Fitch Ratings has revised the national long-term rating outlook for Colombian payroll (libranzas) lender Ban100 to Positive from Stable. The ratings agency also affirmed the bank’s long- and short-term national scale ratings at ‘AA-(col)’ and ‘F1+(col)’, respectively.

The revision reflects a sustained improvement in operating profitability and asset quality metrics. According to the ratings agency, the move is supported by a business model focused on payroll loan (libranza) products, specifically targeting the pensioner segment in Colombia.

As of the close of 2025, Ban100 reported a non-performing loan (NPL) ratio (over 30 days) of 1.8%, a decrease from the 2.4% recorded in 2024. This figure remains below the financial system average of 3.8%. Fitch attributed this performance to the bank’s niche specialization and controlled operational structure across more than 1,000 municipalities.

Financial data indicates that the bank’s operating profit to risk-weighted assets ratio rose to 2.12% at the end of 2025, representing a 3.8-fold increase compared to 2024. The recovery in profitability was driven by lower provision requirements, higher debt recoveries, and efficient management of administrative expenses.

The bank’s balance sheet showed total assets of $2.8 trillion COP at the end of 2025. Funding remains diversified, with deposits reaching $2.3 trillion COP and securitization operations totaling $390,000 million COP during the same period. Total loan disbursements for the year exceeded $1.096 trillion COP.

Héctor Chaves, president of Ban100, stated that the outlook upgrade confirms the discipline of the bank’s growth strategy during a challenging period for the Colombian financial sector. The institution continues to focus on providing formal credit access to the base of the population and retired citizens.

The ‘AA-(col)’ rating indicates a very low expectation of default risk relative to other issuers or obligations in the same country. Ban100, which has operated for 13 years, maintains its headquarters in Bogotá and provides savings and investment products alongside its core lending business.

Photo from Linkedin account of Ban100

Arajet seeks to become the dominant low-cost carrier connecting North & South America through its Caribbean hubs in the Dominican Republic.

Dominican airline Arajet has launched a “Hot Sale Colombia” promotion, offering discounted base fares for international travel originating from major Colombian hubs. The campaign targets passengers departing from El Dorado International Airport in Bogotá, José María Córdova International Airport in Medellín, and Rafael Núñez International Airport in Cartagena.

The promotional window is scheduled to run from March 16 through March 22, 2026. During this period, the airline is offering base fares starting at $1 USD. These rates apply to international routes within the carrier’s network and are available across all four of the airline’s service tiers: Basic, Classic, Comfort, and Extra.

Agressive fares through Q3 2026

According to the carrier, the travel window for tickets purchased under this promotion extends from April 15, 2026, to September 30, 2026. The availability of these fares is subject to seat capacity on specific flights. The initiative follows the carrier’s broader strategy to increase its market share in the Colombian aviation sector, which is regulated by the Unidad Administrativa Especial de Aeronáutica Civil (Aerocivil) under the Ministerio de Transporte.

Arajet commenced operations in September 2022 and currently maintains its primary hubs at Las Américas International Airport in Santo Domingo and Punta Cana International Airport. The airline utilizes an all-Boeing fleet, consisting of 14 Boeing 737 MAX aircraft (NYSE: BA). The carrier’s network connects the Dominican Republic with various destinations across North America, Central America, South America, and the Caribbean. In 2023, the airline was recognized as the “Best New Airline in the World” at the CAPA Aviation Trust Summit. The airline’s operations are overseen by the Instituto Dominicano de Aviación Civil (IDAC) in its home jurisdiction. Detailed pricing and baggage policies for the current promotion are available through the company’s digital booking platform.

Aris Mining Corporation (TSX: ARIS; NYSE: ARIS) has released its financial and operating results for the fourth quarter and full year ending December 31, 2025. The company reported 2025 gold production of 256,503 ounces, a 22% increase from the 210,955 ounces produced in 2024. This output exceeded the midpoint of the company’s annual guidance of 230,000 to 275,000 ounces.

Annual gold revenue reached $909 million USD, representing an 82% increase over the previous year. Adjusted EBITDA rose to $464 million USD, up 185% from 2024, while adjusted net earnings were reported at $241 million USD, or $1.28 USD per share. As of year-end 2025, the company’s cash balance stood at $392 million USD, with net debt reduced to $86 million USD from $241 million USD at the end of 2024.

The Marmato Mine produced 28,741 ounces of gold, a 23% increase over the 2024 production level.

Operational Performance at Segovia and Marmato

Operations at the Segovia Operations in Colombia produced 227,762 ounces of gold in 2025, a 21% increase from 2024. This performance was supported by average gold grades of 9.82 g/t and a 17% increase in tonnes milled, following the installation of a second ball mill in June 2025. All-in sustaining costs (AISC) for owner-operated mining at Segovia were $1,534 USD per ounce, while AISC for Contract Mining Partners (CMPs) was $1,973 USD per ounce, reflecting a purchase formula linked to rising gold prices.

The Marmato Mine produced 28,741 ounces of gold, a 23% increase over the 2024 production level. The result exceeded the 2025 guidance range of 20,000 to 25,000 ounces. The company is currently advancing construction of a new carbon-in-pulp (CIP) processing facility at Marmato, with first gold production expected in the fourth quarter of 2026.

2026 Outlook and Project Development

Aris Mining has set its 2026 consolidated gold production guidance between 300,000 and 350,000 ounces. Production is expected to be weighted toward the second half of the year as the Marmato CIP plant begins operations. At Segovia, production is forecast to increase to between 265,000 and 300,000 ounces.

The company also provided updates on its development portfolio:

• Soto Norte Project (Colombia): Aris Mining completed a Prefeasibility Study (PFS) in September 2025. The company intends to submit an environmental license application to the Autoridad Nacional de Licencias Ambientales (ANLA) in the second quarter of 2026.
• Toroparu Project (Guyana): A Preliminary Economic Assessment (PEA) was completed in October 2025, and a PFS is currently underway with a targeted completion in 2026. A construction decision is anticipated in early 2027.

In the fourth quarter of 2025, Aris Mining used $60 million USD in cash for the acquisition of the remaining 49% interest in the Soto Norte project. Subsequent to the year-end, the company received a $40 million USD installment deposit under its precious metals stream financing after reaching a 50% construction milestone at Marmato.

Aris Mining’s operations are subject to oversight by the Agencia Nacional de Minería (ANM) in Colombia and the Guyana Geology and Mines Commission (GGMC) in Guyana.

Frontera must pay a $25 million USD breakup fee to Geopark.

Frontera Energy Corporation (TSX: FEC) has entered into a definitive arrangement agreement to divest its Colombian upstream exploration and production (E&P) portfolio to Parex Resources Inc. (TSX: PXT) for a total firm value of approximately $750 million USD. The transaction follows the termination of a previous agreement with GeoPark Limited (NYSE: GPRK). Frontera opted for the Parex proposal after the Calgary-based independent producer offered $525 million USD in equity consideration, a $125 million USD increase over the prior GeoPark bid. As part of the transition, Frontera has paid a $25 million USD breakup fee to GeoPark.

The $525 million USD equity consideration includes an immediate $500 million USD cash payment upon closing and a $25 million USD contingent payment. The latter is dependent on the execution of a contractual amendment or binding agreement to extend the term of the Quifa Association Contract within 12 months.

Beyond the cash equity, Parex will assume $390 million USD in existing Frontera liabilities. This includes $310 million USD in 2028 Senior Unsecured Notes and an $80 million USD prepayment facility with Chevron Products Company, a subsidiary of Chevron Corporation (NYSE: CVX).

Following the close of the deal, Frontera intends to distribute approximately $470 million USD to its shareholders, which equates to roughly $9.18 CAD per share based on current exchange rates and outstanding share counts. This distribution is subject to shareholder approval and the successful completion of the transaction.

Frontera is retaining its exploration interests in Guyana.

