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October is Cybersecurity Awareness Month, an effort launched through a collaboration between the U.S. Department of Homeland Security and the National Cyber Security Alliance in October 2004. This year’s theme is “Do Your Part. #BeCyberSmart,” helping to empower individuals and organizations to own their role in protecting their part of cyberspace, the entities said. To discuss strategies to stay safe while online are Tanya Sánchez, financial lines underwriting manager for insurance company AIG Puerto Rico and Marco Ramos, senior consulting manager for accounting firm RSM Puerto Rico.

Find out what he said about: The status of regular and PUA unemployment claims; The payment of three weeks in May owed to PUA beneficiaries; The adoption of the “Fast PUA” system.

It has been a little more than a month since the Puerto Rico Public-Private Partnership Authority announced that LUMA Energy had been chosen to operate, maintain and modernize the Puerto Rico Electric Power Authority’s electricity transmission and distribution system for the next 15 years. Since then, there has been much talk from different sectors in Puerto Rico concerned about what’s to come. So, with that said, News is my Business sat down with LUMA Energy CEO Wayne K. Stensby to talk about aspects related to the agreement and how it will affect consumers, as well as the “behind-the-scenes” of the deal.

Dr. Juan Salgado, a member of the Task Force attending the COVID-19 pandemic on the island, provided several updates on current case numbers, and anticipated that the group has received proposals from the private sector to add new machines for molecular testing of the virus that have been recently approved by the U.S. Food and Drug Administration, in addition to the 200,000 rapid tests it is acquiring from a manufacturer in China. The government may also consider a proposal from a private provider that can lease ventilators, of which there is a shortage throughout Puerto Rico’s hospitals. At present, there are 880 units, of which 500 can be used to address the coronavirus COVID-19 pandemic in Puerto Rico, he said. If the disease spreads as predicted, the island would need between 15,800 and 20,250 ventilators, according to an investigation by the Center for Investigative Journalism. Salgado said neither of those numbers would be possible to attain. CLICK ON THE LINK ABOVE for the full, uncut interview.

Newly confirmed Puerto Rico Institute of Statistics Executive Director Orville Disdier sat down with Dollars and Sense to discuss the agency’s pipeline of projects for this year, including working alongside the U.S. Census for this year’s survey on the island, and working aggressively to shore up more funding from federal government and private sources to boost the services offered. Our latest episode is brought to you by Walmart and FirstBank. For sponsorship opportunities, send an email to sales@newsismybusiness.com.

Ten days after Hurricane María slammed into Puerto Rico in September 2017, Paseo Caribe resumed operation of its oceanfront mixed-use complex. And despite challenges such as the exit of tenants from El Mercado food court and its retail areas, operator CPG Island Servicing continues to bet on the local market and is working again to establish a connection between the property and locals and tourists, through its entertainment and gastronomy options. Sam Kirschner, president of CPG Island Servicing, sat down with Dollars & Sense to discuss those topics, as well as Paseo Caribe’s expectations about the upcoming opening of the El Distrito entertainment venue across the way in Miramar. We want to thank our sponsors for their support of this podcast episode. If you’re interested in joining this elite group, please send us an email to sales@newsismybusiness.com.

Telecommunications service providers in Puerto Rico and the U.S. Virgin Islands have until Dec. 6, 2019 to apply for support through the Federal Communications Commission’s $258.8 million allocation to rebuild and expand 4G LTE and 5G technologies for voice and broadband service in the aftermath of Hurricanes Irma and María. In an order, the FCC’s Wireline Competition Bureau opened the call to apply for mobile support through the “Uniendo a Puerto Rico Fund” and the “Connect USVI Fund.” The support will be provider over a three-year period to facilities-based mobile providers in Puerto Rico and the USVI to do the work. For the three-year term, the FCC allocated budgets of $254.4 million to Puerto Rico and $4.4 million to the USVI. “The Commission determined that eligible mobile providers will have a one-time opportunity to elect to participate in Stage 2 high-cost mobile support by the deadline provided above,” the FCC said. For each territory, a provider that elects to participate will be allocated a share of the budgeted mobile support based on the number of subscribers it served as of June 30, 2017. As part of the requirements to receive funding, mobile providers must submit their Disaster Response and Recovery Plans, which the FCC must approve prior to disbursing the funds. FOR FURTHER DETAILS ON THE FCC’s PLANS TO SUPPORT PUERTO RICO, LISTEN TO OUR EXCLUSIVE INTERVIEW FOR OUR “DOLLARS AND SENSE” PODCAST SERIES, BY CLICKING ON THE LINK ABOVE THIS STORY!

