Puerto Rico News Digest For December 15, 2015

GOVERNOR GARCIA PADILLA WILL NOT SEEK REELECTION

From Caribbean Business:

"In a broadcast announcement Monday, Dec. 14, Gov. Alejandro García
Padilla said he will not seek reelection in 2016, saying the task  of help-
ing Puerto Rico out of its financial hole would require his full attention
and therefore cannot focus on a gubernatorial campaign. “I will not seek
reelection for governor. Big causes demand big sacrifices,” said the go-
vernor, noting that next year will bring “politically unpleasant decisions."
The governor is expected to leave early this week for Washington, D.C.,
where he will be speaking at a National Press Club speakers luncheon in
the U.S. capitol on Dec. 16..."

TWO INDICTED FOR BANK & WIRE FRAUD

From US Attorney's Office:

"On December 9, 2015, a Federal grand jury returned a seventy-nine count
indictment charging Miosotis Ribot-Figueroa (Ribot) with bank fraud, wire
fraud, and aggravated identity theft and charging Ribot and José F. Gonzá-
lez-Guzmán (González) with a total of four counts of monetary transactions
in property derived from specified unlawful activity, announced Rosa Emi-
lia Rodríguez-Vélez, United States Attorney for the District of Puerto Rico.
The Federal Bureau of Investigation (FBI) is in charge of the investigation.
The indictment was unsealed today upon the arrest of both defendants. The-
se charges stem from a scheme utilized by Ribot from approximately May
to October 2014 to make thirty four unauthorized bank transfers from the
bank account of her employer to bank accounts controlled by Ribot and/or
González totaling approximately $490,165.42..."

AUTHORITIES PREPARE FOR ZIKA VIRUS

From The San Juan Daily Star:

"While there is no immediate threat, the island Health Department is pre-
paring for the arrival of the Zika virus, which is transmitted by the same
mosquito responsible for the dengue and chikungunya virus on the island,
State Epidemiologist Brenda Rivera said. “All Caribbean jurisdictions are
on the watch,” she said. Common symptoms of infection with the virus in-
clude mild headaches, rash, fever, malaise, conjunctivitis and others..."

PR REVENUES DOWN FOR NOVEMBER

From News Is My Business:

"Puerto Rico General Fund collections reached $488.6 million in Novem-
ber, falling $15.4 million short of estimates, but $36.7 million above what
the government shored up during the same month in 2014, Treasury Secre-
tary Juan Zaragoza said Monday. The current decrease is 3.2 percent less
than the revenue projections included in the original $9.8 billion budget
for Fiscal 2016..."

Puerto Rico News Digest For August 19, 2015

DANNY HEADS FOR THE CARIBBEAN

The map above will update automatically throughout the day.

Tropical Depression 4 became Tropical Storm Danny overnight, and re-

gistered maximum sustained winds of 50 mph as of 5:00 AM today. The 

storm is headed straight for the Caribbean, moving west at 14 mph, and 

was located this morning at 11.3N 40.2W. Minimum central pressure was 

estimated at 1000 mb, or 29.53 inches. Danny, which is forecast to stren-

gthen over the warm Atlantic waters, is expected to be approaching Puer-

to Rico between Tuesday and Wednesday. By that time, Danny could have

become a hurricane. No watches or warnings have been issued as of yet.
Keep checking this page and our Twitter feed for the latest information
on Tropical Storm Danny.

11:00 AM AST UPDATE: Tropical Storm Danny located at 11.2N 41.1
W, 1385 miles east of the Antilles, sustained winds are still at 50 mph and
pressure at 1000 mb. The storm is moving to the west at 12 mph. Next
full advisory from the National Weather Service will be at 5PM AST.

5:00 PM AST UPDATE: Danny is now at 11.5N 42.0W, about 1325
miles east of the Antilles, and moving a little more slowly at 10mph,
still moving on a westward track. Maximum sustained winds are hold-
ing at 50 mph, pressure at 1000 mb. Danny could still become a hurri-
cane by Friday.

ROSELLO DECLARES 2016 CANDIDACY

Dr. Ricardo Rosselló, the 36-year-old youngest son of former Gover-

nor Pedro Rosselló, offered statements yesterday that indicate that

he will be seeking the nomination of the pro-statehood New Progre-

ssive Party for the governorship of Puerto Rico in 2016. The formal

announcement of his campaign will happen tomorrow at Roberto 

Clemente Colisseum. Rosselló has for months criticized the island's 

current leadership and their handling of the economic crisis. "We 

find ourselves before unprecedented challenges. We awaken to see 

that the current decisions are only aggravating the situation. We can 

follow the same path or we can look for a transformative and auda-

tious alternative. The actual political leadership thinks that that alter-

native is default, bankruptcy and taxes. I differ from that direction", 

said Rosselló. 

DOJ FUNDING LETTER CAUSES BACKLASH

From Caribbean Business:

A letter to Gov. Alejandro García Padilla, where the U.S. Department 

of Justice (DOJ) makes known that since Tuesday, Puerto Rico and 

agencies that administer federal funds received from DOJ programs 

have been classified as high-risk grantees has already generated public 

outcries. "The letter, sent Monday to La Fortaleza, notifies the gover-

nor that after an audit, the DOJ discovered numerous findings indica-

ting questionable costs and significant weaknesses in the management 

capabilities and internal controls in the administration of federal funds," 

said Miguel Hernández Vivoni, New Progressive Party candidate for 

resident commissioner.

GOV'T FISCAL PLAN TO BE IN THREE STAGES

From The San Juan Daily Star:

La Fortaleza Chief of Staff Víctor Suárez said Monday that the island 

government’s five-year fiscal plan, which is slated to be ready by Aug. 

30, will be divided into three stages. The plan is the basis for a negotia-

tion with Puerto Rico’s bondholders. The STAR learned that it will en-

tail proposals for economic development, labor reform and negotiating 

a moratorium of the debt. The first stage will take two years and con-

sists of the plan’s implementation. The second stage will entail measu-

ring the plan’s performance and changing it, and the third stage will in-

volve maintaining it. 

OFFICIAL: GDB LIQUIDITY AT $1 BILLION

From CNBC:

Liquidity at Puerto Rico's Government Development Bank (GDB) has 

risen to around $1 billion, the commonwealth's chief of staff said on 

Monday, after dwindling to $778 million as of the end of May.That 

was partly boosted by a deal to raise $400 million in Tax & Revenue 

Anticipation Notes (TRANs), a strict disbursement policy and depo-

sits made by public entities, the governor's chief of staff Victor Suarez 

told reporters.

Alexandra Lúgaro Unveils Plan for the Future

Feature

Latin Post

Latin Post presents "Turnout," a series that features leading 

Latino politicians, government leaders and advocacy groups 

discussing and debating the most important issues facing the 

Latino voting bloc. 

Alexandra Lugaro wants to change things in Puerto Rico and break 

free from the shackles of a dysfunctional two-party system that 

has brought the island to its knees. Lugaro, a 33-year-old attor-

ney and businesswoman, is running as the first independent for 

governor of Puerto Rico. The candidate's lack of party affilia-

tion places her outside the political circles, but she aims to 

inject new life, hopes, and ideas into the territory's government.

Born into a family that struggled economically, Lugaro credits 

education for her success, saying it offered her the tools to 

improve herself. She went on to earn a Bachelor's Degree in Busi-

ness Administration at the University of Puerto Rico and later a 

Juris Doctor at the same school...[CONTINUE READING]