Shift to Infrastructure Focus

Upon completion, Frontera will pivot its corporate strategy to focus exclusively on energy infrastructure. Its remaining portfolio will be anchored by two primary Colombian assets:

• A 35% equity interest in Oleoducto de los Llanos Orientales S.A. (ODL), a critical crude oil pipeline.
• A 99.97% equity interest in Sociedad Portuaria Puerto Bahía, a multipurpose port facility in Cartagena.

The company will also retain its exploration interests in Guyana. Frontera’s infrastructure division generated approximately $77 million USD in distributable cash flow in 2025. Post-transaction, Frontera expects to maintain $50 million USD in cash reserves to fund growth projects, including a potential Liquefied Natural Gas (LNG) regasification project in partnership with Ecopetrol S.A. (NYSE: EC; BVC: ECOPETROL).

Orlando Cabrales, CEO of Frontera, noted that Parex is currently the largest independent operator in Colombia and a pre-existing partner in the VIM-1 block, which suggests operational continuity for the assets and employees involved.

The independent members of Frontera’s Board of Directors have unanimously recommended the deal. Major shareholders The Catalyst Capital Group Inc. and Gramercy Funds Management LLC, who collectively hold approximately 53% of Frontera’s outstanding shares, have signed support agreements to vote in favor of the arrangement.

Timeline and Approvals

The transaction is structured as a plan of arrangement under the Business Corporations Act of British Columbia. It requires the approval of at least two-thirds of the votes cast by Frontera shareholders at a forthcoming special meeting.

The deal is also subject to approval by the Supreme Court of British Columbia and relevant regulatory bodies in both Canada and Colombia. Parex will fund the acquisition through existing cash, credit facilities, and an underwritten financing commitment from Scotiabank (TSX: BNS; NYSE: BNS). Closing is anticipated in the second quarter of 2026.

Citi (NYSE: C) served as the financial advisor to Frontera, while BMO Nesbitt Burns Inc. provided a fairness opinion. Legal counsel was provided by Blake, Cassels & Graydon LLP and McMillan LLP.

Above photo: Frontera Energy’s Quifa field Meta Colombia. Photo credit: Frontera Energy.

The move targets a high-value niche in the European bioeconomy, offering a scalable model for sustainable Amazonian exports.

The Colombian government has formally submitted a technical and scientific dossier to the European Union seeking authorization to market cacay flour as a “Novel Food.” This regulatory category governs the entry of non-traditional food products into the European market.

The submission is the first of its kind for an Amazonian product from Colombia. It follows a 2024 initiative involving the Ministry of Commerce, Industry, and Tourism and the [suspicious link removed]. The process was supported by the Sustainable Forest Territories (Territorios Forestales Sostenibles or TEFOS 3) project, a program funded by the British Embassy and the German Cooperation GIZ.

Diana Marcela Morales Rojas, the Minister of Commerce, Industry, and Tourism, stated that the application positions cacay as a strategic component of the national portfolio of high-value natural ingredients. The technical dossier was structured according to the guidelines of the European Food Safety Authority (EFSA). To meet these standards, Colombia provided evidence of safe historical consumption for at least 25 years, alongside data on nutritional profiles, safety, traceability, and sustainable production processes.

The administrative validation phase is expected to take one month, followed by a technical and scientific evaluation by EFSA that may last up to nine months. Six Colombian companies participated in the drafting of the expediente, providing technical data and validating industrial processes to demonstrate the feasibility of large-scale production under international standards.

“This step positions the cacay as a strategic ingredient within the Colombian portfolio of high-value-added natural products.” — Diana Marcela Morales Rojas, Minister of Commerce, Industry, and Tourism.

The cacay nut, native to the Amazon and Orinoquia regions, produces a seed containing up to 60% oil rich in omega-6 and omega-9. The flour, a byproduct of the oil extraction process, contains approximately 40% protein and high fiber content. Beyond its nutritional applications, the crop is integrated into agroforestry systems aimed at restoring degraded lands and promoting biodiversity.

Currently, the cacay value chain involves more than 500 peasant and indigenous families. If approved, the flour would join Colombia’s non-traditional export basket to Europe, reinforcing a bioeconomy model based on fair trade and the sustainable use of biodiversity.

Drones may now be seized upon a traveler’s entry into Colombia, unless specific conditions are met.

Colombia has modified the rules for bringing drones and their spare parts into the country for security reasons. The measure was established through Resolution 000242 of 2025 issued by the Dirección de Impuestos y Aduanas Nacionales (DIAN) and has been in effect since January 11, 2026.

The regulation was adopted “with the objective of preventing the illegal entry of unmanned aircraft systems (UAS/drones) and mitigating the risks associated with their misuse.” According to the DIAN in a press release, the provisions aim to “strengthen national security against the possible use of these devices in criminal activities, such as indiscriminate attacks against security forces and the civilian population.”

Under the directive, drones may enter the country through two mechanisms. The first is by submitting an Advance Import Declaration (Declaración Anticipada de Importaciones, by its Spanish name), which must be filed five calendar days before travel through the Customs Services (Servicio de Aduanas) section of the official DIAN website at www.dian.gov.co. The second option is to complete DIAN Form 530 upon arrival in the country.

In both cases, travelers must present the original purchase invoice, declare the intended use of the drone, and pay the corresponding import taxes, regardless of the price already paid for the equipment in the country of purchase. In some cases, DIAN may also request an inspection of the device.

The regulation establishes that drones or their parts may only enter the country if they comply with this standard import procedure.

Another key aspect of the resolution is that drones may only enter Colombia through two authorized entry points: the port of Cartagena and El Dorado International Airport in Bogotá. If a drone is brought into the country through any other location, customs authorities may seize it.

DIAN also clarified that travelers should “refrain from bringing this type of merchandise under the traveler import modality.” If they attempt to do so, customs authorities will require the change of modality so that the device can be processed through ordinary import procedures, provided that the arrival occurred through the authorized entry points. Entry through other locations is not permitted and could result in the seizure of the merchandise.

Additionally, the resolution states that drones cannot enter the country through postal shipments or express courier services, meaning international deliveries of these devices may be subject to confiscation.

Retail companies may continue selling drones in the Colombian market, provided they comply with import procedures and pay the applicable taxes. However, these requirements may lead to delays and additional costs for final consumers.

According to the magazine Cambio Colombia, the measure responds to the growing use of drones in criminal activities. These “recreational or productive technologies have begun appearing in high-risk scenarios such as illegal surveillance, the transport of explosives, criminal intelligence operations, and even attacks against security forces.”

Defense Minister, Major General (ret.) Pedro Arnulfo Sánchez Suárez, confirmed that 162 drone attacks against security forces were recorded in the country during the past year. According to the minister, the resolution will make it possible to “know exactly who is purchasing drones and what their intended purpose and use are. This will allow us to protect the population and prevent a tool designed for progress and development from being used to kill Colombians.”

In general terms, Resolution 000242 establishes three main rules for bringing drones into Colombia:

1. Mandatory advance declaration for importers, including travelers.
2. Restriction of entry to two authorized points: the port of Cartagena and El Dorado International Airport in Bogotá.
3. A total ban on postal or express courier shipments of drones.

Additionally, drones that weigh more than 250 grams or are used for professional activities must be registered with Aerocivil, Colombia’s civil aviation authority. Failure to register the device or operating it without authorization may result in fines.

Above photo: DJI drone courtesy DJI

The new members of Congress will take office on July 20, the official start of the new legislative term.

On March 8, Colombia elected the Congress that will exercise legislative authority during the 2026–2030 term. From more than 3,200 candidates, voters chose the 102 senators (upper house) and 182 members of the House of Representatives (lower house) who will make up the country’s legislative branch.

According to preliminary reports from the Registraduría Nacional del Estado Civil (RNEC), with 98.4% of polling stations counted, equivalent to 19,220,365 votes tallied, the new Congress has been defined electorally, however, it should be noted that these seat projections correspond to the official preliminary count, which still must go through several formal procedures before the final results are certified.

How the Senate Race is Shaping Up?

The Pacto Histórico, the party of current President Gustavo Petro, obtained around 22% of the vote (4,402,601), which would allow it to increase its representation from 20 senators in the current legislature to approximately 25 seats in the next term.

