Wayne Camard, economista y exfuncionario del Fondo Monetario Internacional (FMI), explico como la economía Estados Unidos influye en la economía de la República Dominicana.
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00:30The beginning of the Lent and the culmination of the Holy Thursday.
00:33As always, we are going to focus in 15 minutes on the comments of the main information.
00:39Today we have a very special guest, Dr. Wayne Cameron.
00:43He is an economist, a doctor in economics at the University of Stanford.
00:47He was an international monetary fund employee for 25 years,
00:52with experience in the bank, in the Federal Reserve of New York.
00:55Fortunately, he resides in the Dominican Republic.
00:58He was with us in two virtual interviews during the pandemic,
01:02but now, fortunately, we have him in a very important moment,
01:07where we have Trump's policies, but we are also going to talk about economic policies
01:12and the economic situation of the Dominican Republic.
01:15In a second short interview, we have the director of the hotel association of the city of Santo Domingo.
01:24Gentlemen, on January 17, the president enacted a decree
01:29to apply ITEVIS to digital platforms.
01:34That was an attempt by several governments,
01:37that is, ITEVIS to Netflix, to Spotify, to the rentals via Airbnb,
01:46and all the purchases that you make, that the middle class makes through the digital route,
01:51to save a few cents.
01:53That decree was published in the newspaper on January 26,
01:59but it was a mystery, that is, practically the citizens did not realize it.
02:04And then, on February 3, the government, through a secret decree,
02:11let's put it again, derogated that decree 3025.
02:16Many people wondered, and what happened there?
02:18Because this government is already used to the fact that when the country protests for something,
02:23well, it knows how to back down, to back down, as we Dominicans say.
02:28Why did the government back down?
02:31Well, because days before, President Donald Trump had said
02:36that the countries that applied taxes to their digital platforms,
02:43let's see the news, they would respond with tarpaulins.
02:48That was the reason why, look at it there,
02:52Trump threatens with tarpaulins the government to apply digital taxes to companies in the United States.
02:57That was the reason why the president yesterday quickly withdrew the tax on digital platforms.
03:06We still don't know what will happen, because you know that now in January,
03:11the rice of the United States was free of tarpaulins,
03:15but in January, the president proposed a decree establishing a 99% tarpaulin.
03:22We understand that the rice farmers of the United States have not protested.
03:26Let's hope that on April 2, when President Trump announced tarpaulins to agricultural imports,
03:35it doesn't affect the Dominican Republic in any way,
03:38and forces President Abinader to quickly derogate that decree.
03:43Because if they apply tarpaulins to our vegetable imports and other products to the United States,
03:50it is a hard blow to the Dominican Republic.
03:53On the other hand, I invite you to read an article published today by the economist and friend Luis Manuel Piantini,
04:01entitled, The Stooge.
04:03It turns out that a congressman submitted a bill reviving part,
04:10a component of the tax reform, which eliminates the exemptions of products,
04:16the exemptions to companies, tourism, franchises, etc.
04:21And Luis Manuel Piantini, who has been a frequent guest on our program,
04:25draws the attention of the United States.
04:28Trump is promising many things to the companies that relocate.
04:33There are subsidies for agricultural producers.
04:36So now, without any study, and disconnected from any tax reform, they submit that.
04:44Obviously, that must fall, because now is not the time for you to eliminate exemptions,
04:51in a situation of so much uncertainty,
04:55and in which we do not know if at some point there will be an executive order
04:58in President Trump's office that will affect us, even marginally.
05:05On the other hand, President Abinader also promulgated Decree 104, number 25,
05:12which declares 26 Haitian gangs as terrorist gangs.
05:18This is very important, because already in our territory they have found,
05:25they have caught Haitian gang members, but they have handed them over to the authorities of that country.
05:33With this decree, the Haitian gang member who has been caught here
05:38will be prosecuted according to these laws as a terrorist.
05:42What does draw attention is that, within those 26 gangs,
05:47the main gang is not mentioned, and the main gang member,
05:53who is Henry Chérezier, the famous barbecue, the one of the G9 gang, the G9 family,
06:00and he does not appear in the decree.
06:02Could it be because of a mistake?
06:04Or could it be because of...
