In general, personal relationships are essential in several countries not only in Latin America. Most of the "Latin" based cultures -Italians, Frenchs, Spaniards, etc- value relationships way over non-Latin based cultures.
The same applies to the concept and value of time, in the USA, we value time way more than almost any other place on earth, which is a great thing because increases efficiency.
There is not only ONE Latin American culture, this statement is wrong. In fact, most of the countries are TOTALLY different in how they deal with business and also day to day life.