In second place is the Centro Democrático, the party of former President Álvaro Uribe, with about 15% of the vote (3,020,459), potentially increasing its representation from 13 to 17 seats.

The Partido Liberal would rank third with 13 seats (2,268,658 votes). It would be followed by the Alianza por Colombia, led by the Green Party, with 10 seats (1,899,096 votes), and the Partido Conservador, also with 10 seats (1,859,493 votes).

Other wins in the Senate include Party of La U (9 seats), Cambio Radical (7), the Ahora Colombia coalition (5), which backs presidential candidate Sergio Fajardo, and Salvación Nacional (4), the movement of presidential candidate Abelardo de la Espriella. The two remaining seats correspond to the special indigenous constituency.

In terms of losses in representation, the Partido Conservador would be the most affected, losing five of its current 15 seats. Cambio Radical would lose four, the Greens three, La U two, while Liberals and Ahora Colombia would each lose one seat.

Among the prominent figures who would be left out of the new Senate is former President Álvaro Uribe, who occupied position number 25 on his party’s list and would not obtain a seat if the Centro Democrático secures only 17 seats. Green Party senator Angélica Lozano, known for promoting legislation related to transparency, would also lose her seat.

Likewise, movements such as the coalition that supported Juan Daniel Oviedo and the Partido Oxígeno, led by former presidential candidate Ingrid Betancourt, who was kidnapped for years by the now-defunct FARC guerrilla group, would fail to surpass the minimum threshold required to obtain Senate representation (3% of the total vote).

On the other hand, the performance of the Salvación Nacional movement, led by presidential candidate Abelardo de la Espriella, stands out. In its first participation in a congressional election, the party would surpass the electoral threshold and secure four senators.

What About the House of Representatives?

The allocation of seats in the House of Representatives follows a different process from that of the Senate, making it difficult to project the final distribution in the early stages of the vote count.

This is because the calculation is conducted department by department, once the RNEC determines the seat allocation formula and electoral quotient in each of the 32 States and the Capital District of Bogotá.

According to report number 45 from the RNEC, with 99.03% of votes counted, the main parties have obtained the following preliminary nationwide results:

• Centro Democrático: 2,551,706 votes.
• Partido Liberal: 2,101,877 votes.
• Partido Conservador: 1,967,996 votes.
• La U: 1,044,778 votes.
• Pacto Histórico: 913,990 votes.
• Cambio Radical: 803,721 votes.
• Alianza Verde: 654,071 votes.
• Salvación Nacional: 436,365 votes.

Because the House of Representatives elections involve parties, movements, and coalitions with strong local and regional influence, several smaller political organizations are expected to win seats, as they must surpass regional thresholds rather than a national one.

The Highlight: a Fragmented Congress that Will Require Coalitions

With the preliminary distribution of seats in both the Senate and the House of Representatives, projections suggest that Colombia’s next president will need to govern through legislative coalitions, as has occurred under President Gustavo Petro and his predecessors.

Presidential candidates Iván Cepeda, of the Pacto Histórico, and Paloma Valencia, of the Centro Democrático, would begin the next political phase with the largest congressional blocs, although neither would have enough seats to govern alone.

Traditional parties such as the Liberal, Conservador, Cambio Radical, and La U, which together could account for more than 40% of the new congress, have not yet decided which presidential candidate they will support, a situation similar to what occurred in the previous election. These parties could therefore become kingmakers, capable of facilitating, or blocking, governability depending on the alliances and coalitions they choose to form.

For that reason, the coming weeks are expected to be marked by intense political negotiations, as presidential contenders attempt to build alliances that would allow them to secure legislative support.

For candidates such as Sergio Fajardo, whose Ahora Colombia coalition would obtain only five senators, or Abelardo de la Espriella, whose Salvación Nacional movement would have four, the challenge will be significantly greater.

Above photo: Polling station during Colombia’s congressional elections. Photo courtesy of the Registraduría Nacional del Estado Civil.

Colombia’s presidential race has entered a new phase following the interparty primaries held on March 8. Three major coalitions selected their candidates ahead of the first round scheduled for May 31: Paloma Valencia (48 years) will represent the right, Claudia López (56) the center, and Roy Barreras (62) a segment of the left.

They will join three candidates who did not participate in the primaries because they already hold the official endorsement of their parties: Iván Cepeda (63) of the Pacto Histórico (left), Sergio Fajardo (69) of Dignidad y Compromiso (center), and Abelardo de la Espriella (47) of the Salvación Nacional (far right).

Beyond their immediate results, Colombia’s interparty primaries typically serve two main purposes: reducing the number of contenders and selecting the flagbearers of each coalition, while also measuring the electoral strength of political figures ahead of potential negotiations among parties and candidates. With 99% of polling stations counted, and preliminary results rapidly released by the Registraduría Nacional del Estado Civil, several political consequences of the vote are already emerging.

Paloma Valencia to Lead the Uribista Right

The right-wing consultation brought together nine candidates from different center-right and conservative currents. One of its main goals was to secure a strong turnout that could consolidate the sector in public opinion and counter the rise of far-right candidate Abelardo de la Espriella, who seeks to capture a portion of Colombia’s traditional conservative electorate.

The winner was Senator Paloma Valencia, who has campaigned nationwide alongside former President Álvaro Uribe Vélez, the leading figure of the Centro Democrático party.

Although polls had already projected her victory, the surprise was the scale of the result. With 99% of polling stations counted, Valencia secured 3,212,528 votes, representing more than 45% of the total votes cast across the three primaries.

She now faces three major challenges. The first will be unifying the right behind her candidacy and preventing conservative voters from drifting toward De la Espriella. In this context, the selection of her vice-presidential running mate will be crucial.

Among the names circulating is Juan Daniel Oviedo (48), a former Bogotá city councilor who unexpectedly finished second in the consultation with more than 1,200,00 votes, despite his well-known ideological differences with the Uribista movement.

The second challenge is symbolic: no woman has ever reached the second round of Colombia’s presidential election, making it difficult to break that historical barrier even with the political backing of Uribe, who still maintains strong favorability ratings.

Finally, Valencia will attempt to channel the anti-Petro vote, capitalizing on public dissatisfaction with the policies of President Gustavo Petro and his close political ally Iván Cepeda, who currently appears as the frontrunner in most polls for both the first and second rounds.

The Center Cools Around Claudia López

With 99% of votes counted, the centrist consultation recorded the lowest turnout among the three coalitions. Former Bogotá mayor Claudia López received more than 572,000 votes, representing just 8.14% of the total, well below polling projections that placed her above 12%.

For López, the result follows a long campaign that began more than a year ago, during which she sought to challenge Sergio Fajardo, the former mayor of Medellín who already holds the endorsement of the Dignidad y Compromiso party.

The key question now is her next political move: whether to remain in the presidential race or eventually join forces with Fajardo, whose polling numbers also remain modest, hovering around 5%.

The weak result may reflect the fragmentation of Colombia’s political center, often criticized for positions perceived as moderate or ambiguous. It may also indicate that Juan Daniel Oviedo attracted part of the centrist electorate within the right-wing consultation.

In any case, the outcome suggests the presidential campaign could once again polarize around two main narratives: “with Petro,” led by Iván Cepeda and the Pacto Histórico, or “against Petro,” a space still contested between Paloma Valencia and Abelardo de la Espriella.

Roy Barreras Wins the Left Consultation, but Momentum Favors Cepeda

In Roy Barreras’s case, two key factors appear to have contributed to his limited result. First was his decision to maintain a primary that many within the left considered unnecessary, given that much of the progressive sector had already rallied behind Iván Cepeda.

Second is his long political trajectory across multiple governments and ideological camps, from the right to the left, which has led some voters to view him as a traditional establishment politician.

With 99% of votes counted, Barreras secured just over 255,000 votes, less than 4% of the total. During the campaign, Barreras had stated he expected to surpass 1,500,000 votes in order to negotiate a stronger position within the left-wing coalition. Following these results, his most likely option may be withdrawing his candidacy and endorsing Cepeda, signaling unity within the progressive camp.