First BanCorp., parent company of FirstBank Puerto Rico reported net income of $46.3 million, or $0.21 per diluted share, for the third quarter of 2019, compared to $41.3 million, or $0.19 per diluted share, for the second quarter of 2019, and $36.3 million, or $0.16 per diluted share, for the third quarter of 2018. “We achieved another strong quarter of core earnings with net income of $46.3 million or $0.21 per diluted share,” said First BanCorp. CEO Aurelio Alemán. “Pre-tax, pre-provision income remained healthy at $70 million this quarter, while franchise metrics continue to move in a positive direction.” During the third quarter, First BanCorp. Experienced a reduction in its loan portfolio of $137 million due in large part to payoffs of two large criticized commercial loans and the repayment of a large non-performing loan, on a year-over-year basis the loan portfolio has grown more than $225 million, or 2.6%, reflecting a 19% increase in the consumer portfolio, an over 2% increase in the commercial and construction loans portfolio, and, consistent with our strategic plan, the residential loan book decreased by 6%, according to its quarterly report. “We continue achieving impressive organic reductions in non-performing assets, down $52 million this quarter, a 14% reduction, which resulted in an NPA to asset ratio of 2.65%. Year-over-year we have reduced our NPAs by $191 million, or 36%. All of this has been done through organic reductions with minimal impact to our earnings,” Alemán said. The bank’s quarterly results were revealed a day after First BanCorp. announced its intention to buy Banco Santander’s assets in Puerto Rico, in a deal worth some $1.1 billion. Once closed, First BanCorp. will add 27 branches and 1,000 employees to its local network. “We’re excited about the strategic transaction that we announced last night. This is a transformational deal for our company. It is an excellent use of our capital generating fully phased-in 2020 consensus EPS accretion of 35% and strengthening our franchise in areas of retail, commercial and small business banking while maintaining capital ratios significantly above well-capitalized guidelines,” Alemán said.  “This deal will significantly improve our branch network and retail footprint, improve our funding profile and brings with it a very talented bench of bankers and a new great client base,” he added. During a call with analysts, Alemán said the strategic announcement “is transformational for the company. It will give us scale, which is important to continue competing and expanding in this market.” For more about First BanCorp.’s expansion plans and how it achieved its recent results, check out the latest episode of our “Dollars & Sense, a News is my Business” podcast series, by clicking on the link above!

Aurelio Alemán, CEO of First BanCorp., the parent company of FirstBank, explained what the acquisition of Banco Santander’s assets in Puerto Rico will represent for the market and the financial institution he heads. He also went over aspects of the bank’s third quarter results, released a day after the deal was made public. We want to thank our sponsors for their support of this podcast episode. If you’re interested in joining this elite group, please send us an email to sales@newsismybusiness.com.

The U.S. Department of Commerce’s Bureau of Economic Analysis is working on establishing a clear picture of Puerto Rico’s economy, and laying down a uniform methodology in line with U.S. mainland states and territories, countries across the world. In this episode of “Dollars & Sense,” Kristy Howell, economist with the BEA, provides more insight on the preliminary numbers released this week. Local economist Juan Castañer, from local analysis firm Estudios Técnicos, reacts to the findings. We want to thank our sponsors for their support of this podcast episode. If you’re interested in joining this elite group, please send us an email to sales@newsismybusiness.com.

For additional details about the FCC’s decision, check out our exclusive interview with Ajit Pai in the latest episode of our “Dollars and Sense” podcast series. Just click on the link to the audio above! The Federal Communications Commission approved $950 million in funding to improve, expand, and harden communications networks in Puerto Rico and the U.S. Virgin Islands, during an Open Meeting in Washington, D.C. Two years ago, communications infrastructure on the islands was devastated by Hurricanes Irma and María. The FCC responded, among other steps, by creating the “Uniendo a Puerto Rico Fund” and the “Connect USVI Fund.”   To date, the FCC has provided about $130 million in additional, one-time Universal Service Fund support to assist with network restoration.   With restoration work substantially complete, the FCC voted to approve the next stage of funding, which will provide mid- and long-term support to “deploy fast, resilient, and reliable networks that will stand the test of time.” To accomplish the goals in Puerto Rico, the FCC voted to allocate more than $500 million over 10 years in fixed broadband support and more than $250 million over three years in mobile broadband support.  In the USVI, the FCC allocated more than $180 million over 10 years in support for fixed networks, and $4 million over three years for mobile networks. FCC Chairman Ajit Pai, who submitted the order approved Thursday, explained that fixed broadband support will be awarded through a competitive process. “Perhaps the most important thing to understand about this proposal is that it goes far beyond simply recovering from the devastation of Irma and María,” he said in an opinion piece published this week in a local newspaper. “It’s about connecting everyone in Puerto Rico to the opportunities of the Internet age. This funding can bring broadband connectivity to people and places in Puerto Rico that have never before had high-speed internet access,” he said.  “This is not a plan to return to the way things were; it’s a plan to move Puerto Rico forward into the digital future,” he added. Providers’ applications will be scored based on objective criteria in three categories: price per location served, network performance (speed and latency), and network resiliency and redundancy, the FCC explained. Support for mobile services will be awarded to providers that were offering mobile services in the territories prior to the hurricanes to “expand and harden 4G LTE networks and deploy next-generation 5G networks.” 

