimized if the country had been a real asset coverage.

And it's not a matter of a government. It is a much more extensive that passes through the past and current legislation and the way the law is enforced. Deforested areas, urban sprawl on the bed of rivers, lack of supervision and control of the basins of the main water sources are a glaring historical neglect that now makes the cost Colombian society internalizes the loss and excessive exposure of assets amount to almost double the additional resources expected from the Government tax reforms approved yesterday by the House of Representatives. With such high costs and perceived with all the victims and their families, it is only logical that the minds of the public are displaced toward the negative side of the spectrum.

is not the time to learn the teaching, but it is clear that costs for Colombian society after this winter, which has already cost enough to fund all the highways that the country needs to boost its economy obliges us to rethink the way in which individuals choose their geographical location and their properties and management authorities are these decisions of citizens. You can not continue to allow urban sprawl on the slopes of the cities and it is imperative to prevent further populating the riverbeds.

Amid the despair and anger of the public by tragedies like us today seeks to winter in Colombia, is a tacit invitation to think seriously about our ability to respond to the tragedies and serious planning much more efficient device to prevent the devastating effects of unbridled nature arises: that insurance claims have only 1800 attended by 68 billion pesos is a poor indicator taking into account that the total figures are much higher winter tragedy. The only certainty is that the last thing the public can lose is your most valuable asset: optimism.

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A mid-decade, Spain accounted for 14% of the population of the Eurozone and 12.2% of GDP in the European Union. Some figures provided by some economic studies agree that it in the last five years of the twentieth century, the Euro 10,800,000 jobs created, of which the English economy accounted for 29.5% of that total: 3,000,000. Between 2000 and 2005 the proportion was extended to 66% between 2004 and 2005 was estimated at 91% the proportion of total employment in the euro area produced by Spain. While the English economy for nearly two decades does not grow over 5% in real terms, it is true that the English real GDP grew above the average of the 12 most important countries of the European Union even before the global financial crisis . Thus, Spain opted for an employment-intensive economic growth which indirect effect has been the limited increase in labor productivity. It has created many jobs but has formed a negative gap with respect to labor productivity in the rest of Europe.

Spain just over 40 years was a poor country. His time overseas empire lay at the bottom of the annals of history homeland and successive civil wars, the iron dictatorship of Franco and the impoverishment of Europe after the world wars Spain had pushed to the peripheries of European interests and global . To illustrate a little is enough to look at the behavior of the Colombian economy versus the English economy between 1980 and 2009: the English per capita GDP current dollars in 1980 was $ 6045.14 compared to 1242.04 U.S. dollars recorded by Colombia, 20 years later the situation changed markedly, to almost $ 32,000 per capita income rose while the Colombian English came to $ 5055.75.

Spain began as a producer of goods of low added value, like most emerging markets today, which meant low wages and production costs therefore quite low. Low wages that attracted all sorts of labor and, given the high demand of work, prompted an exodus of foreign workers who made Spain a major recipient of migrants in the world. Indeed, as expected, the economy Iberian began to grow rapidly, wages rose and, of course, the competitiveness of English companies began to disappear. Being more thorough in the explanation, Spain faced supply shocks on the side of reduced interest rates of 12.7% between 1998 and 2005 to 3% on the eve of the 2008 crisis. Low interest rates and a large number of immigrants boosted the supply of goods and services and on the other hand, the demand was being fueled by the boom. Asset prices rose, especially real estate assets, wages rose moderately indebted companies with ease.

however did not work. Spain continued to sell the same goods and services, only more expensive, and plunged into the exploitation of new economic sectors with some shyness. The construction lined the 19% of GDP, for example, but the English economy could not introduce innovation and competitiveness lost every month. It was not something new. Economic policies were defending the low-wage model that agents interpreted as the easy way out compared to investment in innovation or adaptation of new technologies: a reflection made by the eccentric Sala i Martín successful and suggests that if immigrants had not rushed to accept low pay (of course higher than those of their countries of origin, problems and contradictions bulging) enterprise reforms in Spain would not have been delayed.

But there are macroeconomic factors to understand that the rapid economic growth would be an abrupt stop English. On the one hand the low interest rates do not depend on a sovereign decision of Spain for its accession to the Euro, interest rates end up being a decision of the European Central Bank. And like any set of strategies, movements in interest rates are being determined by external decisions, in this case, increases in the type of intervention that conducted the Federal Reserve of the United States in 2004. That sign of money market investors accounted for new expectations: that low interest rates in Europe would rise. And obviously, a big disadvantage of this kind of monetary policy tools is that once they are on the threshold under the expectation that incubation is a single, ever have to go.

The other factor was the strong dependence of the real estate sector. Shielded on the premise false that says "the brick never goes" I bet the English builder boom soon became a bubble. According to frequently cited estimates, for a good while 60% of gross capital formation was in construction. As the supply of housing and real estate grew over the belief of his constancy in prices, speculation they became somewhat widespread. Yet against all logic, buyers and sellers believe that prices would go to infinity and clearly did not happen. The frenzy stopped, prices fell due to the decline in demand, and real estate construction companies stopped building and hire workers and now 19% of the English economy, as Sala i Martin warns, runs the risk of disappearing. The sound of hysteria did not allow the voices of those who warned that this would end and needed strong reforms to modernize the English productive sector.