Other Highlights from the Electoral Day

One of the most striking outcomes was the performance of Juan Daniel Oviedo, who finished second among the 18 candidates participating in the primaries with 1,251,428 votes. With this electoral capital, Oviedo has become one of the most sought-after figures for potential alliances.

His political alignment remains uncertain. It is unclear whether he will fully integrate into Paloma Valencia’s campaign and the Centro Democrático, with whom he has ideological differences, or attempt to move closer to the weakened political center.

Unlike many traditional politicians, Oviedo has built a relatively short but distinctive political career based on his technocratic profile, his experience in economic policy, and his attempt to position himself outside the traditional Petro-Uribe political divide.

Meanwhile, journalist Vicky Dávila (52), who has run a campaign with populist elements inspired by figures such as Javier Milei in Argentina and Donald Trump in the United States, received more than 236,000 votes, around 3.3% of the total, leaving her with limited negotiating leverage.

A similar outcome affected Daniel Quintero (45), the former mayor of Medellín, who received just over 226,000 votes (around 3.2%), with his campaign likely hurt by controversies linked to alleged corruption during his administration.

Under Colombia’s electoral law (Law 1475 of 2011), political parties may still modify or withdraw candidates until March 20. After that date, the presidential campaign will move toward the first round scheduled for May 31. If no candidate obtains an absolute majority (50% plus one), the two candidates with the highest vote totals will compete in a runoff election on June 21.

For now, the race appears likely to center on a left-wing coalition led by Iván Cepeda with the backing of President Gustavo Petro, and a divided right contested between Paloma Valencia and the ultraconservative Abelardo de la Espriella.

Above photo: Claudia López, candidate in the centrist primary, casting her vote in Bogotá. Photo courtesy of Claudia López’s campaign team.

 

Colombian President Gustavo Petro is continuing to make changes to Colombia’s health system through administrative measures, after two attempts to pass a legislative reform were rejected by Congress.

The latest decision is Decree 0182 of 2026, which centralizes the provision of health services in approximately 45% of the country under the administration of Nueva EPS, a mixed public-private company currently under government intervention. As part of the measure, the insurer would receive 2,84 million reassigned members.

According to the government, the decree seeks to modify the flow of resources within the system so that funds would be paid from the government directly to healthcare providers, such as hospitals and clinics. This change would limit the traditional role of the Entidades Prestadoras de Salud (EPS), the system’s intermediaries, whose reduction has been one of the Petro administration’s key policy goals.

President Petro has publicly defended this approach. In a message posted on the social media platform X, he said that EPS entities “devour 70 trillion pesos annually and demonstrably benefit the wealth of their owners.” The president has also blamed these institutions for the crisis affecting the health sector over the past decade, arguing that during that time “the theft of health resources multiplied, and 117 EPS were liquidated to avoid paying their debts.”

The decree has sparked debate in the media. Some reports, including those published by the outlet Infobae after reviewing the official document, described the measure as a “mass transfer of patients and territorial reorganization of the health system.” However, the Ministry of Health rejected that interpretation and clarified that the measure “does not involve an arbitrary transfer of users, but rather a technical step aimed at correcting structural failures in the insurance model”.

In a statement, the ministry explained that “when an EPS lacks operational or financial capacity in a given territory, the state is authorized to adopt temporary mechanisms to ensure healthcare access for users.” The ministry also stated that the goal of the decree is to guarantee effective, fair, dignified and continuous access to healthcare services across the country, particularly in regions where geographic dispersion and low population density have historically complicated service delivery.

Political and administrative context

The debate comes amid a broader process of administrative interventions within the system. According to reports cited by the newspaper El Colombiano, “over the past three years the government, through the Superintendencia Nacional de Salud, has intervened in seven EPS,” removing their management from private owners and placing them under state-appointed administrators.

The government has used this context to justify administrative measures such as those included in the decree, arguing that several insurers have demonstrated structural operational weaknesses. At the same time, the legislative debate over a comprehensive health reform has not been completely closed. According to the same outlet, the government is still exploring the possibility of reviving the reform bill through an appeal filed by Senator Fabián Díaz. In the meantime, the administration has moved forward with changes through decrees, regulatory resolutions and decisions by the health regulator.

Despite the publication of the decree, its implementation still requires additional administrative steps. According to analysis cited by Infobae, “the transfer of members will not occur automatically, as it depends on the Superintendencia Nacional de Salud issuing administrative acts that update the territorial scope of the EPS”. This means the reorganization of the system could unfold gradually once the required regulatory procedures are completed.

Seats are distributed using the D’Hondt method, known in Colombia as the cifra repartidora, which allocates seats proportionally according to the number of votes obtained.

A total of 3,231 candidates will compete for seats in Colombia’s congress in the legislative elections scheduled for March 8, according to the Registraduría Nacional del Estado Civil (RNEC), the authority responsible for organizing the country’s electoral processes. In total, 102 senators and 182 members of the House of Representatives will be elected.

According to the electoral authority, 1,124 candidates registered for the Senate and 2,107 for the House of Representatives, the two chambers that make up Colombia’s congress.

As the political analysis website Razón Pública explains, Colombia’s electoral system is based on proportional representation, which seeks to reflect the diversity of political opinions within society in the composition of Congress. For the Senate, or upper chamber, voters may cast their ballots for candidates anywhere in the country, as it operates under a national constituency. In contrast, the House of Representatives, or lower chamber, is elected through territorial constituencies by departments, including Bogotá as the Capital District.

According to the RNEC, 41,287,084 citizens are eligible to vote in the upcoming elections, a key figure because it influences how seats are allocated.

Senate elections

In this election, 102 senators will be chosen by popular vote. According to the Senate’s official website, 100 will be elected through a nationwide constituency and the remaining two seats are reserved for indigenous communities, a special constituency established by the 1991 Constitution to guarantee political representation for these groups.

Voters must choose between receiving the national ballot or the Indigenous constituency ballot, but they cannot vote in both.

House of Representatives elections

For the House of Representatives, 182 members will be elected, distributed as follows:

• Territorial constituencies: 161 seats allocated to departments and the Capital District of Bogotá.
• Special Transitional Peace Constituencies: 16 seats reserved for victims of the armed conflict, created by the Acto Legislativo 02 of 2021.
• Afro-descendant communities: 2 seats.
• Indigenous communities: 1 seat.
• Community of San Andrés (Raizal): 1 seat.
• Colombians living abroad: 1 seat.

Unlike the Senate, each department receives a specific number of seats based on its population, creating regional electoral dynamics in which local political leadership often plays a key role. In practice, more populous departments hold greater representation than smaller ones.

Both the Senate and the House of Representatives receive one additional seat after the presidential election, allocated to the candidate who obtains the second-highest number of votes.

How seats are allocated

Colombia’s electoral system is regulated by the Acto Legislativo 001 of 2003 and the Electoral Law, and operates under principles of proportional representation.

First, the valid votes obtained by each party list are counted. Only those lists that surpass a 3% threshold of total valid votes are eligible to participate in the distribution of seats. In the 2022 legislative elections, this threshold exceeded 509,000 votes.

According to projections by the Misión de Observación Electoral (MOE), the threshold for the Senate in the upcoming elections could reach around 600,000 votes.

This threshold is crucial because if, for example, a candidate obtains 450,000 votes but their party fails to pass the threshold, neither the candidate nor the party will secure a seat in Congress.

Among the lists that surpass the threshold, seats are distributed using the D’Hondt method, known in Colombia as the cifra repartidora, which allocates seats proportionally according to the number of votes obtained. In 2022, the seat-allocation quotient was 144,013 votes.

For the House of Representatives, the process is more complex because the threshold and D’Hondt method are applied separately within each department, producing different results across regions.

With closed lists, voters select only the political party or list as a whole, without choosing an individual candidate.

Open and closed lists

Under the Acto Legislativo 1 of 2003, political parties may register open lists or closed lists. With open lists, voters select a specific candidate within a party’s list. The vote counts both for the political party and for the individual candidate. Seats obtained by the party are then assigned to the candidates who received the highest number of votes, regardless of their initial position on the list.

