Panamanian Law No.6 of 1987 establishes that Panamanians or foreigners residing in the national territory who are fifty-five (55) years of age or older, if they are women; or sixty (60) years of age or older if they are men; and all retirees and pensioners of any gender, will enjoy the following benefits. The law expressly states:

1. Discount of 50% of the prices charged for admission to recreation and entertainment activities, such as cinemas, theaters, sports and other public shows. This discount is not applicable to charitable activities whose profits are destined to children, disaster victims and programs duly authorized by the competent authority.
2. Discount on public transportation fares in accordance with the following classification:

• Intercity buses, 30%.
• Trains, 30%.
• Boats and ships, 30%.
• 25% on air fares of national and foreign public or private companies.

3. A minimum discount in the regular prices of hotels, motels and pensions as follows:

• 50% from Monday to Thursday.
• 30% on Fridays, Saturdays and Sundays.

4. Discount of 25% of the value of the individual consumption of food in any restaurant, except those considered as “fondas” (in Spanish which are little restaurants), which do not require a commercial license to operate.
5. Discount of 15% in fast food establishments with national and international franchises.
6. Discount of 15% of the total bill for services in hospitals and private clinics.
7. Discount in pharmacies of 10% of the value of the medicines that are acquired under medical prescription.
8. Discount on the following medical services:

• 20% on fees for general medical consultations and medical and surgical specialties.
• 15% for dental services
• 15% for optometry services

9. The insurance companies that include among their policies the risk for illness, shall make the necessary adjustments so that the benefit of these discounts are transferred to the insured in the payment of their premiums, at the age of fifty-five (55) years or more, if female; and at the age of sixty (60) years or more if male; and to pensioners and retirees.
10. Discount of 20% of the fees for technical and professional services.
11. Discount of 20% of the price of all prostheses as well as of all appliances and auxiliary aids.
12. Discount of 50% of the expenses or closing commission on personal and commercial loan transactions made in their name in banks, finance companies and credit institutions. No public or private entity may charge any amount for discount services, neither to the borrowers benefited by this Law, nor to banks, finance companies, cooperatives and credit institutions in personal and commercial loan transactions made on their behalf.
13. The personal and commercial loan transactions made in their name in banks, finance companies, cooperatives and credit institutions shall be exempt from the payment of the surcharge or levy stipulated in the Special Interest Compensation Fund (FECI).
14. Discount of 15% on the maximum interest rate that the law allows banks, finance companies, cooperatives and credit institutions to charge on personal and commercial loans in your name”.

For your information, the Authority for Consumer Protection and Defense of Competition (ACODECO), is the institution in charge of overseeing compliance with at least 20 discounts and benefits to which retired citizens, pensioners and senior citizens are entitled.

ACODECO makes available to consumers, its virtual assistant Sindi, which operates 24 hours a day, 7 days a week, and access is via WhatsApp and Telegram at 6330-3333, the social network accounts AcodecoPma on Facebook, Twitter and the website of this institution, to expose any complaint on these issues.

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