Puerto Rico News Digest For August 11, 2016

GOV'T TO HAVE FISCAL PLAN READY FOR BOARD

From News Is My Business:

"Puerto Rico Gov. Alejandro García-Padilla confirmed Tuesday that his admi-
nistration will have a new fiscal plan ready shortly after the federal fiscal over-
sight board is “appointed and operational.” The seven-member board, which is
a component of the Puerto Rico Oversight, Management and Economic Stabil-
ity Act (PROMESA), should be appointed by Sept. 15, when the García-Padilla
administration expects to “hit the ground running in complying with PROME-
SA’s requirements,” he said speaking to reporters and experts who took part in
a special one-day seminar entitled “What’s next for Puerto Rico?” hosted by the
Ravitch Fiscal Reporting Program at the CUNY Graduate School of Journalism
in Manhattan..."

MAN MURDERED IN CANOVANAS

Police are investigating the murder of a man whose bullet-riddled body was
found Wednesday morning in the San Isidro district of  Canóvanas. Police fo-
und the deceased man on Calle #1 at around 5:09 AM yesterday. He has been
described as dark-skinned and approximately 30 to 35 years of age. At the time
of this writing, he was yet to be identified.

NPP BLASTS BERNIER OVER PERFORMANCE

From The San Juan Daily Star:

"For the second consecutive day, the leadership of the New Progressive Party
(NPP) has fi red its canons against the Popular Democratic Party (PDP) candi-
date David Bernier considering him unqualified “for his lack of capacity as se-
cond in command.” “The poor performance and the lack of ability to achieve
results characterize the record of David Bernier in his governmental work and
it is the best example of the negligence with which Puerto Rico has been gov-
erned,” said Miguel Romero, NPP Senate candidate for the district of San Juan..."

COLISEUM OF PR ANNOUNCES RECORD YEAR

From Caribbean Business:

"SMG, manager of the Coliseo of Puerto Rico Jose Miguel Agrelot, announ-
ced fiscal 2015-2016 as one of the most successful years in the 12 years of its
existence. In the fiscal year ending June 30, 2016, Coliseo de Puerto Rico hos-
ted 103 events, which accounted for a total attendance of more than 700,000
guests and more than $35 million in gross ticket sales. The Coliseo de Puerto
Rico is ranked #13th in the world in Pollstar’s mid-year 2016 rankings of Top
100 arenas worldwide..."

Puerto Rico News Digest For May 2, 2016

PR DEFAULTS ON GDB PAYMENT 

From Caribbean Business:

"In a televised message Sunday, Gov. Alejandro García Padilla announced
he has declared a moratorium on the Government Development Bank’s (GDB)
debt service, as the commonwealth stands ready to partially default on as much
as $270 million due May 2 on the bank’s debt. The cash-strapped institution
would have faced a $400 million payment on principal, with an additional $22
million in interest. But during the past few days, the GDB pushed maturity on
roughly $30 million after reaching a deal with local credit unions, followed by
an agreement struck with a creditor group to enter into a 30-day forbearance
agreement that would cover more than $100 million of the bank’s May payment.
The GDB already stated it will pay about $22 million in interest due May 2, as
well as roughly more than $40 million in debt payments across other common-
wealth credits that also hit on Monday..."

FIRST ZIKA DEATH REPORTED IN PR

From The Guardian:

The first American has died from complications related to the Zika virus,
health officials with the Centers for Disease Control reported late Friday.
A Puerto Rican man in his 70s died in February from “complications re-
lated to severe thrombocytopenia”, the CDC reported in its Morbidity and
Mortality Weekly Report. The man, from the San Juan area, fell ill with the
Zika virus and experienced symptoms including fever, rash and joint pain.
After recovering from the Zika symptoms, the man then developed immu-
ne thrombocytopenic purpura, or ITP, an autoimmune disorder that has been
linked to the virus. The bleeding disorder that killed him was as a side-effect
of the ITP..."

BERNIER CALLS FOR IVA REPEAL

From The San Juan Daily Star:

"Popular Democratic Party (PDP) President and gubernatorial candidate Da-
vid Bernier on Thursday called on the PDP majority in the Legislature to pass
legislation to repeal the value-added tax (IVA by its Spanish acronym) slated
to go into effect in June. “To permit an increase in the value-added tax would
hurt the pocketbooks of our people and the operations of our businesses,” Ber-
nier said. “The responsible thing at this time is that the Legislature act to pre-
vent the IVA and the increase in the B2B [business-to-business tax] from being
enacted in final form.”

