Puerto Rico, which has been facing long-standing structural problems now has a “unique opportunity” to tackle them, Popular Inc. CEO Ignacio Álvarez said during an earnings call to disclose first quarter results.
Three of Puerto Rico’s main banks — Banco Santander Puerto Rico, Popular Inc. and FirstBank Puerto Rico — banks can absorb further asset quality stress resulting from Puerto Rico’s recession for at least two more years, Moody’s Investors Service said in a report released Thursday.
At a time when major construction projects in Puerto Rico are at a standstill, Popular Inc. is moving forward with its $30 million Urban Hub project in Hato Rey, where several pieces were installed over the weekend.