Puerto Rico Treasury urges pension funding amid FOMB shake-up
During a Puerto Rico government briefing at the La Fortaleza governor’s executive mansion on Wednesday, Treasury Secretary Ángel Pantojas confirmed that the island’s budget for fiscal year 2026 has been approved, despite recent turmoil within the Financial Oversight and Management Board (FOMB), following the dismissal of five of its seven members by President Donald Trump.
Pantojas said the certified budget was approved under the Puerto Rico Oversight, Management and Economic Stability Act (Promesa) by the Puerto Rican government — not the FOMB.
“What concerns me as Treasury chief is that many daily decisions and formalities rely on the Treasury Department and the Office of Management and Budget,” he said. “That decision-making process must not be disrupted, even during this period of uncertainty.”
As the federal government considers new appointments to the board, Pantojas said the island’s government remains committed to collaborating with whoever is designated. He also called on the FOMB to continue making timely decisions to avoid delays in essential operations.
He pointed to the pending payment of pensions for retired Puerto Rico Electric Power Authority employees as an urgent matter.
“A week ago, I committed to ensuring that those 12,500 pensioners receive their payments on time,” Pantojas said. He noted that the government submitted a formal funding request on Aug. 5, which is currently under review by the board.
Another $15 million, negotiated between the Legislative Assembly and the board as part of the budget, has remained pending before the board for 30 days. Pantojas urged quick resolution to avoid disruption of services.
Although only two board members remain, Pantojas said they are in ongoing communication with himself, OMB Director Orlando Rivera-Berríos, and Francisco Domenech, executive director of the Puerto Rico Fiscal Agency and Financial Advisory Authority and chief of staff at La Fortaleza.
Domenech met Wednesday with FOMB Executive Director Robert Mujica to discuss the funding delays.
Pantojas reiterated that pension payments should not be delayed and said the government acted early to request the necessary funds. Rivera-Berríos confirmed the transfer request was submitted in early August to cover payments due in October.
“We didn’t wait until the last minute to request the transfer,” Rivera-Berríos said. “There’s still time for the board to approve it.”
Although all government fund transfers require board approval, Rivera-Berríos said officials have been assured that mechanisms are in place to prevent disruption.
“Our request was timely, giving the board ample time to respond,” he said.
