’21 Tax Season: Benefits of an IRA account
March 8, 2021
Are you looking to save for your retirement, or do you need a tool that gives you tax relief? An IRA account can help you save for your retirement and at the same time receive a tax relief you need. Here are some of the benefits you will receive with an IRA account: It is […]
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TOLIC invests $10M to open 1st operation outside Puerto Rico, in Orlando
March 4, 2021
Puerto Rico-based Trans-Oceanic Life Insurance Co. is expanding its reach outside the island with the opening of a new operation in Orlando, seeking to cater to the large Hispanic population in that central Florida city. TOLIC, as the firm is known, has invested $10 million to grow its business there, which may also serve as […]
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Oriental expands access to PPP loans under new guidelines
March 3, 2021
Oriental announced it will expand access to loans for small and medium-sized businesses (SMEs) under the US Small Business Administration’s new guidelines for the Payroll Protection Program (PPP). Oriental has already awarded some $300 million in loans to more than 3,500 businesses between the first round and so far in the second round of this […]
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AON: Health insurance rates will spike 8.8% in ’21 in LatAm, Caribbean
February 22, 2021
The costs of company-sponsored medical plans in Latin America and the Caribbean will increase by 8.8% in 2021, exceeding headline inflation by 6.4%, according to its 2021 Global Medical Trends Rate Report by professional services firm Aon plc. “COVID-19 has demonstrated the need for better global governance regarding the management of medical programs,” said Maricarmen […]
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SBA has approved $283.8M in PPP loans in Puerto Rico since Jan. 11
February 18, 2021
The U.S. Small Business Administration’s Paycheck Protection Program has approved $283.8 million in loans in Puerto Rico and another $171.2 million in the US Virgin Islands through the week of Feb. 15, it confirmed in a report. The second round of funding began on Jan. 11, and so far, participating local credit unions and banks […]
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Anthem Inc. to acquire MMM Holdings, LLC, affiliates from InnovaCare Health, L.P.
February 2, 2021
Anthem Inc. announced it has entered into an agreement with InnovaCare Health, L.P., to acquire its Puerto Rico-based subsidiaries, including MMM Holdings, LLC and its Medicare Advantage plan MMM Healthcare, LLC as well as affiliated companies and Medicaid plan. The financial terms of the agreement were not disclosed. “We are pleased to expand Anthem’s commitment […]
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First Bancorp reports $50.1M in 4Q20, up 38% YoY
February 1, 2021
First Bancorp, parent company for FirstBank Puerto Rico reported net income of $50.1 million, or $0.23 per diluted share, for the fourth quarter of 2020, up 38% from the $36.4 million, or $0.16 per diluted share, reported for the fourth quarter of 2019. Financial results for the fourth quarter of 2020 reflected First Bancorp’s closing […]
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Popular Inc. reports $176M in 4Q20 net income, $507M for full year
January 29, 2021
Popular Inc. reported net income of $176.3 million for the fourth quarter ended Dec. 31, 2020, and $506.6 million for the year 2020, compared to net income of $671.1 million for the year 2019. “We closed 2020 on a high note, generating net income of $176 million in the fourth quarter, one of our best […]
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SBA OK’s $16.8M in PPP loans in Puerto Rico/USVI 2 weeks into 2nd round
January 28, 2021
The U.S. Small Business Administration has approved 516 loans worth some $16.8 million through its Paycheck Protection Program to eligible operations in Puerto Rico and the US Virgin Islands in the first two weeks of the second round of funding. The emergency financing program re-opened Jan. 11 and the numbers provided are through Jan. 24, […]
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OFG Bancorp reports $132.8M in 4Q20 revenue
January 26, 2021
OFG Bancorp, the financial holding company of San Juan-based Oriental Bank, reported results for the fourth quarter and year ended Dec. 31, 2020, revealing $132.8 million and $519.3 million in revenue, respectively. While the result for the final three month period of last year showed a 35% increase from the versus $98.4 million reported during […]
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Popular Inc. opens 2nd round of PPP loan applications
January 22, 2021
Popular Inc. announced it is now receiving Paycheck Protection Program applications from commercial customers and nonprofit organization, following an additional $284 billion in program funding from the U.S. Congress. Applications will be serviced throughout Popular’s three geographic regions, including Puerto Rico, the US Virgin Islands and the mainland United States, the bank said. “Since the […]
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Puerto Rico credit unions could dip into $3B federal revitalization fund
December 29, 2020
The Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) confirmed that local credit unions will be able to access some $3 billion in budgetary allocations included in the new federal economic stimulus package that seeks to revitalize communities with low and moderate resources. The federal funding bill allocates $3 […]
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Survey: Puerto Rico gov’t needs to work closer with banking sector to boost growth
December 11, 2020
Puerto Rico’s banking sector, which is likely the most impactful sector of the economy, could use greater collaboration from the government to boost individual and commercial services, while reducing expenses for the public sector. Furthermore, the government could also move quicker toward stimulating the use of local banks to manage its liquidity and urge the […]
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The Banker Magazine names Banco Popular ‘Bank of the Year in Puerto Rico’
December 7, 2020
The Banker, The Financial Times’ international banking magazine, has named Banco Popular de Puerto Rico at “Bank of the Year Puerto Rico” for the seventh consecutive year. The Banker announced the award during the virtual awards ceremony held recently. According to The Banker, 2020 has been “an incredibly tough year,” as the COVID-19 pandemic brought […]
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Puerto Rico Treasury Dept. confirms Medicare cash benefit is not income
December 4, 2020
The Puerto Rico Treasury Department has ruled that the cash benefit available in certain products to Medicare Advantage plan members is not considered income and, therefore, does not affect the member’s eligibility for other programs and services based on income. “We’re very pleased that the Treasury Department expressed and confirmed through a ruling that the […]
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