The Federal Communications Commission today approved $950 million in funding to improve, expand, and harden communications networks in Puerto Rico and the U.S. Virgin Islands. Chairman Ajit Pai, who has been front and center of the telecom recovery efforts for Puerto Rico and the USVI since day one after Hurricanes Irma and María hit in September 2017, discusses the historic vote in an exclusive interview with News is my Business. Thanks to our sponsors that make this podcast happen! For sponsorship opportunities, please send us an email to sales@newsismybusiness.com

The political turmoil Puerto Rico has been experiencing in recent weeks is similar to what has happened in other jurisdictions, and investors must be assured that “things will continue to move forward,” Invest Puerto Rico CEO Rodrick Miller said. In an exclusive interview with News is my Business, Miller said it is very early to tell whether things on the island are fine after massive protests resulted in the ousting of former Gov. Ricardo Rosselló and the swearing-in of two new governors in about a week. “I do think we have to show a track record over the next few months — over the next year — that things are continuing to move along,” he said. Invest Puerto Rico is an independent economic development organization established under Law 13 of 2017 to promote Puerto Rico as a competitive jurisdiction to attract business investment and create well-paying jobs. Aside from putting the final touches on its formal strategy for 2020, Miller said the organization has been fielding concerns from investors wanting to know how the current events will affect them. “We’ve had to put out fires. But the fire is mostly companies that are saying, what does this mean for us? And when we talk to them, we tell them that everything is still working in the economic development ecosystem, and that the project they want to carry out can still move forward and the partners they have on the ground still want to make things happen,” Miller said. “When we’ve answered those questions with clarity companies say, great we have what we need and we can continue to move forward,” he said. In the next couple of months, Invest Puerto Rico will be rolling out its promotional plan for Puerto Rico, which for the first time will be out of the government’s hands. “Historically the function [of promoting the island] has been in government. But it’s a global best practice to have a private sector-led entity that focuses on attracting new capital and new jobs to the market,” Miller said. For the FULL interview with Miller, check out the latest episode of our “Dollars & Sense” podcast clicking on the audio above, or by downloading it from your favorite streaming platform.

In this episode of “Dollars & Sense, a News is my Business podcast” we sat down with Rod Miller, CEO of Invest Puerto Rico, the recently launched independent entity responsible for promoting the island in the international business community. We invite you to listen to and share this interesting episode!

Business leaders from the Puerto Rico Private Sector Coalition condemned the arrests of former government officials and collaborators and requested an immediate corrective plan action. For Coalition members, the fact that it is not the first time that a government in power is the subject of corruption accusations, makes it more pressing to take different actions to change the vicious cycle that occurs every four years. “Corruption is not a political partisan issue, so it requires a multi-sectoral effort to be eradicated,” the group said collectively in a statement. The leaders agreed it is imperative “that a holistic plan that achieves eradicating the evil of corruption in our society is implemented. Management systems work in prevention, education and training in both the private and public sectors so that there is transparency in government processes and recruitment.” The statement signed by Francisco Montalvo, coordinator of the Private Sector Coalition that groups some 30 local trade groups, urges the start of more participatory processes of government with the private sector and civil society, to seek effective solutions to the shortcomings of the current anti-corruption system. “All of these control systems against corruption are not working, so it is urgent to review and modify them. You have to give way to investigation, to find out where it is failing, because it is the economic development and quality of life of the people that are directly affected,” the group said. Furthermore, the group said the acts adversely affect the perception to the world of Puerto Rico’s ability to manage public funds efficiently and with the transparency required by law and morality. “There is an urgent need to put processes in place that ensure transparency in all procedures of awarding and monitoring contracts in government, both state and municipal agencies and the legislative and judicial branch levels,” the group said. “The Private Sector Coalition is available to assist in any effort that results in effective measures to contribute to eradicate the evil of corruption in our society,” according to the statement. For more reactions from the private sector, we invite you to download and listen to the latest episode of our Dollars and Sense podcast series, through the link at the top of the story.

Today’s special episode features interviews with representatives from Puerto Rico’s private sector to discuss the events of the last week, when six people with ties to Gov. Ricardo Rosselló’s administration were arrested on corruption charges, as well as the contents of nearly 900 pages of a chat on Telegram involving the governor and a group of his tightest collaborators were revealed. The lineup of interviewees is: Tomás Ramírez, representative of Puerto Rico’s small inns — or paradores — tourism sector;Jorge Argüelles, president of the Puerto Rico United Retailers Association;Jay Fonseca, attorney and news analyst;Kenneth Rivera, Certified Public Accountant and past president of the Puerto Rico Chamber of Commerce;José Joaquín Villamil, economist and founder of the Estudios Técnicos analysis firm; and,José Ledesma, president of the Puerto Rico Chamber of Commerce. At Dollars and Sense, we wanted to know the effects of these situations on Puerto Rico’s current and future business and investment climate. These were their thoughts. For sponsorship opportunities, please email us at sales@newsismybusiness.com.