With closed lists, voters select only the political party or list as a whole, without choosing an individual candidate. Seats are then allocated according to the order predetermined and registered at the start of the campaign by the party.

In the upcoming elections, two of Colombia’s most prominent political forces will present closed lists: the Pacto Histórico, the coalition led by current President Gustavo Petro, and the Centro Democrático, the right-wing party founded by former President Álvaro Uribe Vélez.

Photo courtesy of the National Civil Registry of Colombia,

Colombia’s presidential primaries are interparty, where broad coalitions decide on a candidate that the allied parties then agree to back.

This Sunday, March 8, 2026, Colombia will hold one of the most significant electoral events of the year’s political calendar. In addition to electing a new congress, voters will participate in the so-called Interparty Primaries, a mechanism through which political parties select their candidates for the presidential election scheduled for May 31.

According to the political analysis website Razón Pública, these consultations seek to “build broad coalitions composed of parties, movements, and independent candidacies.” In practice, they allow different political sectors to determine through open voting who will represent each coalition in the presidential race.

Political parties seek to boost their chances in the presidential race or strengthen their leverage in potential coalition negotiations.

In total, three separate primaries will take place, each with its own ballot. Citizens may participate in only one of them by requesting the corresponding ballot when voting for Congress.

The first is the “Solutions Primary: Healthcare, Security and Education,” made up of parties from the political center. In this contest, former Bogotá mayor Claudia López faces independent lawyer Leonardo Huertas. According to the latest Invamer poll, López is the clear frontrunner, with a projected 92.9% voting preference, compared with her only opponent.

The second consultation represents the political right and includes nine pre-candidates in the so-called “Grand Primary for Colombia.”

Among the contenders are former ministers of previous governments Juan Carlos Pinzón (Defense), Mauricio Cárdenas (Finance), and David Luna (Information Technologies); former Antioquia governor Aníbal Gaviria; former Bogotá mayor Enrique Peñalosa; journalist Vicky Dávila; and three senators representing their respective parties: Juan Manuel Galán (Nuevo Liberalismo), Juan Daniel Oviedo (Con Toda con Colombia), and Paloma Valencia (Centro Democrático).

Polls consistently identify Paloma Valencia as the favorite to win the primary. The Invamer poll projects her with 41.6% of the vote, Atlas Intel 44.4%, and Guarumo-EcoAnalítica 40.6%, while the firm Gad3 also places her first but with a lower estimated vote share of 17%. Valencia has been campaigning nationwide accompanied by former president Álvaro Uribe Vélez, the leading figure of the Centro Democrático, and previously won her party’s internal selection process through a member survey held on December 15.

The third primary corresponds to the coalition known as the “Front for Life,” made up of left-wing candidates, although without the official backing of current President Gustavo Petro, who under Colombian law is prohibited from participating in electoral politics or promoting candidates.

Candidates in this race include Héctor Elías Pineda, a former member of the M-19 guerrilla movement (the same group Petro once belonged to); Edison Lucio Torres of the Partido de los Trabajadores (Worker’s Party); and independent candidate Martha Viviana Bernal.

Former senator Roy Barreras; and embattled former mayor of Medellín Daniel Quintero Calle registered through the Movimiento de Autoridades Indígenas de Colombia. Polls by Guarumo-EcoAnalítica (47.6%) and Invamer (68.1%) place Daniel Quintero as the leading candidate of this Primary. However, the firm Atlas Intel did not measure this coalition, arguing that it did not surpass the statistical threshold required.

What comes next in the political landscape after the Primaries?

According to Razón Pública, “once the March 8 voting concludes, the political landscape will enter a phase of critical decisions. The results will determine alliances and realignments ahead of the presidential first round.”

Across the political spectrum, the winners of each consultation will attempt to consolidate support to compete against other candidates who registered directly without participating in the consultations. These include Abelardo de la Espriella, a conservative lawyer and businessman who registered through citizen signatures; Iván Cepeda, the official candidate of the Pacto Histórico coalition led by President Petro and currently leading voting-intention polls; and Sergio Fajardo, who registered with the party Dignidad y Compromiso.

Under Colombia’s electoral Law (1475 of 2011), political parties may still modify or withdraw candidates until March 20. After that date, the presidential campaign will move toward the first round scheduled for May 31. If no candidate secures an absolute majority of the vote (50% plus one), the two candidates receiving the highest number of votes will compete in a runoff election on June 21, where the candidate with a simple majority will be elected president.

Photos courtesy of the Registraduría Nacional del Estado Civil

The sentence is the latest in the “Cartel of the Toga” judicial corruption scandal that has rocked the Colombian justice system over the past several years.

José Leonidas Bustos Martínez, a former Justice of the Sala Penal of the Corte Suprema de Justicia, was sentenced to 10 years and three months in prison for his role in the so-called “Cartel de la Toga,” a corruption network made up of judicial officials who received payments in exchange for influencing court decisions in favor of political leaders.

The Sala Especial de Primera Instancia issued ruling SEP 013 on February 20, 2026, finding Bustos Martínez guilty of criminal conspiracy. In addition to the prison sentence, the Court barred him from holding public office for the same period and imposed a fine of approximately $36,200 USD.

José Leonidas Bustos Martinez was a leader of the “Cartel of the Toga” that sold justice to the highest bribe.

The former justice, who twice served as President of the Supreme Court, was acquitted of a separate charge of abuse of public office related to influence peddling.

The ruling states that no alternative sentencing measures, such as suspended sentence or house arrest, will be granted, meaning Bustos Martínez must serve his sentence in a Colombian correctional facility to be designated by the Instituto Nacional Penitenciario y Carcelario (INPEC).

The Court also ordered the issuance of an arrest warrant and requested an Interpol Red Notice, as Bustos Martínez has resided in Canada since 2019.

According to the Comisión de la Verdad de Colombia (Truth Commission), the so-called “Cartel de la Toga” was a corruption scheme operating since 2010 through which “Colombia’s justice system was infiltrated through the purchase of judicial rulings.” The Commission stated that “officials involved diverted investigations, delayed proceedings, misused privileged information, altered evidence and discredited witnesses in order to favor those who paid for judicial decisions that appeared lawful.”

Investigations lead by the Commission determined that the scheme sought to illegally interfere in cases against high-level political leaders in exchange for substantial sums of money, including obstructing arrest warrants and preventing pretrial detention measures.

Bustos Martinez’s conviction adds to more than 50 arrests and extraditions related to the case since 2017, including sentences against former judicial officials, former members of Congress, former mayors and former governors from various regions of Colombia.

Headline photo:In 2008 then President Álvaro Uribe swore in José Leonidas Bustos Martínez as magistrate of the Criminal Cassation (Appeals) Chamber of the Supreme Court of Justice, during a ceremony held Tuesday, April 1st, in the Gobelinos Hall of the presidential palace (photo: Presidential Archives of Colombia)

Tensions between Colombia’s Gustavo Petro & Ecuador’s Daniel Noboa began last year when Petro refused to recognize Noboa’s election as legitimate.

Colombia and Ecuador are engaged in a tariff dispute that could affect both countries. At the beginning of February, Ecuador imposed 30% tariffs on products imported from its northern neighbor, and then Colombia responded with reciprocal tariffs at the same rate. Ecuador has now escalated the dispute by raising the tariff to 50%. Here is a summary of what is happening.

The most recent move by Ecuador was on February 26. “After confirming the lack of implementation of concrete and effective border security measures by Colombia, Ecuador is obliged to adopt sovereign actions. Starting March 1, the security fee on imports originating from Colombia will be increased from 30% to 50%,” the Servicio Nacional de Aduana said in a press release as retaliation for the announcement of reciprocal tariffs by Colombia.

Before that, the Colombian government had officially imposed a reciprocal 30% tariff on imports of goods originating from Ecuador, as established in Decree 170 of 2026, signed on February 24 by President Gustavo Petro and his ministerial cabinet.

The decree states that the measure responds to the 30% tariff previously imposed by Ecuador on Colombian products has generated “an estimated 97% drop in exports to that country, equivalent to an annual reduction of approximately $1.803 billion USD.”

