BOOK OF LIST_2017

An Indispensable Marketing, Purchasing & Research Tool Vital Information & Statistics of Puerto Rico Information on Thousands of Top Companies Ranking Charts of Over 120 Industries Top 400 Locally Owned Companies$16.95





TABLE OF CONTENTSPuerto Rico Market Facts ConstructionPuerto Rico in Brief 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Architectural Services Firms 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Highest-Paying Occupations 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Construction Companies 90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Incentives 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Construction Equipment Companies 91. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Occupational Employment & Wages 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Construction Management Companies 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Oldest Companies 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Construction Materials Suppliers 92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .P.R.’s Public Companies 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electrical and/or Mechanical Contractors 94. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Private-Sector Employers 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electrical Materials Suppliers 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Trade Associations 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Engineering Firms 87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Types of Businesses in P.R. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Structural Steel Erectors & Fabricators 98. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.S. Public Companies in P.R. 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . EducationTop 400 Private Schools 104. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Top 400 Review 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Technical Institutes 108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Top 400 Locally Owned Companies Index 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Universities 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Top 400 Locally Owned Companies 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .100 Fastest-Growing Locally Owned Companies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .56 Green IndustryFamily-Owned Companies 58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Women-Owned Businesses 57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Agribusiness Companies 115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Environmental Firms 116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Banking & Finance Landscaping Services Companies 118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Recycling Companies 117. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Commercial Banks 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Renewable Energy Products & Services Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114Credit Unions 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Waste Disposal Firms 119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Mortgage Companies 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Small Business Lenders 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FinanceCommunications Auto Financing Companies 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Personal Finance Companies 65. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cellphone Users Worldwide 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Securities Brokerage Firms 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cellular Network Communications Carriers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72Fixed Telephone Users Worldwide 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . HealthLong-Distance Telephone Companies 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Telecommunications Companies 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Clinical Laboratories 124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Private Hospitals 126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Computers & Technology Public Hospitals 125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Information Systems Consulting Firms 76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . InsuranceInternet Service Providers 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Internet Users in the Americas 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Automobile Insurers 137. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Printer & Scanner Distributors 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Foreign Life Insurers 137. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Systems-Integration Firms 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Health Insurance Companies 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insurance Brokers 135. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Local Life Insurance Companies 132. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Property & Casualty Insurance Companies 136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

TABLE OF CONTENTSManufacturing Management Consulting Firms 172. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Market Research Companies 173. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Beverage Products Manufacturers 143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Office Design Stores 171. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Electrical Equipment & Components Manufacturers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Outdoor-Advertising Companies 178. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Food Products Manufacturers 144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Public Relations Firms 174. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Packaging Component Companies 145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Security Guard Companies 179. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pharmaceutical Manufacturers 147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Security Systems & Services Companies 181. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Plastics Manufacturers 146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Telemarketing & Contact Centers 178. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Surgical & Medical Devices Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141 Temporary Employment Companies 168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Top Local Manufacturers 140. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Validation & Regulatory Compliance Services Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183Window & Door Manufacturers 148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tourism & LeisureMedia Auto Rental Companies 186. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .AM Radio Networks 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Convention & Meeting Facilities 188. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .FM Radio Stations 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Hotels 190. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Newspapers-Daily 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Marinas 192. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Newspapers-Weekly 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paradores 193. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .TV Stations 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Passenger Airlines 194. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Real Estate TransportationCommercial Real-Estate Companies 100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Busiest Roads 207. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Office Buildings in San Juan Metro Area 97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cargo Airlines 207. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Office Building Management Companies in San Juan Metro Area . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Cargo Shipping Agents 198. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Residential Real-Estate Companies 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Customs Brokers 201. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shopping Center Management Companies 89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Moving Companies 203. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Freight Consolidators 200. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Retail Ocean Cargo Carriers 199. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucking Companies 204. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Apparel Retail Chains-Locally Owned 151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Warehousing & Storage Companies 206. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Auto Dealers 153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .General Merchandise Stores 152. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . WholesaleHome Furniture Stores 158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Office Supplies & Equipment Stores 154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Air Conditioner Distributors 210. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Pharmacies 155. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Auto Wholesalers 212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Restaurant Franchise Operators 156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Beverage Products Distributors 212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shopping Centers 157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Chemical Distributors 213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Supermarkets and Cash & Carries 158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Electric Generators Distributors 214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Top 20 Retailers 150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Food Products Distributors 215. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Food Service Distributors 216. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Services Petroleum Products Wholesalers 216. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Top 20 Wholesalers 217. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Accounting Firms 163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Advertising Agencies 175. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Advertisers Index 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Collection Service Agencies 165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Company Index 218. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Commercial Printers 166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Executive Search Companies 167. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Law Firms 169. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 3



Fuller Group Offering Integrated Customized Facility Management & Outsourcing Solutions Million1S1q.ft. PTriovpat2e0SectorFULLER GROUP FACTS CL4eo0am0dpinagniesAmong 400 Leading Companiesin Puerto Rico Experience the FULLER DIFFERENCE Fuller Group is a conglomerate of compa- nies providing integrated facility manage-Top 20 Private Sector Employer All our business solutions are supported by a unique ment services, outsourcing solutions and innovative and comprehensive quality and support structure products to business and consumers inProvide Facility Services to over Puerto Rico for more than 40 years. We have11 million sq ft Business Intelligence Unit evolved our businesses and services to con- Assures continuous improvement in all our services sistently meet our clients’ needs, regulatoryIndustrial & commercial facility management services through process efficiency, optimization, cost avoidance and requirements and high quality expectationsand human resource outsourcing. Antilles Services is cost reduction.the evolution of Antilles Cleaning Services because • Servicesafter 42 years in business we offer much more than Quality Control • Housekeepingjust cleaning services. Establishes and measures quality standards, complying • Landscaping with regulatory requirements, develops and implements • Pest ControlSpecialized in Healthcare facility maintenance, training programs (human resources, operational techniques • Handy Personsguaranteeing a pure and healthy environment. and safety issues), conducts service audits and client • Lab AssistantsOur integrated maintenance department includes: satisfaction surveys. • Securityadministration specialized equipment, quality control, • Passenger Servicesspecialized personnel, green cleaning, Expertise • Recycling Logisticstraining & regulatory compliance. With over 40 years in Puerto Rico and member of Industry • Foreclosed Property Maintenance organization (ISSA, BSCAI, IFMA, NPMA, Planet, PRPCA).Offers Landscaping, Pest Control, Skilled personnel through Fuller Training Institute, & Salesand Handy Persons Services. Have Category Managers experts in their industry and • Post Construction Cleaning regulatory regulations. • EngineeringDistribution of high quality janitorial products, • Moving Servicespaper products and specialized equipment for Fuller Plus • Paintingindustrial and residential customers. Employee motivation and Incentive program. • Temporary Labor • Hygiene ServicesAn Asset Conservation Management company Inhouse Safety Officer • Mail Deliveryproviding maintenance and post construction Implement a robust safety program, train employees to • Laundrycleaning services to foreclosed properties. ensure compliance with safety regulations and certify • Payroll harmless work areas. • HR Outsourcing • Material Handling & Logistics Logistics & Fuller Repair Shop Delivery of products, materials and equipment islandwide. 787-788-8080 Equipment and maintenance repair through factory-trained PO Box 362617 San Juan, PR 00936-2617 mechanics assuring machine uptime www.fullergrouppr.com

ADVERTISERS’ INDEXCOMPANY PAGE(S) COMPANY PAGE(S) COMPANY PAGE(S)A-B EDP University ....................................................................... 43 Néstor Reyes Inc. (NRI) ....................................................201 Empresas Santana (Wyndham Garden at Newmark Grubb Caribbean ...............................................84Academia María Reina .......................................................103 Palmas del Mar/Four Points by Sheraton/ Oasis Financial Services........................................................65Adecco Personnel Services Inc. ........................................ 51 by Wyndham) ....................................................................184 Oldach (Midea) ...................................................................211ADT Security Services........................................................180 Equipos Pro Impedidos.......................................................121 Olympic Agency Insurance ................................................134Advantage Self Storage Inc. ................................................ 38 Escalate Sciences, Research, Training ...................... 41,182 On-Net ...........................................................82, Back CoverAFD ........................................................................................171 Escuela Hotelera de San Juan ..........................................109 Oquendo Logistics Inc........................................................204Air Master Awning LLC .....................................................148 Expressway Eco-Printing Solutions.................................... 52AIT Worldwide Logistics ................................................... 33 First Health Care (FHC) ...................................................131 P-RAKM Industries ....................................................................142 First Medical Health Plan Inc. ...........................................130American Military Academy (AMA) ................................107 FPV & Galíndez PSC............................................................164 Packaging Solutions Co. (Flexible Packaging)................145American School .................................................................102 Fuller Group ............................................................................. 5 PanAmerican Life Insurance CompanyAndrew D. Carlson, a licensee of Jones García Trucking Service Inc. (GTS).................................205 of P.R. (Palig).......................................................................130 Lang LaSalle (JLL) ...............................................................101 Genesis Security Services Inc. ................................32A, 180 PAS Technologies ................................................................138Antilles Power .....................................................................192 González Torres & Co. CSP (GT) ........................59, 132 PharmPix ................................................................................133AON .......................................................................................133 Gran Meliá Golf Resort Puerto Rico..............................190 Prime Janitorial ......................................................................... 2Arcadis Caribe PSC.............................................................116 Graybar ................................................................................... 95 PRO-Coating Treatments Inc. ............................................93AT&T ........................................................................................ 73 Professional Communications Inc. (PCI)..........................33Atlantic University College................................................102 I-L Property Concepts CommercialAvis/Budget ..........................................................................187 (Cushman & Wakefield)...................................................100Barroso Pumps ....................................................................... 34 IFCO Recycling Inc..............................................................117 Quality Water Service........................................................113Boston Scientific...................................................................141 Ikon Group............................................................................131 Quest Diagnostics ...............................................................125 Innovative Solutions (iNSOL) ............................................. 76 Refricentro Inc......................................................................210C-D Integrated Services for Productivity Renova Solutions ...................................................................45 & Validation Inc. (ISPV) ....................................................182 Republic Services .................................................................118Caparra Country Club .......................................................189 Inter American University of Puerto Rico (Inter) .......111 Retail Group (The)................................................................57Carestream ..........................................................................126 Interboro Systems Corp................................................... 32B Rimco Inc...............................................................................214Caribe Federal Credit Union..............................................62 ITConsultantsPR (ITCPR)....................................63, 79, 129 Robinson School ..................................................................105Casillas, Santiago & Torres LLC .....................................170 Jaime Maduro Customs Brokers Rodríguez, Rivera & Toro PSC (RRT)............................163CCM Puerto Rico (Hatillo Town Center) .............. 89, 97 & Freight Forwarders .......................................................198 Roma.......................................................................................151Cervecera de Puerto Rico ................................................... 3 JCA (JC Automation)..........................................................147Christiansen Commercial Real Estate ............................100 José G. Flores Inc. (JF)........................................................202 S-ZChubb Insurance Co. of Puerto Rico (ACE) ................136 Kelly Services........................................................................168CIC Construction Group S.E. ...........................................8B Kevane Grant Thornton LLP ............................................. 8A Saint John’s School .............................................................107Citibank N.A. (Citi)...............................................................61 Laboratorios Borinquen .....................................................124 Sistema Universitario Ana G. Méndez .............................. 1Colegio San Ignacio de Loyola..........................................106 Linde Gas Puerto Rico Inc. ...............................................213 Softek Inc. ................................................................................78Colegio San José ..................................................................104 LPG Certified Public Accountants SoftwareOne Puerto Rico & USVI ...................................77Columbia Central University ............................................110 & Business Consultants....................................................161 Sprint ........................................................ Inside Front CoverCommonwealth-Parkville School (CPS).........................105 Starlight Advertising SpecialtiesConsolidated Waste Services Corp. (ConWaste) ........53 M-O & Promotions Inc. ............................................................174CooPACA................................................................................63 Stericycle................................................................................128CRB Caribe LLP ....................................................................86 Makko ....................................................................................... 35 Systronics ......................................................................81, 171Crowe Horwath Vélez.......................................................162 MAM Group Realty ............................................................. 37 Technical Distributors Inc. ................................................208CSCG Inc. ............................................................................138 Manatí y Mayagüez Medical Center ...............................127 Techno Plastics Industries Inc. (TPI)...............................146CT Radiology Complex Inc................................................... 8 Marsh Saldaña .......................................................................120 Telefónica Business Solutions .............................................74 Martin Brower (MB) ............................................................ 36 The Wave Hotel Condado................................................188D-H McConnell Valdés LLC ......................................................169 Thomas Alva Edison School .............................................109 MCS......................................................................................120A Triple-S Salud ................................................................... 120BDanosa...................................................................................... 39 Metro Pavía Health System ...............................................123 Universal Group....................................................................... 4DHL Supply Chain ..............................................................197 Molinos de Puerto Rico (Amapola) ...............................144 Veolia ......................................................................................119Double Tree by Hilton San Juan .....................................191 Myriad Benefits Inc. .............................................................134 Vidal & Rodríguez Insurance Brokers (V&R) ................135Easy Payroll ............................................................................54 National Shipping of America ...........................................199 Yobel Supply Chain Management.....................................200Edge Legal Strategies PSC....................................................346 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Publisher Editor in Chief Editor’s Letter Miguel A. Ferrer Heiko Faass Dear Reader, Executive Editor Francis E. López del Toro It is with great pride that we present to you the 29th annual edition of the most reliable and complete source of information on the EDITORIAL leading companies in every industry in Puerto Rico. Special Projects Researcher Marilda Quiñones del CastilloResearcher, Industry & Commerce Ana D. Ortiz You will find in its contents information on over 1,500 of the largest Researcher, Tourism & Leisure Ayleen Anqueira companies, in more than 120 industry segments in Puerto Rico’s business community, organized in 15 color coded user-friendly SALES DEPARTMENT sections. Segments listed are mostly ranked by annual revenue Chief Sales Officer and include information such as company names, addresses, top Carlos J. Pérez executives, amount of employees, phone & fax numbers and Internet addresses, among others.Tel. 787-728-3000 ext. 4775 Fax 787-268-5058 The Book of Lists begins with the Puerto Rico Market Facts section, Account Managers Cheryl Lamboglia, featuring vital statistics from the island. Followed by the Top 400 Lizzette López Locally Owned Companies list, a barometer of the Puerto Rico economy for more than two decades. Account Executives Elena Díaz, Jackeline Matos, Michelle Ortiz This publication offers you information that would take you too much effort to obtain elsewhere, saving you time and money. It is the most PRODUCTION DEPARTMENT referred to and widely used all-year-round business reference book inArt Director/Head of Production Alvin Irizarry Puerto Rico by local businesses, investors and companies considering our island and an indispensible resource for your marketing and sales Manager Blanca Santiago team. Prepress Manager Carlos Laboy Senior Graphic Artist Dennis J. Chaparro Our research team has worked intensively to make the lists Commercial Graphic Artist Manny López as complete, up-to-date and accurate as possible, based on the Scanning Supervisor Iván Ramírez information provided by the companies themselves, as well as other sources. If you believe your company should be included in one of Chairman CEO our future lists, please feel free to contact me. Miguel A. Ferrer Heiko Faass We thank you for your continued support as we look forward toCirculation Department Tel. 787-728-7670 Fax 787-728-0195 fulfill our commitment of satisfying your business information needs.Customer Service/Subscriptions Francis E. López del ToroS.J. Metro Area: Tel. 787-728-8280 Toll-Free: 1-844-723-2351 Executive EditorEmail: [email protected] THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 7Editorial: Tel. (787) 728-9300 Fax (787) 268-2280Sales: Tel. (787) 728-1240 Fax (787) 268-5058Sales Email: [email protected]: $16.95 Copyright © 2017 Latin Media House LLC Registered in U.S. Patent and Trademark Office (ISBN: 0-945579-63-2)No part of this publication may be reproduced, stored in any retrieval systemor transmitted in any form or by means electronic, mechanical photocopying, recording or otherwise, without prior written permission of the publisher, Latin Media House LLC. ALL RIGHTS RESERVEDThe Book of Lists is published annually by Latin Media House LLC1700 Fernández Juncos Ave., San Juan, Puerto Rico 00909-2938 It is the policy of Latin Media House LLC to promptly correct and clarify any error or misleading information that may appear in this publication.To correct any error or request clarification, please call (787) 728-3000 ext. 3593.

