At two months time the chain will open two new stores, adding about 12 thousand square meters of retail space.
According to an article in Elmundo.com.sv, Claudia Ibanez, manager of corporate affairs for Walmart, said: "The shops will be located in Colonia Escalon and Mejicanos, having an investment of $25 million each."
The insurance industry has expressed concern about the new compulsory insurance for traffic accidents in the absence of information about the project.
Raul Betancourt, director of the Salvadoran Association of Insurance Companies (ACES in Spanish), said that since they submitted a draft to the Deputy Minister of Transport (which defined coverage, scope, limitations and benefits), about six months ago, there has not been any further contact with the entity.
According to data from the Salvadoran Association of Hotels, domestic hotel occupancy has dropped 25% in the last few months of 2008.
Elmundo.com.sv reports: "The president of the Salvadoran Association of Hotels, Alberto Ascencio, said that since August the sector began to be affected by the financial crisis which caused hotel visits in the interior to decrease considerably. However, he said that San Salvador ended the year with figures that did not increase or decrease. "They remained the same"."
It is expected that the Law of Pension Savings System will soon be reformed, reducing the commissions earned by AFPs from 2.7% to 2.2%.
A majority of members of the Finance Committee of the Salvadoran Legislative Assembly have endorsed amendments to the Law on the Pension Savings System. The main changes include a reduction of the commissions earned by Pension Fund Administrators (AFP in Spanish) from 2.7% to 2.2%, and allowing up to 45% of pension savings to be invested in Pension Investment Certificates (IPC in Spanish) issued by the state to pay for pensions under the previous system.
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