The Puerto Rico Government Development Bank announced today it has met its scheduled payments of $354 million in principal and interest after Gov. Alejandro García-Padilla instructed his fiscal team to redirect available revenues from other instrumentalities by activating contractual clawback provisions.
A decision by the Puerto Rico government to make the $354.7 million payment on Government Development Bank Senior Notes due today will come down to the wire and will depend on the outcome on talks with creditors, Gov. Alejandro García-Padilla said.
Puerto Rico’s economic activity increased by 1.0 percent on a year-over-year basis in October, and reflected a month-over-month increase of 0.2 percent, according to the Government Development Bank’s Economic Activity Index released Monday.
The government of Puerto Rico is facing a busy week with the development of three key events on- and off-island, headed by a decision to make a $354 million bond payment by the Dec. 1 deadline.
Once a vigorous part of the economy, Puerto Rico's construction sector remains mired at its lowest point in more than a decade with little hope of improvement in the next year, when activity is expected to stay at its present level of under $2 billion, said a spokesman for the industry.
The Palmas del Mar Residents Association and Para La Naturaleza recently partnered on an initiative through which residents will be able to join the latter’s Amigos program to learn about the Pterocarpus Forest located on the grounds of the Humacao resort community.
Small business owners across the U.S. mainland and Puerto Rico are preparing for the most important shopping day of the year, “Small Business Saturday,” an event sponsored by the U.S. Small Business Administration.
Emerging company School Climate Solutions will represent Puerto Rico in the semifinal round of the InnovateHER challenge sponsored by the U.S. Small Business Administration, it was announced Wednesday.
Seven organizations focused on environmental affairs will split more than $100,000 in funding from the Fundación Toyota Environmental Grants program, announced during the 18th edition of the automaker’s initiative.
JetBlue Airways, the largest airline in Puerto Rico, MasterCard and Banco Santander joined together to announce the first JetBlue LIVE concert experience in San Juan, Puerto Rico, featuring singer Pedro Capó, on Dec. 3 at 4:30 p.m.
A survey of members of the United Retailers Association revealed that 50 percent think their sales will be better or the same as last year.
Liberty Puerto Rico recently made a $300,000 donation to 12 community organizations In Puerto Rico, gathered during its 19th annual Liberty Golf Invitational Tournament.
FirstBank announced Monday its recent partnership with nonprofit organization Siembra Vida, through its property donations program to develop and build a community agrotourism project in the Calvache sector of Rincón.
What with new airline connections, more cruise ships docking into port and demand for hotel rooms, things are looking up for Puerto Rico's tourism industry as the winter season goes into high gear next month.
Casino closings this year have not adversely impacted the budget of the Puerto Rico Tourism Co. which depends largely on casino taxes for its operations, Executive Director Ingrid Rivera-Rocafort told News Is My Business.
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