UNESCO to help Puerto Rico generate education stats
April 1, 2014
Representatives from the United Nations Educational, Scientific and Cultural Organization are visiting Puerto Rico this week to provide technical assistance to help island officials produce statistics on education funding and expenses that are standardized and comparable with those of other countries and jurisdictions.
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$350M mega-development complex slated for Guaynabo
March 27, 2014
A trio of public and private sector development projects — a housing development, a new connector road and office complexes, apartments, and additional stores — are in the pipeline for the town of Guaynabo at a cost of $350 million, Gov. Alejandro García-Padilla announced Wednesday.
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EDB, Scotiabank partner to boost local exports
March 27, 2014
As part of an initiative to promote exports of local products, Economic Development Bank President Joey Cancel-Planas announced Wednesday the signing of a partnership with Scotiabank Puerto Rico to spur international transactions.
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Treasury: 32 Palmas del Mar businesses fined $373K
March 25, 2014
Thirty-two businesses operating in the upscale Palmas del Mar community in Humacao are facing a collective $373,000 in fines for failing to remit sales and use tax (known as IVU in Spanish) payments to the agency.
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Treasury to start sending out tax refunds this week
March 19, 2014
The Puerto Rico Treasury Department is kicking this year’s tax season into high gear this week, when it will begin cutting tax refund checks and will open eight tax return orientation and preparation centers today, agency officials said.
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Governor sends bill to Legislature to tackle tax evasion
March 17, 2014
As part of the government’s strategies to increase tax evasion oversight, Puerto Rico Gov. Alejandro García-Padilla sent a bill to the Legislature that will allow the use of certified payment processors in all local businesses, as well as the exchange of information between municipalities and the Treasury Department.
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Roosy Roads Authority opens RFP for eco-tourism services, projects
March 14, 2014
The Roosevelt Roads Redevelopment Authority opened Thursday a Request for Proposals process for small entrepreneurs and merchants located mostly in the eastern region of Puerto Rico seeking to launch eco-tourism services, nature related tourism projects, recreational and/or complementary activities.
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Highway Auth. to give discount on ‘AutoExpreso’ tickets
March 14, 2014
The Puerto Rico Highway and Transportation Authority will kick off next week a new ticket discount program for drivers who have used the “AutoExpreso” lane without the funds needed to cover the toll.
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Moody’s removes ‘provisional’ designation after GO sale
March 12, 2014
Moody's Investors Service, the first of the trio of ratings agencies that a month ago slashed Puerto Rico’s credit to junk, on Tuesday removed the "provisional" designation from the Ba2 rating assigned to the Commonwealth’s issuance of $3.5 billion 2014 A General Obligation Bonds priced earlier in the day.
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GDB sells $3.5B in tax-exempt General Obligation bonds
March 11, 2014
The Government Development Bank for Puerto Rico has sold $3.5 billion worth of tax-exempt fixed rate General Obligation Commonwealth bonds, the agency announced.
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Puerto Rico gov’t lays out risks ahead of bond issue
March 10, 2014
On the eve of what seems to be a “do-or-die” trip to the stateside bond market through which it is seeking to sell at least $3 billion in Commonwealth General Obligation bonds, the government is warning would-be investors that purchasing into the deal “involves significant risks.”
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Puerto Rico Feb. net revenue at $670M, beats estimate
March 5, 2014
Puerto Rico Treasury Secretary Melba Acosta-Febo said Tuesday that preliminary General Fund net revenues for February totaled $670 million, exceeding estimated collections by $57 million.
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Gov. signs $3.5B GO bond issue, Fitch assigns ‘BB’ rating
March 5, 2014
Puerto Rico Gov. Alejandro García-Padilla signed Tuesday legislation authorizing the issuance of $3.5 billion in general obligation (GO) bonds to be used to refinance outstanding credit lines granted by the Government Development Bank and address the government’s liquidity issues.
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PR Trade looks to boost occupancy rates, rental income
March 3, 2014
Puerto Rico Trade and Export will review the rental rates of its commercial properties in a move to increase occupancy rates and boost rental income, the public corporation's main source of revenue, this media outlet learned.
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GDB plans to issue debt in March via ‘speculative’ deal
February 19, 2014
The Puerto Rico government is paving the way for a general obligation bond sale next month through which it seeks to raise as much as $3.5 billion to improve the Government Development Bank’s liquidity, high-ranking administration officials said Tuesday.
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