Colombia has suspended electricity delivery to Ecuador in retaliation.

The Colombian decision came as a direct response to the so-called “security fee” introduced by Ecuadorian President Daniel Noboa on February 1, which applied the same rate to goods originating from Colombia.

At the time, the Secretaría General de Comunicaciones de Ecuador, announced the measure through the social media platform X, stating that the objective was to “protect national security and strengthen customs controls and security in the border area.” According to President Noboa, the decision was based on “a lack of reciprocity and the need for stronger security measures,” adding that the tariff would remain in place “until there is a genuine joint commitment to combat drug trafficking and illegal mining along the shared border.”

These actions mark an escalation in trade tensions between the two countries, which have faced growing political and diplomatic challenges in recent months. Colombia had already suspended electricity exports to Ecuador following the initial tariffs, while Quito increased fees for transporting Colombian petroleum through its pipelines.

Products affected by tariffs include beans, rice, fats and oils, unsweetened cocoa powder, fresh bananas, ethyl alcohol and denatured spirits, as well as insecticides, fungicides, and disinfectants, among others. Although the tariff is initially paid by importers at the border, these costs are typically passed on to end consumers through price adjustments.

Despite historically close trade relations, it remains unclear whether both countries will reach a short-term agreement, or move toward formal dispute resolution mechanisms. On February 6, foreign ministers from both nations held a negotiation meeting in Quito, though no formal agreement was reached. Ecuador, at the time, conditioned further decisions on progress in security and energy cooperation.

Additionally, according to Bogotá-based El Tiempo daily newspaper, both governments have filed formal complaints with the Comunidad Andina de Naciones (CAN), which must determine whether the claims will be accepted. Analysts generally agree that a diplomatic solution remains the most viable path to resolving the current trade dispute.

Headline photo: Border between Tulcán, Ecuador, and Ipiales, Colombia, at the Rumichaca International Bridge. (Photo Jadin Samit Vergara)

Avianca has signed a multi-year agreement to become an official sponsor of Miami FC, a professional soccer club competing in the USL Championship. The partnership comes as the club initiates the construction of a new stadium facility in the south Miami-Dade area and seeks to align with corporate partners as part of a long-term growth strategy.

Under the terms of the deal, the airline will receive brand placement on the official team jerseys. Additionally, the club’s fan interaction area, previously known as the Fútbol305 Zone, has been rebranded as the Avianca Fútbol305 Zone. This activation is intended to provide fans with direct access to players and team events.

The move marks a strategic effort by Avianca to consolidate its presence in the Florida market, which serves as a primary hub for its North American operations. According to Rolando Damas, the airline’s sales director for North America and Europe, Miami is a critical gateway connecting the US with Latin America.

Data provided by the carrier indicates a period of growth in its US operations. In 2025, Avianca transported more than 4,900,000 passengers to and from the US, representing an increase of more than 6% compared to 2024 figures. During that same period, the airline operated 34,200 flights within its US network.

Currently, Avianca operates more than 400 weekly flights across 14 US cities. Its Florida operations specifically include more than 100 weekly flights departing from Miami, Orlando, Fort Lauderdale, and Tampa. These routes provide connectivity to destinations in Colombia, Ecuador, and Central America, as well as broader links to more than 80 destinations across 25 countries.

Miami FC executives noted that the partnership coincides with the development of world-class facilities in South Florida. Nathan Krum, the club’s chief marketing and revenue officer, stated that the collaboration is part of a broader vision to increase community accessibility and global connectivity.

Avianca is a member of the Star Alliance and is part of the Abra Group. The airline group includes several subsidiaries such as Aerovías del Continente Americano S.A., Taca International Airlines S.A., and Avianca Ecuador S.A.. In 2025, the consolidated group transported approximately 37,000,000 customers globally, operating a fleet of 140 aircraft including Airbus A320 and Boeing 787 Dreamliner models. Its loyalty program, LifeMiles, currently maintains a membership base of approximately 15,000,000 individuals.

The financial terms of the sponsorship were not disclosed, though it follows a trend of Latin American carriers increasing marketing spend within US professional sports to capture a larger share of the diaspora and tourism markets.

 

Freight forwarders and logistics companies serving the Americas no longer think of the region’s air network as a peripheral add-on to ocean freight. Latin American airports now handle everything from export flowers and pharmaceuticals to e-commerce parcels on overnight schedules. With volumes showing a steady growth path—and with governments racing to upgrade runways, cold-chain rooms, and free-trade zones—these gateways are transforming how independent forwarders plan routings, price capacity, and promise lead-times to customers.

The Latin American air freight market, valued at $1.04 billion USD in 2025, is projected to experience sustained growth, driven by expanding e-commerce, increasing cross-border trade, including inter-Latin American trade. Key growth drivers include the rising demand for more reliable and quick turnaround delivery services, particularly for perishable goods and high-value products.

Global air cargo demand rose by 3.4% in 2025 compared with the previous year, according to data released by the International Air Transport Association (IATA).

At the same time, total capacity, measured in available cargo ton-kilometers (ACTK), increased by 3.7% year on year. For international operations, demand rose by 4.2%, while capacity increased by 5.1%.

Latin America Air Freight Industry Concentration & Characteristics

The Latin American air freight industry has been defined by a moderate level of concentration, with a few large global players dominating but now also including several significant regional carriers. While FedEx, UPS, and DHL hold substantial market share, particularly in international freight, regional players like LATAM Cargo, Avianca Cargo (Tampa Air), and Aeromexico maintain strong positions in domestic and regional routes.

Other leading players in the Latin American airfreight industry include IAG Cargo (UK), Copa Airlines (Panama), American Airlines, Delta Airlines, Azul Cargo Express (Brazil) and Emirates Skycargo.

Nicholas Sutherland’s opinions and claims are his own, and not necessarily those of Finance Colombia.

Regional Growth Drivers

• E-commerce explosion – Same-day and next-day service expectations are migrating south, driving express integrators to expand cargo terminals in Latin America and sign block-space agreements with regional carriers.
• Perishables dominance – Colombia, Ecuador, Peru, and Chile collectively ship more than 1.5 million tons of flowers, fruit, seafood, and pharma each year—commodities that depend on airport infrastructure for freight with reliable 2-8 °C corridors.
• Pharmaceuticals – Colombia, Mexico and Brazil stand out as not only having large national companies, but also some of the largest pharma companies in the world have factories in these countries.

Electronics, jewelry, auto parts, specialized machine parts, and high-value textiles are also driving increased traffic.

Latin America’s Hub Status

For years, Latin America has been spoken of primarily as a supplier, a hub for perishables, electronics, and auto parts feeding the U.S. and Europe. Fast forward to 2025 and something is unmistakably clear: the region is no longer merely sourcing for the world. It is becoming one of the most strategically viable air cargo growth engines, driven by nearshoring, rising consumer markets, and accelerated infrastructure investment.

Leading Locations

Mexico

 Since 2023 the Felipe Ángeles International Airport, also within the Greater Metropolitan Area of Mexico City, has now surpassed the Benito Juarez airport for air cargo with 2025 figures showing 413,224 metric tons in air cargo traffic.

The International Airport of Mexico City, known officially as Benito Juárez International Airport, stands out as the largest airport in the country and is now the second busiest air cargo hub in Mexico and number three in the LATAM region. The figures underline the importance of this hub. In January 2022, the air terminal managed a total of 41,650 tons. In 2023, this number rose to 47,206.8 tons, reflecting an important increase of 5,556.8 tons. It is important to mention that this airport also acts as a center of operations and connections (HUB) for the Mexican airline Aeroméxico, further strengthening its strategic position in the airport and logistics scenario in the region.

The International Airport of Cancun (CUN), located in the Mexican Caribbean, is a major hub in cargo handling in Latin America. With leading-edge facilities and advanced systems for the processing of goods, the airport handles a diversity of products, including consumer goods, textiles, electronic parts and pharmaceutical products. Its strategic location makes it crucial for trade routes between North America, Latin America and Europe and it has undergone constant growth in its volume of cargo.