06:07Remember that there was a time when Canada and the United States punished,
06:14mentioned a series of Haitian businessmen who subsidize, who help the gangs,
06:22and President Abinader picked up, but left one out,
06:28who is an entrepreneur in the Dominican Republic,
06:31owner of many companies linked to hydrocarbons,
06:37and who is also his manager, he is the president's advisor.
06:41He was left out.
06:43On the other hand, the president made a series of designations
06:50in which he awards a series of transfugas,
06:54of the PLD mainly, he designated Cristian Amorel as his director of the port authority.
07:04He just last year resigned from the PLD and was awarded quickly.
07:11Lupe Núñez Rosario, who was a congressman in such a board of directors
07:16of the electric transmission company,
07:19Gadís Enrique Corporan, who was a congressman and who was many times in this program,
07:25he is designated vice-minister of nuclear energy of the Ministry of Energy and Mines.
07:32Gadís Corporan knows about nuclear energy,
07:35what I know about astronomy or nuclear medicine,
07:43but well, also one of the people's forces, José Antonio Castillo Casado,
07:48who was a senator and who just last minute resigned and left the people's forces hooked.
07:55He was also appointed to the board of the hydroelectric company.
08:03Meanwhile, there are allies who are waiting to be appointed.
08:08On the other hand, SENASA reports,
08:12the National Health Service, which I have always said is the best IRS in the Dominican Republic,
08:18that in 2004 made investments or expenses greater than 60 billion pesos for its affiliates,
08:27and details in all of them, and calls to mind,
08:31an expense of almost 6 billion, 6.7 billion in treatments affiliated with cancer.
08:39And it lists a series of investments in different areas affiliated with both the subsidized regime and the non-contributive regime.
08:51In the international arena, yesterday, President Donald Trump appeared before Congress.
08:56An hour and a half, that is not usual in the presidents of the United States.
09:02I always praise that it is 20, 25, 30 minutes, while here it is two and a half hours.
09:09But now he, an hour and a half, in his hyperbolic style, defended his policy of arancelos,
09:16he defended the policy of deportations and asked for additional federal funds.
09:22Even when Panama has given in, abandoned the Silk Road project in China,
09:29the two Chinese ports in Hong Kong are already going to deliver,
09:34but he maintains that the Panama Canal is from the United States, the issue of Greenland,
09:41in short, for an hour and a half, offering false data about what has been invested in the war,
09:54or in the invasion of Russia into Ukraine, he talks about 350 million dollars,
10:02while the figures that are talked about elsewhere are 125 million dollars.
10:07But I am not going to go into much detail, because with our guest, Dr. Wayne Camargo,
10:12we are going to talk, precisely as the first topic, about Trump's policies and their impact on the United States,
10:19and also on the global economy. Logically, we are also going to talk about the Dominican economy.
10:25So do not miss the interview with Dr. Wayne Camargo.
10:32Dr. Wayne Camargo
10:36President of the Dominican Republic
10:42President of the Dominican Republic
10:47President of the Dominican Republic
10:52President of the Dominican Republic
10:57President of the Dominican Republic
11:02President of the Dominican Republic
11:07The telematic interview is very important, and today we feel very honored
11:13with a personality in the area of economics, Dr. Wayne Camargo.
11:19He is a doctor in economics at Stanford University.
11:22He was an official of the International Monetary Fund for 25 years,
11:27of the Federal Reserve of New York, and fortunately he resides in the Dominican Republic.
11:33He presides over the Camargo Group.
11:36And as I mentioned at the beginning, we had the opportunity to interview him virtually during the pandemic,
11:44but now we managed to catch him, because he lives in the interior, in the East, we managed to catch him,
11:50because he is in Santo Domingo, for a couple of days, and what a great opportunity
11:54to talk about topics of great interest to everyone.
11:59Even the topics that you can't imagine, that occur in any other country,
12:03impact the Dominican Republic.
12:05Good morning, Wayne. Thank you very much for accepting the invitation.
12:09It's a pleasure to be here with you today.
12:12Wayne, obviously, I said that President Trump has overshadowed national news.
12:20Globally, right?
12:22Newspapers, digital media, everything is Trump, and national news has been overshadowed.
12:30And it's obvious.