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P.R. MARKET FACTS

P.R. MARKET FACTS

Puerto Rico Atlantic OceanMarket FaccttssOfficial Name: Caribbean SeaCommonwealth of Puerto Rico (July 25, 1952)Became a U.S. territory in 1898Total Area:5,324.8 Sq. milesCapital: San Juan Economics (FY 2015) Tourism (FY 2016)Currency: U.S. DollarNationality: U.S. Citizens Gross Domestic Product $102,906.0 million Total Registrations 2,644,808Government: Democratic system of (in current dollars): Hotels & Inns elections every four years Gross National Product $68,520.6 million Nonresidents 1,792,143Ruling Party: (NPP) (in current dollars): United States & Canada 1,615,873Time Zone: Atlantic Standard Time; International Markets GNP per Capita: $19,549 Caribbean 123,579 Greenwich Mean Time -4 Latin America 33,844 GNP Growth (constant): -0.6% Europe 35,762Area Codes: 787, 939 Other Countries 44,719 Inflation: -0.3% Others* 9,254 52,691 Unemployment: 12% (FY 2016) Residents 852,665The People: Bankruptcies: 10,724 (FY 2016)Ethnicity: Hispanic/Puerto Rican Preliminary figuresOfficial Languages: Spanish/EnglishPopulation: 3,411,307 (2016 Estimate) *Includes crew membersPeople per sq. mile: 996.4 (2016 Estimate)People per sq. mile: 1,088.2 (2010 Census) Main Trading Occupancy 70.4% Partners (FY 2016) Total Room Nights Occupied 3,469,868 Total Room Nights Available 4,931,967Climate: Country Exports Imports Preliminary figures (In Thousands $) (In Thousands $) Source: Puerto Rico Tourism Co. AustriaAverage High 90 94 93 91 Belgium 1,112,273.4 7,659.9 PoliticsTemperature (ºF) Brazil 4,375,298.9 841,418.2 797,760.1 Next Elections: November 2020Average Low 71 75 75 73 124,948.5 Head of Government: Gov. Ricardo Rosselló NevaresTemperature (ºF) China 849,300.2 748,313.6 Percentage of votes cast elections (2016)Average 3.2 1.9 3.9 4.7 Dominican NPP New Progressive Party 41.76% RepublicPrecipitation (in.) 548,962.4 441,113.1 PDP Popular Democratic Party 38.92% Jan.-Mar. Apr.-Jun. Jul.-Sept. Oct.-Dec. France 494,112.7 183,742.4 NPA Non-Party Affiliated:Transportation: Germany 284,760.5 276,134.1 Alexandra Lúgaro 11.12%Passenger Movement (FY 2015) Ireland 142,618.1 5,183,036.9 Manuel Cidre 5.73%LMM Int’l Airport: 9.01 million passengers Italy 1,210,903.2 275,487.9 PIP Puerto Rican Independence Party 2.13% (inbound/outbound)San Juan Port: 1.33 million cruiseship passengers Japan 891,219.7 386,901.7 WPP Working People’s Party 0.34% Senate:Cargo Movement (FY 2016) Mexico 276,409.4 500,467.2LMM Int’l Airport: 1,100.48 million magtow lbs.* NPP New Progressive Party 21Regional Airports: 166.70 million lbs.San Juan Port: 7.01 million short tons** Netherlands 2,478,316.3 312,037.2 PDP Popular Democratic Party 7 * Magtow = maximum gross takeoff weight Singapore 643,926.9 3,702,781.4 PIP Puerto Rican Independence Party 1 ** Short ton = 2,000 pounds Spain 1,170,082.5 200,505.5 NPA José Antonio Vargas Vidot 1Island Transportation NetworkCommonwealth System Roads: 7,752.15 km. Switzerland 76,361.9 653,732.7 Total Members: 30Highways: 301.8 km. Expressways: 224.7 km. House of Representatives:Municipal System Roads: 28,024.85 km. United 653,727.5 346,299.2 Kingdom NPP New Progressive Party 34 United States 54,592,537.6 24,076,175.7 PDP Popular Democratic Party 16 Other Countries 1,930,311.9 4,386,500.1 PIP Puerto Rican Independence Party 1 TOTAL 71,856,071.8 43,320,066.7 Total Members: 51 Source: Puerto Rico Planning Board THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 9

Average Family Income Bankruptcies In Current Dollars (Fiscal Years)2015 P 55,042 Fiscal Years 2014 2015 2016 Chapter 7 4,159 4,163 4,4862014 R 53,248 Chapter 11 Chapter 12 208 150 2782013 R 55,035 Chapter 13 27 17 23 Total 5,9372012 R 52,749 6,622 5,991 10,724 11,016 10,3212011 R 51,258 Source: United States Bankruptcy Court, Puerto Rico District 0 $35,000 $40,000 $45,000 $50,000 $55,000 Personal Consumption Expenditures P - Preliminary figures R - Revised figures In Millions of Dollars Source: Puerto Rico Planning Board Fiscal Years 2013R 2014R 2015 P Government Consumption Expenditures Business Services 2,733.7 2,609.1 2,701.3 Clothing & Accessories 3,833.3 3,637.6 3,544.8 In Millions of Dollars Food 9,534.9 9,586.0 9,412.6 (Fiscal Years) Household Operations 7,504.6 7,333.9 7,649.8 Housing 9,978.5 10,218.7 10,717.12015 P 9,189.8 Medical & Funeral Services 11,608.7 11,497.2 12,540.6 Recreation 4,906.4 5,029.5 4,871.82014 R 10,946.0 Transportation 7,968.8 7,847.0 6,683.22013 R 10,589.42012 10,794.62011 10.506.6 P - Preliminary figures R - Revised figures Source: Puerto Rico Planning Board 0 $7,000 $8,000 $9,000 $10,000 $11,000 P - Preliminary figures R - Revised figures GDP by Industrial Sector Source: Puerto Rico Planning Board Agricultural Gross Income In Millions of Dollars In Millions of Dollars Fiscal Years 2013R 2014R 2015P (Fiscal Years) 1,051.1 Construction 1,216.1 1,080.8 5,438.8 7,266.92015 P 946.8 Finance & Insurance 5,758.3 4,755.3 3,817.6 965.4 2,408.32014 R Government 8,237.5 7,825.1 48,309.8 16,042.0 Healthcare & Social Services 3,606.2 3,694.8 4,952.5 2,720.42013 R 781.5 Information 2,330.7 2,334.2 739.2 Manufacturing 47,580.9 47,714.62012 R Real Estate & Rental 15,426.3 15,832.52011 R 778.9 Retail 4,963.3 5,018.5 Wholesale 2,662.3 2,710.1 0 $300 $400 $500 $600 $700 $800 $900 P - Preliminary figures R - Revised Figures P - Preliminary figures R - Revised figures Source: Puerto Rico Planning Board Source: Puerto Rico Department of Agriculture Total Retail Sales Petroleum Imports In Millions of Dollars Average Price Per Barrel in Dollars (Fiscal Years)2016 37,293.4 Fiscal Years 2014 2015 20162015 R 38,274.0 Diesel 126.4 97.6 55.32014 R 38,547.7 Fuel Oils 105.6 75.0 41.32013 Gasoline 118.8 87.0 59.1 36,197.7 Kerosene 126.2 96.0 57.3 Motor Fuel 112.8 88.8 67.12012 R 35,897.8 Source: Puerto Rico Planning Board2011 34,874.9 0 $20,000 $25,000 $30,000 $35,000 $40,000 R - Revised figures Source: Puerto Rico Planning Board10 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

PLACES OF INTEREST EDUCATION HEALTH Hacienda Buena Vista, Ponce (Academic Year 2015-16) Life 787-722-5882 - Tour around the (2015) SAN JUAN facilities of a coffee plantation built in No. of Students RegisteredFort San Cristóbal the 19th century. 31,229 Ponce Historic Firehouse Private Sector Births 28,335787-729-6754 - The largest fort built 787-284-3338 - Building that served Deathsby the Spanish covering 27 acres. as the headquarters for firefighters in Schools 142,235*Fort San Felipe del Morro Ponce from 1883 to 1989.787-729-6754 - One of the largest Ponce Museum of Art Universities 137,893historical forts in the Caribbean. 787-840-1510 - A collection of moreLa Fortaleza than 4,500 works of European, Puerto Technical Institutes 29,973 Main Causes of Death787-721-7000 - Historical palace Rican and Latin American art. 1. Cancerwhere the governor resides. Serrallés Castle Museum, Ponce Public Sector 2. Cardiovascular DiseasesPuerto Rico Museum of Art 787-259-1774 - A 1930s mansion of 3. Diabetes Mellitus787-977-6277 - A collection of art- the Serrallés family, renowned name Schools 379,818works from the 17th century to present. in the rum industry.San Juan Bautista Cathedral Tibes Ceremonial Park, Ponce Universities 62,408787-722-0861 - Church built in 787-840-2255 - Ceremonial center,neoclassical architecture by the home of more than 180 remains of Technical Institutes 2,796Spanish in the 1520s. Igneri and Pre-Taíno Indians. No. of Institutions Hospitals & Doctors NORTH EAST Private Sector (2016)Arecibo Observatory Culebra Wildlife Nature Refuge787-878-2612 - World’s largest 787-742-0115 - Small island with Schools 795 Private Hospitals 61radiotelescope. beautiful beaches, and habitat forBacardí Rum Distillery, Cataño exotic birds and endangered species. Universities 52 Public Hospitals 9787-788-8400 - Tour around the El Yunque National Forest,Bacardí rum factory. Río Grande Technical Institutes 21 Doctors 10,998Camuy River Cave Park 787-888-1810 - The only tropical787-898-3100 - A 268-acre cave rainforest in the world, home to Persons Per Doctor 310system with tours around the complex. tropical plants and more than 60 bird species. Public Sector CENTRAL Mosquito Bay Nature Reserve, Vieques Schools 1,332 RESOURCESCaguana Indigenous Ceremonial 787-999-2200 - Bioluminescent bayPark, Utuado with microscopic dinoflagellates that Universities 14 Electric Energy (FY 2015-16):787-894-7300 - Small outdoors sparkle at night.museum of the Taíno tribes. Technical Institutes 4 Production: 20,899.5 kWhSan Cristóbal Canyon, Aibonito WEST787-697-1711 - A volcanic rift *Figure based on 91.8% of the institutions. Consumption: 17,349.1 kWhincluding two rivers running through it Dr. Juan Rivero Zoo, Mayagüezwith several waterfalls. 787-832-6330 - An open savannah MEDIA Cement (FY 2015-16):ToroVerde, Orocovis style zoological park.787-867-7020 - Ecological adventure Porta Coeli Religious Art Museum, Publishing Media Production: 11,860,000 Sacks*park with zip-line adventures, San Germán 6 Daily Newspapersincluding the world’s longest zip-line. 787-892-5845 - One of the oldest 17 Weekly Newspapers Total Sales: 12,189,000 Sacks* churches in the U.S. territory built in SOUTH 1606. Radio Milk (FY 2014-15P): Rincón Lighthouse & Park FM Frequency - 52 Stations Production: 264,571,000 qts.Coamo Hot Springs 787-823-5024 - A tower surrounded AM Frequency - 76 Stations Total Value:787-825-6688 - A natural spring of by a park with an ocean view perfect $216,175,000geothermally heated mineral waters. for whale-watching.Guánica Dry Forest Television Plantains (FY 2014-15P):787-821-5706 - World’s largest dry 15 Commercial Broadcast Production: 255,818,000forest and home to more than 600 Total Value: $72,435,000species of exotic fauna. TV Channels/Networks with 13 Affiliates/Repeaters Poultry (FY 2014-15P): 1 Public Broadcast Production: 76,068,000 lbs. TV Channel/Network Total Value: 1 Cable TV Provider $86,958,000 2 Satellite TV Providers * 94-pound sacks P - Preliminary ENVIRONMENT Longest Rivers Miles Largest Lakes Hectares Camuy River Cave Park Río Grande de la Plata 60.5 Guajataca 526.0 Río Grande de Loíza 40.0 Guayabal 500.0 Río Grande de Añasco 40.0 Carraízo 421.7 Río Culebrinas 34.0 La Plata 404.7 Río Grande de Arecibo 33.0 Toa Vaca 324.0 Río Guajataca 25.5 Caonillas 283.3 Río Grande de Manatí 25.0 Dos Bocas 256.6 Río Bayamón 25.0 Patillas 127.9 Río Camuy 24.0 Carite 123.8 Río Guanajibo 24.0 Guayo 115.3 Río Yauco 22.6 Cidra 110.5 Río Cibuco 22.0 Luchetti 107.7 Río Jacaguas 22.0 Garzas 36.8 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 11

History Highlights1493 Christopher Columbus 2001 Layman Carlos Manuel discovers Puerto Rico. Rodríguez becomes the first Puerto Rican to be beatified.1586 Spain decrees Puerto Rico Pope John Paul II performs the is to receive economic aid, ceremony in the Vatican. historically known as “Situado Mexicano.” 1928 Women’s right to vote is 1980 Romero Barceló (NPP) is 2003 Roosevelt Roads U.S. Naval recognized. re-elected as governor; Station was ordered to1765 Spain lifts some trade & Luis Muñoz Marín dies. close by the U.S. Congress; commerce restrictions; first 1940 The Popular Democratic Party Associate Justice Miriam official census taken. (PDP) wins control of the 1984 The PDP wins the elections; Naveira becomes the first Senate; begins a change in the Hernández Colón is elected woman to be appointed1810 First elected Deputy to the political orientation. governor. Supreme Court Chief Justice; Spanish Court, Ramón Power former governor and NPP y Giralt, is sent to Spain. 1946 Jesús T. Piñero becomes 1988 The PDP wins the elections; Founder Luis A. Ferré dies. the first Puerto Rican to be Hernández Colón is re-elected1868 A failed uprising against the appointed governor. as governor. 2004 The PDP wins the elections; Spanish Crown takes place Aníbal Acevedo Vilá is elected in the town of Lares (Grito de 1948 The first Puerto Rican elections 1991 Spanish is declared the governor. Lares). for governor are held. Luis island’s official language. Muñoz Marín becomes Puerto 2006 A 5.5% Sales Tax is1869 The first political parties are Rico’s first elected governor. 1992 The NPP wins the elections; implemented after derogating established. The island participates in the Pedro Rosselló becomes the 6.6% excise tax. Also Olympic Games. governor and reinstates English a 1.5% municipal tax is1873 Slavery is abolished. & Spanish as official languages. implemented.1897 Puerto Rico is granted a Letter 1952 A constitution for the 1993 A status plebiscite is held; 2008 The NPP wins the elections; of Autonomy from Spain, Commonwealth of Puerto Rico the Commonwealth formula Luis G. Fortuño is elected allowing it to enter into free is adopted. receives 48.58% of the vote; governor. commerce with the United statehood, 46.34%; and States and European colonies. 1967 A status plebiscite is held; independence, 4.45%. 2012 The PDP wins the elections; the Commonwealth formula Alejandro García Padilla is1898 As a result of the Spanish- receives 60.41% of the vote; 1996 The NPP wins elections. elected governor. Another American War, Puerto Rico statehood, 38.98%; and Rosselló is re-elected as status plebiscite is held; becomes a territory of the independence, 0.60%. governor. Section 936 of the 53.97% of voters weren’t United States. U.S. Internal Revenue Code is in favor of maintaining 1968 After 28 years in power, the eliminated by the U.S. Congress. nonterritorial political status,1900 The Foraker Act regulates the PDP is defeated by the New while 46.03% voted for keeping political & economic relations Progressive Party (NPP), which 1998 A third status plebiscite the current status. Of those between Puerto Rico and the favors statehood. Luis A. Ferré is held; 50.3% of the 53.97% of voters, statehood U.S., and organizes a civil becomes governor. voters select the none- received 61.16%, Sovereign government. of-the-above option; Commonwealth 33.34%, and 1972 The PDP wins the elections; statehood receives 46.5%; independence 5.49%.1903 The University of Puerto Rico is Rafael Hernández Colón is independence 2.5%; free founded. elected governor. association 0.3%; and 2016 The NPP wins the elections: Commonwealth 0.1%. Ricardo Rosselló Nevares,1917 The Jones Act grants U.S. 1976 The NPP wins the elections; son of former governor Pedro citizenship to Puerto Ricans Carlos Romero Barceló is 2000 The PDP wins the elections; Rossello, is elected governor. and provides for the creation elected governor. Sila M. Calderón becomes the of a local Senate. first woman to be elected as 1979 The Pan American Games are governor. held in Puerto Rico.12 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Employment by Industrial Sector Total Cement Production Thousands of Employees In Thousands of 94-Pounds Sacks (Fiscal Years)Fiscal Years 2014R 2015R 2016 2016 11,860 239 238 2015 12,333Commerce 231 36 33 34 44Construction 42 82 85 197 190Finance, Insurance & Real Estate 30 162 164 2014 13,793 333 351Manufacturing 85 45 43Public Administration 204 2013 15,335Self-Employed 149Services 339 2012 17,501Transportation, Communications 45 0 5,000 10,000 15,000 20,000 25,000 & Public Utilities Source: Puerto Rico Planning BoardR - Revised figuresSource: Puerto Rico Labor & Human Resources Department Employment in Government Total Cement Sales Thousands of Employees In Thousands of 94-Pounds Sacks (Fiscal Years)Fiscal Years 2014R 2015R 2016 2016 12,189 163.6 160.0 2015 13,776Commonwealth 169.1 14.0 14.2 55.0 55.1Federal 13.9 232.6 229.3 2014 15,232 2013 17,501Municipal 55.2Total 238.2R - Revised figures 2012 19,892Source: Puerto Rico Labor & Human Resources Department 0 5,000 10,000 15,000 20,000 25,000 Employment in Manufacturing Source: Puerto Rico Planning Board Thousands of EmployeesFiscal Years 2014R 2015R 2016 2015 P Total Investment in ConstructionApparel 4.9 5.7 5.8 2014 RChemicals 18.2 17.6 17.3 2013 R In Millions of DollarsComputer & Electronic Products 4.5 5.2 5.5 2012 (Fiscal Years)Electrical Equipment, 5.1 4.9 4.6 3,157.3 Appliances & ComponentsFood 11.6 11.5 11.3 3,400.2Metals 3.4 3.3 3.1Miscellaneous Durables 12.3 11.8 11.5 3,978.1Tobacco & Beverages 2.4 2.4 2.3 4,558.5 2011 3,860.3R - Revised figures 0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000Source: Puerto Rico Labor & Human Resources Department P - Preliminary figures Source: Puerto Rico Planning Board Labor Force Demographics Employment by Educational Level Civilian Noninstitutional Employed Population by Gender & Age Highest Grade/Degree Completed (Fiscal Year 2016) (Fiscal Year 2016)30% Male 9.80% 17.80%25% Female20% Male Unemployment: 13.4% 22.0 22.1 23.7 24.8 22.3 26.90% 28.20% Female Unemployment: 9.4% 7.10% 6.50% 19.615% 6.7 6.2 10.9 11.6 3.2 2.310% 0.6 0.4 0.60% 3.10%5% 16-19 20-24 25-34 35-44 45-54 55-64 65 & over 11th Grade or below Bachelor’s High School Master’s0% Postsecondary, No degree Juris Doctor, Doctorate Age Associate, Technical Don’t know, OtherSource: Puerto Rico Labor & Human Resources Department Source: Puerto Rico Labor & Human Resources Department THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 13