Colombia

El Dorado International Airport is in Colombia’s capital city, Bogotá, and stands out as the third most important airport in Latin America in terms of freight volume. It registered a 2024 throughput of 809,00 tons, with flowers, perishables and pharma being the main categories.

Colombia has consolidated its position as a world leader in the export of a wide range of products, including products derived from agriculture, foodstuffs and chemical products. The airport has also been consolidated as the center of strategic operations (HUB) for international airline, Avianca.

Two 3,800 m runways at 8,360 ft elevation make BOG a purpose-built wide-body freighter hub. Cargo airlines position here to bridge east-west schedules across the Caribbean, giving forwarders same-night connections into MIA, AMS, and DOH.

Panama

Tocumen International Airport (PTY), Panamá City handled 216,653 tons in 2024 (a 4% increase over 2023). PTY sits astride the Colón Free Zone and the Panamá Canal rail link; a third runway is budgeted for development in 2027 to future-proof capacity.

A new development project called “Tocumen Cargo City”, with an area of 124 hectares, which includes the concession for the development of the cargo terminal and logistics zone, was announced in 2024. This project will take advantage of Tocumen’s competitive advantages as the region’s main air hub that connects daily more than 80 commercial destinations, and more than 50 air cargo destinations integrating a multimodal axis with the country’s maritime and land transport operations,

 Peru

Jorge Chávez International Airport is in the region of Callao, outside of the metropolitan area of Lima (Peru). It stands out as the center of operations and connections for LATAM Airlines.

In 2023 the airport handled 230,993 tons of air freight. The largest quantities of air export products were fresh asparagus, blueberries, salmon and other seafood. In 2024, the airport also added another runway and a new passenger terminal with an adjoining logistics park.

Brazil

São Paulo-Guarulhos International Airport (GRU) had a throughput of 235,600 tons in 2024. Air-sea multimodality is boosted by a 90-minute drive to the Port of Santos. Automotive, machinery, pharma cold-chain (largest airport cool-store in Brazil) are the highest categories of products.

Campinas Viracopos (VCP) airport, in Sao Paulo state (not the city) handles roughly one-third of Brazil’s imported air freight and was voted 2024 Cargo Airport of the Year by routesonline.com . It boasts a 90,000 m² cargo terminal with 11 dedicated cold rooms and a live-animal zone.

 Looking Forward

Governments are aware that there is now fierce rivalry to attract air cargo logistics operations and several have identified the sector as a key segment which would improve the competitiveness of their economies and stimulate economic growth and create skilled employment opportunities. Integration of air cargo, ports, incentives and free zones have become a cornerstone for attracting logistics and manufacturing companies.

Cargo airports in Latin America are writing the next chapter in hemispheric logistics. For independent freight forwarders, and other investors, these hubs are not just transit points, they are strategic pivot points to shorten lead times, diversify modal risk, and command premium margins in niche verticals. Airports are emerging as focal points in this new logistics landscape. Policy support, geography, and international partnerships are essential to attracting international operators and service providers.

Several countries have made successful initiatives to increase investment in the multimodal logistics space including the Dominican Republic, El Salvador (with a focus on increasing Maintenance Repair and Overhaul operations) Ecuador and La Aurora International Airport in Guatemala becoming a major hub, with LAATS, a Guatemalan logistics and freight company, managing all regular cargo flights there.

Attracting Investment in the Caribbean

For countries in the Caribbean to consider becoming air cargo logistics locations, they require international operators to view them as viable long-term locations, therefore several factors need to be considered.

Cold-Chain certification is a cornerstone for diversified airfreight operations. Pharma shippers demand IATA CEIV or WHO GDP accreditation. GRU, VCP, and LIM all hold multiple certifications, allowing forwarders to move temperature-controlled cargo without auxiliary containers significant cost saving.

Customs & Free-Zone Synergy have been the defining characteristics of a country’s success. Many airports interface directly with bonded zones or inland ports. Panama’s Tocumen International Airport’s on-airport logistics park and Panama Pacifico free zone cut transfer times by 24 hours compared with off-site warehousing.

Customs Harmonization and Focused Incentives

Caribbean countries must consider integration of the electronic DUCA-F, a fundamental document for the export of products originating in a Central American country to other countries in the region, within the framework of current trade agreements. It integrates and connects the customs systems of the six countries that make up the Central American region. This interconnection significantly improves customs controls, allowing for the automatic validation of declared data and real-time verification of approvals issued by the single windows and customs authorities of each country.

Airports may waive or discount landing fees for 1–2 years to attract new carriers or new routes. Sao Paulo’s Viracopos International Airport in Brazil runs an incentive program for cargo carriers as it looks to strengthen international hub’s cargo activities. The program aims to develop Viracopos as an international cargo hub, and the gateway’s operator – Aeroportos Brasil Viracopos – wants to increase the number of international flight routes and cargo frequencies. Some of these incentives include 100% exemption of landing fees for operations at the airport’s cargo terminal for the first 24 months of a carrier’s cargo operation.

Like landing fees, building rents can be discounted for air cargo carriers. For example, St. Louis International Airport offers 18 months of waived terminal building rents and landing fees for new transoceanic service and related logistics. Income tax exemptions for the first four (4) years of operation and reduced tax rates (sub 10%) for air cargo-related logistics operations are other ways to compete with nearshore rival locations. Income tax exemptions on rental for developers are essential for infrastructure development. These exemptions can be for twenty years, combined with a reduced tax rate for the following years.

Several Caribbean countries have declared intentions to compete for investment in air logistics, however very few (except for the Dominican Republic) have made it a priority with an accompanying tactical and focused execution plan. Caribbean countries who wish to position themselves as an air cargo hub need to have feasibility studies done by internationally recognized logistics companies along with a well-defined plan for what reasonable short-term and long-term success looks like. It’s also essential to have a realistic outlook of what each country can offer, rival strengths and incentives and a clear understanding of any deficiencies which may pose headwinds to their stated goals.

The survey also found that the Medellín suburb of Envigado is the city with the fastest internet connectivity.

According to the latest connectivity report for the second half of 2025 released by Ookla, the Colombian telecommunications market has seen specific performance leaders in both mobile and fixed broadband sectors. The data, which tracks network performance across the country, identifies Claro (NYSE: AMX, BMV: AMX) and Movistar (NYSE: TEF, BMEX: TEF) as the primary benchmarks for speed and user experience during this period.

The consolidation of the Colombian fiduciary market has reached a significant milestone following the integration of four trust companies under the Aval Fiduciaria platform. According to research from Fitch Ratings (NYSE: FIC), this strategic move by Grupo Aval Acciones y Valores S.A. (NYSE: AVAL, BVC: PFAVAL) has centralized the operations of Fiduciaria Bogotá, Fiduciaria de Occidente, and Fiduciaria Popular into a single entity. This restructuring is expected to increase the scale, pricing power, and product flexibility of the organization.

Uribe Londoño’s presidential hopes had been paused due to his falling out with Alvaro Uribe’s Centro Democrático party.

Miguel Uribe Londoño has officially launched his second campaign for the presidency of Colombia ahead of the 2026 elections. For this cycle, the 73-year-old former senator will represent the Partido Demócrata Colombiano, a political organization focused on afrocolombian rights and representation, and that secured its legal standing following the 2022 election of Representative Ana Rogelia Monsalve to the seat reserved for Afro-descendant communities. This marks a significant shift for Uribe Londoño, who had been running under Alvaro Uribe’s (no relation) Centro Democrático party, just has his son, the slain presidential candidate Miguel Uribe had been doing.

Miguel Uribe Londoño took up the presidential campaign left whin his son, Miguel Uribe Turbay, was assassinated last year while campaigning in Bogotá.

The move follows a public fracture between Uribe Londoño and the leadership of the Centro Democrático, headed by former President Alvaro Uribe. Uribe Londoño resigned his membership after alleging that the party leadership marginalized his candidacy to favor other internal aspirants, including Senator and actual party nominee Paloma Valencia. He claimed his internal polling numbers were higher than those of the candidates eventually endorsed by the party. The Partido Demócrata Colombiano, while sharing a similar name, is a distinct entity from the Centro Democrático.