12:31So, all this issue of the aranceles, Mexico, Canada, first of all aluminum and steel,
12:39China, ten, ten more, but also the response of those countries.
12:45We don't know what's coming, because the Secretary of Commerce said that maybe there could be changes.
12:50With the case of Canada and Mexico.
12:53But in a general sense, for an economist with extensive experience like yours,
12:58what is the impact of protectionism, of the arancel wars in the history of humanity, in recent history?
13:07Well, I think it's not the things themselves, like arancel, or the other measures.
13:15It's the way in which this government is implementing them.
13:21Without the controls that are, in principle, in the laws and customs.
13:30All that, he forgets.
13:33For him, his objective is to impose his reality.
13:39And he has a level of success so far, but he doesn't control everything.
13:45And in particular, people, companies, have to be able to make plans.
13:55And without stability, without predictability, it is very difficult to make any investment.
14:03And that is the problem now, that first, many officials have already lost their jobs.
14:12And second, that companies don't know where they can safely produce arancel, etc.
14:22And people are saving.
14:26And who works with or for a company that benefits from a contract with the government?
14:34And when you include all that, it's everyone.
14:38And if people start saving a little more, just in case.
14:43Saving is good at the individual level.
14:47At the national level, it's called a recession.
14:51And that can be where we go.
14:53Because it decreases consumption.
14:55Yes, exactly.
14:56Nobody is selling because people are saving their money.
15:01But if they don't spend, the economy shuts down.
15:09But in turn, it has been predicted that arancel increases prices in the United States.
15:17It's not inflation, because it's an increase of just one time.
15:20But it increases prices.
15:22Yes, it's a tax.
15:29Finally, someone has to pay.
15:31It comes from everyone's pocket.
15:35And the distribution, if you put a tax on the benefits of the company, Trump wants to reduce those.
15:45Or on personal income, the rent.
15:53The tax on the rent or on the goods.
15:57And the tax on the goods affects more people with modest incomes,
16:03because they spend all their income on basic products, as we know here.
16:12And it was discussed a lot with the tax reform proposal in October.
16:18It's the same thing.
16:20Exactly.
16:21A recession is also predicted in the United States.
16:24The Federal Reserve of Atlanta estimated a fall of 1.5% in the first quarter.
16:31Yes.
16:32And that is also a result of uncertainty.
16:36I think so.
16:38And the data that is coming out week after week,
16:42consumer confidence and that kind of indicator, is negative.
16:49Very negative now.
16:51Could these policies impact the Dominican Republic?
16:54The growth of the Dominican economy?
16:56Of course.
16:59This economy depends a lot on the American economy.
17:07The transfers, the remittances.
17:11If the Dominicans there lose their jobs, or worse, they are deported here.
17:18The tourists, most of the tourists.
17:22And now with the arrangements on Canada, which is the second source of tourists.
17:29One out of every six tourists is Canadian.
17:32If they have economic problems and do not come with the same frequency, that has an impact.
17:40And also a part of the exports, although that is less.
17:45And with products like coffee, cocoa, and other things that we export,
17:54that can be exported to other markets more easily.
17:58Especially something like cocoa, which is now at extraordinary prices.
18:04Well, for an American who has had so much experience, who knows his country,
18:11and who has a very interesting background, the Trump administration is like a kind of disruption.
18:20It is a total change.
18:22It is a rupture with the establishment.
18:25Yes, totally.
18:27And I think it is one of the things that made them vote for Trump.
18:33That he promised a real change.
18:36And the average voter is no longer with their plans of what change they want specifically.
18:45But Trump says, I'm going to bring change, and change for you.
18:52And at this level, he is giving them what they asked of him.
18:59Then we will see if the changes are really in his favor or not.
19:07As I said, the ruptures can impact more the modest people who voted mostly for him.
19:20Well, we'll see.
19:22But yes, the drastic change was the promise, and he is obviously giving it.
19:31He says that in 45 days he has done more than many presidents in 8 years.
19:35That is what he wants them to think.
19:39Also, many of the things that they wrote, a presidential order that has no detail.
19:49What should we do with that?
19:52As we saw with the forgiveness of the criminals on January 6th.
19:58What does it cover?
20:01All the crimes that these people committed before forgiveness.
