Villamil: Eliminating ‘B2B’ tax exemption ‘bad idea’
May 10, 2013
The Puerto Rican government’s proposal to eliminate the business-to-business sales tax exemption is not a good idea and does not guarantee the $800 million in new revenue Gov. García-Padilla’s administration has predicted, because oversight and collections related to these transactions is a difficult task to achieve, Economist José J. Villamil said Thursday.
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PRMA ‘seeking solutions’ at its annual convention
May 8, 2013
The Puerto Rico Manufacturers Association is preparing to mark its 85th anniversary during this year’s annual convention, when it will focus on ramping up its search for solutions to the island’s development and competitiveness challenges.
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Statistics Institute submits $1.2M budget for fiscal ’14
May 2, 2013
Puerto Rico Statistics Institute Executive Director Mario Marazzi asked the Legislature to assign the agency a budget of a little more than $1.2 million for fiscal 2014, when it has set out to undertake 25 projects to expand and improve information databases.
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Agencies list economic development initiatives launched since Jan.
April 24, 2013
The second Economic Development Summit took place at the Puerto Rico Convention Center Tuesday, when members of Gov. Alejandro García-Padilla’s economic team summarized what agencies have been up to since January to further the administration’s agenda to spur private-sector jobs and activity.
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Economist: Puerto Rico needs $10B-a-year push
April 22, 2013
Puerto Rico’s economy will need about $10 billion in new investments over the next three years to grow by at least 3.3 percent annually and find its way back to more prosperous pre-recession levels. In the absence of such an unlikely windfall, it will take more than a decade to circle back to acceptable levels of progress.
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Economist: ‘Fiscal issues should be handled by Executive’
March 25, 2013
Puerto Rico’s executive branch has the necessary staff, resources and commitment to take over managing and resolving the island’s fiscal issues and block out all of the “noise” coming out of the Legislature, veteran Economist José Joaquín Villamil recently said.
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Puerto Rico GDB, Treasury: S&P action is ‘wake-up call’
March 15, 2013
High-ranking government officials said Thursday that the decision by Standard & Poor’s a day earlier to slash Puerto Rico’s credit rating to near-junk status was “not a surprise” given the persisting grim economic scenario, but in its analysis the agency is giving the current administration “room to tackle the general fund deficit.”
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CNE: Puerto Rico on track to become ‘Detroit of the Caribbean’
March 4, 2013
Puerto Rico needs to find alternative ways to govern itself that include all members of society with the single-minded goal of seeking solutions to its overwhelming fiscal and social problems, or risk going down the same path as Detroit, once a thriving city that is now desolate and in a state of emergency.
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Fitch places Puerto Rico debt on negative watch
February 22, 2013
In what constitutes yet another, but expected, blow to Puerto Rico’s fragile credit condition, Fitch Ratings announced Thursday it has placed the island’s general debt, as well as that of several government agencies, on negative watch.
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WorldNet seminar strategizes to transform customer service in gov’t
February 22, 2013
Telecommunications provider WorldNet recently hosted a seminar to lay out strategies that government agency leaders can follow to improve customer service: a key element in achieving a much-needed transformation and greater efficiencies in the public sector.
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Economists: Bleak prospects must spur construction sector creativity
January 22, 2013
The challenges that Puerto Rico’s construction sector is facing, driven primarily by fiscal constraints and volatility in certain markets, will remain a constant in the next two years, when the industry will have to be creative to move forward, a well-known economist said during a recent forum.
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AGP files job creation bill; Private sector already pledges 10K slots
January 17, 2013
Gov. Alejandro García-Padilla filed the “Jobs Now Act” bill Wednesday outlining his strategy to create 50,000 jobs in 18 months and the incentives companies will get in exchange for making opportunities available for out-of-work Puerto Rico residents.
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PRMA ‘pleased’ with bills to spur jobs, investment
January 16, 2013
Puerto Rico Manufacturers Association President Waleska Rivera on Tuesday thanked Popular Democratic Party Sen. Ángel Rosa for submitting a trio of bills geared toward creating jobs and spurring investment, “keeping his campaign promises.”
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AGP economic team patching things up with pharmas
January 10, 2013
Gov. Alejandro García-Padilla’s economic team is working on patching things up with pharmaceutical companies doing business in Puerto Rico, which they said Wednesday have “lost trust” in the island’s government.
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Fitch: Puerto Rican banks to face ‘continuing’ challenges
January 10, 2013
Fitch Ratings expects Puerto Rican banks to face continuing operating challenges in 2013, despite recent efforts by those institutions to build capital and de-risk their balance sheets, the agency said in a statement issued Wednesday.
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