GDB’s liquidity down to $1.02B in April
May 18, 2015
The Government Development Bank for Puerto Rico released its most recent liquidity statement late last week, showing a balance of $1.02 billion net as of April 30, representing a drop from the $1.11 billion the agency reported for the prior month.
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Gov’t mulling at least 6 hybrid tax structure alternatives
May 14, 2015
Lawmakers and members of the executive branch gathered at the Puerto Rico Convention Center today are said to be considering six different scenarios that would combine a hybrid structure of a sales and use tax and a general excise tax to shore up the government’s finances.
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García-Padilla asks for support of 13.25% VAT
May 13, 2015
Saying it “is the best option” to solve the government’s fiscal problems, Gov. Alejandro García-Padilla re-introduced Tuesday a proposal to establish a value added tax system he said would generate more than $2.5 billion in net revenue for the cash-strapped administration.
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Treasury reports $1.3B in April revenue, is short $97M
May 12, 2015
The Puerto Rico Treasury Department revealed Monday that it shored up more than $1.3 billion in revenue for the government, but admitted it fell short by $97 million compared to estimates.
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Spanish investors on mission to Puerto Rico this week
May 11, 2015
The Spanish Institute for Foreign Trade, in collaboration with the Department of Economic Development and Commerce, have organized the first mission of Spanish investors to visit this island this week, the Puerto Rico government agency announced.
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Cuts loom as gov’t confirms $441M deficit for Fiscal ’16
May 5, 2015
Members of Gov. Alejandro García-Padilla’s fiscal team confirmed Monday the government will likely have to implement cutbacks across the board to address the $441 million deficit it is facing for the start of Fiscal 2016.
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Gov. García-Padilla to ‘take steps’ to navigate fiscal crisis
April 30, 2015
Gov. Alejandro García-Padilla said Thursday the government will take specific steps in coming months to face Puerto Rico’s fiscal crisis, which include no new taxes and no job cutbacks.
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Jeb Bush supports Puerto Rico statehood, Ch. 9 option
April 29, 2015
Former Florida Gov. Jeb Bush, who is expected to announce his run for the U.S. presidency in 2016, expressed his support Tuesday for Puerto Rico’s statehood as well as its right of its government agencies to file for bankruptcy protection under Chapter 9 of the U.S. tax code.
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Momentum builds for and against Ch. 9 inclusion bill
April 23, 2015
U.S. Congress is still “weighing the merits” of H.R. 870, known as the Puerto Rico Chapter 9 Uniformity Act, as momentum builds from outside groups for and against the measure that would authorize the island’s government to restructure its fiscal obligations under Chapter 9 of the U.S. bankruptcy code.
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GDB: Puerto Rico gov’t could shut down in 3 months
April 22, 2015
The Puerto Rico Government Development Bank (GDB) warned Gov. Alejandro García-Padilla that without an approved tax reform and a budget adjusted to public spending and the island’s fiscal reality, the government could run out of money and shut down within the next three months.
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GDB expands banking services offered to gov’t entities
April 9, 2015
Government Development Bank President Melba Acosta-Febo announced Wednesday the range of government banking services that are now available to public corporations, agencies and municipalities, essentially provided at no charge.
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EDB spurs creation of 217 new businesses, 1,668 jobs
March 26, 2015
The Puerto Rico Economic Development Bank announced Wednesday it has spurred the creation of 217 new businesses since January 2013, through $22.3 million in approved financing.
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Statistics Institute wants public input on worker survey
March 17, 2015
The Puerto Rico Statistics Institute announced Monday plans to use a new method to collect information on households to measure unemployment in Puerto Rico.
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Treasury collections at $709.3M in Feb. up $39.4M YOY
March 16, 2015
The Puerto Rico Treasury Department collected $709.3 million in February for the General Fund, a figure that was up $39.4 million, or 5.9 percent when compared to the same month last year, and $6.5 million, or 0.9 percent, below estimates.
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CNE advises shelving tax reform until economy improves
March 5, 2015
Saying that it "is a serious attempt to carry out a comprehensive change of the tax system,” the Center for a New Economy suggested during public hearings Wednesday that the reform should be put off until Puerto Rico’s adverse fiscal conditions improve.
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