20:06On those dates.
20:08Or just what happened there in the Capitol.
20:11It doesn't say.
20:13Forgiveness as a general.
20:15And many of the presidential orders that he signs are like that.
20:21And we don't know.
20:23And also, many go against the law.
20:26That in principle, there is a constitution.
20:29There is a law.
20:31And there are presidential decisions.
20:33It is a hierarchy of law.
20:35And he is changing that.
20:39Fortunately, there are federal judges who make all the executive decisions.
20:43Yes.
20:44But the courts move slowly.
20:49And his expectation is that he imposes a new reality before decisions are made.
20:58And he is going to appeal to the Supreme Court.
21:04And we will see which of the things that Trump did they are willing to support.
21:12He has a majority in conservative terms.
21:15Yes.
21:16But there are some who are really conservative.
21:19And the real conservative is someone who respects the president, the past, the tradition.
21:27That is a conservative.
21:29And Trump is not a conservative.
21:32He is very far from that.
21:34He is the agent of change.
21:36But yes, there are three who are there for his nomination.
21:41One, I think, is really conservative of the three.
21:47A Catholic woman who had her nomination for her fight against abortion.
21:54And that does not fall into the questions that are now open.
22:03Well, she can be a real conservative.
22:08The real conservative.
22:10But we have to see.
22:12Things have to go to the Federal Court.
22:15Then to the Appeal Court.
22:17And then to the Supreme Court.
22:20We will see how it evolves.
22:23To conclude Trump's part.
22:25I have seen reactions, especially on the Democratic side.
22:28But also in other areas, in other sectors in the United States.
22:32That question the high power that Elon Musk has.
22:35Who, without being elected, is a very important man in the administration.
22:41And with the ability to penetrate in different states of the United States.
22:47Even manage privileged information.
22:50That goes back to the issue of the Constitution.
22:55Which says that the main officials have to go through the Senate for confirmation.
23:02And Trump, Casablanca says that Trump is not Director of the Department of Governmental Efficiency.
23:11And they put a woman who does not appear.
23:15She is the boss.
23:17But the reality is another.
23:21That he speaks for the president.
23:24And everyone knows that he is the president's agent.
23:30Sure, the president is not so technical in this computer system.
23:36The other.
23:38But he has 100% support.
23:42So far, from what you see.
23:44That can change.
23:46But it's another way of working.
23:52Eventually, we will surely see cases in the courts.
23:59About that.
24:01But everything takes its time.
24:04We go to local politics.
24:07And here there has been a lot of questioning.
24:10On the subject of government capital spending.
24:13That this administration has had the lowest capital expenditure.
24:17In relation to total spending, but also in relation to GDP.
24:21And that is appreciated with the slowness in the works.
24:24Works that begin and never end.
24:27Works that the president promises.
24:29It starts, but it does not run.
24:33What impact does the fact have in a country.
24:36That capital spending is so low.
24:39In relation to total spending.
24:41I see the Dominican Republic as a bicycle.
24:45How so?
24:47Because when it runs, it is stable.
24:51But when it slows down, it is unstable.
24:55We have had an average growth rate of 5%.
25:01From the time anyone can remember.
25:05Decades.
25:07There are bad years.
25:092003, 2020.
25:12But it recovers quickly.
25:15And there is no problem.
25:18Now we are at a point where the economy is slowing down.
25:24We have seen the monthly figures.
25:285 and a half October.
25:314 November.
25:333 December.
25:352 January.
25:37That is not a very pleasant trend.
25:41But it is a trend.
25:43And if you see that it is slower.
25:48Construction sector.
25:51Private and public construction.
25:55But there is no public.
25:57And we have several things.
26:00The Santo Domingo stopovers are now famous.
26:06A public transport system is needed.
26:11There is a metro system plan.
26:18With six lines.
26:20I see two.
26:22A long time ago.
26:24That has to be done to alleviate the stopover problems.
26:29And the OMSA system that connects with the clean buses.
26:38In good condition.
26:41And that they run in a fluid transit.
26:45That is what is needed.
26:47In the east.
26:49Where most tourists come.
26:54There is a terrible lack of maintenance.
26:58Stops appear there.
