U.S. District Court Judge Carlos Domínguez on Wednesday sided with the Puerto Rico Farm Bureau granting its petition for an increase in the price of fresh milk, to compensate for their operational costs.
During a hearing, the judge ordered the Milk Industry Regulatory Office, known as ORIL, to comply with Regulation 12 that obligates the agency to put into effect an automatic price hike if costs for critical production components increase.
Earlier this week, Puerto Rico Farm Bureau Dairy Sector President Gabriel Cordero said that since August, the cost of feed — which represents half of a dairy plant’s operational expenses — had increased by 20 percent.
While farmers are seeking an increase of about 19 cents per quart, the hike will most likely hover at around a nickel per quart, industry sources said Wednesday.
Business reporter with 30 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
“This project not only represents a significant investment in our island’s tourism infrastructure, but also symbolizes Puerto Rico’s ability to attract and execute large-scale projects.
The Investment Portfolio Program, with a budget of $800 million, plays a crucial role in offering loans with favorable terms for the development of projects that have the potential to transform the Puerto Rican economy.”
— Puerto Rico Housing Secretary William Rodríguez regarding the construction of a $77 million dual-branded hotel project in San Juan’s Convention Center District, featuring Hilton’s Hampton and Homewood Suites.
The project by PRISA Group includes a 400-vehicle parking structure and a 175,000-square-foot hotel tower, financed by Banco Popular and a $10 million federal disaster recovery loan from the Economic Development Investment Portfolio Program managed by the Department of Housing.