What is Palanca?
1.
A letter (either long or short) usually given to people who are going to have retreats, recollections and the like. You usually put the good and bad traits of that person but some people end up making it a "thank you" letter.
It is a Spanish word but its real definition is not at all related to the word "letter." It is a slang and has no exact etymology.
*a group message in YM*
Guys, give me a palanca by tomorrow. My retreat's on Thursday already so I need those palancas asap! Thanks.
See
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