27:00The quality of the tourist boulevard.
27:04It has holes.
27:08And many tragic accidents.
27:10And we have a long area.
27:13It starts at the Punta Cana airport.
27:16To Miches.
27:18But everything is aligned.
27:20And if you go to Miches.
27:22You come to Punta Cana.
27:26You have to go through all that.
27:28And get in transit.
27:32The second airport will greatly reduce transit.
27:38For that critical route.
27:40The Mexicans already did.
27:42Cancun has always been a route.
27:47But now Tulum has an international airport.
27:51There is access on both sides.
27:53It depends on where you go.
27:55And it really is a very strong competitor.
27:59I would like a lot.
28:01If we had flights from the west of the United States.
28:07From Los Angeles.
28:09From Denver.
28:11From San Francisco.
28:13These people all go to Mexico.
28:15There is a division in part.
28:19Geographical.
28:21But for a greater growth of that sector.
28:25You have to handle the sector well.
28:29For growth.
28:31And not make it mandatory.
28:35Pass a roundabout.
28:37In front of Punta Cana.
28:38The 5 million visitors that go to Punta Cana every year.
28:42That's crazy.
28:44There are strong interests that oppose the other airport.
28:47There are strong interests in all countries.
28:50In all sectors.
28:52The role of the government is to manage.
28:55Build a consensus.
28:58Or at least an alliance.
29:01In favor of what is necessary.
29:06That's his job.
29:09Wayne, with your permission.
29:11Let's take a short break.
29:13We have spoken.
29:15Almost all of the United States.
29:17And a part of the Dominican economy.
29:19We still have a good part.
29:21So we invite you.
29:23After the break.
29:24To continue with Dr. Wayne Kamar.
29:36We continue the interview with Wayne Kamar.
29:51PhD in economics.
29:53Expert.
29:54He comes from the International Monetary Fund.
29:56From the Federal Reserve of New York.
29:59And we are going to take advantage of Wayne's knowledge of monetary policy.
30:05To address that part, Wayne.
30:07The central bank.
30:09We are in a moment in which apparently the authorities want to reduce the interest rate.
30:15There was a release of resources for construction.
30:19They have reduced the rate of policy almost to hit the Federal Reserve.
30:25But they have not achieved the purpose.
30:28While we have a behavior of the type of change.
30:31More accelerated.
30:33For many years we have had a depression of 3%.
30:37But in 2024 there was 5.7%.
30:40And between December and February things have continued.
30:44What is happening with monetary policy?
30:47Well, you have to understand first.
30:50That the interest rate in an economy like ours.
30:58Where capital comes and goes.
31:01It has to be.
31:03It depends on the rates in other countries.
31:07Especially the United States.
31:09Well, the rate here is the American rate in dollars.
31:15That the deposit rates in dollars here have to be competitive with those.
31:21Then there is a prize for the country's risk.
31:28Risk that one day you cannot withdraw your money.
31:32Then there is a risk of change.
31:35That we have an average depreciation of 3% per year over the long term.
31:44Well, the interest rate of a loan here has to be with that 3%.
31:54For a loan in pesos.
31:56Then there is the margin of the bank.
32:00And the banks are super profitable.
32:06They have 25% of their capital in the bank.
32:12The shareholders.
32:15That went down from 28% the previous year.
32:19That is really profitable.
32:22The so-called ROE.
32:24Yes.
32:25The ROE.
32:27Yes, exactly.
32:28That is high.
32:30And the capacity of the central bank to influence that is minimal.
32:37It is not zero.
32:38There are frictions in the economy, but it is not much.
32:42And if you push too much for the rates to go down.
32:47You will lose money for deposits in dollars.
32:53Which are less flexible.
32:55Or lose dollars to foreigners.
32:58That is what I am explaining.
33:01Historically, we have had very high rates.
33:04Until 2008, it was 20%.
33:07And so the economy grew.
33:09But in a few moments we have had an active rate.
33:12By the average of 12, 13.
33:15It has always been 15.
33:16Yes, exactly what I am saying.
33:202008 was the world financial crisis.
33:24And the rates in the United States were zero.
33:28Up to zero.
33:30Which is excellent.
33:31But now they are 4.5%.
33:33And for many years, and until the pandemic.
