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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Flamers, Bora Bora busted for not paying $1.2M in IVU
February 19, 2014
Two executives who own the Bora Bora and Flamers retail establishments are facing 36 counts of tax evasion and illegal appropriation of public funds for failing to remit more than $1.2 million in sales and use tax money collected between 2009 and 2012, according to the findings of a joint investigation by the Puerto Rico Justice and Treasury Departments.
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ASES finds $9.7M in duplicate payments to health plans
February 18, 2014
The Puerto Rico Health Insurance Services Administration, or ASES in Spanish, stands to recover about $9.7 million in duplicate payments made to insurance companies for services provided to patients covered by the government’s health plan, agency Executive Director Ricardo Rivera said Monday.
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Treasury issues $902K in fines to sales tax evaders
February 14, 2014
The Puerto Rico Treasury Department has assigned 20 agents to find and fine businesses in the towns of Carolina and Trujillo Alto who have failed to remit sales and use tax money, as required by law.
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Gov. García-Padilla: Administration has created 41K jobs
February 13, 2014
Gov. Alejandro García-Padilla said Wednesday his administration has created some 41,145 new jobs in the past 12 months, under the Jobs Now Act legislation passed in January 2013 to boost employment in Puerto Rico.
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Puerto Rico Jan. revenue haul at $664M; IVU at $129.9M
February 11, 2014
Puerto Rico’s General Fund revenue collections for the month of January amounted to $664 million, a figure that is $1 million less than the same period last fiscal year, but that Treasury Secretary Melba Acosta described as a “record.”
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Gov. García-Padilla unveils measures to address S&P cut
February 6, 2014
The governor also instructed agencies to accelerate infrastructure investment plans to revive the economy. In that vein, the government has identified $800 million in public and private investment in infrastructure projects that it will push aggressively.
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S&P slashes Puerto Rico rating to junk; gov’t reacts
February 5, 2014
More than a year after warning about the possibility, Standard & Poor's Ratings Services on Tuesday made good on its word and cut its rating of Puerto Rico’s general obligation debt to 'BB+' from 'BBB-,' pushing it to the highest junk level status.
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Puerto Rico gov’t revenue $925M in Dec., up 28% YOY
February 4, 2014
Puerto Rico Treasury Secretary Melba Acosta-Febo said Monday that the General Fund collected $925 million in net revenues during December 2013, $12 million higher than the preliminary figure announced in early January.
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Puerto Rico gov. vows to submit balanced budget for FY ’15
February 3, 2014
Ingrid Vila Biaggi, chief of staff to Puerto Rico Governor Alejandro García-Padilla, announced today that a balanced budget for the 2014-2015 fiscal year will be introduced in the coming weeks.
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Puerto Rico Land Use Plan out, hearings start in March
January 31, 2014
Ten years after plans for its creation were announced, the Puerto Rico Planning Board released Thursday the draft document of the Land Use Plan and Planning Guidelines, intended to guide the island toward a model of full and sustainable socio-economic development.
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$292.6M in infrastructure projects in pipeline for ’14
January 29, 2014
The Infrastructure Financing Authority will begin construction this year of about 20 projects, representing an investment of $292.6 million and the creation of 3,504 jobs in Puerto Rico, agency Executive Director Grace Santana said Tuesday.
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Puerto Rico’s jobless rate soars to 15.4% in Dec. ’13
January 29, 2014
Puerto Rico’s unemployment rate jumped by a full percentage point year-over-year in December, when it reached 15.4 percent, Puerto Rico Labor Department statistics revealed Tuesday.
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Puerto Rico’s fiscal team meeting with ratings agencies
January 27, 2014
A contingent of the government’s fiscal team is in New York today for two days of meetings with credit ratings agencies Standard & Poors, Fitch and Moody’s, which are all keeping close tabs on Puerto Rico’s financial problems and the steps being taken to address the crunch.
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