According to the latest report by the Financial Oversight and Management Board for Puerto Rico, the long-term 40 year surplus is projected to ring in at $20 billion-far higher than their forecast on June 29, where they predicted a surplus of $4 billion. This projection is a result of a new plan expecting increased revenue due to cut costs, an influx of disaster aid, consolidated agencies, healthcare reform, and an increased tax revenue. Negotiations are still going on before certifying the new fiscal plan, as the board recently submitted a letter to Governor Ricardo Rosselló on September 19, calling...Read More
Author: Christina Gayton
Puerto Rico’s sales tax bonds surged as much as 30% this past week due to promising performance from companies like Popular Inc, FirstBank Puerto Rico, and OFG Bancorp, all of which reported good growth from second quarter (Q2). The bonds rose as high as 53 cents on the US dollar this past Wednesday, compared to 41 cents just prior. Popular Inc. (BPOP) showed the strongest reports for Q2, with $491.56 million in revenue and $279.78 million in net income, exceeding Q2 2017 income by 17%. Adjusting to include the end of FDIC’s last year agreement, net income was $120...Read More
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