33:37They stayed super low.
33:40And now they are at normal levels.
33:434 or 5.
33:45And all that calculation.
33:48Country risk.
33:49Currency risk.
33:52Bank profitability reward.
33:56They are above that 4 or 5.
34:00And that is the problem with the interest rate.
34:03And the American rate.
34:05It could be that there is a recession in the United States.
34:08As we have seen, the American rates are going down.
34:12And the Dominican rates as well.
34:14But if inflation is the other way around, the rate can go up.
34:17It depends.
34:19It depends on how the market reacts.
34:21It is not necessary.
34:24Because they are on both sides.
34:27Where are the depositors going to put their money?
34:30Inflation can be 200%.
34:33But if no one pays more than 5%.
34:36They are going to receive 5% and lose value.
34:39That is what we have seen in the last century.
34:43In the 1970s, for example.
34:46Interest rates in the United States are lower than inflation rates.
34:54It depends a lot.
34:57The handling of policy changes.
34:59There are economists who say that there should not be intervention by the central bank.
35:04But the forces of the market define the level of the type of change.
35:10But there are others that the central bank itself does not defend.
35:13And in fact, it has lost more than 2 billion dollars in reserves in the last year.
35:18Intervening in the market.
35:20I believe that if the central bank did nothing.
35:25That the average rate would be a reasonable rate.
35:31The problem is that everyone here is aware of the rate.
35:37When it starts to move, everyone goes in that direction.
35:41And they will see up, down, up, down, up, down.
35:45To have a reasonable average level.
35:49But that is difficult for businesses, for people to plan.
35:54The intervention of the central bank has the ability to reduce volatility.
36:04That is a plus.
36:06But it is not something easy.
36:09Although everyone knows the trend.
36:13The value of the peso will go down.
36:16How to prevent everyone from always putting in dollars?
36:20That has to go up from time to time.
36:23As they say, like insecticide.
36:27To kill the beasts.
36:31And that they don't come back for a while.
36:35Then they will come back.
36:37As always.
36:38But the intervention and a period when the peso goes up a little.
36:44It's a good thing.
36:46For expectations.
36:49For stability in general.
36:51But it's a dance that the central bank has to manage.
36:56Which is difficult.
36:58Finally, the issue of public debt in the Dominican Republic.
37:03The president always talks about how it has decreased in relation to the GDP.
37:08But he never talks about the stock of debt.
37:12Nor how much we have to pay in interest.
37:16What is your opinion on the issue of Dominican public debt?
37:20Can we continue to accumulate deficits of three and three and a half percent?
37:25Every year indefinitely.
37:27It can be shown mathematically.
37:30The relationship between the growth rate and the fiscal deficit.
37:37I just talked about the Dominican Republic as a bicycle.
37:43This is exactly that.
37:45With a growth rate of 5%.
37:49You can maintain a deficit of 2%.
37:53Until Jesus returns.
37:59With 7%.
38:01You can maintain a fiscal deficit of 3%.
38:06If there is less than 5%.
38:10The opposite.
38:12With zero growth or zero deficit.
38:15It depends a lot.
38:18And that's why that growth rate is important.
38:22Now we are at 3.5%.
38:25And as we see, the ratio is rising.
38:31But the problem of the Dominican Republic now is not the level of debt in relation to GDP.
38:38It is the ratio in relation to fiscal income.
38:45It does not matter if it is external or internal debt.
38:49You have to pay the interest.
38:51And now we are at about 25% of fiscal income.
38:59They go in interest.
39:01People say, the government does nothing.
39:04Everything is corrupt.
39:06It may be that there is corruption.
39:08But a large part of the taxes are disappearing.
39:13Disappearing to pay interest.
39:18And that's the trick.
39:20And the debt in that sense is decreasing the confidence of the Dominicans in their government.
39:31Because they see that they are paying and they are not seeing results.
39:36And in particular, we go back to investment.
39:40It may be that a government efficiency department is needed here to see who really works.
39:49Why?
39:50Obviously, there are schools with teachers dedicated to their profession.
39:56There is public health.
39:59You can discuss.
40:01There are streets.
40:03You see some buildings.
40:06There are various services.
40:09They are paid by the taxpayer.