Source: Puerto Rico Planning Board, Economic & Social Planning Division P.R. Population Totals & ProjectionsMunicipality 1990 2000 2010 2020P Municipality 1990 2000 2010 2020PPuerto Rico 3,522,037 3,808,610 3,725,789 3,301,338 Juncos 30,612 36,452 40,290 38,228Adjuntas 19,451 19,143 19,483 17,756 22,537Aguada 35,911 42,042 41,959 38,330 Lajas 23,271 26,261 25,753 26,125Aguadilla 59,335 64,685 60,949 52,240 8,441Aguas Buenas 25,424 29,032 28,659 25,360 Lares 29,015 34,415 30,753 37,167Aibonito 24,971 26,493 25,900 22,777 26,543Añasco 25,234 28,348 29,261 26,945 Las Marías 9,306 11,061 9,881 18,126Arecibo 93,385 100,131 96,440 83,922 38,420Arroyo 18,910 19,117 19,575 17,849 Las Piedras 27,896 34,485 38,675 5,629Barceloneta 20,947 22,322 24,816 23,298 10,739Barranquitas 25,605 28,909 30,318 28,812 Loíza 29,307 32,537 30,060 76,225Bayamón 208,116 36,785Cabo Rojo 220,262 224,044 50,917 176,886 Luquillo 18,100 19,817 20,068 31,042Caguas 38,521 46,911 142,893 47,604 25,476Camuy 133,447 35,159 129,120 Manatí 38,692 45,409 44,113 28,121Canóvanas 28,917 140,502 47,648 31,792 21,502Carolina 36,816 35,244 176,762 45,438 Maricao 6,206 6,449 6,276 16,963Cataño 177,806 43,335 28,140 153,800 20,975Cayey 34,587 186,076 48,119 24,606 Maunabo 12,347 12,741 12,225 138,678Ceiba 46,553 30,071 13,631 43,186 23,557Ciales 17,145 47,370 18,782 10,058 Mayagüez 100,371 98,434 89,080 13,567Cidra 18,084 18,004 43,480 16,714 50,019Coamo 35,601 19,811 40,512 40,154 Moca 32,926 39,697 40,109 22,085Comerío 33,837 42,753 20,778 38,519 28,036Corozal 20,265 37,597 37,142 19,272 Morovis 25,288 29,965 32,610 30,791Culebra 33,095 20,002 1,818 34,187 327,326Dorado 1,542 36,867 38,165 Naguabo 22,620 23,753 26,720 37,106Fajardo 30,759 36,993 1,675 36,632Florida 36,882 1,868 12,680 36,238 Naranjito 27,914 29,709 30,402 21,669Guánica 8,689 34,017 19,427 31,429 73,236Guayama 19,984 40,712 45,362 11,601 Orocovis 21,158 23,844 23,423 78,574Guayanilla 41,588 12,367 21,581 15,951 67,685Guaynabo 21,581 21,888 97,924 41,227 Patillas 19,633 20,152 19,277 28,871Gurabo 92,886 44,301 45,369 18,272 37,304Hatillo 28,737 23,072 41,953 85,648 Peñuelas 22,515 26,719 24,282 51,716Hormigueros 32,703 100,053 17,250 44,966 8,357Humacao 15,212 36,743 58,466 39,430 Ponce 187,749 186,475 166,327 23,117Isabela 55,203 38,925 45,631 15,529 33,793Jayuya 39,147 16,614 16,642 51,695 Quebradillas 21,425 25,450 25,919 35,259Juana Díaz 15,527 59,035 50,747 41,427 45,198 44,444 15,008 Rincón 12,213 14,767 15,200 17,318 46,196 50,531 Río Grande 45,648 52,362 54,304 Sabana Grande 22,843 25,935 25,265 Salinas 28,335 31,113 31,078 San Germán 34,962 37,105 35,527 San Juan 437,745 434,374 395,326 San Lorenzo 35,163 40,997 41,058 San Sebastián 38,799 44,204 42,430 Santa Isabel 19,318 21,665 23,274 Toa Alta 44,101 63,929 74,066 Toa Baja 89,454 94,085 89,609 Trujillo Alto 61,120 75,728 74,842 Utuado 34,980 35,336 33,149 Vega Alta 34,559 37,910 39,951 Vega Baja 55,997 61,929 59,662 Vieques 8,602 9,106 9,301 Villalba 23,559 27,913 26,073 Yabucoa 36,483 39,246 37,941 Yauco 42,058 46,384 42,04314 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS P - Projected Source: Census Bureau & Puerto Rico Planning Board, Economic & Social Planning Division

Puerto RicoMarket FactsTypes ofBusinesses inPuerto RicoPuerto Rico recognizes a wide range ship provides no liability shield for its Internal Revenue Code, as in most states, partnership agreement), or when the of business forms, from basic sole owner and generally terminates upon Puerto Rico partnerships automatically business for which it was constitutedproprietorships and general partner- the death of its owner. Likewise, it isn’t provide pass-through tax treatment. ends. A civil partnership won’t dissolveships to special-purpose corpora- taxed separately, and all income is The tax treatment of partnerships and upon the withdrawal of a partner if thetions and limited liability companies. passed through to the owner. their partners is similar, but not identi- duration of the partnership is fixed andInvestors thus have a variety of options cal, to the treatment received under the hasn’t expired.for optimizing their liability shield and Partnerships U.S. Internal Revenue Code.tax- treatment characteristics. The partners in a Civil Code partner- A partnership is an organization of Partnerships aren’t taxed at the part- ship have a subsidiary obligation with On Jan. 31, 2011, Gov. Luis G. Fortuño two or more natural persons or juridi- nership level; instead, they are subject respect to the debts of the civil part-enacted Act No. 1, known as the In- cal entities created to carry on a busi- to taxation at the partner level. Partners nership. The creditors of a Civil Codeternal Revenue Code for a New Puerto ness for profit pursuant to a partner- are subject to taxation based on their partnership must first try to collectRico, which reformed the island’s tax ship agreement. distributable share of the partnership’s from the funds of the partnership. Onlysystem (referred here as the New In- income items, at their applicable rate, if such funds are insufficient to payternal Revenue Code). Partnership agreements (except even if the income isn’t distributed. the debts owed to the creditors may those for limited liability and special However, partnerships existing on or the creditors move to collect from the Before the enactment of the New partnerships) need not comply with before Jan. 1, 2011, may elect to continue partners.Internal Revenue Code, partner- any statutory formalities and don’t have to be treated as corporations. In thatships didn’t necessarily receive pass- to be recorded with the State Depart- case, partnerships and their partners Commercial Codethrough tax treatment, and not all cor- ment. However, to own real property, a are subject to taxation at the partner- Partnershipsporations necessarily faced double partnership must have its partnership ship level and again at the partner leveltaxation. Instead, both partnerships agreement incorporated into a public to the extent the partnership makes any Commercial partnerships—or part-and corporations used to face taxation deed prepared by a notary public. distributions. nerships formed under Commercialboth at the partnership/corporate and Code provisions—are defined as thosepartner/shareholder levels as the de- Several types of partnerships are rec- Civil Code Partnerships in which two or more people obligatefault rule, with both having the option ognized in Puerto Rico, and they may be themselves to join funds, propertiesto elect pass-through tax treatment if organized under the Civil Code, Com- A Civil Code partnership is a con- and/or industries to obtain profits.they met certain criteria. Now, with the mercial Code or Limited Liability Partner- tract by which two or more peopleNew Internal Revenue Code, partner- ship Law. bind themselves to contribute money, This definition is almost identical toships generally receive pass-through property or industry to a common fund the description of partnerships undertreatment. Generally, however, partnerships or enterprise, with the intention of di- the Civil Code, but commercial part- have some common characteristics. viding the profits among themselves. nerships must meet certain formal re-Sole Proprietorships The Civil Code treats a partnership as a There is no special formal requirement quirements, including being executed juridical entity separate from its own- for the creation of a Civil Code part- through a deed and registering with A sole proprietorship is a busi- ers (i.e., the partners). A partner acting nership. the Mercantile Registry. Failure to doness owned by a single individual who within the apparent scope of his or her so eliminates the protection of thechooses not to form a partnership, authority under the partnership agree- Nevertheless, for a Civil Code part- partnership contract as it relates tocorporation or limited liability compa- ment can bind the partnership. Thus, nership to acquire real property in third-party claims.ny. There are no special legal require- the partnership is liable to a third party Puerto Rico, it must utilize a deed toments for creating a sole proprietorship for the authorized acts of its partners. create the partnership. The civil part- The Mercantile Registry only acts asother than the normal requirements for nership need not register with any a registry and has no supervisory du-starting a trade or business. Except for partners in limited liabil- government agency. ties. There is a Mercantile Registry in ity, limited and special partnerships, each Property Registry, and partner- Sole proprietorships aren’t juridi- the liability of the individual partners A Civil Code partnership is automati- ships must be recorded in the regis-cal entities and can’t enter into con- is unlimited and joint with respect to cally dissolved upon the death, civiltracts, sue or be sued in their own losses, damages, disbursements and interdiction or insolvency of a partner Continues on page 16name. Accordingly, a sole proprietor- obligations. (unless otherwise provided for in the As mentioned above, under the New THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 15