Real estate and construction indebted to the bone with the financial-sector debt is estimated at 27% of English GDP, "the banks will keep the properties and auction to recover something. The debt ratio will fall but will not disappear and, with an income close to zero, nothing to suggest that the housing sector responds their commitments. Today the English government naively (or incompetently?) Believes that the problem of Spain is motivated by low aggregate demand, then all Keynesian fiscal prescriptions have been conducted to revitalize it, when the fundamental problem is a very low supply. The problem is that demand exceeds supply, then left with two choices: reduce demand, which is already happening and generates harmful depressant effects or increase supply. The government should lead efforts to revitalize the aggregate supply, which is not yet the case. Spain is betting that short-term prescriptions are merely palliative, because the disease, severe and result frenzy of previous years, there seems to finish. Action is needed long-term, painful and difficult, but that ultimately impact on productivity, creativity and innovation.

This is another Spain, not smelling cane, snuff and pitch, but that is in danger of being reduced to a position unworthy of his greatness. Spain expects that the incompetence of their leaders, the silence of the regional authorities and the pettiness of popular opposition. It is time for reform. Either that or the catastrophe and the end of the English miracle.

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Fiscal discipline: discipline in

Say, in a first step, there is a rather striking cointegration between economic growth and public spending. The first is the mechanism by which the market produces more and given the fundamental macroeconomic identity "product is equal to income" therefore is the mechanism to enlarge the national income, the second is the tool for the portion of that income for the state to be executed for the efficient provision of these goods for collective use-obsession of every economist, that no private operator is interested in producing. The first is so technical that the State allocates an institution with ministerial rank for measurement but ignores aspects human public expenditure, by definition, includes strategies to ensure social welfare.

What determines growth?, Some empirical studies argue that the loss of dynamism of the Colombian economy, for example, is explained by the loss of multifactor productivity, usually found throughout the world famous Solow residual. What supports that thesis is that growth is sustained by what is behind the accumulation of factors and not the accumulation of these. That is, the main determinant of growth is technical change, the quality of economic policy and the effects of externalities. But, on the other hand, what determines public spending?, Indeed, what should be the level of public spending could be called efficient?

An intuitive answer is that proposed in a paper by Sala-i-Martin, about ten years, who proposes five principles to explain economic growth and tacitly give a guideline for the level of expenditure over relevant: (1) the political and economic stability, (2) the degree of openness of the economy to the outside. (3) the maintenance of law and rights property, (4) the lack of government intervention, (5) investment in human capital, education and health, and (6) investment in physical capital and machinery. If we are careful to draw attention to the unwritten rule of public spending should be focused on education and health.

is where the discussion focuses on Colombia, with regard to the submission to Congress of a bill that would impose the famous fiscal rule that, when comparing the government like a business suggests the following: your expenses should not exceed their income to avoid debt excessive. Suppose the company product we call "government sector" are services that make effective the political, social, economic and fundamental rights of citizens (schools, universities, hospitals, parks, streets, security and defense, justice, etc. ), a company produces according to a production possibility frontier, according to their capacity, fixed and circulating capital, human capital and access to credit available. If the company can, maximizing and optimizing the use of its inputs, producing 10000 units, how can you expect to respond with an order of 100000?; The same with the Government: it has a provision possibilities frontier public goods and therefore must optimize their resources to maximize production of these. If the employer is irresponsible when he promises to comply with an order of 100000 and knows that its maximum is 10000, could it be that a government that guarantees more of what he can not be any mention of irresponsibility?

So the discussion is not that they want to cut spending and benefits, as opponents argue the bill, but put the Colombian government to ensure what is possible and find a mechanism to responsibly comply with those aspects to which tax is barred.

striking, on the other hand, the following: the country's growth rates have historically been higher when discrete and are due to cyclical factors, not an inherent dynamics and economic performance Colombia. If in 2007 the GDP grew by over 7% in 2009 grew only one-third of the reported three years ago. However the deficit has been growing, the casual observer perception is that money is not. It is then that spend a lot but is spent inefficiently. Certainly have to look healthy public finances, but we must seek, above all, public finance efficient.

We must therefore applaud the efforts of the Government in seeking the approval of a draft law that raises constitutional status that fiscal discipline, but also the successive reforms to transfers to regions and concepts mining royalties, the reform of the health system and all the economic reforms demanded by the country to promote higher growth and sound public expenditure. If the fiscal rule sought was an isolated event, probably the only thing it will do is de-fund an expense structure that is inflexible. However the management of other fronts, such as reforming the system public higher education and financing, health system reform and changes to the royalty regime can be transformed into something that structure. Put another way: we look fiscal discipline but also discipline in rights.