The candidate’s 2026 platform, that would be viewed as center-right by most impartial observers, is structured around the principles of protection, order, and justice. Uribe Londoño has proposed an economic model focused on wealth creation, stating that the generation of capital must precede distribution to avoid the socialization of poverty. His security strategy advocates a justice system capable of delivering prompt sanctions against criminal activity and a protection model that applies to both urban and rural sectors. He asserted that current presidential contenders are offering inadequate solutions to the various crises facing the nation.

During the announcement, Uribe Londoño framed his candidacy as a tribute to the legacy of his son, Miguel Uribe Turbay. He stated that his participation in the race is intended to ensure that his son’s political proposals are not silenced following his death. While Uribe Londoño has not historically been linked to Afro-Colombian social movements, Pedro Adán Torres, president of the Partido Demócrata Colombiano, expressed support for the bid, citing a shared commitment to achieving tangible justice for ethnic communities in Colombia.

The Partido Demócrata Colombiano currently holds one seat in the Colombian Congress. By providing a platform for Uribe Londoño, the party seeks to elevate its influence in a political landscape often dominated by larger traditional movements. The campaign will likely test the viability of smaller party platforms and the influence of independent conservative voices outside the traditional Centro Democrático structure as the 2026 election cycle approaches in Colombia.

Above photo: Twitter/X account of Miguel Uribe Londoño

The bank’s analysts say that the increase still doesn’t include the effects of Gustavo Petro’s 23% decreed increase in the country’s legal minimum wage.

According to a report by the Economic, Industry & Market Research Area of Bancolombia (BVC: BCOLOMBIA, NYSE: CIB), annual inflation in Colombia rose by 25 basis points to 5.35% in January 2026. This monthly increase of 1.18% represents the highest inflation level since October 2025.

The data, originally prepared by the National Administrative Department of Statistics (DANE), indicates that 70% of the January inflation print was concentrated in the services and regulated components. These two sectors contributed 83 basis points of the total 118-point monthly increase, largely driven by the initial stages of annual cost pass-throughs associated with high indexation.

Businesses should prepare for more intense inflationary pressures in February and March 2026 as the full impact of the minimum wage increase and renegotiated supplier contracts take effect.

Sectoral Impacts and Service Acceleration

Annual inflation in the services category accelerated by 40 basis points to reach 6.33% in January, its highest level since April 2025. The monthly variation of 1.18% in this sector was nearly double the historical January average of 0.63%.

Bancolombia analysts attribute this acceleration to early adjustments linked to the 23% minimum wage increase for 2026 and indexation to previous years’ inflation. Notable increases were observed in:

• Full-service restaurant meals: 3.36%
• Prepared meals consumed outside the home: 2.38%
• Domestic services: 5.16%
• Imputed rent: 0.43%

The regulated group also saw an acceleration, with annual inflation rising to 5.47% from 5.40%. This was primarily explained by adjustments in urban transportation, vehicle fuels, natural gas, and tolls.

Food and Goods Price Momentum

Annual food inflation edged up slightly to 5.10% from 5.06%. Perishable foods saw an acceleration to 4.69% due to seasonal and supply factors affecting products such as tomatoes, potatoes, and plantains. Processed foods, including beef, milk, and poultry, reflected early-year cost pass-throughs, though annual inflation in this sub-group eased to 5.23%.

The goods category reached its highest level since March 2024, at 2.93%. Price hikes in this segment were driven by new taxes on alcoholic beverages enacted under the economic emergency, as well as pharmaceutical products. Conversely, price declines were noted in personal hygiene products, vehicles, and appliances, benefiting from the recent appreciation of the exchange rate.

Monetary Policy Implications and Forecasts

The Central Bank of Colombia (Banco de la República) faces continued challenges in converging toward its 2% to 4% target range. Core inflation, excluding food and regulated items, reached its highest level since November 2024, indicating persistent upward pressure.

Bancolombia forecasts that year-end inflation will reach 6.4%. The analysts suggest that the full impact of the minimum wage increase has not yet been reflected in consumer prices, as many firms are still operating with inventories purchased at previous cost levels.

Consequently, the Central Bank is expected to continue raising its monetary policy rate to anchor inflation expectations. Bancolombia anticipates the policy rate could rise to 11%, noting that the challenging outlook introduces a hawkish bias to future decisions.

Photo courtesy Bancolombia

The surprise ruling is a temporary win for employers, but creates even more uncertainty. The Council of State has ruled that Petro’s 23% raise in minimum wage violates technical limits established by law.

The Colombian Council of State has issued a provisional suspension of the government decree that established a 23% increase in the national minimum wage for 2026. The judicial decision halts the implementation of the adjustment, which had set the monthly salary at $1,750,905 COP plus a transportation assistance allowance, totaling approximately $2,000,000 COP.

The suspension follows several legal challenges arguing that the administration of President Gustavo Petro exceeded its authority by setting an increase significantly higher than the 5.1% inflation rate recorded in 2025. The court found reasonable doubt regarding whether the executive branch adhered to the technical criteria mandated by Law 278 of 1996, which requires adjustments to be based on inflation, productivity, and economic growth.

Immediate Regulatory Timeline and Compliance

The high court has granted the Ministry of Labor an eight-day window to issue a new provisional decree. During this period, employers are instructed to maintain current payment levels until the new administrative act is published.

Legal experts emphasize that the ruling does not have retroactive effects. Juan Pablo López, managing partner at López & Asociados, told daily El Tiempo that payments made between January 1 and the issuance of the new decree remain valid. Companies are legally prohibited from discounting or requesting the return of the additional 23% already paid to employees for January and the first half of February.

Vicente Umaña, partner at Posse Herrera Ruiz, clarified to the same publication that while payments currently due must honor the 23% increase, the forthcoming decree will likely establish a lower rate. This adjustment will subsequently impact other costs indexed to the minimum wage, including administration fees, fines, and transport costs.

Economic and Labor Market Projections

The initial 23% hike sparked concerns among economic think tanks regarding formal employment and inflation. Fedesarrollo published an analysis suggesting that such an increase could lead to the loss of up to 600,000 formal jobs and a three-percentage-point rise in labor informality.

Economic researchers at Bancolombia (BVC: BCOLOMBIA, NYSE: CIB) estimated potential job losses could reach 734,000. Their data highlights specific sectors at risk:

• Professional activities: 390,537 jobs
• Commerce: 71,917 jobs
• Construction: 54,537 jobs
• Manufacturing: 42,774 jobs

According to Medellín-based El Colombiano, Camilo Cuervo, partner at Holland & Knight, noted that the Council of State’s language suggests the original decree may not survive a final merits review. Luis Fernando Mejía, CEO of Lumen Economic Intelligence, indicated that the suspension could serve to stabilize price escalations observed in early 2026.

Business Community and Government Reactions

The National Federation of Merchants (FENALCO) and the National Business Association of Colombia (ANDI) have addressed the ruling. Jaime Alberto Cabal, president of FENALCO, described the suspension as a necessary correction to an adjustment that did not reflect economic realities. Bruce Mac Master, president of ANDI, stated that the ruling establishes important jurisprudence for technical responsibility in wage setting.

Mauricio Montealegre, partner at Pérez-Llorca Gómez-Pinzón, observed that while the government could theoretically attempt to justify the same figure in a new decree, the president has called for a new concertation table to align with the court’s criteria.

Guidance for Employers

Business owners and human resources departments operating in Colombia should consider the following steps:

• Maintain Current Payroll: Continue paying the 1,750,905 COP base salary until the new decree is officially published in the government gazette.
• Avoid Retroactive Deductions: Ensure that no attempts are made to recoup the 23% increase already paid to staff for previous periods.
• Monitor the New Decree: Prepare for a mid-month adjustment in the second half of February, as the new rate will apply immediately upon publication.
• Contractual Review: Assess contracts and service agreements tied to the minimum wage to prepare for downward adjustments in indexed costs if the new rate is lower.

Photo © Loren Moss