OBoard looks for out-of-court settlements with government vendors
June 3, 2019
The Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico on Friday launched an informal resolution process that does not require onerous litigation to resolve its recent vendor actions, it announced. The resolution process is designed to resolve the majority, if not all of the vendor claims out of court and […]
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Oversight Board refers 3 P.R. gov’t agencies, 11 towns to local, federal authorities
May 30, 2019
The Financial Oversight and Management Board for Puerto Rico announced it has referred to the local and federal Justice Departments three government entities and 11 municipalities that allegedly failed to transfer some $4.5 million in withholdings for defined contribution plans into individual employees’ retirement accounts. “One of the Oversight Board’s highest priorities is to maintain […]
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Treasury Dept. inaugurates 360 Service Center for small businesses in Guaynabo
May 29, 2019
Puerto Rico Treasury Secretary Raúl Maldonado inaugurated, along with Guaynabo Mayor Ángel Pérez, the town’s first 360 Service Center, specialized in assisting small and mid-sized businesses to complete transactions in a single place. “This collaborative agreement with the municipality of Guaynabo is part of Gov. Ricardo Rosselló’s commitment to provide all the tools to help […]
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U.S. Senators submit bill to guarantee robust disclosure requirements
May 24, 2019
U.S. Senators Bob Menendez (D-N.J.), Marco Rubio (R-Fla.), Richard Blumenthal (D-Conn.) and John Kennedy (R-La.) introduced the Puerto Rico Recovery Accuracy in Disclosures Act of 2019 (PRRADA, for short.) The bipartisan legislation would provide robust disclosure requirements to all of the Financial Oversight and Management Board for Puerto Rico’s advisers and consultants, closing a loophole […]
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New permit regulations limit power of P.R.’s autonomous municipalities
May 15, 2019
By Jeniffer Wiscovitch and Angélica Serrano-RománCenter for Investigative Journalism The new permit regulations approved by Gov. Ricardo Rosselló, which repeals municipal regulations, could be a new minefield between the executive and the mayors, since it seeks to override the Autonomous Municipalities Law. This, despite the fact that the Permit Reform Act of 2009, under which […]
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Rosselló signs Opportunity Zones Development Act
May 14, 2019
Gov. Ricardo Rosselló signed into law today Senate Bill 1147, which establishes the regulatory framework for the development of Opportunity Zones in compliance with the Federal Tax Reform of 2017. The Opportunity Zones created under federal law provide tax benefits to low-income communities in order to achieve their economic development. Puerto Rico, as well as […]
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Laboy: Gov’t permitting process should improve with new streamlined system
May 9, 2019
Puerto Rico’s Economic Development and Commerce Secretary Manuel Laboy is betting on a handful of new online products to be launched in the next four to six weeks to speed up and streamline the government’s permitting process. During an interview with the “En Una Hora” program on 11Q 1140 AM, in which News is my […]
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U.S. Dept. of Labor conducting wage survey of P.R., USVI construction projects
May 9, 2019
The U. S. Department of Labor’s Wage and Hour Division (WHD) is conducting a survey of all building, highway, residential, and heavy construction projects active in the U.S. Virgin Islands and Puerto Rico that occurred between July 1, 2017, and Dec. 31, 2018, it announced. The purpose to establish prevailing wage rates as required under […]
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P.R. gov’t releases financial statement for Fiscal ’16 showing $70.3B deficit
May 7, 2019
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 […]
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Oversight Board sues 20+ banks, other parties to recover $1B in excess payments
May 3, 2019
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 […]
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Gov’t puts prime Convention Center District property on the block for $3.5M
May 2, 2019
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 […]
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Oversight Board pursues 230+ gov’t vendors to recover $4.2B in conflictive payments
May 1, 2019
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 […]
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House Bill 2073 submitted to inject more transparency into prescription drug pricing
April 30, 2019
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” […]
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Treasury reports $1.2B net revenue collections for General Fund in March
April 30, 2019
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 […]
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P.R. Energy Board orders PREPA to freeze new solar energy tax
April 29, 2019
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 […]
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