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rights impregnable

In Colombia we are accustomed for years to talk about heritage impregnable. We got in the cloud that in any situation the assets of people remain undisturbed. A Christian is nothing to keep the public enterprises in state hands, restricting private interest in them and thus achieve impose ideological positions that sometimes accompanied usually return interesting popular support.

few days ago the Government announced a draft law that would authorize the sale of 9.9% of the shares you have in the largest company in Colombia, Ecopetrol, and the disposal of a percentage. That would reduce the state share to 70% and increase the participation of private and institutional shareholders in a company that costs 85 billion dollars. Obviously a play interesting and appealing to the debate.

Such a sale would give the government revenues of about U.S. $ 9 billion, ie, give up their shares in the company and transfer them to a new shareholders would represent a cash flow equivalent to a tax reform in a time substantially less, "opportunity cost?, good question. The opportunity cost of holding those shares would be calculated as the sum of future returns of these in a company increases its profits each year and is projected internationally as one of the largest oil companies. Future returns may offset the high costs of modernization that requires the company to sustain its expansion project.

For many, as the Colombian left to sell shares of the largest company is giving up a strategic asset available to the State. A heritage impregnable. But that view is framed by a single point of support that ignores what may be the opportunity cost of not selling some shares and give up the liquidity that could provide the government buying these. The Minister of Finance holds a theory that is not far-fetched: the government wants to sell shares to finance infrastructure projects in the country. Sell \u200b\u200bsome shares to raise resources for its construction, long-term certainly can provide social rates of return much higher than the state-owned conservation Oil Company.

High transportation costs determined by the country's poor road infrastructure, accented by a mono- transport mode that further restricts the movement of factors within, to and from the country pose a for urgent projects that are truly strategic to an economy like Colombia. The Government does not have the resources to promote and mismanagement of state in the management of concessions is even greater risks of unfortunate end as it has witnessed the Colombian public in recent months.

is essential, of course, correct those errors continued to characterize the recruitment of large infrastructure projects in Colombia. There is complete agreement, but in the Colombian context tangles appear contracts that ultimately end up acolytes all sorts of diversions during their implementation. Certainly the fear of some is unfounded: if not debug the procurement of major works and optimize the state management of infrastructure, 16 billion pesos that could be obtained from the sale of part of the government's actions in the run Ecopetrol danger of being squandered. Knight suggested Argaez well: the Colombian government not overwhelms the lack of resources but poor management.

Anyway what more must be understood is that the conservation of strategic state assets, often converted into national wealth, can not be a condition of force to prevent being an alternative to the pursuit of goals strategic to an economy like Colombia. Finance highways and transportation networks will bet on long-term strategic interests that can replace those earlier, more by ideology than real interest, we wanted to make sacred pieces.

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ACP GROUP STRENGTHENS ITS PRESENCE WITH NEW ACQUISITIONS

ACP Group (majority shareholder of Mibanco, Protecta, SomosEmpresa, Learn, among other companies) managed the acquisition ng Intihuaca, Solef Gonzalito and companies that share the business philosophy of the ACP Group, serving entrepreneurs and entrepreneurs of micro and small enterprises
of Argentina, Paraguay and Peru, respectively.

Intihuaca SA, a microfinance institution that operates in northern Argentina, has a portfolio of more than 500 thousand clients, and was acquired by Initiate, the microfinance company ACP located in gaucho country. With this acquisition will be addressed the provinces of Jujuy and Salta, where there is significant potential to boost the development of microfinance. With this acquisition Undertake is present in 6 provinces of Argentina: Buenos Aires, Buenos Aires, Santiago del Estero, Chaco, Jujuy and Salta.

On the other hand, the ACP Group acquired 5% of the departicipación in Gonzalito, company that markets and provides the required funding for the purchase of various household products and technology, as well as individual transportation, providing the possibility of improving the welfare of low income families in Paraguay.

The company also connects Contact Center ACP Group, which specializes in business process outsourcing services, acquired 100% stake in the company Efficient Solutions SA (Solef), dedicated to the outsourcing of financial product sales. Connect thus may provide greater benefits to their customers.

"We are proud of these new acquisitions that allow us to expand our services and reach more entrepreneurs and entrepreneurs of micro and small enterprises to meet their needs and continue to support its development and growth in the enterprise market . The ACP Group has a social commitment we will continue our efforts to promote the progress of those who do not have the necessary resources and improve their quality of life, "noted Luis Felipe Derteano, president of the ACP Group.

Thus, the ACP Group continues to expand local and international market, allowing you to serve more entrepreneurs and micro business entrepreneurs Latinoamericando.

About ACP Group:

The ACP is the Peruvian business group with presence in Latin America, which is distinguished by its social mission with business efficiency. With over 41 years experience, is a leader in promoting the development of micro entrepreneurs and small businesses and entrepreneurs, serving more than one million customers. The ACP Group is a nonprofit organization that reinvests 100% of their profits in generating social inclusion, creating access to various products and services for entrepreneurs of micro and small enterprises and entrepreneurs.
The companies that comprise the ACP Group are intended to yield a triple : social, environmental and financial. The ACP Group has presence in 22 companies in 9 countries in Latin America: Peru, Mexico, El Salvador, Ecuador, Bolivia, Argentina, Uruguay, Paraguay and Brazil.