Continued from page 15 by that partner or in which that partner dled by the corporate officers. Direc- date with one another (in a merger, was involved, directly or through any tors must carry out their duties in good one of the corporations survives; intry located in the municipality where person under his or her control or su- faith and without conflicts of interest; a consolidation, a new corporation isthe principal office of the business is pervision, or of which that partner had officers must perform reasonably and formed). In either event, the stock-located. notice or knowledge. in good faith. The liability of directors holders and creditors of the nonsurviv- and officers may be indemnified by the ing corporations become stockholders There are two types of commercial Foreign limited liability partnerships corporation. The liability of corporate and creditors, respectively, of the sur-partnerships: general partnerships are permitted, but permission from the shareholders for the acts of the cor- viving corporation, and the survivingand limited partnerships. secretary of State is required to oper- poration, except in certain cases, is corporation takes on the rights and ate both foreign and domestic limited limited to their investment in its stock. liabilities of the merged/consolidated A general partnership is one in which liability parnerships. corporations.all the partners bind themselves, col- Any person or juridical entity canlectively and under a firm name, to Special Partnerships form a corporation by filing articles Foreign Corporationsshare the same rights and obliga- of incorporation—signed by thetions in such proportions as they may Certain corporations and partner- incorporator(s) with the proposed All corporations that aren’t organizedestablish. The partners of a general ships that have elected to be taxed corporation’s name, street address, under Puerto Rico law are consideredpartnership are personally and jointly under Subchapter D of Chapter 11 of business purpose (can be stated as foreign corporations. Prior to con-liable for all the liabilities of the part- the New Internal Revenue Code receive “any legitimate matter for which a ducting business in Puerto Rico, for-nership. pass-through tax treatment. corporation may be created”), each eign corporations must register with incorporator’s name and authoriza- the Puerto Rico State Department. A limited partnership comprises That is, special partnerships don’t tion, stock information, and directors’managing and special partners. Man- generally pay any income taxes at the names and addresses—with the Cor- A foreign corporation that fails toaging partners run the affairs of the business-entity level, and their in- porate Division of the State Depart- register to do business in Puerto Ricopartnership and are jointly liable for come or losses are divided among, ment, along with a filing fee. won’t be allowed to initiate judicialthe debts and obligations of the part- and “passed through” to, their part- proceedings on the island until it isnership. Special partners are passive ners, who pay taxes on the distribut- De facto corporations aren’t con- registered. Courts can also order ainvestors and may not participate in able share of such income, at their ap- templated under the Puerto Rico Gen- foreign corporation to cease all busi-the management of the partnership, plicable rates. eral Corporation Law. If shares have ness activities in Puerto Rico until it isand their liability for the debts and ob- been issued, the articles of incorpora- duly registered. Nonetheless, the mereligations of the partnership is limited to To be eligible, a special partnership tion can be amended by the board of fact that a foreign corporation isn’t au-their contribution to the partnership. must derive at least 70% of its gross directors with shareholder approval. thorized to do business in Puerto RicoHowever, a limited partnership can’t income from sources within Puerto If no shares have been issued, the ar- won’t affect the validity of its corporateinclude the name of a special part- Rico during each taxable year, and at ticles of incorporation can be amend- actions on the island or its right to de-ner; if it does, the limited partner may least 70% of such income must be from ed by the directors (if they have been fend itself in a judicial proceeding inbe held jointly liable with the manag- one of the following eligible activi- named) or the incorporators (if the di- Puerto Rico.ing partners for the liabilities of the ties: construction; land development; rectors haven’t been named).partnership. substantial rehabilitation of buildings Legal process against the corpora- and structures; sale or rental of build- The management of a corporation tion may be served on by its authorizedLimited Liability ings or structures; manufacturing that is typically carried out pursuant to resident agent, who must be either aPartnerships generates substantial employment; bylaws, which may be adopted or natural or judicial person residing in tourism; agriculture; exportation of amended at incorporation by the Puerto Rico, but can’t be a stockholder, Two or more natural persons, includ- goods or services; production of fea- incorporator(s), thereafter by the stock officer or director of the corporation.ing those rendering professional ser- ture films; construction, operation or holders or, if permitted by the articlesvices, can form a limited liability part- maintenance of public roads and ad- of incorporation, by the directors. Professional Corporationsnership under the provisions of the joining facilities; or exempt energy-Limited Liability Partnership Law. production business. Puerto Rico corporations must A professional corporation is formed maintain a designated principal office for the purpose of rendering the type They must register the limited liabil- Corporations and agent in Puerto Rico for service of of professional services that require aity partnership with the State Depart- process. license from the Puerto Rico govern-ment by filing a certified copy of the Domestic Corporations ment. All shareholders must be indi-constituent deed accompanied by a Ownership of a corporation is ef- viduals licensed by the government$100 fee. Registration is valid for one Puerto Rico’s General Corporation fected through ownership of the cor- to render the professional servicesyear and must be renewed annually Law is based on the Delaware General poration’s capital stock, which may be offered by the corporation, and thoseby filing a renewal application and a Corporation Law. In general terms, a issued in various classes with differ- services must be rendered through the$110 revenue voucher. The name of the corporation is an entity separate and ent rights and restrictions. Shares of corporation’s officers, employees andpartnership must include the words distinct from its shareholders, direc- corporate stock are personal prop- agents. Officers, employees and agents“limited liability partnership” or “LLP.” tors and officers. It has the power to erty. Shareholders typically must hold of a professional corporation are fully enter into contracts, hold property, meetings at least once a year. and personally liable for any negligent Generally, a partner in a limited li- and sue and be sued in its own name; act or omission or unlawful act, or forability partnership isn’t personally lia- it also has continuity of life and free Corporations must file an annual re- any culpable conduct that arises fromble for the debts and obligations of the transferability of ownership interests. port on or before April 15. Annual re- the rendering of professional servicespartnership or for negligent or unlaw- ports must be filed electronically by on behalf of the corporation, whetherful acts of another partner or employee A typical corporation’s structure an officer of the corporation, and in committed by such officer, employeenot supervised by the partner, provid- consists of three main groups: direc- the case of a Puerto Rico corporation or agent or by any person under hised he or she had no prior knowledge tors, officers and shareholders. whose annual volume of business ex- or her direct supervision or control. Inof such acts. However, the partner may ceeds $3 million, must be accompanied addition, the professional corporationbe held personally liable for partner- In the most basic terms, the corpora- by the corporation’s balance sheet at is held jointly liable up to the aggre-ship debts and obligations that arise tion is owned by its shareholders, who the close of the preceding fiscal year gate value of its assets for the negli-out of an error, omission, negligence, choose the directors, who in turn are and audited by a certified public ac- gent or unlawful acts or for the culpa-incompetence or illegal act committed charged with overseeing the manage- countant licensed in Puerto Rico. ment of the corporation, which is han- Corporations can merge or consoli-16 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Puerto RicoMarket Factsble conduct of its officers, employees chapter E of Chapter 11 of the New In- agreement, managers and members property is transferred to a person,and agents while offering professional ternal Revenue Code as a corporation of an LLC can’t be held personally li- named the trustee, so he or she mayservices on behalf of the corporation. of individuals. able for the LLC’s obligations solely by dispose of it as directed by the party reason of being a manager or mem- who transfers the property, named Non-Puerto Rico corporations In general, a corporation of individu- ber. They may rely on good faith on the constituent, for his or her own ben-may not qualify as professional als doesn’t pay any income taxes at the LLC’s records and upon information efit or for the benefit of a third party,corporations. corporate level, and the corporation’s presented by other managers, mem- named the beneficiary.” income and losses are passed through bers, officers, committees, employeesClose Corporations to its shareholders. This pass-through or anyone else with respect to whom Joint Ventures tax treatment is available, however, such reliance is reasonable. LLCs are Close corporations provide struc- only if the shareholders consent to the generally taxed as corporations, and A joint venture is formed between twotural flexibility to corporations owned corporation’s election and the cor- are subject to taxation at both the or more parties who agree to undertakeby a relatively small number of share- poration meets a number of criteria. business entity and shareholder lev- economic activity together and shareholders that don’t intend to go public Specifically, the stock of a corporation els. Notwithstanding, LLCs may elect in the revenue, expenses and controlwithin a short period of time. To qualify of individuals may be owned only by to be treated as partnerships for tax of the enterprise. For tax purposes, it isas a close corporation, the certificate individuals who are citizens or resi- purposes, receiving pass-through tax treated as a partnership.of incorporation must include, among dent aliens of Puerto Rico. Moreover, treatment under the partnership rulesother clauses, provisions stating: (1) the corporation must: be an eligible contained in Chapter 7 of Subtitle A of Cooperativesthe number of shareholders may not domestic corporation (including a U.S. the New Internal Revenue Code, notexceed 75 people; and (2) all issued entity that engages in trade or business being subject to taxation at the part- A cooperative is a nonprofit entitystock of all classes must be subject only in Puerto Rico), but not an insur- nership level, and being taxed instead founded by a group of private juridicalto one or more of the following re- ance company, registered investment at the partner level, based on their dis- persons with a common social interest.strictions regarding the transfer of company, special corporation owned tributable share of the partnership’s Generally, cooperatives must be formedshares: (a) a right of first refusal; (b) by employees, corporation exempt income items, at their applicable rate, by a minimum of eight people (exceptan obligation on the part of the cor- under any tax incentives or similar laws even though the income isn’t distrib- workers’ cooperatives, which need onlyporation, any shareholder or any third (except under the Puerto Rico Tourism uted. five) domiciled in Puerto Rico.party to purchase the shares subject Development Law of 1993), financialto a purchase-sale agreement; (c) institution or corporation licensed as a An LLC that is treated as a partnership A cooperative is managed by a boardthe requirement of the consent of the capital investment fund; not have more or whose income is attributable to its of directors, composed of no fewercorporation or the shareholder of any than 75 eligible shareholders; and have members for purposes of the U.S. Inter- than three and no more than 11 indi-kind of restricted security, before the only one class of stock outstanding. nal Revenue Code or a foreign country’s viduals.transfer of such security; and (d) the law, shall be treated as a partnership andprohibition, for a reasonable purpose, Limited Liability may not be treated as a corporation. International Bankingon transferring the securities to des- Companies Entitiesignated persons or classes of persons. Limited liability companies (LLCs) Business Trusts International banking entities (IBEs)Nonprofit Organizations are more flexible operationally than are exempt from income, property and corporations but can still provide le- The Puerto Rico Civil Code essen- municipal license taxes. Puerto Rico’s General Corporation gal protection for their managers and tially incorporates the common law ofLaw provides for the organization of members. trusts while attempting to harmonize The formation and operation of annonprofit corporations. The certificate common law and civil law concepts. IBE requires a license from the Finan-of incorporation must state that the A foreign LLC may register in Puerto The Civil Code defines a trust as “an cial Institutions Commissioner’s Office.corporation is for nonprofit purposes. Rico through a petition signed by an irrevocable mandate whereby certainNonprofits aren’t authorized to issue authorized person following the pro- Continues on page 18stock. cedures specified in the General Cor- poration Law. LLCs must maintain a A nonprofit corporation has mem- registered office and resident agentbers who aren’t personally liable for for service of process in Puerto Rico.the debts of the corporation. Membershave a fiduciary responsibility similar The management of an LLC is typi-to that of a director in a regular cor- cally governed by an LLC agreementporation. In addition, the members of a that sets forth: (1) the respective du-nonprofit corporation may elect a gov- ties of the LLC and its managers anderning body (typically called a “board members to each other; (2) the LLC’sof directors”) that has the powers and management structure; (3) the rightsresponsibilities of a board of directors of the managers and members; and (4)of a regular corporation. their respective share of interest in the LLC’s profits and losses. This agree-Corporation of Individuals ment doesn’t have to be registered. A corporation that meets certain cri- Unless otherwise provided in the LLCteria can elect to be taxed under Sub- THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 17

Continued from page 17 International insurers are also grant- that reduces or eliminates corporate An issuer is an investment company if ed tax-exemption decrees by the in- income taxes. it: invests in securities with a value ex- An IBE may be formed by a juridical surance commissioner and the sec- ceeding 90% of the total balance of itsentity or a unit thereof (but not a natu- retary of the Economic Development A REIT also needs to comply with the assets, excluding securities of the U.S.ral person). It must have a minimum & Commerce Department, which are following type and source of income and Puerto Rico governments and cashcapitalization of $5 million, of which considered a contract among the par- requirements. Specifically, 95% or investments; invests no more than 25%at least $250,000 must be fully paid ties, detailing the special tax treat- more of the gross income of the REIT of the value of its total assets in securi-at the time its license is issued, and ment provided under the IIRA. Gener- must be derived from: dividends; in- ties of another issuer, and owns no more ally, an “international insurer” is one terests; rents from real property; gains than 75% of the outstanding securitiesit must maintain at least $300,000 of from the sale or other disposition of of any other issuer; doesn’t have fewerunencumbered assets or acceptable that provides direct insurance only for securities or real property (including than 11 shareholders entitled to vote;financial securities. IBEs must maintain risks outside of Puerto Rico, although interests in real property and interests doesn’t have more than 50% of its vot-their principal office in Puerto Rico and it can provide surplus-lines coverage in mortgages on real property) that ing securities controlled by fewer thanretain a minimum of four full-time em- and reinsurance for risks located in isn’t inventory; amounts received or six of the holders of such securities;ployees on the island. Puerto Rico. accrued as consideration for entering and offers its securities to the general into agreements either to make loans public if its outstanding securities areInsurance Companies International insurers, branches and secured by mortgages on real property owned by more than 100 people. international insurer holding compa- or to purchase or lease real property; Insurance companies include any nies are given attractive tax treatment. and gains from the sale or disposition Special Employee-Ownedperson engaged in the business of of real property. Corporationsmaking contracts of insurance as In addition, they aren’t required to filedefined in the Puerto Rico Insurance tax returns, and the revenue they dis- Moreover, 75% or more of the gross The special employee-owned cor-Code. tribute to nonresident shareholders is income of the REIT must be derived poration (SEOC) is a hybrid between a also exempt from taxation. Act No. 98- from: rents derived from real property regular corporation and a cooperative. The Insurance Code and regulations 2011 facilitates the establishment of located in Puerto Rico; interests on SEOCs are owned and controlled byissued by the insurance commission- entities that export insurance and rein- obligations secured by mortgages on “members” who are similar to share-er establish requirements regarding surance services, allowing Puerto Rico real property or rights to real property holders in a corporation. An SEOC mayfunds, deposits, capital or surplus and to compete with jurisdictions such as located in Puerto Rico; gains from the have regular, special and corporateinvestment in Puerto Rican securities, Bermuda, Cayman Islands or Vermont. sale or other disposition of real prop- members, but there are stringent limi-among others. erty that isn’t of the type of property tations on the roles of special and cor- Real-Estate that qualifies as inventory; dividends porate members. In addition to domestic insurance Investment Trusts or other distributions derived from,companies, Puerto Rico’s International and gains derived from, the sale or An SEOC is considered a for-profitInsurer & Reinsurer Law (IIRA) provides A real-estate investment trust (REIT) other disposition of shares of trans- corporation. The regular members offor the creation of international insur- is a tax designation reserved for cor- ferable stock, certificates or partici- an SEOC are considered self-employeders and reinsurers. porations investing in real property pation in another REIT; and amounts in relation to labor-protective legisla- received or accrued as consideration tion, except for purposes of workers’ for entering into agreements to make compensation laws and the Puerto Rico loans secured by mortgages on real Employment Security Law. property and/or rights to real property located in Puerto Rico, and/or to buy Public-Private or lease real property and/or rights to Partnerships real property located in Puerto Rico. Act No. 29-2009 codified Puerto Ri- REITs organized under the laws of co’s policy favoring the use of public- the U.S. or a state of the U.S. (U.S. REIT) private partnerships (PPPs)—contrac- must invest in real property located in tual agreements between government Puerto Rico and constructed after June agencies and private or nongovern- 30, 1995, to be treated as a REIT under mental entities—as a means for achiev- the P.R. code. ing greater private-sector participation in the development and financing of in- Registered Investment frastructure and services, especially for Companies priority projects, which include land- fills; water reservoirs; powerplants that Investment companies are engaged use alternative or renewable sources of primarily in the business of investing, energy; transportation systems; health, reinvesting or trading in securities. security, education, correctional and They may be organized as corpora- rehabilitation facilities; low-income tions, partnerships, associations, joint housing projects; facilities for sports, stock companies, trusts, funds or any recreational, tourism and cultural ac- organized group, whether incorpo- tivities; ground and wireless commu- rated or not. nication systems; high-technology information and mechanical systems; It is also possible for a receiver, and any other kind of activity, facility trustee in bankruptcy or liquidating or service identified as a priority proj- agent to qualify as an investment com- ect through legislation. pany. If certain requirements are met, an investment company may qualify for special tax treatment.18 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Puerto RicoMarket FactsIncentivesBusiness, Manufacturing businesses are entitled. To obtain a de- business in Puerto Rico will be subject the exempted businesses are located.& Services cree, an eligible business must submit an application, with all required support- to a 12% withholding tax on royalties In Vieques and Culebra, the credit is Puerto Rico has long been an invest- ing materials and fees, to the Office ofment destination for industry, although Industrial Tax Exemption. Once the ap- or license fee payments for the use of $5,000 per job; in a low industrial de-the focus has shifted from heavy and plication is duly filed, the decree shouldlabor-intensive manufacturing to high- be granted or denied within 70 days. intangible property in an eligible busi- velopment zone, it is $2,500 per job;technology, high-value-added and ser-vices-oriented enterprises. Tax Incentives ness. This rate may be reduced to 2% and in an intermediate industrial zone, The Puerto Rico Industrial Develop- Approved eligible businesses qualify by the DDEC secretary. it is $1,000 per job.ment Co. (Pridco) is the primary govern- for the following benefits:ment agency charged with promoting Eligible businesses can receive aindustry and foreign direct investment, • Income Tax Ratesand is especially focused on attracting • Investment Income credit, of 50% of the investment, forand developing high-technology en- Typically, eligible businesses are sub- investments in research and develop-terprises such as the biosciences, in- ject to a 4% income tax rate and a 12% Eligible businesses are not required ment, clinical trials, toxicology tests,formation technology and professional withholding tax rate on royalties. Alter- to pay taxes on income derived from infrastructure, renewable energy andservices. natively, with approval from the secre- “eligible investments,” which are spec- intangible property. tary of the Economic Development & ified in the incentives act and typicallyThe Economic Incentives for Commerce Department (DDEC by its involve debt and/or equity investments Eligible businesses can receive a taxthe Development of Puerto Spanish acronym), an eligible business in certain local real estate, business credit, of 50% of the investment, forRico Act (Act 73) may be subject to an 8% income-tax activities and securities. investments in machinery and equip- rate, coupled with a 2% withholding ment for the generation and efficient The Economic Incentives for the De- tax rate on royalties.velopment of Puerto Rico Act provides • Distributions use of energy. For eligible businessesattractive tax and other incentives to An eligible business engaged in a that invest to generate energy for theirfoster investment in key sectors of novel pioneer activity—i.e., socially or The stockholders or partners of a own consumption, the credit will bePuerto Rico’s economy. economically beneficial activities that corporation or partnership with a de- capped at 25% of the business’ income have not been carried out in Puerto cree shall be exempt from taxes on the tax. For eligible businesses dedicated• Eligible Businesses Rico during the previous year—will be distribution of dividends or profits. to the production and sale of energy in subject to a 1% income tax rate. Puerto Rico, the credit will be capped In general terms, eligible businesses Gains realized from the sale or ex- at $8 million for each eligible business,include: businesses established to Income from economic activities that change of equity shares of an eligible up to an aggregate maximum of $20manufacture products on a commercial create or develop intangible property in business or of a substantial portion of million for such investments by all eli-scale; businesses established to render Puerto Rico will be subject to a 0% tax the business’ assets, if such sale is ex- gible businesses per year.services on a commercial scale for for- rate. ecuted while the business’ decree iseign markets or for other eligible busi- still in force, shall be subject to a 4% All eligible businesses that are indus-nesses in Puerto Rico; and businesses An additional reduction of 0.5% from tax. After the decree has expired, the trial clients of the Puerto Rico Electricestablished to engage in a wide range the fixed 8% tax rate will be available tax treatment will be adjusted to limit Power Authority can receive a tax cred-of specific economic activities, such as to eligible businesses that are estab- the benefits to gains generated while it of 3% of their electricity payments. Ascientific research and development, lished in a low or intermediate indus- the decree was in force. higher credit (7%) is available for eligi-recycling, hydroponics, value-added trial-development zone.activities pertaining to port operations, • Tax Credits ble businesses that retain 25 employ-software development and manufac- Eligible businesses that locate their ees or an average payroll of $500,000ture of renewable-energy equipment. operations in Vieques or Culebra shall Eligible businesses that purchase or more during the taxable year. be exempt from the payment of income products manufactured in Puerto Rico• Application for a Tax Grant tax for the first 10 years of their decree, will be permitted to claim a credit of Eligible businesses can receive a after which they will be subject to a 2% 25% of the purchase cost, up to a credit for 12% of all payments made Act 73 operates through a tax de- tax rate. maximum of 50% of its tax liability; for for the use or right to use intangiblecree—issued for a period of 15 years. products made from recycled materi- property in their exempt operations inThe decree identifies and ensures • Withholding Tax Rates on als, the credit shall be equal to 35% of Puerto Rico.the incentives to which the eligible Royalties or License Fees total purchases up to the 50% limit. Eligible businesses can receive a Nonresidents not engaged in trade or Eligible businesses can receive a credit of 50% of the amount of any tax credit for each job created during investment in a “strategic project,” as the first year of operations. The size defined in the incentives act. of the credit will depend on where Continues on page 20 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 19