40:12But not at the level that corresponds to taxes.
40:17The government wanted its fiscal reform to increase revenues to be able to pay more things.
40:25Which in principle is a good idea.
40:29But the first thing is that they have to become more efficient before asking for more contributions.
40:39Well, I thank you very much for your participation.
40:43We covered practically all the topics.
40:45And I congratulate you because despite being an economist of high standards and high level,
40:51you speak in a language that the public understands.
40:55I thank you very much for your participation.
40:57I hope to catch you again in Santo Domingo to have you again in the program on many occasions.
41:03With great pleasure.
41:05We are going to commercials in the next segment.
41:08We are going to talk about the hotels in Santo Domingo and a measure that they support,
41:13which is that there are no cargo vehicles in the Malecón so that the Malecón is a kind of tourist boulevard.
41:20We'll be back in a few minutes.
41:58HOTELS IN SANTO DOMINGO
42:10In the final segment we are going to talk about tourism.
42:12We are going to talk about hotels in Santo Domingo.
42:15More than a decade ago there were one, two or three hotels.
42:20Today we have interesting installations of hotels in Santo Domingo.
42:24And we are going to talk with Ms. Favette Martínez.
42:27She is the director of the Hotel Association of Santo Domingo.
42:31Good morning and welcome.
42:33Thank you very much.
42:34It is an honor to be in your program and it is really fantastic.
42:38I loved the previous interview.
42:40Very interesting about the economy.
42:42Thank you, thank you.
42:44Favette, how many hotels are we talking about right now?
42:48Because before one thought that a hotel in Santo Domingo did not make much sense
42:53because we do not have beaches, we do not have the virtues of the East or the North.
42:58But we have seen buildings and apparently there are other projects.
43:02Yes, that's right.
43:03Santo Domingo is a city, today it is the metropolis of the Caribbean.
43:09There is no other capital city in the Caribbean that has the offer
43:14that Santo Domingo has of services in all senses.
43:18And the country's economy has developed to such an extent
43:22that new hotel beaches have been required.
43:26And the response of the private sector to all the state policy
43:32that has been very interesting and very in line with supporting
43:37and promoting tourism in the country,
43:39as a thriving and very competitive economy at the level of the entire region,
43:45has been important.
43:47And the result is there, that the private sector has built
43:51and has increasingly bet more on tourism in the city.
43:54The city today has, the city of Santo Domingo,
43:58in what is the national district, we have about 5,000 hotel rooms
44:035,000 rooms!
44:05of hotels of international brands.
44:08And then we have a series of tourist accommodations,
44:12which are smaller hotels or of another type of format,
44:17which add up to about 3,000 more hotel beaches.
44:20In other words, the city of Santo Domingo has ...
44:23But the profile of the tourist is a business tourist, right?
44:26Yes, mainly the tourism of Santo Domingo is a business tourism
44:30and a corporate tourism that we hotel owners call it.
44:34So it is a tourism that comes three or four times a year to the city
44:39and that comes to fulfill a commercial, corporate business function.
44:45There are many programs, that is, many congresses, incentives, conventions
44:50that are held in Santo Domingo,
44:52much less all that we would like,
44:54because we really lack that convention center,
44:58so expected that it meets all the needs that the city has.
45:03And thanks to the commitment that the Dominican state has
45:08to build that convention center, which I imagine will finally be
45:12a public and private management,
45:15as it works and what is most successful internationally,
45:19seeing what happens in the region and in other convention centers,
45:24such is the bet of the private sector that in this year
45:29almost 1,000 hotel rooms have been built,
45:32which have entered into operation,
45:34but there are in project another 600 more rooms
45:39that we know are being built in the city
45:43and all international brands,
45:45that is, there is really a bet for tourism in the city
45:51and it is a tourism that has grown in a dizzying way
45:56and that works very well.
45:58Certainly we also have the issue that when you grow in a very short-term offer,
46:05demand may not be at the same pace as the offer you are implementing,
46:12but we see little by little how it is recovering.
46:15It does not have the hotel occupation that it has, for example, in the east.
