Fortuño proposes $9.082B budget for Fiscal ’13
April 24, 2012
Gov. Luis Fortuño unveiled Tuesday a $9.082 billion general fund budget proposal for fiscal 2013, representing a 2 percent reduction from the $9.260 billion budget in effect through June 30.
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GDB lifts restriction on public data
April 18, 2012
In an apparent response to public pressure, the Government Development Bank on Wednesday eliminated the restriction on the information it shared with the public on its website.
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Moody’s places $16B in gov’t debt under review for possible downgrade
April 17, 2012
Moody’s Investors Service has placed the ratings of $6.8 billion outstanding Puerto Rico Sales Tax Financing Corporation's senior sales tax revenue bonds' Aa2 rating and $9.2 billion in subordinate sales tax revenue bonds' A1 rating on review for possible downgrade, the agency announced Tuesday.
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GAO to Pierluisi: Jones Act impact study underway
April 17, 2012
The U.S. Government Accountability Office is “actively working” on Resident Commissioner Pedro Pierluisi’s request to determine the economic impact that the cabotage laws have on Puerto Rico, his office said Monday.
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Prepa raises $650M through bond emission
April 12, 2012
The Puerto Rico Electric Power Authority concluded its two-day bond issue Wednesday, selling $650 million in bonds, about 36 percent more than the original $475 million the government was looking to raise.
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GDB: Economic activity index ‘gaining ground’ in ’12
April 11, 2012
The Government Development Bank unveiled the Economic Activity Index for the months of January and February, which reflected an increase of 0.5 percent and 0.7 percent, respectively in comparison to the same months in 2011.
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Former Agriculture chief Rivera-Aquino tapped to chair gov’t investment board
April 10, 2012
Javier Rivera-Aquino, who until late last year headed the Agriculture Department has been appointed executive director of the Puerto Rico Industrial Development Company’s Puerto Rican Industry Investment Board, through which he will advocate for greater participation of local companies in government procurement activities, administration officials said Monday.
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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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