Continued from page 19 business commences operations accessories used to carry out the of the San Juan metropolitan area. This and continuing for the two following manufacturing process, or which incentive will be available for local and Eligible businesses can receive a semesters. the tax-exempt business is under nonlocal businesses, and depends oncredit of 50% (1) of the cash amount • Eligible businesses shall be fully ex- the obligation to acquire as re- the geographical location of the com-used to purchase the majority (50% empt from any tax, levy, fee, license, quired under federal or common- pany and the number of employees.or more) of the equity interest or op- excise, rate or tariff imposed by any wealth laws or regulations for the The map on the next page shows theerational assets of an exempted busi- municipal ordinance on the con- operation of an industrial unit. The designated incentive zones and whichness that is in the process of closing struction of works to be used by the exemption shall not cover machin- municipalities they comprise. Compa-operations in Puerto Rico or (2) of the exempted business within a munici- ery, devices, equipment or vehicles nies will receive an orientation fromcash amount contributed to a small pality (such taxes do not include the used in whole or in part in the ad- Pridco, and must submit, within a yearor midsize business in exchange for municipal license tax levied on the ministrative or commercial opera- from the promotion date, certain infor-corporate stock or partnership interest volume of business of contractors tions of the exempted business. mation for evaluation.used for construction or improvements or subcontractors of the exempted —Machinery and equipment thatof physical facilities and purchase of business). must be used by an exempted busi- • Special Aid for the Rescuemachinery and equipment. • Income obtained from investments ness to comply with environmental, of a Project that qualify shall be exempt from safety and health requirements.• Real & Personal municipal licenses, municipal excise —Machinery, equipment, parts and When a Pridco-promoted businessProperty Tax and other municipal taxes. accessories used in experimental intends to cease operations or reduce • Eligible businesses enjoy the follow- or reference laboratories. its workforce by 50% or more, a new Eligible businesses shall receive a ing exemptions from municipal li- —Machinery, equipment, parts and owner committed to keeping at least90% exemption from municipal and censes, municipal excises and other accessories used in the prelimi- 25% of the employees who are work-commonwealth property taxes on per- municipal taxes imposed by any mu- nary phase of regional exploration ing at the moment of the rescue maysonal property used in the businesses’ nicipal ordinance: geared to the mineralogical devel- be entitled to assistance.development, organization, construc- —Exempted businesses in Vieques opment of Puerto Rico, and in drytion, establishment or operation. docks and shipyards for the con- • Incentive for Strategic and Culebra shall enjoy 90% struction or repair of vessels. Projects For the first five years of operations, exemption. —Fuel used by the exempted busi-eligible businesses shall receive a total —Small or midsize businesses shall ness covered by the incentives Companies promoted by Pridco thatexemption from the payment of prop- enjoy 75% exemption. act in the cogeneration of electric execute projects deemed to have ex-erty taxes on real property used for its —Central or regional corporate head- power for its own use or for use by traordinary importance for the economycentral or regional corporate headquar- quarters engaged in rendering cen- its affiliate. of Puerto Rico—i.e., because they cre-ters rendering centralized management tralized management services to —Chemicals used by the exempted ate and maintain a large number of jobsservices to affiliated entities. affiliated entities shall enjoy 100% business in sewage treatment. or a lesser number of high-quality jobs, exemption during five years from —Energy-efficient equipment, prop- promote new technology, transfer tech- Eligible businesses shall receive a the date the exemption begins. erly certified by the local Energy Af- nology business knowledge, or are oth-complete exemption from real-prop- —Other businesses shall enjoy a fairs Administration. erwise considered highly meritorious byerty taxes during the period authorized 60% exemption. The Sales & Use Tax will become an the executive director and the board ofunder the grant to carry out the con- 11.5% Value-Added Tax (VAT) starting Pridco—may be eligible for incentives.struction, expansion or establishment • Commonwealth Excise Tax April 1, 2016. The company will receive an orientationof the tax-exempt business, and during from Pridco and must submit certainthe first government fiscal year during and Sales & Use Tax (IVU) Special Incentives information for evaluation by and ap-which the business would have been proval from Pridco’s board.subject to property taxes. The following items directly or indi- The following special incentives have rectly introduced or acquired by an ex- been created to encourage the estab- • Incentive for Infrastructure Eligible businesses can also take ad- empted business will be totally exempt lishment and retention of local and for- Development and Industrialvantage of the benefit afforded by the from commonwealth excise and sales eign investment in Puerto Rico. Building ImprovementsOptional Self-Assessment, as described & use (IVU by its Spanish acronym)in the incentives act, for real property taxes during the life of the decree: • Basic Incentive for Companies promoted by Pridco maytaxes. This method may be used exclu- Job Creation be eligible for an incentive to improvesively for that property, which should —Raw material (except hydrau- buildings belonging to Pridco that arebe considered real property because of lic concrete, crude oil, partially Companies that are promoted by necessary for the companies’ opera-its use and the location to which it is manufactured products, finished Pridco, including both local and non- tions. As a general rule, the infrastruc-destined and used in the development, oil products and finished products local businesses that meet their com- ture incentive is not available for im-organization, construction, establish- from any other hydrocarbon mix- mitments related to job creation and provements to private buildings unlessment or operation of the exempted ture) to be used in Puerto Rico to retention, receive a basic incentive they can help create and retain jobs, inbusiness, and if that property has not manufacture finished products. payment for each employee hired. The which case Pridco board approval isbeen assessed by the Municipal Rev- incentive is $400 per employee for new required. The company will receive anenue Collections Center (CRIM by its —Machinery and equipment (and businesses and $250 per employee for orientation from Pridco and must sub-Spanish acronym). accessories thereof) used in the expansions of existing businesses. mit certain information for evaluation, manufacturing process or in the including project drawings, specifica-• Municipal License & Other construction or repair of ships in- • Incentive for Job Creation tions, cost estimates, agency approvalsMunicipal Taxes side or outside the premises of a and Location and any other document required for manufacturing plant. the installation or construction of im-• Eligible businesses shall enjoy full In addition to the basic incentives, provements. The application for this in- exemption from municipal taxes or —Machinery, trucks or forklifts used companies can receive a location- centive must be prepared and certified municipal licenses that apply to the exclusively and permanently to based incentive for job creation outside by a licensed engineer or architect. volume of their business generated transport the raw material with- during the quarter of the government in the circuit of the tax-exempt fiscal year in which the exempted business. —Machinery, equipment and all20 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Puerto RicoMarket Facts• Incentive for the Manufac- including labor costs, tolls and other administered by Pridco in further- and proper framework for the es-turing of Furniture & Related expenses related to transportation, ance of its industrial promotion ef- tablishment and development ofProducts and the Apparel based on an evaluation by Pridco. The forts, including the improvement and new companies through special-Industry & Similar Products eligible company may request the in- development of industrial property. ized resources. centive at the end of each trimester, • The development and establishment —Establishing centers and train- This incentive is available for Puerto after the commencement of operations of special programs for self-employ- ing programs in information andRican businesses that have been oper- has been certified, or at the end of the ment or micro-enterprises to bring communication systems for un-ating for at least one year in the manu- fiscal year, whichever is more conve- gainful employment to the economi- employed people throughout thefacture of furniture or related products, nient. The application must include de- cally marginalized. island.or in the manufacture of apparel or tailed costs. The commitments will be • Special incentives for the establish- —Establishing educational pro-similar products that qualify for the formalized through a contract. ment in Puerto Rico of industries of grams at all levels with empha-economic incentives provided by Act 8 strategic importance to the govern- sis on languages, sciences andof 1986. Moreover, this incentive can • Marketing Incentives ment, including the investment in mathematics.be granted in addition to other special Program venture capital funds that promote • Support regional initiatives for theincentives. Businesses that qualify for this type of industry, upon authoriza- development of companies, re-the incentive will receive a cash in- This matching fund is available to tion by the Economic Development search and development, establish-centive of 3% of eligible sales, up to qualified, local, Pridco-promoted com- Bank. ment of incubators and other relateda maximum amount of $150,000 per panies whose sales are greater than • Special incentives for the acquisi- objectives.business per year. $100,000 per year and whose com- tion of exempted businesses by their Similarly, the Puerto Rico Science, mencement of operations has been management. Technology & Research Trust (the The incentive can be used to ac- certified. Through this incentive, Pridco • Special incentives for establishing Trust)—an autonomous entity that re-quire raw materials, machinery or will reimburse 50% of the cost incurred, programs to further and promote in- ceives funding from the FEDE and theequipment; acquire and/or improve up to $50,000, for publicity, publica- vestment, technology and training of Scientific Research Fund of the Uni-the company’s manufacturing facili- tions, promotional material, market small and midsize businesses. versity of Puerto Rico, among otherties; pay production payroll (where the research and special promotional ac- • Financial support to community sources—provides a financing optioncompany is not already participating tivities. The company must submit the businesses. for research, development and infra-in another reimbursement program); application to Pridco for evaluation at • Special incentives for the establish- structure projects in the fields of sci-subsidize the lease of buildings hous- least 60 days before the promotional ment and development of the strate- ence and technology.ing the manufacturing process; acquire campaign or marketing activity will be gic projects in the incentives act. About 30% to 40% of the Trust’s an-technical assistance, training in new carried out. • Support for entities or programs ded- nual budget is used to finance corpo-production techniques, administration, icated to: rate activities and projects that havepromotion and/or marketing; improve Special Fund for Economic —Furthering the establishment of an impact on science and technologyservices through computerized equip- Development research and development in Puertoment; promote the business’ services networks for public Internet ac- Rico. Another 30% to 40% is investedand/or products outside Puerto Rico; Puerto Rico is focused on attracting cess and reducing the digital di- in academic projects (to match aca-make interest payments on loans re- research and development to the is- vide in Puerto Rico. demic research initiatives), recruitinglated to operations; and other purposes land. Act 73 established a Special Fund —Rendering consulting services in and retaining scientists, and creat-established under Act 8. for Economic Development (FEDE by information systems for small or ing an effective structure to commer- its Spanish acronym). This fund can be midsize businesses. cialize products. From 20% to 30% To qualify, a company must apply utilized for the following programs or —Establishing incubation centersduring July or August and submit all uses: that provide a support structure Continues on page 22required documentation to Pridco. The • Scientific research, development ofapplication will be received and evalu-ated by the Office of Strategic Planning new industrial products or process-& Economic Analysis. Once it is deter- es, improvement of existing productsmined that the company is eligible, it or processes in nonprofit private-ed-can request the incentive at the end of ucation institutions.each trimester. • Special incentives for scientific and technical research and the devel-• Incentive for Industries opment of new industrial product processes, improvement of existinglocated in Vieques & Culebra products and processes, research and development directed toward Companies that are promoted by bioscience, information technology,Pridco may be eligible for a cash incen- agricultural biotechnology, aeronau-tive of up to $100,000 for establishing tical engineering and renewable en-and operating a business in Vieques or ergy, among others.Culebra. The incentive can be used for • An industrial incentives programmaritime, land and aerial transportationof raw materials and finished products, THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 21

