Foundation for P.R. launches new digital tool to strengthen vulnerable communities
May 5, 2020
Foundation for Puerto Rico, in collaboration with the Puerto Rico Housing Department, unveiled the Social Capital Interactive Maps, a new digital tool that it developed as part of its Whole Community Resilience Planning Program. This pilot platform allows citizens to visualize data and interactive maps that contribute to improving planning, promoting economic development and resilience […]
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Private sector, federal government appoint new executives
May 5, 2020
This edition of Climbing the Corporate Ladder includes executive appointments at the Bravo Family Foundation, the U.S. Small Business Administration, MCS, StoneMor and AON. Bravo Family Foundation names new executive directorBravo Family Foundation announced the appointment of Blanca Santos as its new executive director. Santos, who has more than 24 years of experience working in […]
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Demand for industrial warehouse space remains high during COVID-19 emergency
May 4, 2020
The COVID-19 pandemic that brought most of Puerto Rico’s economic activity to a screeching halt in mid-March has created a very specific niche for industrial warehouse operators, which are providing much-needed square footage to emergency response companies. Demand for short-term leases — from three months to a year — for warehouse space to store specific […]
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Discover Puerto Rico ‘will lead recovery’ once it is safe to travel
May 4, 2020
Discover Puerto Rico, the island Destination Marketing Organization, will be leading the recovery of the tourism sector of the island, after the pandemic of COVID-19 anticipates a loss of 1.9 million room nights, which is three times what was lost months after Hurricane María, organization officials said. The DMO has based all of its planning […]
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General Contractors: Activating Puerto Rico’s construction industry ‘positive step’
May 4, 2020
The Puerto Rico Chapter of the Associated General Contractors of America (AGCPR) described the reactivation of the island’s construction industry and the 26,000 jobs it represents on May 11 as “a positive step.” “Reopening the construction sector is an affirmative and important step to achieve the necessary balance between the health and economic wellbeing of […]
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HUD allocates $42.7M to help protect low-income Puerto Ricans impacted by COVID-19
May 1, 2020
The U.S. Department of Housing and Urban Development will allocate $42.7 million in COVID-19 relief funding to help low-income Americans in Puerto Rico residing in public housing, Secretary Ben Carson announced. The funding, made available by the CARES Act will be awarded to Public Housing Authorities (PHAs) across the nation, including Puerto Rico. “HUD has […]
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Puerto Rico Gov. Vázquez extends curfew to May 25, allows gradual reopening of economy
May 1, 2020
Gov. Wanda Vázquez announced the extension of the islandwide curfew to May 25, while allowing a limited reopening of certain industries, businesses and services under specific conditions. In a pre-recorded message, Vázquez said the gradual reactivation of the island’s economy — which has been under shelter-in-place and business lock-down orders since Mar. 16 to fight […]
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Banco Popular receives 127K applications for loan moratoriums
May 1, 2020
Banco Popular de Puerto Rico has received a total of 127,000 moratorium applications, split between auto, personal and mortgage loans, Popular Inc. CEO Ignacio Álvarez confirmed. Of that number, 100,000 are in its own portfolio, and the remaining 27,000 are mortgage loans owned by third-parties such as Fannie Mae, Freddie Mac and the Federal Housing […]
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First BanCorp. reports net income of $2.3M in 1Q20
May 1, 2020
First BanCorp., the bank holding company for FirstBank Puerto Rico (reported net income of $2.3 million, or $0.01 per diluted share, for the first quarter of 2020, compared to $36.4 million, or $0.16 per diluted share, for the fourth quarter of 2019, and $43.3 million, or $0.20 per diluted share, for the first quarter of […]
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FEMA allocates $6.8M to repair Luis A. Ferré Performing Arts Center
May 1, 2020
The Federal Emergency Management Agency has awarded a $6.8 million grant to the Luis A. Ferré Performing Arts Center in San Juan, an iconic cultural center with a 39-year history of history of hosting more than 15,000 events. The grant was assigned in April 24, FEMA said. After Hurricane María, the steps leading up to […]
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Puerto Rico Tourism Co. creates health & safety certification program
May 1, 2020
Recognizing the need for new standards of cleaning, disinfection, hygiene, and the competitive advantage that the implementation of additional measures provide for the island as a tourist destination, the Puerto Rico Tourism Company announced the creation of a program to grant a gold-star validation seal to tourism-related businesses. This certification (or badge) will be granted […]
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Puerto Rico lands ‘air hub’ status from U.S. Dept. of Transportation
April 30, 2020
The U.S. Department of Transportation has granted a waiver to allow foreign air carriers to provide certain expanded cargo and passenger transfer services at Puerto Rico’s international airports over a two-year term, the agency announced. With its decision, Puerto Rico becomes the first U.S. territory in the Caribbean to become a “hub” for foreign air […]
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U.S. Dept. of Commerce invests $13M to build disaster resilient biz incubator
April 30, 2020
The U.S. Department of Commerce’s Economic Development Administration is awarding a $13 million grant to the University of Puerto Rico in Ponce to establish a disaster resilient research and business facility to support high-growth businesses focused on the health and medical tourism industries. The EDA grant, to be located in a Tax Cuts and Jobs […]
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OFG Bancorp reports $131.3M in 1Q20 revenue, remains well-capitalized in pandemic
April 30, 2020
OFG Bancorp, parent of Oriental bank, reported $131.3 million in revenue for the first quarter ended Mar. 31, 2020, with a strong increase in due to its acquisition of the Puerto Rico and U.S. Virgin Islands operations of The Bank of Nova Scotia (Scotiabank), bank officials said. Upon disclosing its latest results, the financial institution […]
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Telecom industry ready to reopen at ‘full’ capacity, with security protocols
April 30, 2020
Puerto Rico’s telecommunications industry is ready to operate at its “maximum capacity,” taking the necessary measures to preserve the health and safety of its customers and employees, Felipe Hernández, president of the Puerto Rican Telecommunications Alliance said. The executive stressed that the sector is “not only important for consumers, but is also a fundamental pillar […]
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