The recently passed Fedetal Tax Cuts and Jobs Act will have implications for Puerto Rico’s economic that will start to become more noticeable after fiscal year 2019, local research firm Estudios Técnicos Inc. predicted in an analysis released this week.
Representatives from Puerto Rico’s private sector agreed Monday to back Gov. Ricardo Rosselló’s urgent call to Congress to treat the island as a U.S. — not foreign — jurisdiction in the federal tax reform currently being discussed.
El proyecto de ley de reforma fiscal de Estados Unidos que se está debatiendo en el Congreso podría tener un “impacto catastrófico” en la economía de la isla, poniendo en peligro más de 70 000 empleos bien remunerados y más del 35 % del presupuesto del Estado Libre Asociado, advirtió el lunes el presidente de la Asociación de Fabricantes de Puerto Rico, Rodrigo Massés.
Puerto Rico’s pharmaceutical manufacturing sector took a major hit from Hurricanes Irma and María in September, but are in recovery mode and back in production to ensure continuity in the availability of medications in Puerto Rico and globally, Jaime Palacios, president of the Pharmaceutical Industry Association said Wednesday.
Puerto Rico’s population will dip under 3 million within a year — for the first time since the mid-1970s — if current rates of emigration continue, warns Jenniffer González-Colón, the island’s resident commissioner in Washington.
Manufacturing operations — including pharmaceuticals and medical device makers — have not given notice of plans to leave the island despite the hardship conditions Hurricane María left in its wake, Economic Development and Commerce Secretary Manuel Laboy said Monday.
Baxter International Inc. said Thursday while it is anticipating a reduction in revenue for fourth quarter 2017 as a result of Hurricane María, it expects to “mitigate the related earnings impact through positive performance in other areas of the business.”
Avara’s Arecibo plant did not sustain significant impact to its critical manufacturing areas, and the company is expected to continue delivering to customers, the company’s CEO, Tim Tyson said Thursday.
Hill-Rom Holdings Inc. provided an update on its Aspen Surgical facility in Las Piedras, where it manufactures Bard-Parker surgical scalpels and blades.
Power management company Eaton announced that its four facilities have returned to operation following the recent hurricanes in Puerto Rico.
Puerto Rico Economic Development and Commerce Secretary, Manuel A. Laboy-Rivera said the agency is “focused on continuing to work with the Integrated Economic Development Plan (PDEI) to further increase the island’s manufacturing index to more than 50 percent.
Puerto Rico’s Resident Commissioner in Washington, Jenniffer González-Colón, has filed legislation to extend indefinitely the application of Internal Revenue Code Section 199 in Puerto Rico, together with co-sponsors congressmen Carlos Curbelo (R-Florida 26), John Lewis (D-Georgia 5) and José Serrano (D-NY 15).
On a non-seasonally adjusted basis (NSA), the Purchasing Managers Index for Puerto Rico’s manufacturing sector edged down to 49.1 in November, suggesting a contraction in the sector with respect to the previous month.
Two of the most recognized brands in the Puerto Rican market have joined forces to create a new cold, ready-to-drink Cortés Chocolate product, that is 100 percent manufactured in Puerto Rico and combines Chocolate Cortes’ rich consistency with Suiza’s fresh milk.
Roche Diabetes Care and Puerto Rico government officials announced Tuesday the expansion of the Roche Operations Ltd. manufacturing facility in Ponce, where the company will invest $60 million over the next two years.
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