Continued from page 21 Banking Act of 1978; therefore, all direct access to the U.S. and other in- strategies as captive or associated IBEs in Puerto Rico are exempt from ternational markets, Puerto Rico is a captives insurers;is earmarked for the development of International Banking Association re- sound gateway for insurers and rein- • Insurers or reinsurers vehicle to en-research infrastructure, such as insti- quirements for domestic financial surers wishing to enter the Latin Amer-tutes, programs, incubators and more. institutions. ican insurance and financial market. ter Latin America or U.S. markets; • Special purpose vehicles; Applications to FEDE should be sub- Similarly, Puerto Rico IBEs are gener- Legal Background • Vehicle for integrated insurancemitted to the executive director of Prid- ally exempt from the U.S. Bank Holdingco. The application must be approved Company Act (BHCA) and thus may be Act 399 and Act 400 in Chapter 61 of plans;by the Pridco board. affiliated with commercial institutions the Puerto Rico Insurance Code were • Corporate reorganization us- (if the IBE accepts demand deposits adopted to establish the basis for theAgriculture and issues commercial loans, however, International Insurance Center (IIC), ing international insurers holding it will be considered a bank under the which provides a competitive envi- companies; Puerto Rico provides incentives to BHCA). IBEs are given attractive tax ronment for insurers and reinsurers • Segregated assets plans to servepromote the sustainable growth of the treatment. to cover risks outside of Puerto Rico, high net-worth individual market;island’s agriculture sector. under a secure and flexible regulatory • Securitization programs. International Insurers system, with attractive tax benefits. ActAgricultural 98 provides a long-term tax status that Public-PrivateIncentives Law Puerto Rico, both by its geographical will guarantee the tax treatment of in- Partnerships location, as well as its financial, admin- ternational insurers and reinsurers for The Agricultural Incentives Law pro- istrative and professional-services infra- an initial period of 15 years, renewable Puerto Rico has embraced public-vides incentives to bona fide farmers structure, has the necessary attributes for two additional 15-year periods. private partnerships (PPPs) as a wayand agricultural businesses. To qualify to attract this type of economic activity. to leverage the capital and expertiseas a bona fide farmer, an applicant must International insurance entities have of the private sector with the manage-obtain certification from the secretary It has a sophisticated and expe- various alternative ways to organize ment and oversight of the governmentof Agriculture proving the applicant is rienced financial-services industry, and operate within the IIC. These op- to provide the public with needed as-engaged in an agricultural business as which includes a highly developed in- tions include operating as an interna- sets and services. Puerto Rico’s Public-defined by regulation, and a determina- surance sector, as well as trustworthy tional insurance holding company, as Private Partnerships Authority (PPPA) istion from the secretary of the Treasury legal and regulatory frameworks. an international insurer or a branch of the public entity responsible for imple-that 50% of the applicant’s income de- an international insurer and protected menting public-private partnerships.rives from this agricultural business. Act 399 of Sept. 22, 2004, known as cell arrangements. Among its main functions are: the International Insurers & ReinsurersAnnual Bonus for Act of Puerto Rico, provided the prin- Tax Treatment • Establishing priorities among keyAgricultural Workers cipal legal grounds to develop Puerto projects with high PPP potential. Rico as an international insurance Tax exemptions conferred under the Act 42 of 1971 establishes that the center focused on the exportation of International Insurers & Reinsurers Act • Conducting or commissioningsecretary of Agriculture will pay an insurance and reinsurance services to of Puerto Rico include: analyses, as well as feasibility, de-annual bonus to every person who international markets. sirability and convenience studies(1) produces agriculture or livestock, Exemption from Premium Taxes; regarding specific PPP projects.(2) maintains a farm or its direct de- Generally, an international insurer Exemption on dividends and otherpendencies, or (3) affects the storage, is one that provides direct insurance profit distributions made by the Inter- • Creating and approving regulationstransportation, distribution and mar- only for risks outside of Puerto Rico, al- national Insurer & International Insurer to govern procedures leading to theketing of farm produce. though it can provide surplus lines cov- Holding Co.; establishment of partnerships. erage and reinsurance for risks located Exemption on municipal franchiseWage Subsidy Program to in Puerto Rico. and real and personal property taxes; • Evaluating the terms and condi-Eligible Farmers, Act 46 of Exemption from withholding taxes on tions of each partnership contractAug. 5, 1989 An international insurer holding com- payments of dividends and other profit and making recommendations to pany is a Puerto Rico legal entity that distributions made to third parties, and the PPPA board and the partnering Act 46 of 1989 subsidizes certain farm holds shares or other securities of an from filing tax returns with the Puerto government entity.wages. Under this law, a farmer initially international insurer or another inter- Rico Internal Revenue Service;has to pay farm employees the required national insurer holding company. Isolation of the proceeds and benefits • Entering into direct contracts withwages from his or her own pocket. The paid by international insurers because third parties for specialized servic-government of Puerto Rico, through the A branch is a business unit through of liquidation procedures from income es related to the establishment ofAgricultural Development Administra- which a foreign insurer not organized taxes; and partnerships.tion, will then reimburse the farmer the under Puerto Rico law carries out busi- A $1.2 million tax exemption on netamount of the wage subsidy. ness transactions along the lines of an income. Exemption applicable at the The Puerto Rico government plans international insurer. individual cell level for Protected Cell to utilize PPPs for strategic publicInternational Banking Company arrangements and at the infrastructure projects in areasEntities (IBEs) International insurers, branches and company level. Preferred 4% tax rate such as roadways, airports, schools, international insurer holding compa- on net income, guaranteed by a decree powerplants, and water & sewage Puerto Rico’s International Bank- nies are given attractive tax treatment. effective over a renewable period of 15 systems. As of Jan. 2011, some 28ing Center law permits the creation of years. strategic projects had been identified,international banking entities (IBEs), In addition, they are not required to representing an estimated $7 billionwhich are essentially banks located in file tax returns, and revenue to nonresi- Business Opportunities investment.Puerto Rico that provide financial ser- dents is exempt from taxation.vices to clients outside of Puerto Rico. The International Insurance Center is Film & Creative Services Act 98 of 2011 facilitates the estab- a platform for the following business Puerto Rico is considered a foreign lishment of entities that export insur- opportunities, among others: The Puerto Rico Film Commissionjurisdiction under the U.S. International ance and reinsurance services, al- (PRFC) was created in 1999 to develop lowing Puerto Rico to compete with • Alternative risk-management the film industry on the island, in part jurisdictions such as Bermuda, Cayman by offering incentives to off-island pro- Islands and Vermont, which for years ducers looking to develop their projects have successfully engaged in promot- in Puerto Rico. ing this type of activity. The PRFC’s primary incentives are Due to its many advantages, including22 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Puerto RicoMarket Factsa 40% tax credit on local production and state taxes on property. • A business operation dedicated sections of Act 113 to further expandexpenditures, and a 20% tax credit on —100% exemption from municipal to renting or leasing to an exempt the incentives provided by the Puertoproduction expenditures on nonresi- business dedicated to tourism-re- Rico Ports Authority to promote transitdent talent provided they are subject to license, excise and other munici- lated activities. and homeport cruise visits to Puertoincome taxation in Puerto Rico. In addi- pal taxes. Rico, as well as extend other incentivestion, the PRFC also provides incentives Tax exemptions under this law will for the cruise industry up to Fiscal Yearfor film industry-related infrastructure Hotel/Hospitality remain valid for a period of 10 years 2018.projects. Development from the starting date of the eligible tourism-related project, and the busi- Incentives for Local The 40% tax credit is calculated on The Puerto Rico tax incentive pack- ness operation will be entitled to a 10- Suppliersexpenditures and is issued in the form age offers hotel developers a competi- year extension.of a transferable tax credit. tive advantage over developing in other The Puerto Rico Tourism Co. reim- destinations. Cruiseship Industry burses cruiseship owners at a rate of To be eligible, the payments to Puerto 10% for food and beverage purchasesRico residents have to be made by a Act 74 of 2010, known as the Tour- The cruise industry is one of Puerto made from certified local supplierslicensed film entity. The film entity does ism Development Act of Puerto Rico, Rico’s main tourism and economic sec- while the cruiseship is docked at anynot need to be organized in Puerto intends to facilitate the establish- tors, not only for its economic impact, Puerto Rico port.Rico, and it can be a single-purpose ment of tourism-development projects but also because of the role it plays incompany established in Puerto Rico or throughout Puerto Rico. Act 118 of promoting the island’s image to the Education & Training—a subsidiary registered to do business 2010, known as the Law for Munici- world. Puerto Rico is, in turn, a top- the Workforcein Puerto Rico. pal Economic & Tourism Development, tier destination for the cruise industry. Investment Act aims to facilitate the establishment of Dockings in Puerto Rico, which total A $100,000 minimum spending re- world-class tourism-development proj- nearly 1.2 million passengers annually, The Puerto Rico Human Resourcesquirement per project ($50,000 for ects throughout Puerto Rico. have a direct economic impact of more & Occupational Development Councilshort films) is necessary to apply for than $245 million a year. (HRODC) administers funds receivedthese incentives. However, there are Tourism Incentives for the by Puerto Rico under the federal Work-no per-project or individual wage caps, Economic Development of Act 113 of 2011, known as the Law force Investment Act (WIA).nor caps on credits for payments to Municipalities of 2010 for the Promotion & Development ofnonresidential talent. The annual cap the Cruiseship Industry in Puerto Rico, The program offers workforce trainingon credits for payments to Puerto Rico The main criteria for eligibility are be- further strengthens Puerto Rico’s com- incentives to businesses through on-residents is $50 million (and may be ing a world-class hotel with a four-star petitiveness in the cruise industry, in- the-job training, customized training,expanded up to $350 million). rating; planning for diverse commercial cluding such key segments within the combined programs and retraining: and recreational establishments, other industry as the supply chain, service • On-the-job training:WIA reimburses up With the signing of the Puerto Rico tourist attractions and facilities typical providers and cruiselines.Film Industry Incentives Act of 2011 of four-star hotels, including casinos; to 50% of the salary of the participant(Act 27 of 2011), the PRFC expands developing exclusively with private The law provides a string of incen- for the duration of the training, whichmany of its incentives to stimulate the capital. tives to promote transit and homeport will vary according to the occupationlocal film infrastructure. cruise visits, spur travel agencies to sell and the participant’s professional and Tourism Development Act of packages to nonresidents that include educational experience level.Infrastructure Incentives Puerto Rico of 2010 both a cruise and a stay in a hotel in • Customized training: WIA reimburses Puerto Rico; the purchase of products up to 50% of the salary of the partici- • 25% tax credit on costs for devel- The main criteria for eligibility are in Puerto Rico; the local procurement pant as compensation for extraordi- opment or expansion of infrastruc- new facilities, existing facilities that of ship maintenance and repair servic- nary costs and additional supervision ture projects. have not been in use for three or more es; and the promotion of excursions for years, and existing facilities where cruiseship passengers. Continues on page 24 • Minimum hard costs of $5 million. substantial renovations or expansion • Maximum aggregate annual cap will take place. Act 80 of 2013 amended certain of $10 million and lifetime cap of The following business activities $150 million for all infrastructure qualify as tourism-related activities: credits. • Ownership or administration of: (1)Film Development Zone— hotels, condo hotels, timeshares/va- cation clubs, hostels, guesthouses,PPP Operational Structure excluding the operations of casi- nos; (2) theme parks, golf courses,• People engaged in qualifying media marinas for tourism purposes, port and infrastructure projects, as well facilities in areas that promote tour- as the operation of a large-scale ism activities; (3) natural resources studio within the film-development as a source of entertainment value; zone, shall be eligible for favorable and (4) other entertainment or recre- tax treatment: ational tourism-related facilities. —4% fixed income tax rate. —100% exemption on dividends. —90% exemption from municipal THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 23

Continued from page 23 • Up to $300,000 for environmentally contracts of the Puerto Rico Govern- strategically located warehouses and friendly projects. ment is set aside for local small and commercial facilities in San Juan, that comes with the training. midsize businesses. Ponce and Mayagüez.• Combined program:WIA grants 100% • Up to $5 million for businesses that help their industry. —Promoexport (Puerto Rico From these warehouses, clients of training costs and up to 50% of the The EDB provides lines of credit of: Exports, Expopartners) distribute consumer goods such as participant’s salary for the duration food, pharmaceuticals, chemical of the training. • Up to $750,000 for federal A program that offers the basic tools products and others to local and• Retraining: WIA grants 100% of the contractors to enter international markets. It seeks international markets. The CCE also costs of retraining employees to han- to stimulate and promote Puerto Rican maintains the facilities known as dle new tasks and up to 50% of the • Up to $750,000 for companies look- exporting activity by providing analy- the Centro Mercantil Internacional, salary of the participant during the ing to export. ses of a business’ export potential, Distribution Center and Free Trade retraining period. support in identifying potential inter- Zone 61 in Guaynabo. The Puerto Rico Commerce national markets, technical assistance Free-Trade Zones & Export Co. in the exportation process, workshops • Free Trade Zone 61 and seminars on international trade, Puerto Rico has the largest noncon- The CCE is a public corporation under and participation in international busi- Businesses can reduce their storagetiguous free-trade zone (FTZ) system in the Department of Economic Develop- ness fairs and missions, among other and operational costs when they estab-the U.S. The system allows companies ment & Commerce umbrella. benefits. lish operations in Foreign Trade Zoneto obtain significant financial savings 61 or create a subzone within theirbecause raw material, components The CCE’s mission is to foster the The Financial Incentive to Develop place of operations. This can eliminateand packaging can be transported tax- development of trade, with special Women in the Export Business provides or postpone merchandise taxes andfree throughout these zones, and items emphasis on small and midsize busi- up to $5,000 to each participant. Proj- duties.shipped abroad after processing are nesses, and the export of Puerto Rican ect MARCA P. ERE promotes the designexempt from U.S. taxes. products and services to other coun- and fashion segment as an important • Puerto Rico World Trade tries or regions. component of the island’s financial Center (PRWTC) With Free Trade Zone 61, businesses development.can reduce their storage and opera- Among the programs, incentives and The PRWTC provides access to thetional costs when they establish op- laws with which it operates are: • Financing & Consulting best ideas in international business,erations in Foreign Trade Zone 61 or Services as well as new international marketingcreate a subzone within their place of Jobs Now Act (Ley De channels, and extends the benefits ofoperation. This can eliminate or post- Empleos Ahora) The CCE offers consulting services on the World Trade Center Association topone merchandise taxes and duties. matters such as how to establish a new its members. A law that will help create 50,000 business or how to expand an existingSmall & Midsize jobs in 18 months and incentives such business, available options for financial The PRWTC offers a wide range ofBusinesses as: use permits processed in only 24 help in state and federal agencies, and services for businesses interested in hours, energy credits, tax exceptions commercial projections and financial internationalizing their products and Small and midsize enterprises busi- on personal and real-estate property, statements, among others. services: business training, meetingnesses play a significant role in the and $1 rental of spaces from the gov- rooms, local and international businesseconomy of Puerto Rico, and the gov- ernment, among others. • Foreign Trade & Business missions and fairs, international busi-ernment is focused on facilitating their Development Institute (ICEDE ness services and counseling, and thegrowth. Two governmental agencies Community Economic by its Spanish acronym) international business library.are particularly focused on SMEs, the Development ProgramEconomic Development Bank and the (Desarollo Económico The ICEDE designs functional training Credit for Electric PowerPuerto Rico Commerce & Export Co. Comunitario) courses to instruct SMEs on the latest(CCE by its Spanish initials), or Puerto business trends. The Puerto Rico Electric Power Au-Rico Trade Co., Stimulates business incubators and thority (Prepa) is authorized to grant a community microenterprises with re- • Voluntary Chain Program 10% credit, up to a maximum of $40 sources, services and funding with up per month or $480 per year, to small to $50,000 for new and existing com- The Voluntary Chain Program permits retailers or nonprofessional personal munity incubators, and up to $5,000 groups of independent businesses to logistics facilities with seven or fewer for community microenterprises. unite under one name to create a com- employees that are located in urban mon market and strengthen their com- centers.The Economic Foreign Trade Business petitiveness. Voluntary chains must be Development Institute (Insti- endorsed by the CCE. Voluntary chains Renewable EnergyDevelopment Bank tuto de Comercio Exterior y are exempt from municipal license Desarrollo Empresarial) taxes for the volume of their gener- Puerto Rico is entering a new age in The Economic Development Bank ated sales and inventory tax payments. terms of its diversification of energy(EDB) offers financial support to SMEs Offers business education, providing They tend to benefit from reduced op- sources with the implementation ofthrough asset-based loans, participa- intelligent courses in management, in- erational expenditures, more bargain- a new public energy policy and pro-tion loans with private financial institu- novation and competitiveness. ing power to obtain better terms and grams to diversify energy sources, en-tions or under the SBA 504 loan guar- prices on group purchases, and stron- suring that the generation of electric-antee program, mezzanine financing Urban Center Direct ger brands. Each owner can have up to ity on the island is affordable, viableor capitalization loans, tourism project Employment Program & five establishments within the chain. and sustainable. Act 82 of 2010, alsoloans, management buyout loans, and Commercial Impact to the known as the Energy Diversificationcredit lines for operational capital. Urban Center Program • Commercial Facilities by Means of Sustainable & Alternative Renewable Energy Act, was approved The EDB financial support includes The CCE offers incentives for revital- The CCE’s real-estate division can on July 19, 2010, along with Act 83 ofloans of: ization and job creation through these provide storage facilities for prod- 2010, also known as the Green Energy• Up to $500,000 for women programs: uct distribution. The CCE manages Incentives Act. entrepreneurs. —Set Aside Program• Up to $5 million for agricultural Fifteen percent of the purchases and projects.• Up to $500,000 for new-business owners.24 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Puerto RicoMarket FactsThe Energy Diversification services from Puerto Rico. Individual Investors Act Job Generation & Retentionby Means of Sustainable & Puerto Rico has a highly educated (Act 22) for Small & MidsizeAlternative Renewable Businesses ActEnergy Act of 2010 and professional labor force that can On Jan. 17, 2012, Puerto Rico also fulfill the labor market demands for the enacted Act 22, also known as the In- Also known as Act 120 of June 30, • Recognizes many sources of re- provision of export services. dividual Investors Incentives Act. The 2014, the legislation establishes a tax newable energy utilizing various law provides tax exemptions to eligible and salary incentives program for small technologies. The purpose of the Export Services individuals residing in Puerto Rico, and and midsize businesses. Act (Act 20) enacted Jan. 17, 2012, is may have profound implications for the • Sets a hard target of 12% renewable to establish and develop in Puerto Rico continued economic recovery of the is- The goal of the act is to make viable energy production by 2015, and an international export services center land. To avail themselves of such bene- the development and expansion of 15% by 2020, with a requirement and diversify the drivers of economic fits, individual investors need to become this business sector as well as for the for retail-energy providers to estab- growth by encouraging local service residents of Puerto Rico and apply for a creation and retention of jobs at those lish a plan to reach 20% renewable- providers to expand their services to tax-exemption decree. small and midsize businesses facing energy productionby 2035. persons outside of Puerto Rico, promote serious economic difficulties. the development of new businesses in Act 22 is designed to primarily at- • Establishes Renewable Energy Cer- Puerto Rico and stimulate the inbound tract high-net-worth individuals, empty Benefits for new eligible businesses tificates (RECs) as legally recognized transfer of foreign service providers to nesters, retirees who currently relocate include: 50% reimbursement of the assets that can be purchased, sold, Puerto Rico. to other states and individual investors federal minimum wage ($3.63 an hour) traded and transferred separately from the U.S. and other countries, by for up to 15 employees in two years; a from electric power. The Export Services Act applies with eliminating all taxes on passive income preferential income-tax rate for three respect to any business with an office that accrues after they relocate to the years of 5%, 10% and 15%, respec- • Mandates implementation of a re- located in Puerto Rico that is engaged island. While dividends and interest in- tively; 50% exemption on real property newable registry, an electronic in the export of services to nonresident come earned by Puerto Rico residents and property tax; 50% exemption on platform to manage the issuance, individuals and/or foreign entities. on U.S. securities are generally taxed the State Insurance Fund premiums; tracking and trading of RECs. by the federal government, capital 50% exemption on the municipal busi- Businesses eligible to benefit gains taxes on their sales are based on ness license; priority and expedited • Creates a permanent Renewable residence. financing from the Economic Develop- Energy Commission as an oversight from Act 20: ment Bank, under attractive terms; a entity focused solely on the imple- • Research & development; Tax Benefits under Act 22: tiered Christmas bonus—businesses mentation of renewable portfolio • Advertising and public relations; • 100% tax exemption from Puerto with 26 employees or more: $200, standards. • Economic, environmental, tech- Rico income taxes on all dividends; $400 and $600 on the first, second and nological, managerial, marketing, • 100% tax exemption from Puerto third years, respectively; businessesGreen Energy Incentives information systems, engineering Rico income taxes on all interest; and with fewer than 26 employees: $175,Act of 2010 and other consulting services; • 100% tax exemption from Puerto $225 and $275 the first, second and • Professional services; Rico income taxes on all short-and third years, respectively. Ⅲ • Creates a Green Energy Fund (GEF) • Headquarters and/or share services long-term capital gains accrued through which the government of centers; after the individual becomes a bona By CB Staff Puerto Rico will co-invest $290 mil- • Electronic-data processing centers; fide resident of Puerto Rico. Revised by the Puerto Rico Economic lion in renewable-energy projects • Development of licensable com- Development & Commerce Department during the next 10 years; initial puter software; funding of $20 million began July • Call centers; 1, 2011 (steps up to $40 million by • Distribution centers (hubs); fiscal 2016). • Medical and hospital services; • Investment banking and financial • Through the GEF, the P.R. Energy services; and others. Affairs Administration offers cash rebates of up to 60% on the cost Tax Benefits under Act 20: of installing Tier 1 or small projects • 4% maximum tax rate on income (0 kW-100 kW) for residences and related to exportation of services; small businesses, and up to 50% on • 100% exemption on income- the cost of Tier 2 projects (100 kW-1 tax rate on dividends or profit MW) for commercial or industrial distributions; use. • 60% exemption on municipal- license taxes;Export Services Act (Act 20) • 90% exemption of real and prop- erty taxes on call centers, corpo- The main objectives of the Export rate headquarters and distributionServices Act are to turn Puerto Rico centers; andinto an international hub of export ser- • 20-year tax decree, renewable forvices, retain local talent, attract foreign an additional 10 years.talent and foreign capital and create aspecial fund for promoting the estab-lishment of new businesses to export THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 25

