Rosselló bets on new Incentives Code, innovation to reposition P.R.
April 25, 2019
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 […]
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Carolina municipal gov’t retakes 4+ acres of beachfront property after 10-year fight
April 23, 2019
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 […]
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Economic Development Bank receives $1M to boost job creation in rural areas
April 23, 2019
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 […]
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Hearing slated for April 26 on proposed $23M AFICA bond issue
April 18, 2019
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 […]
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Housing Finance Authority backs $20.8M Haciendas Village complex
April 17, 2019
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 […]
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P.R. Treasury reports $717.9M in revenue to the General Fund in Jan.
April 16, 2019
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 […]
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New Public Energy Policy Law draws praise from sector, Oversight Board
April 12, 2019
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 […]
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Open Spaces: Proposed changes to P.R.’s tax incentive code must be transparent
April 12, 2019
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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PREPA’s situation ‘complex,’ result of ‘perfect storm’
April 10, 2019
The Puerto Rico Electric Power Authority’s transformation will require a strong energy policy as well as an implementation strategy that considers the island’s “complex situation.” Such was the opinion of Tomás J. Torres, executive director of the Puerto Rico Institute for a Competitive and Sustainable Economy, in testimony presented before the U.S. House of Representatives Committee […]
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COR3 Office disburse $237M+ in recovery funds on 1st day as FEMA funds monitor
April 3, 2019
The Central Office of Recovery, Reconstruction and Resiliency, known as COR3, announced the disbursement of more than $237 million to several municipalities and government agencies, representing the first transaction after assuming the duties from the Federal Emergency Management Agency. COR3 Executive Director Omar Marrero said the disbursements were achieved in compliance with federal policies and procedures […]
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HUD’s Inspector General auditing part of the disaster funds for P.R.
March 29, 2019
By Jeniffer Wiscovitch-PadillaCenter for Investigative Journalism The U.S. Department of Housing and Urban Development’s Office of the Inspector General (HUD’s OIG) confirmed it is auditing the Community Development Block Grant–Disaster Recovery (CDBG–DR) Program funds granted to Puerto Rico after Hurricanes Irma and María. HUD Spokesman Darryl Madden told the Center for Investigative Journalism (CPI, for […]
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Rosselló expected to sign P.R. energy public policy act into law
March 27, 2019
Puerto Rico Gov. Ricardo Rosselló is expected to to sign a bill to radically transform the island’s economy with renewable energy as the central pillar. Senate Bill 1121, known as the Puerto Rico Energy Public Policy Act, will set the island on a path to 100 percent renewable energy by 2050, lawmakers said. The bill makes […]
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COR3 to take over review, reimbursement of FEMA recovery funds
March 26, 2019
The Central Office of Recovery, Reconstruction and Resiliency (known as COR3) will take over in April the responsibility to review and reimbursement approval of federal recovery funds from the Federal Emergency Management Agency, government officials announced. This agreement comes after “extensive effort on the part of Puerto Rico to work with FEMA and establish robust […]
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P.R. gov’t officials evaluate U.S. Treasury proposals to transform property tax system
March 22, 2019
The U.S. Treasury has submitted a report with recommendations to transform Puerto Rico’s property tax system, including the potential elimination of the controversial inventory tax, Raúl Maldonado, the local administration’s CFO said. Maldonado, who is also Puerto Rico Treasury Secretary, shared the content of the report with members of the United Retailers Association, the School […]
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Scotiabank sues Metropolitan Bus Authority for $32M loan default; seeks embargo of buses
March 21, 2019
The Bank of Nova Scotia, parent company of Scotiabank de Puerto Rico, has sued the government’s Metropolitan Bus Authority for defaulting on some $32 million in a revolving credit and term loan agreement. Furthermore, the bank has asked the San Juan Superior Court to issue an order for a “provisional embargo and prohibition of alienation […]
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