Puerto Rico News Digest For March 21, 2016

BERNIER CALLS FOR DEBT MORATORIUM

From Yahoo! News:

"The gubernatorial candidate for Puerto Rico's ruling Popular Democratic
Party is calling for a five-year debt payment moratorium, saying it's needed
to stabilize government operations and guarantee the delivery of essential
services. Former Secretary of State David Bernier made the call Friday weeks
after urging the administration to hasten the pace of debt restructuring talks
with creditors, which have been dragging on since Gov. Alejandro Garcia Pa-
dilla announced last June the U.S. Commonwealth's nearly $70 billion debt
is not payable..."

PR GOP CAUTIOUS ON PRESIDENTIAL RACE

From The San Juan Daily Star:

"Puerto Rico Republican Party Chairwoman Jenniffer González -- who
supported Florida Sen. Marco Rubio’s run for the GOP presidential
nomination -- said she will continue promoting the participation of
Republican voters in the remaining primary elections. Although she
didn’t say who she supports now that Rubio has withdrawn from the
race after losing the primary in his home state of Florida on Tuesday,
she said “...Since Marco Rubio has withdrawn from the presidential
campaign, we have to be attentive to all the developments of the primary
race,” González said in a written a statement. “On our part, we will
continue supporting participation in the process up to the Republican
Convention...”

SOVEREIGN UNION REJECTS FISCAL BOARD

From Caribbean Business:

"Sovereign Union Movement (MUS by its Spanish acronym) President 

María de Lourdes Guzmán urged Puerto Rico’s political sectors to 

unite to “defend our dignity as a people” and adamantly reject the 

imposition of a fiscal control board by the U.S. Congress. She also 

asked the island’s political leadership to carry out concerted actions

to request that the U.S. government “put forth a serious process of 

decolonization, to seek a solution to the centenarian issue that is 

Puerto Rico’s status, which keeps our people divided and hinders the 

design of a national plan that would lead to social justice, to our 

economic development and the well-being of all Puerto Ricans..."

GOV'T TO BE SOLE MEDICAL POT PROVIDER

From News Is My Business:

"Now that medical marijuana is legal in Puerto Rico, don’t count on local
farmers joining the green rush. At least not yet. Instead, growing high-
grade medical cannabis will initially be in hands of the government and
“maybe in the future, we can enter the market,” the man in charge of the
Puerto Rico Farm Bureau told News is my Business. “Right now, there are no
opportunities for farmers,” said Héctor Iván Cordero, who leads the group
founded in 1924..."

Puerto Rico News Digest For January 11, 2016

LAST PR LEGISLATIVE SESSION BEGINS

From Caribbean Business:

"The seventh and last ordinary session of the Puerto Rico Legislature for
the 2012 to 2016 term begins Monday at 1 p.m., with both the House of Re-
presentatives and the Senate having left several measures on the table.  Am-
ong these is the controversial legislation to restructure the Puerto Rico Elec-
tric Power Authority (Prepa), which had been expected to be addressed in an
extraordinary session that did not materialize. Senate President Eduardo Bha-
tia and Rep. Jesús Santa have both said the measure will  be considered this
month..."

PIERLUISI URGES STATEHOOD VOTE

From The San Juan Daily Star:

"Resident Commissioner and New Progressive Party (NPP) gubernatorial can-
didate Pedro Pierluisi is calling on new Popular Democratic Party (PDP) Pre-
sident and gubernatorial candidate David Bernier to push for an up or down vo-
te on statehood. “I invite you to review the [friend of the court brief] presented
by the Department of Justice of the United States in the case People vs. Sánchez,
before the Supreme Court of  the United States,” Pierluisi said in a letter dated
Jan. 5. “In a crystal clear manner the federal Department of Justice exposes how
the Constitution of the Free Associated State is not a sovereign status, nor does
it change the territorial status of the island...”

LAW TO BOOST GOV'T BUYS FROM SMALL BIZ

From News Is My Business:

"A bill amending Law 62 of 2014 calling for an increase in government pur-
chases from local small and mid-sized businesses from 20 percent to 30 per-
cent starting this year has been signed into law, House Speaker Jaime Perelló
announced. The bill also included amendments to facilitate and streamline
permits processes for the sector..."

POWERBALL JACKPOT KEEPS GROWING

From NBC News:

"The ever-surging Powerball jackpot has grown to a record $1.3 billion after
Saturday night's drawing which had no bigger winner. But should you wind
up with the winning jackpot in Wednesday's record-breaking draw, odds are
good that you won't be able to hold on to your anonymity. With Powerball ti-
ckets sold in 44 states, as well as in Washington, D.C., the U.S. Virgin Islands
and Puerto Rico, all but six states require lottery winners to come forward
publicly..."

