Strengthening Puerto Rico’s Economy

Strengthening Puerto Rico’s Economy

Sound infrastructure is essential to any municipality. Today, funding for our municipalities remains more critical than ever. The Puerto Rico Government has an opportunity to emerge from the current situation stronger…with the U.S. Congress’s help. Improving Puerto Rico’s infrastructure, its electrical grid in particular, growing its pharmaceutical industry and getting Puerto Rico out of bankruptcy are keys to revitalizing Puerto Rico’s economy.

Below are some articles that discuss how Puerto Rico can strengthen its economy. After years of bankruptcy proceedings, fulfilling PROMESA’s goal of restoring market access for Puerto Rico’s government should remain a key goal for all stakeholders, as that is an essential ingredient to growing Puerto Rico’s economy over the long term.

Puerto Rico Board Seeks Island’s Bankruptcy Exit This Year
(Bloomberg, 5/27/21)

Think tank: Broader discussion needed on use of federal recovery funds
(The San Juan Daily Star, 5/27/21)

With debt deal filed, Puerto Rico is now closer to exiting bankruptcy
(The San Juan Daily Star, 5/13/21)

Puerto Rico Oversight Board affirms PREPA deal
(The Bond Buyer, 5/12/21)

Bill refiled in Congress to develop renewable energy in PR, USVI
(The San Juan Daily Star, 4/29/21)

Puerto Rico board’s population number shown to be too pessimistic
(The Bond Buyer, 4/27/21)

Puerto Rico Debt Crunch Eases as U.S. Aid Lifts Surplus
(Bloomberg, 4/24/21)

Puerto Rico to distribute $750 million for permanent recovery projects
(The San Juan Daily Star, 4/22/21)

Governor names task force on Medicaid & Medicare
(The San Juan Daily Star, 4/20/21)

Biden administration releases $8 billion in disaster funding for Puerto Rico
(The Hill, 4/19/21)

Puerto Rico Towns to Receive Additional $100M in Pandemic Aid: Funds Totaling $300M for Emergency Services During Covid-19 Crisis
(Caribbean Business, 4/14/21)

Federal Treasury Dept. OKs coronavirus stimulus distribution plan for Puerto Rico
(The San Juan Daily Star, 4/13/21)

Puerto Rico Seizes on Junk-Bond Rally With $1.8 Billion Sale
(Bloomberg, 4/8/21)

Puerto Rico revenues exceed projections by double-digits
(The Bond Buyer, 4/6/21)

Treasury Dept.: Jan. collections at $817M, beating forecast by $62.3M
(News Is My Business, 4/6/21)

Puerto Rico ERS bond deal reached
(The Bond Buyer, 4/5/21)

Puerto Rico awarded $900M to help boost island’s education
(The Associated Press, 3/23/21)

Nearly $600 million allocated for PAN, equaling funding levels in states
(The San Juan Daily Star, 3/22/21)

Puerto Rico to get an estimated $10 billion in federal emergency aid
(The Bond Buyer, 3/17/21)

Gov’t redistributes up to $1B in disaster relief funds for island mayors
(The San Juan Daily Star, 3/17/21)

Puerto Rico Files Debt Cutting Plan to Bankruptcy Court
(Bloomberg, 3/9/21)

Puerto Rico to Slash Bond Debt in New Restructuring Pact
(Bloomberg, 2/23/21)

P3 Authority announces two proposed public-private partnerships
(The San Juan Daily Star, 3/9/21)

Puerto Rico government could lose access to $4.5 billion in federal recovery funds: Before the end of the year, Puerto Rico must ensure that FEMA appropriates Hurricane María relief funds intended for repairs or reconstruction or the island could lose those funds
(El Nuevo Dia, 3/7/21)

Puerto Rico tries to pave the road to sell new bonds
(The Bond Buyer, 3/1/21)

Puerto Rico Housing Dept.: $800 Million in CDBG-DR Funds Available
(Caribbean Business, 2/25/21)

General Fund Net Revenues Surpass Estimates in December 2020: $180 million more than revenues from December 2019
(The Weekly Journal, 2/18/21)

