P.R. jobless rate drops to 15% in Feb., workforce stands at 40.3%
April 2, 2012
Labor Department statistics released over the weekend put Puerto Rico’s unemployment rate at 15 percent for the month of February, reflecting a 0.1 percentage point drop in comparison to the prior month’s level and a 1.2 percentage drop decrease from the 16.2 percent rate on record for February 2011.
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Treasury: General Fund collections up 16.8% in February
April 2, 2012
General Fund net revenue totaled $674 million in February, an increase of $97 million or 16.8 percent, when compared with February 2011.
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GDB ‘expected’ power authority’s credit ratings cut, moving forward on $475M bond issue
March 29, 2012
Gov. Luis Fortuño administration officials took Moody’s Investors Service’s decision to cut the Puerto Rico Electric Power Authority’s credit rating down a notch in stride Wednesday, saying it was “expected” and would not have an impact on the upcoming $475 million bond emission.
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P3 Authority opens RFQ process for juvenile correctional center
March 23, 2012
The Puerto Rico Public-Private Partnership Authority announced Thursday it has opened the “Request for Qualifications” process to find a private entity to design, build, finance and maintain the proposed “Nuevo Comienzo” (New Beginning) juvenile social treatment facility in Yauco.
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Government grants $103M in small biz loans
March 20, 2012
Gov. Luis Fortuño announced Monday the government has granted $103 million in loans through programs run by the Economic Development Bank, under the “Because You Can” initiative that caters to small- and mid-sized businesses and pursues job creation and economic activity.
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Planning Board: Construction activity up 4.7% in fiscal ’11
March 9, 2012
Construction activity exceeded $3.8 billion in fiscal 2011, which represents a $173.5 million year-over-year increase when compared to the prior 12-month period, Planning Board President Rubén Flores-Marzán said Thursday.
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Treasury collections up 42% year-over-year in January
March 2, 2012
The Treasury Department pumped $731 million into the government’s General Fund last month, or $216 million more than what it collected during January 2011. The 42 percent hike was fueled by income and excise taxes, Treasury Secretary Jesús Méndez said Thursday.
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HFA, Citi create $45M revolving loan fund to build affordable housing
March 1, 2012
The Puerto Rico Housing Finance Authority in partnership with Citi Community Capital, a department of Citigroup’s Municipal Securities Division, has created a $45 million revolving loan fund that will provide capital for the construction of for-sale single- and multifamily-homes for low and moderate income residents of Puerto Rico, government officials announced Thursday.
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25% more P.R. taxpayers can file short forms this year
February 13, 2012
About 25 percent more Puerto Rico taxpayers will be able to file the short form this year as the 2010 Tax Reform takes full effect, simplifying many reporting processes that previously required the more complicated long form, Treasury Deputy Secretary Blanca Álvarez-Ramírez told News is my Business.
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Motor vehicle excise taxes fuel December ’11 Treasury collections
February 7, 2012
Net General Fund revenue totaled $776 million in December, representing an increase of $210 million when compared to the same month in 2010. The hike was attributed to a surge in motor vehicle excise tax collections, which Treasury Secretary Jesús Méndez said reflected the highest year-over-year percentage growth.
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SBA backs 157 loans worth $22.2M in 1Q ’12
January 27, 2012
If the results of the first quarter of the federal fiscal year are any indication, 2012 should be good for small and mid-sized business lending activity in Puerto Rico and the U.S. Virgin Islands, which is already picking up significantly in contrast to last year’s results.
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Fortuño presses Obama for creation of Section 933A
January 18, 2012
Gov. Luis Fortuño urged Pres. Barack Obama Wednesday to include Puerto Rico in its new national economic plan, stressing that “Puerto Rican jobs are U.S. jobs.”
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EDB prepared to assign $21M in financing to 600 college biz plans
January 18, 2012
Backing its mantra that “the island’s future development will be in the hands of youth,” the Economic Development Bank is kicking off its “Because You Can” entrepreneurial initiative with a visit to Sacred Heart University in Santurce this Friday.
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Planning Board OK’d $3.1B in projects last year
January 17, 2012
The Puerto Rico Planning Board gave the go-ahead to more than $3.1 billion in location permits for residential and tourism-related development projects that are expected to generate more than 35,000 jobs and boost the economy, agency chief Rubén Flores- Marzán said Monday.
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Expo Partner program looks to breed local exporters
January 12, 2012
Puerto Rico Trade and Export’s Expo Partners service is offering local companies an opportunity to work with international trade experts to develop and implement a plan to expand the scope of their products or services beyond the island’s shores.
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