ES MÁS QUE UNA REVISTA... UN ESTILO DE VIDAimagen.pr IMAGEN, www.imagen.pr, son parte delPara reservar su espacio, comuníquese hoy al departamento deventas, al 787.728.1240 ó via email: [email protected]

As Ranked by ®PUERTO RICO’S PUBLIC COMPANIES(Listed According to Stockholder Equity as of December 31, 2015)Current/ Company Name Stockholder Shares Total Ticker Year 52-Week Top ExecutivePrevious Physical Address Equity $ as of Outstanding Assets $ Symbol * Established Low $ High $ TitleRanking Internet Address Dec. 31, 2015 in P.R. Telephone/Fax BPOP.Q 26.96 35.581/1 Popular Inc. 5,105,324,000 103,618,976 35,769,534,000 1893 Richard L. Carrión Popular Center Bldg. Chairman/CEO 209 Muñoz Rivera Ave. (787) 765-9800 / (787) 759-7803 Hato Rey 00918 www.popular.com2/2 First BanCorp 1,694,134,000 215,088,698 12,573,019,000 FBP.N 1948 3.06 6.74 Aurelio Alemán 1519 Ponce de León Ave. CEO/President Stop 23 (787) 729-8200 / (787) 725-8339 Santurce 00908 www.1firstbank.com3/3 OFG Bancorp 897,077,000 43,867,909 7,099,149,000 OFG.N 1964 6.44 17.81 José R. Fernández Oriental Center CEO/President/Vice Chairman 254 Muñoz Rivera Ave. (787) 771-6800 / (787) 777-2854 Hato Rey 00918 www.orientalbank.com4/4 Triple-S Management Corp. 849,017,000 24,998,723 2,213,189,000 GTS.N 1959 17.69 26.50 Roberto García Rodríguez 1441 F.D. Roosevelt Ave. EVTC.N 2004 CEO/President San Juan 00920 (787) 749-4949 / (787) 749-4191 www.triplesmanagement.com5/5 Evertec Inc. 112,172,000 77,181,123 880,631,000 16.10 23.07 Morgan M. Schuessler Jr. Rd. 176, Km. 1.3 CEO/President Cupey Bajo (787) 759-9999 / (787) 766-4585 Río Piedras 00926 www.evertecinc.com* The letter following after each ticker symbol indicates the market in which the company trades: .N - New York Stock Exchange .Q - Nasdaq GSUnless otherwise noted, all information was provided by the companies or obtained from public records.Research by Ana D. OrtizCopyright © 2017 CARIBBEAN BUSINESS As Ranked by ®LARGEST U.S. PUBLIC COMPANIES IN PUERTO RICO(Listed According to Number of Full-Time Employees in Puerto Rico)Current/ Company Name No. of Current/ Company Name No. ofPrevious Corporate Website Full-Time Previous Corporate Website Full-TimeRanking Employees in P.R. Ranking Employees in P.R. Wal-Mart Stores Inc. 1/1 www.walmart.com 13,295* 13/12 AT&T 1,975 www.att.com 2/2 Walgreen Co. 4,500 www.walgreens.com 14/13 Amgen 1,800 3/6 4,015 www.amgen.com Medtronic Inc. 4/3 www.medtronic.com 3,879 15/15 J.C. Penney Co. 1,650* www.jcp.com 5/4 Sears Holdings Corp. 2,801 www.searsholdings.com 16/19 Eli Lilly & Co. 1,600 6/5 2,782* www.lilly.com Johnson & Johnson 7/16 www.jnj.com 2,270 16/- The Home Depot 1,600 www.homedepot.com 8/17 McDonald’s Corp. 2,500 www.mcdonalds.com 18/13 Eaton 1,500 9/8 2,414 www.eaton.com Pfizer 9/10 www.pfizer.com 2,414 19/11 General Electric 1,400 www.ge.com 11/7 TJX Companies Inc. 2,376 www.tjx.com 20/18 St. Jude Medical Inc. 1,214 12/9 2,018 www.sjm.com Marriott International Inc. www.marriott.com * CARIBBEAN BUSINESS estimate Employee figures correspond to April-November 2016 and includes local branches & subsidiaries. The Wendy’s Company Number of full-time employees includes part-time employees where applicable www.wendys.com (every two part-time employees = one full-time employee). Yum! Brands Unless otherwise noted, all information was provided by the companies or obtained from their websites. www.yum.com Research by Marilda A. Quiñones del Castillo Copyright © 2017 CARIBBEAN BUSINESS Baxter International Inc. www.baxter.com THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 27

As Ranked by ®PUERTO RICO’S TOP PRIVATE-SECTOR EMPLOYERS Contact Person Title(Listed According to Number of Full-Time Employees as of November 2016) Jaime L. FernándezCurrent/ Company Name Physical Address No. of Type of Business Year Regional General ManagerPrevious Telephone/Fax Full-Time EstablishedRanking Internet/Email Address Employees in P.R. Richard L. Carrión Chairman/CEO1/1 Wal-Mart Puerto Rico Inc. Bo. Río Cañas 13,295* Discount department store, 1992 (787) 653-7777 / (787) 653-7140 Hwy. 1, Km. 28.7 supermarket & membership club Eduardo Marxuach www.walmartpr.com Caguas 00725 CEO2/2 Popular Inc. Popular Center Bldg. 7,215 Diversified financial services 1893 Karen Z. Artau Feliciano (787) 765-9800 / (787) 759-7803 209 Muñoz Rivera Ave. President www.popular.com Hato Rey 00918 Joaquín Rodríguez Sr.3/3 Supermercados Econo Inc. Sabana Abajo Ind. Park 6,550* Supermarket chain 1970 CEO (787) 620-9292 / (787) 620-4630 1428 Río Danubio St. www.superecono.com Carolina 00985 Nivia I. Santiago Regional Vice President4/5 Metro Pavía Health System Inc. Maramar Plaza 4,956 Hospital system 1998 (787) 620-9770 / (787) 620-9771 101 San Patricio Ave., Suite 960 José F. Méndez www.metropavia.com Guaynabo 00968 President5/4 Grupo HIMA-San Pablo Inc. 100 Luis Muñoz Marín Ave. 4,875 Hospital system 1988 Manuel J. Fernós (787) 653-3434 / (787) 653-1790 Caguas 00726 President www.himapr.com Félix M. Negrón6/6 Walgreens Villa Caparra Urb. 4,500 Drugstore chain 1960 Operations Vice President (787) 705-6555 / (787) 705-0206 580 Buchannan Marginal St. www.walgreens.com Guaynabo 00966 Aniceto Solares CEO7/7 Ana G. Méndez University System Rd. 176, Km. 0.3 3,876 University system 1949 (787) 751-2262 / (787) 751-6750 Río Piedras 00926 Roberto García Rodríguez www.suagm.edu CEO/President8/13 Inter American University of P.R. Inc. Jardines Metropolitanos Urb. 3,852 University 1912 Enrique Ortiz de Montellano (787) 758-6260 / (787) 764-1653 399 Galileo St. CEO/President www.inter.edu Río Piedras 00927 Emilio Morales Laboy9/18 Medtronic PLC Ceiba Norte Ind. Park 3,726 Surgical & medical devices 1974 President (787) 561-2200 / (787) 561-2397 50 Rd. 31, Km. 24.4 manufacturer www.medtronic.com Juncos 00777 Marcos Rivera Rivera President10/11 Caribbean Restaurants LLC Puerto Nuevo Dist. Center 3,447* Fast-food franchise operator 1963 (787) 474-7777 / (787) 275-7800 Bldg. 1, Rd. 5, Km. 27.4 Pedro Costa www.burgerkingpr.com Cataño 00962 Government & Public Affairs Director11/12 Triple-S Management Corp. 1441 F.D. Roosevelt Ave. 3,398 Insurance holding company 1959 Gabriel Serber (787) 749-4949 / (787) 749-4191 San Juan 00920 Managing Director www.triplesmanagement.com José Ribas12/10 Claro Puerto Rico 1515 F.D. Roosevelt Ave. 3,341 Telecommunications 1914 CEO (787) 782-8282 / (787) 749-3933 Guaynabo 00968 www.claropr.com Juan A. Larrea President13/8 Genesis Security Services Inc. Villa Carolina 4th Ext. 3,250 Security services 1997 (787) 776-2381 / (787) 757-8975 143-12 401 St. Pedro L. Meléndez www.genesissecuritypr.com Carolina 00985 CEO14/9 St. James Security Services Inc. Caribe Urb. 3,239 Security services 1977 Dave Rodney (787) 754-8448 / (787) 281-6254 1604 Ponce de León Ave. President www.stjamessecurity.com Río Piedras 00926 Jorge López Guedes15/14 Johnson & Johnson Los Frailes Ind. Park 2,801 Pharmaceutical manufacturer 1962 CEO/President (787) 272-6500 / 475 C St. www.jnj.com Guaynabo 00969 Artur Jotic President16/15 Arcos Dorados Puerto Rico LLC Montehiedra Office Centre 2,782* Fast-food franchise operator 1967 (787) 748-8200 / 9615 Los Romeros Ave., Suite 307 Julio Colón Ruiz www.mcdonalds.com.pr Río Piedras 00926 CEO17/17 Encanto Restaurants Inc. Montehiedra Office Centre 2,575 Fast-food franchise operator 1966 Jorge L. Matta (787) 792-4311 / (787) 277-7780 9615 Los Romeros Ave., Suite 200 CEO www.empleosencantopr.com Río Piedras 0092618/19 South American Restaurants Corp. (Sarco) Amelia Ind. Park 2,484* Fast-food franchise operator 1978 (787) 788-8811 / Diana St., Lot 35 www.churchspr.net Guaynabo 0096819/- Mennonite General Hospital Inc. Bo. Rincón 2,396 General hospital 1944 (787) 535-1001 / (787) 535-1014 Lomas Sector www.hospitalmenonita.com Cayey 0073720/16 Kmart Corp. Montehiedra Town Centre 2,315 Discount department store 1962 (787) 287-3141 / (847) 396-1964 9410 Los Romeros Ave. www.kmart.com Río Piedras 0092621/23 Fuller Group 103 Conquistadores Ave. 2,200 Maintenance services & supplier 1969 (787) 788-8080 / (787) 788-8144 Cataño 00962 www.fullergrouppr.com22/20 International Restaurant Services Inc. Amelia Dist. Center 2,104 Fast-food franchise operator 1994 (787) 273-3131 / (787) 273-3141 23 Emma St. [email protected] Guaynabo 0096823/24 Servicios de Salud Episcopales Inc. 917 Tito Castro Ave. 2,064 Healthcare services 1907 (787) 844-2080 / (787) 841-3454 Ponce 00717 www.sanlucaspr.org24/22 Hospital Español Auxilio Mutuo de P.R. Inc. 715 Ponce de León Ave. 2,025 General hospital 1883 (787) 758-2000 / (787) 771-7952 Hato Rey 00918 www.auxiliomutuo.com* CARIBBEAN BUSINESS estimateEmployee figures include Puerto Rico operations only and subsidiaries where applicable.Number of full-time employees includes part-time employees where applicable (every two part-time employees = one full-time employee).Unless otherwise noted, all information was provided by the companies.Research by Marilda A. Quiñones del CastilloCopyright © 2017 CARIBBEAN BUSINESS28 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

As Ranked by ®PUERTO RICO’S 50 HIGHEST-PAYING OCCUPATIONS(Listed According to Average Annual Wage as of May 2015)Current/ Occupation Average Average Current/ Occupation Average AveragePrevious Annual Hourly Previous Annual HourlyRanking Psychiatrists Wage $ Wage $ Ranking Wage $ Wage $ Physicians & Surgeons (All Other) 1/2 Chief Executives 181,550 87.28 28/35 Family & General Practitioners 73,300 35.24 2/- Air Traffic Controllers 128,310 61.69 3/4 Industrial Production Managers 105,100 50.53 29/- Software Developers 72,370 34.79 4/6 Obstetricians & Gynecologists 101,550 48.82 5/7 Architectural & Engineering Managers 101,530 48.81 30/39 Purchasing Managers 71,900 34.57 6/17 Natural Sciences Managers 101,310 48.71 7/8 Education Administrators (All Other) 100,330 48.24 31/- Conservation Scientists 71,810 34.53 8/13 Financial Managers 97,000 46.64 9/9 Administrative Law Judges, Adjudicators & 90,590 43.55 32/41 Human Resources Managers 70,740 34.01 10/27 81,990 39.42 11/15 Hearing Officers 81,770 39.31 33/37 Industrial Engineers 70,620 33.95 Pharmacists 12/20 Marketing Managers 81,590 39.23 34/42 Lawyers 69,770 33.54 13/21 Sales Managers 80,850 38.87 14/19 Transportation, Storage & Distribution Managers 80,090 38.50 35/43 Computer Hardware Engineers 69,350 33.34 15/34 Compensation & Benefits Managers 77,870 37.44 16/14 Computer & Information Systems Managers 77,820 37.42 36/- Avionics Technicians 69,180 33.26 17/24 Anesthesiologists 77,600 37.31 18/25 General & Operations Managers 77,510 37.26 37/28 Securities, Commodities & Financial Services 67,620 32.51 19/26 Postmasters & Mail Superintendents 77,190 37.11 Sales Agents 20/23 Geoscientists (Except Hydrologists & 77,080 37.06 21/31 76,530 36.79 38/- Pediatricians (General) 66,930 32.18 Geographers) 22/50 Training & Development Managers 76,290 36.68 39/44 Electrical Engineers 66,830 32.13 23/48 Advertising & Promotions Managers 75,980 36.53 24/11 Internists (General) 75,920 36.50 40/49 Detectives & Criminal Investigators 66,370 31.91 25/38 Physics Teachers (Postsecondary) 74,710 26/29 Medical & Health Services Managers 73,780 * 41/- Gaming Managers 65,870 31.67 27/30 Electronics Engineers (Except Computer) 73,720 35.47 35.44 42/- Veterinarians 65,400 31.44 43/45 Law Teachers (Postsecondary) 65,100 * 44/- Chemistry Teachers (Postsecondary) 64,490 * 45/- Engineering Teachers (Postsecondary) 63,580 * 46/40 Public Relations & Fundraising Managers 63,310 30.44 47/- Chemical Engineers 63,040 30.31 48/- Psychologists (All Other) 62,860 30.22 49/- Mathematical Science Teachers (Postsecondary) 62,750 * 50/- Construction Managers 62,690 30.14 * Data unavailable. Some occupations generally do not work year-round or full time and their wages are reported either as annual salaries or as hourly wages, depending on the payment method. Source: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Employment Statistics Program. Research by Francis E. López Copyright © 2017 CARIBBEAN BUSINESS As Ranked by ®PUERTO RICO’S OCCUPATIONAL EMPLOYMENT & WAGES(Listed According to Number of Estimated Jobs as of May 2015)Current/ Occupation No. of Jobs Average Hourly Average Hourly Average Hourly P.R. as a %Previous in P.R.* Wage $ P.R. Wage $ U.S. Wage $ Difference of U.S. LevelRanking 65.8%1/1 Office & Administrative Support 167,480 11.49 17.47 5.98 55.9% 80.1%2/2 Sales & Related 112,040 10.57 18.90 8.33 66.1% 64.7%3/3 Food Preparation & Serving Related 71,680 8.80 10.98 2.18 56.2% 46.1%4/4 Education, Training & Library 65,910 16.84 25.48 8.64 62.2% 71.4%5/5 Production 61,130 11.27 17.41 6.14 52.3% 62.6%6/6 Protective Service 54,470 12.05 21.45 9.40 59.4% 44.2%7/7 Healthcare Practitioners & Technical 51,740 17.24 37.40 20.16 73.2% 62.0%8/8 Transportation & Material Moving 43,410 10.52 16.90 6.38 65.4% 66.9%9/9 Building & Grounds Cleaning & Maintenance 40,240 9.29 13.02 3.73 50.0% 57.3%10/10 Business & Financial Operations 39,890 18.56 35.48 16.92 63.6% 61.3%11/11 Management 38,140 34.63 55.30 20.67 81.7% 58.4%12/13 Installation, Maintenance & Repair 30,250 13.14 22.11 8.9713/12 Construction & Extraction 29,560 10.11 22.88 12.7714/14 Personal Care & Service 16,550 9.03 12.33 3.3015/15 Community & Social Service 15,670 13.76 22.19 8.4316/16 Architecture & Engineering 12,700 26.07 39.89 13.8217/17 Healthcare Support 10,430 9.49 14.19 4.7018/18 Computer & Mathematical Science 9,430 20.73 41.43 20.7019/20 Arts, Design, Entertainment, Sports & Media 6,910 15.70 27.39 11.6920/19 Life, Physical & Social Science 6,580 21.77 34.24 12.4721/21 Legal 4,460 30.49 49.74 19.2522/22 Farming, Fishing & Forestry 2,080 10.35 12.67 2.32 Total Number of Jobs/Average Wages 890,750 13.56 23.23 9.67* Estimated job figures do not include self-employed workers. Research by Francis E. LópezSource: U.S. Department of Labor, Bureau of Labor Statistics, Occupational Employment Statistics Program. Copyright © 2017 CARIBBEAN BUSINESS THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 29

