The government of Puerto Rico released its audited financial statement for Fiscal 2016, as required by the Fiscal Oversight and Management Board, revealing a deficit of $70.3 billion, primarily as a result of debt accrued by public servants’ retirement programs. The programs had a combined debt of $42 billion, at the time, which is the […]
The Financial Oversight and Management Board for Puerto Rico filed complaints to recover more than $1 billion from holders of bonds issued in excess of Puerto Rico’s constitutional debt limit, and from firms and advisors that helped with the issuance of those bonds. The Oversight Board filed a claim against more than 20 banks, law […]
A prime 2.4-acre lot located next to the Sheraton Puerto Rico Hotel & Casino has been put on the block for $3.5 million, this media outlet confirmed. The property, owned by the Puerto Rico Development Fund — a subsidiary of the defunct Government Development Bank — must be used “for an office building not to […]
The Financial Oversight and Management Board for Puerto Rico filed more than 230 complaints against individuals and entities to recover some $4.2 billion in payments by the Commonwealth of Puerto Rico that were in conflict with the U.S. Bankruptcy Code and Puerto Rico law. The complaints allow the Oversight Board to ensure that the payments […]
The Puerto Rico House of Representatives will be reviewing a bill to amend Act 7, known as the Prescription Drugs Pricing Transparency Act, to identify the factors that influence what patients pay for their medication. House Rep. Juan Oscar Morales, chairman of the House Health Commission, said during an interview on the “En Una Hora” […]
Net revenues to the General Fund totaled $1.2 billion in March 2019, a “new historic level for a month of March,” Puerto Rico Treasury Secretary Raúl Maldonado said. “This monthly revenue exceeded the Oct. 23, 2018 Certified Fiscal Plan revised projections by $259.1 million. This fiscal year, March has reflected the best performance compared to […]
The Puerto Rico Energy Bureau issued ordered the Puerto Rico Electric Power Authority to stop the implementation of a new tax that would generate an additional charge for customers using solar panels on the island, said the Solar Energy Storage Association. The transition charge would have resulted in the majority of customers with solar panels […]
Gov. Ricardo Rosselló delivered his third State of the Commonwealth address Thursday, vowing to implement a number of measures to reposition Puerto Rico and support its recovery. During his speech at the Puerto Rico Capitol building, Rosselló explained the need of an agenda that looks firmly into the future. “The solution to the problems is […]
The Carolina municipal government has put an end to a 10-year-old legal fight with CH Properties for some 4 acres of pristine beachfront property, for which it paid $2 million, town officials announced. This resolution puts an end to litigation that will grant the municipality administration and maintenance of this part of the coast which […]
The Economic Development Bank for Puerto Rico got approved and will receive $1 million from the U.S. Department of Agriculture’s Rural Development office, EDB President Luis Burdiel announced. “This capital injection will be used to provide loans for small and medium enterprises in rural areas of the island to promote new job creation,” Burdiel […]
The Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, known as AFICA for its initials in Spanish, is planning to issue $23 million in debt to finance a project planned by the Inter American University of Puerto Rico. The upcoming public hearing that will take place at the Fiscal Agency and […]
The Puerto Rico Housing Finance Authority announced its support of the Haciendas Village social-interest housing complex in Caguas, to be developed at a cost of $20.8 million. The 91-unit planned community will be located in the Tomás de Castro sector of the town and will be the first to be built with solar panels to […]
The Puerto Rico Treasury Department released net revenue collections for January, which totaled $717.9 million. In a statement, Treasury Secretary Raúl Maldonado said when compared to January 2018, the current total shows a net increase of $133.3 million. “January 2019 revenues were $188.3 million above the June 29, 2018 Certified Fiscal Plan projections and $23.5 […]
Governor Ricardo Rosselló signed the law that will establish Puerto Rico’s public energy policy moving forward, which requires the progressive elimination of the use of fossil fuels as a source of power generation. To this end, the Public Energy Policy Law establishes a new timeline for the implementation of renewable energy on the island: the elimination of 20 percent of […]
Nonprofit organization Open Spaces, in a public hearing before the Puerto Rico Senate Finance Committee, said the two tax bills under consideration — the Tax Incentive Code (Senate Bill 1013) and the System of Integrated Tax Credits (House Bill 1880) — lack basic elements of transparency, accountability and citizen participation. In testimony about the measures, […]
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