Puerto Rico revenues coming in well ahead of projections
(The Bond Buyer, 2/18/21)

Puerto Rico Treasury Disburses Over $1 Billion of the Economic Impact Payment: Expects to finish disbursements this week
(The Weekly Journal, 2/17/21)

Full Child Tax Credit for Puerto Rico Included in U.S. Budget Bill
(Caribbean Business, 2/9/21)

Gov’t pinpoints 10 priority reconstruction projects to propel economic development
(The San Juan Daily Star, 2/9/21)

GAO urges better guidance in FEMA public assistance, Medicaid procurement in PR
(The San Juan Daily Star, 2/9/21)

PR to receive $6.2 billion in HUD funds for long-term projects
(The San Juan Daily Star, 2/3/21)

Biden administration moves to free up $1.3 billion in funding for Puerto Rico
(The Hill, 2/2/21)

Resident Commissioner touts manufacturing resolution added to Republican platform: RNC adopts proposal to bring pharma industry back to US as federal public policy
(Caribbean Business, 8/24/20)

Oversight Board Presents Report on Manufacturing Opportunities for Puerto Rico (press release)
(The Financial Oversight and Management Board for Puerto Rico, 8/4/20)

Manufacturing Opportunities for Puerto Rico: Pharmaceuticals and Medical Devices
(Report by the Boston Consulting Group, Inc. for the Puerto Rico Financial Oversight and Management Board, 8/4/20)

Puerto Rico Healthcare Manufacturing Strategy
(Boston Consulting Group, 8/4/20)

Amid Pandemic, Puerto Rico Poised for Continued Pharma Growth: Island is home to 12 of the world’s top 20 grossing pharma companies (opinion)
(The Weekly Journal, 6/10/20)

It’s the End of the World Economy as We Know It: Experts suggest there will be “a rethink of how much any country wants to be reliant on any other country”
(The New York Times, 4/16/20)

Puerto Rico Poised to be Part of the National Conversation on Manufacturing
(Puerto Rico Report, 3/30/20)

Permanent Repeal of the Jones Act Would Be a Winning Response to COVID-19 (opinion)
(The Heritage Foundation, 4/7/20)

Keeping Up With The Jones Act! Changes A Pandemic And Price War Could Bring!
(Forbes, 4/8/20)

Stateside Puerto Ricans demand answers on unused hurricane aid to Puerto Rico: The Puerto Rican government has only spent $15.2 million of the $1.5 billion available to the island in block grant funds from HUD
(NBC News, 3/10/20)

Regaining credibility in Washington: According to Governor Vázquez Garced, Puerto Rico is slowly regaining the credibility necessary for the disbursement of relief funds
(El Nuevo Dia, 3/6/20)

Reconstruction Coordinator: “My main concern is sustainability”; Rear Admiral Peter Brown met with Puerto Rico´s officials and outlined his priorities to set the island’s recovery on track
(El Nuevo Dia, 2/26/20)

Just Wipe Out Public Debt! — Not a Solution for Puerto Rico or Anyone Else (opinion)
(MuniNet Guide, 2/22/20)

Disaster Prevention: lessons from the earthquake
(El Nuevo Dia, 1/29/20)

Hands Off Puerto Rico’s Effort to Modernize Its Electrical Grid (opinion)
(El Nuevo Dia, 12/18/19)

Puerto Rico gets near-failing grade on infrastructure report card
(Reuters, 11/12/19)

Proskauer’s Revenue Crosses $1B Amid Growing Puerto Rico Workload: More firm lawyers than ever worked on Puerto Rico’s reorganization, while Proskauer’s London office revenue increased by 18.5%
(The New York Law Journal, 3/10/20)***

*** The Executive Director of Puerto Rico’s Oversight Board, Natalie Jaresko in Q1 2020 released this statement: “Not only is remaining in bankruptcy costly to the economy now, but without access to capital markets in the future, Puerto Rico’s ability to invest in infrastructure is limited. It is paramount that we turn the corner from this crisis as soon as reasonably possible.”