Puerto Rico News Digest For December 17, 2015

BERNIER ANNOUNCES RUN FOR GOVERNOR

From Caribbean Business:


"Some 48 hours after Gov. Alejandro García Padilla announced he would
not seek a second term as governor, former Secretary of State David Ber-
nier announced Wednesday afternoon he will be the Popular Democratic
Party’s (PDP) candidate for governor in the 2016 general election. “Wel-
come to my parents’ home and to my hometown of Patillas. I’m very ha-
ppy to be able to announce, without a script, without a teleprompter and
with great determination, that I have decided to run for governor,”  said
Bernier while sitting in his parents’ living room in the San Benito urbani-
zation, in Patillas, where he grew up. Bernier made his announcement in
his parents’ home in Patillas, on the southeastern coast of Puerto Rico..."

FIVE RESCUED FROM WATERS OFF MANATI

From The San Juan Daily Star:

"The crews of a Coast Guard rescue helicopter and a Puerto Rico Police
marine unit rescued fi ve people Monday afternoon from rough waters on
the northern coast of Puerto Rico just off the Mar Chiquita Beach rock cliff
in Manatí. The Coast Guard made the announcement Tuesday. Rescued are
three Kazakhstani nationals, two women and a man, who reportedly were
caught in a strong rip current with two other men, U.S. citizens, who had
dove into the water to render assistance..."

FED RATE HIKE SHOULDN'T AFFECT PR

From News Is My Business:

"The decision announced Wednesday by the Federal Reserve System to
increase interest rates by 25 basis points “does not represent a significant
impact” on Puerto Rico’s economy or for bank customers, Puerto Rico
Bankers Association Executive Vice President Zoimé Álvarez-Rubio said.
The Federal Reserve’s first rate hike in nine years is based on the strong
growth of the U.S. economy, and will likely be the first of several to be
introduced gradually next year. “The economic reality that Puerto Rico is
experiencing is not impacted by this decision by the Federal Reserve,”
Álvarez-Rubio said..."

CONGRESS OFFERS NO PR DEBT RELIEF

From NPR:

"A massive tax and spending bill, designed to keep the U.S. government
running for months, doesn't include any direct debt relief for struggling
Puerto Rico. The unincorporated U.S. territory is struggling to make pay-
ments on $72 billion of debt. There are serious concerns that the island
may default on Jan. 1, when more than $900 million comes due (includ-
ing over $350 million the Puerto Rican government is constitutionally
obligated to pay). The island only narrowly managed to make a $350
million payment on Dec. 1. Some lawmakers had proposed that muni-
cipalities in Puerto Rico be permitted to declare bankruptcy. Currently,
that option is available to cities in U.S. states, but not to municipal enti-
ties in U.S. territories..."

Puerto Rico News Digest For October 26, 2015

WATER RATIONING OVER FOR LA PLATA

Puerto Rico's water utility, AAA, has announced the end of  water
rationing for users served by the La Plata reservoir, due to heavy and
consistent rains over the area over the last few weeks. Rationing offi-
cially ended yesterday (Sunday), as rains over the weekend brought
the reservoir close to the point of overflowing. The Carraízo reser-
voir, which serves parts of the San Juan metro area along with La
Plata, had to have some of its floodgates opened to let out excess
water.

OBAMA RESCUE PLAN COULD EXCEED $5B/YEAR

From The San Juan Daily Star:

"The prospects for the Obama Administration plan moving forward
appear to be slim. The U.S. Treasury on Wednesday released a list
of proposals it wants Congress to enact to help the U.S. territory,
such as healthcare funding measures, tax and bankruptcy legislati-
on, and the earned income tax credit for residents. But without bi-
partisan support in Congress, Treasury is limited in what it can ach-
ieve, and anything that smells like a bailout for the island, struggling
with a $70 billion debt, is unlikely to get support, according to
Reuters..."

SECRETARY OF STATE BERNIER RESIGNS

From Caribbean Business:

"Puerto Rico State Secretary David Bernier announced Sunday that
his resignation will be effective Oct. 30. Bernier said, "I intend to as-
pire to elective office and I want my judgment and not a date to de-
termine my decision...As far as I'm concerned, I now have the nece-
ssary space, uninvolved with government to determine how I can ser-
ve the country," he said, emphasizing that he will not face the gover-
nor in the primaries, while also ruling out challenging Héctor O'Neill,
the mayor of Guaynabo, where Bernier resides..."

POPULAR & ORIENTAL REDUCE GOV'T EXPOSURE

From News Is My Business:

"Puerto Rico’s two largest banks — Banco Popular and Oriental —
confirmed separately on Friday that they’re working to reduce their
exposure to risk associated with the island’s government, which they
have financed in different capacities over the years. During discussi-
ons with analysts about their quarterly results, the top executives at
each bank said they are watching over the government’s declining li-
quidity and threat of a shutdown or default on its upcoming bond pay-
ments..."