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Media 031615 Presidencia

Monday, March 16, 2015

Mexico's Financial and Labor Reforms are Creating Benefits

 

Mexican Presidency's Editorial Staff

 

Financial Reform

 

Although Mexico has one of the strongest and most stable financial systems in the world, internationally it is among those that lend least. Financial Reform was therefore promoted to enable Mexico to loan more and more cheaply.

 

Today, this reform has already yielded benefits:

 

• The Bureau of Financial Institutions was launched, which currently has approximately 4,340 banks and other financial institutions.

 

• It is now possible to refinance mortgage loans without incurring high costs.

 

• With the Reform, banks and other financial institutions must eliminate unfair terms in their contracts so that there is no “fine print” that can hurt you.

 

• They can no longer force you to contract bundled financial products or services you do not want.

 

• And collection offices now have new rules, one of which is that they will now have to make calls within a set time and address debtors respectfully.

 

• The Mexican Stock Exchange joined the Integrated Latin American Market, meaning that investors in Colombia, Chile and Peru may invest in our large companies.

 

• In 2015, micro, small and medium enterprises had access to more resources for credit.

 

• The Development Bank launched specific programs to address priority areas such as MYPIMES, the countryside and housing.

 

• NAFIN is promoting access to credit at better interest rates for firms involved in the energy sector.

 

• The National Financial Bureau for Rural, Forestry and Fisheries Development now offers more credit and cheaper loans with preferential rates for women.

 

• The Federal Mortgage Society has boosted the housing sector through credit lines authorized to builders for over 19 billion pesos.

 

In the coming months, Financial Reform will offer more benefits.

 

Labor Reform

 

Labor reform has created more employment opportunities, more productivity, better protection of workers’ rights and better access to the labor courts. Labor Reform is currently creating direct benefits for Mexicans, such as the following:

 

• Labor Reform has promoted new forms of recruitment, initial training and trial periods, as a result of which 714,000 jobs were created in Mexico in 2014, the largest number of jobs created in a year in nearly two decades.

 

• Currently, businesses and workers across the country are adopting a culture of productivity, as borne out by the fact that between 2013 and 2014, over 2,100 contract negotiations between unions and companies included productivity bonuses for workers.

 

• In two years, over 26,000 people with disabilities have secured employment.

 

• Between 2011 and 2013, 540,000 children stopped working.

 

• In just two years, over 196,000 new workplaces have registered with INFONACOT, three times more than all those registered since its inception in 1974.

 

• Serious work accidents have been more than halved.

 

• Over 16,000 labor disputes have been resolved through negotiation.

 

As a result of Labor Reform, there are more productive, quality jobs, with harmonious relations between workers and employers, better protected labor rights, and greater justice.

 

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Presidency of the Republic, Mar. 11 and 14, 2015, Mexico, DF; translation by Presidency of the Republic

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