46:18Exactly, it is another type of hotel occupation,
46:21but we must also remember that our tourists are tourists
46:25who are not locked in a hotel,
46:28but who use all the services of the city,
46:31which directly impact what is gastronomy,
46:36museums, cultural offer, historical offer,
46:41and everything that the city offers.
46:43And they are people who, the more offers you give them,
46:47they come for longer and that lengthens the pernoctation.
46:53So, we are in that process now of promoting the sports segment,
46:59the corn segment, which is so important for the city,
47:03and other segments, not only business, sports, corn,
47:09which is meetings, incentives, conventions, and events,
47:12that is, everything that is congresses, incentives, and events for the city,
47:16but there are many other segments that we are trying to develop more,
47:23to consolidate more, right?
47:25And that there is a much more interesting structure when it comes to capturing that tourist.
47:32There is a topic that interests you, and that I think we all support,
47:37and it was the decision of the City Council that in the Malecón
47:40heavy vehicles with cargo do not pass,
47:44because of how dangerous it is, because of the traffic jams they generate,
47:48and because we deserve a Malecón that has a better use,
47:53both for those of us who reside and for the tourist.
47:56Do you support that decision of the City Council?
47:59Yes, look, the Hotel Association, for many years,
48:03has been promoting that the Malecón becomes a maritime tour,
48:11for the enjoyment of all, not only of tourists, but of all citizens,
48:16because it is incredible that a maritime tour, such a beautiful maritime front like that,
48:22which is, we are the only island of the Antillas Mayores,
48:26that we have a capital that gives the Caribbean Sea,
48:29and we are not taking advantage of that Malecón.
48:32Many efforts have been made by the authorities,
48:36but a system has not really been concretized
48:41to ensure that that Malecón has the splendor it should have.
48:47So we support, of course, and support that ordinance of the City Council,
48:53the 1421, which has put in circulation, which has put in operation
48:58both the City Council of Santo Domingo, of the National District, and the Intran,
49:02so that the heavy traffic from that area of the Malecón is diverted by the circumvallation.
49:10And likewise, there is another project ...
49:12The idea of the circumvallation was that.
49:14Exactly.
49:15It is more that it was not the Malecón, but that they did not enter the city.
49:17Exactly. There is a project that is much more ambitious, which is the SAR area,
49:21which is the restricted access area for the city of Santo Domingo,
49:26which what it does is prevent that heavy traffic from entering the city,
49:32because the city has been developing at levels that we see today.
49:39We are all users of the city of Santo Domingo.
49:41We are victims of the tapas.
49:42Exactly.
49:43And we need to have a city that is more friendly to the citizen,
49:48that people can walk, that they can enjoy the wonderful,
49:53all the offer that the city has, which is very varied, of great quality,
49:58and every day we have services that are top-notch throughout the region.
50:04In other words, we have to start thinking about that more sustainable development,
50:11more friendly to the citizen, and so on.
50:15And going back to the Malecón line, we saw that a project was presented,
50:20the Santo Domingo del Mar, which is a private project,
50:24which is also supporting the mayor of the national district, and I think the state,
50:31and it is a project that is going to generate a different dynamic in the Malecón,
50:36and much more designed for people.
50:43So we hope that this is a reality, that it is not a short-term measure,
50:50but that it is a measure that is maintained and sustained over time,
50:54and that this Malecón, with those abandoned buildings,
50:57which have been abandoned for so many years,
50:59there it will regain the shine that the Malecón de Santo Domingo has to have,
51:04and that it invites both the resident and the tourist
51:11to be able to cross to the other side of the Malecón,
51:14to be able to enjoy that wonderful view and that magnificent environment that our city has.
51:20Excellent. We give a close with a golden brush with Favette Martínez, for the rest.
51:24Well, she is a director, she is a magnificent communicator.
51:28We thank you very much for your participation.
51:30And I think that the city has to empower itself so that the Malecón
51:33remains free of heavy vehicles so that we can enjoy that Caribbean Sea.
51:40Amen.
51:41Thank you very much.
51:43And we say goodbye.
51:45I think we had an excellent morning with Dr. Camari's interview with Favette Martínez.
51:51If God wills, tomorrow we will see each other in another Telematutino 11.
51:56We invite you to continue with the varied programming of Telesistema.
52:02See you tomorrow.
52:10Transcription by ESO. Translation by —