PUERTO RICO’S OLDEST COMPANIES As Ranked by ®(Listed According to Year Established in Puerto Rico) Type of Business Top Executive General hospital TitleCurrent/ Company Name Physical Address Year No. of Locally Law firmPrevious Telephone/Fax Pharmacy Álvaro CorradaRanking Internet Address Established Full-Time Owned General hospital President Pharmaceutical & personal care in P.R. Employees Company products distributor Waldemar del Valle General hospital Armstrong1/1 Hospital de la Concepción Bo. Caín Alto 1842 640 Yes Food & beverage distributor (787) 892-1860 / (787) 264-7908 Hwy. 2, Km. 173.4 Diversified financial services Managing Partner www.hospitalconcepcion.com San Germán 00683 Food service distributor Steve R. Soto Private school President2/2 Parra, del Valle & Limeres Popular Bldg., 2nd Floor 1850 14 Yes General hospital (787) 848-4900 / (787) 848-5005 Food & beverage distributor Mariano McConnie www.pdvl.com Paseo Antonio S. Arias Ventura General hospital Chairman General hospital Ponce 00731 Food products & wine distributor Augusto Amato Commercial bank Operations Director3/3 Farmacia Del Pozo Inc. Rd. 149, Km. 2.8 1860 30 Yes General hospital (787) 854-2041 / (787) 884-9039 Manatí 00674 University system Jorge L. Matta www.farmaciadelpozo.com Food & beverage distributor CEO Food & beverage distributor4/4 Hospital Damas Inc. 2213 Ponce Bypass 1863 813 Yes Telecommunications company José Teixidor (787) 840-8686 / (787) 840-8625 Ponce 00717 General hospital CEO www.hospitaldamas.com Private school Private school Richard L. Carrión5/5 J.M. Blanco Inc. Amelia Ind. Park 1880 52 No Dairy product processor & Chairman/CEO (787) 793-6262 / (787) 273-2148 21 Diana St. distributor www.amerisourcebergen.com Guaynabo 00968 Agricultural financial-services José Santiago cooperative President6/6 Hospital Español Auxilio Mutuo de P.R. Inc. 715 Ponce de León Ave. 1883 2,025 Yes Cindy Ogg (787) 758-2000 / (787) 771-7952 Hato Rey 00918 Head of School www.auxiliomutuo.com Pedro J. González CEO7/7 B. Fernández & Hnos. Inc. 305 Luchetti Ind. Park 1888 415 Yes (787) 288-7272 / (787) 288-7291 Hwy. 5 Robert Cimino www.bfernandez.com Bayamón 00961 CEO8/8 Popular Inc. Popular Center Bldg. 1893 7,215 No Pedro Barez (787) 765-9800 / (787) 759-7803 209 Muñoz Rivera Ave. Operations Executive www.popular.com Hato Rey 00918 Director9/9 José Santiago Inc. Luchetti Ind. Park 1902 350 Yes Jorge I. Martínez (787) 288-8835 / (787) 288-8809 Hwy. 5, Km. 4.4 Executive Director www.josesantiago.com Bayamón 00959 José L. Quintana9/9 Robinson School 5 Nairn St. 1902 143 No President (787) 999-4604 / (787) 726-2833 Santurce 00907 www.robinsonschool.org Denis Vaz CEO/President11/11 Ashford Presbyterian Community Hospital 1451 Ashford Ave. 1904 721 Yes (787) 721-2160 / (787) 723-3797 San Juan 00907 Yelitza Lucena Quiles www.presbypr.org Executive Director12/12 Plaza Provision Co. Rds. 28 & 165 1907 520 Yes Manuel J. Fernós (787) 781-2070 / (787) 781-2210 Guaynabo 00965 President www.plazaprovision.com José Arturo Álvarez12/12 Saint Luke’s Memorial Hospital 916 Tito Castro Ave. 1907 1,004 Yes CEO/President (787) 844-2080 / (787) 844-2090 Ponce 00716 www.ssepr.com Alejandro M. Ballester President14/14 Hospital Perea 15 Dr. Basora St. 1908 493 Yes (787) 834-0101 / (787) 265-2455 Mayagüez 00680 Enrique Ortiz de www.metropavia.com/perea Montellano CEO/President14/14 Quintana Hermanos Inc. Bechara Ind. Park 1908 15 Yes José R. Feliciano (787) 783-3366 / (787) 749-0585 220 San Luis St. Executive Director www.ghipr.com San Juan 00920 Lorraine Lago16/16 Scotiabank de Puerto Rico 290 Jesús T. Piñero Ave. 1910 942* No Head of School (787) 474-5252 / (787) 766-6724 Hato Rey 00918 www.scotiabankpr.com Rev. Terrance E. Wall Board President17/17 Hospital Metropolitano Dr. Susoni 55 Palma St. 1911 494 Yes (787) 650-1030 / (787) 650-1040 Arecibo 00612 Jaime Fonalledas Rubert www.metropavia.com President18/18 Inter American University of P.R. Inc. Jardines Metropolitanos Urb. 1912 3,852 Yes Ricardo L. Fernández (787) 758-6260 / (787) 764-1653 399 Galileo St. CEO/President www.inter.edu Río Piedras 0092718/18 Méndez & Co. Inc. Martínez Nadal Exp. 1912 490 Yes (787) 793-8888 / (787) 782-1395 Rd. 20, Km. 2.4 www.mendezcopr.com Guaynabo 0096920/20 Ballester Hermanos Inc. Westgate Ind. Park 1914 401 Yes (787) 378-4851 / (787) 788-6460 Rd. 869 & 3rd. St. www.ballesterhermanos.com Cataño 0096220/20 Claro Puerto Rico 1515 F.D. Roosevelt Ave. 1914 3,341 No (787) 782-8282 / (787) 749-3933 Guaynabo 00968 www.claropr.com20/20 Ryder Memorial Hospital Inc. 355 Font Martello Ave. 1914 873 Yes (787) 852-0768 / (787) 852-0157 Humacao 00791 www.hryder.org23/23 Saint John’s School 1454 Ashford Ave. 1915 138 Yes (787) 728-5343 / (787) 268-1454 Condado 00907 www.sjspr.org24/24 Colegio Católico Notre Dame 34 Troche St. 1916 1,740* Yes (787) 743-3693 / (787) 258-9648 Caguas 00725 www.ccnd.org25/25 Vaquería Tres Monjitas Inc. 215 Federico Costa St. 1918 462 Yes (787) 474-1818 / (787) 753-8836 Hato Rey 00918 www.tresmonjitas.com26/26 Puerto Rico Farm Credit 213 Domenech Ave. 1922 22 Yes (787) 753-0579 / (787) 250-1646 Hato Rey 00918 www.prfarmcredit.com* CARIBBEAN BUSINESS estimateNumber of full-time employees includes part-time employees where applicable (every two part-time employees = one full-time employee).Unless otherwise noted, all information was provided by the companies.Research by Marilda A. Quiñones del CastilloCopyright © 2017 CARIBBEAN BUSINESS30 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

As Ranked by ®PUERTO RICO’S LARGEST TRADE ASSOCIATIONS(Listed According to Total Number of Members as of May 2016)Current/ Organization Name Physical Address No. of 2016 Executive Officer Year 2015 Main Issues PresidentPrevious Telephone/Fax Members Annual TitleRanking Internet Address Convention Email Address Established Confronted and/or Laws/ Email Address Date in P.R. Bills Lobbied1/1 Puerto Rico United Retailers 501 Muñoz Rivera Ave. 5,000 July 29-31 Rubén Piñero Dávila 1891 High energy costs, excessive Rubén Piñero Dávila CEO/President 1928 laws & bylaws, slow [email protected] Association Hato Rey 00918 [email protected] permitting process, sales 1913 tax, business-to-business tax (787) 641-8405 / (787) 641-8406 1951 increase www.centrounido.com2/3 Puerto Rico Manufacturers Centro Internacional de 1,150 June 2-5 Francisco García Federal Fiscal Control Rodrigo Masses Executive Vice President Board, Federal Tax [email protected] Association (PRMA) Mercadeo, Tower II [email protected] incentives for the manufacturing industry, high (787) 641-4455 / (787) 641-2535 90 Rd. 165, Suite 702 energy & water services cost, increasing cost of doing www.prma.com Guaynabo 00968 business in P.R., proposed overtime rule for exempt employees3/2 Puerto Rico Chamber of 100 Tetuán St. 1,000 June 9-11 Miguel Vargas Senate Bill 1456 to create David A. Rodríguez Ortiz Executive Director public education alliances, [email protected] Commerce Old San Juan 00901 [email protected] House Bill 2696 to establish a law with a more flexible (787) 721-6060 / (787) 723-1891 labor market by establishing Employment Contract Law, www.camarapr.org House Bill 2413 to amend the Health Insurance Code4/4 Sales & Marketing Executives Caribe Urb. 610 April María Elena Lampaya Non-advocacy Professional Wilson Quiroga Executive Director Association of P.R. Inc. (SME) 1566 Ponce de León Ave. [email protected] Association [email protected] (787) 773-5088 / (787) 751-8313 Río Piedras 00926 www.smepr.org5/5 Puerto Rico Hotel & Tourism 33 Resolución St. 500 September Miguel Vega 1950 Impact on tourism caused by Clarisa Jiménez Chairman the Sales & Use Tax (IVU), [email protected] Association Suite 701B [email protected] 1885 IVU to Value Added Tax (IVA) transition & the impact (787) 758-8001 / (787) 758-8091 San Juan 00920 1962 on businesses, revision of 1963 the games of chance claim www.prhta.org 1980 by the Tourism Co. & the Commissioner of Financial Institutions6/6 Southern Puerto Rico Chamber 65 Isabel St. 400 September Héctor E. López Palermo Level of confidence of Efraín Montero Arroyo Executive Director investors due to economic [email protected] of Commerce Ponce 00730 [email protected] depression & government fail on obligations, obsolete (787) 844-4400 / (787) 844-4705 labor laws, excessive taxes & utility costs affecting www.camarasur.org business & job creation, no long-term economic development plan7/9 Meet Puerto Rico Ochoa Bldg. 302 August Milton Segarra-Pancorbo N/P Milton Segarra-Pancorbo Aug. 25-28 CEO/President [email protected] (787) 725-2110 / (787) 725-2133 500 Tanca St., Suite 402 [email protected] www.meetpuertorico.com Old San Juan 00901 Alí S. Vargas Executive Subdirector8/8 The Associated General Centro de Altamira Cond. 300 [email protected] Lack of payment to Neyssa Varela contractors & suppliers [email protected] Contractors of America, 501 Perseo St., Suite 211 on public jobs, minimal investment in infrastructure Ricky Castro Puerto Rico Chapter San Juan 00920 & cancellation of projects [email protected] due to lack of funding (787) 781-2200 / (787) 782-3480 Value Added Tax (IVA) on www.agcpr.com food, Jones Act, tax on soft drinks, container inspection9/10 Chamber of Food Marketing, Centro Internacional de 250 June 15-19 Manuel Reyes Alfonso Executive Vice President Industry & Distribution Mercadeo, Tower II [email protected] (MIDA) 90 Rd. 165, Suite 502 (787) 792-7575 / (787) 792-8085 Guaynabo 00968 www.midapr.com10/7 Puerto Rico Products El Vedado Urb. 222 April María De Lourdes Otero 1910 Continued contraction of Ramón Pérez Blanco Association 406 Capitán Espada St. 1962 Puerto Rico’s economy, [email protected] Hato Rey 00918 Executive Vice President effects of the Krueger (787) 753-8484 / (787) 753-0855 report, government debt Ana Vializ www.hechoenpr.com [email protected] payment [email protected]/11 Western Puerto Rico Chamber 101 W. Méndez Vigo Ave. 145* N/A Gloria Margaret Hall N/P12/12 of Commerce Suite 905 Administrative Assistant Mayagüez 00680 [email protected] 1951 Lack of confidence & in Ricardo Álvarez Díaz (787) 832-3749 / our customers & economy, ralvarezdiaz@ www.ccopr.net ILA Bldg. 79 Sept. 22-23 José A. Feliciano government costs & burdens constructorespr.com 1055 J.F. Kennedy Ave. Executive Director to businesses in Puerto Puerto Rico Home Suite 301 [email protected] Rico, need to adapt our legal Builders Association San Juan 00920 framework to current public policy (787) 751-1471 / (787) 751-9264 www.constructorespr.com* CARIBBEAN BUSINESS estimateN/A - Not ApplicableN/P - Not ProvidedUnless otherwise noted, all information was provided by the associations and/or their web site.Research by Marilda A. Quiñones del CastilloCopyright © 2017 CARIBBEAN BUSINESS THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 31



TOP 400 WHERE SECURITY BEGINS... ...AND THE TRADITION CONTINUESVIDEO SURVEILLANCE SECURITY GUARDS INFORMATION TECHNOLOGY CONSULTING• Monitoring Center 7/24 • Unarmed Guards • IP & Analog Cameras• IP CCTV • Armed Guards • Installation and Configuration of Switches and Routers• Alarm Systems • Pepper Spray Certified• Access Control • S.R.T. (Special Reaction Team) for Small and Mid-Size Businesses• Virtual Surveillance • Installation and configuration of wireless systems• Rapid Response Specialized Unit • Security System Design• MPERS (Mobile Personal • ISO 9001 Certified Company • Security Consulting • ISO 9001 Certified Company Emergency Responce System)787.599.1700 / 787-450-4391 / 787.902.8620 (Sales)www.genesissecuritypr.com • [email protected]

TOP 400

Locally Owned Companies Wholesale, Insurance, Retail,Service and Healthcare Companies Lead Top 400 With Combined Revenue of $21.38B in 2015 Despite Puerto Rico’s 10-year economic 130,267 full-time jobs in 2015, down 3,206, considers that during fiscal year 2015 (end- time (984,000 people) and 17.21% of thecontraction and a tough fiscal situation, the or minus 2.4%, from 2014. ed June 30, 2016), the local economy fell private-sector workforce (756,700).combined revenue generated by the Top 0.9%, according to the latest figures from400 Locally Owned Companies on the island As the Top 400 Locally Owned Companies the Puerto Rico Planning Board. In calculating the number of full-timeduring 2015 was actually up from the previ- have suffered the effects of the lingering employees, part-time employees are in-ous year. recession that has beset Puerto Rico since Still, the Caribbean Business Top 400 Lo- cluded where applicable (two part-time 2006, these results highlight the valiant ef- cally Owned Companies have shown their employees equal one full-time employee). If there were ever any questions about the forts of the more than 90,000 locally owned determination and resolve in finding waysimportance of the private sector to Puerto companies to keep their businesses mov- to overcome hurdles, such as increased op- Companies in the wholesale, insurance,Rico’s economy, Caribbean Business’ listing ing forward, create jobs and help the local erational costs and new taxes in an overall retail, service and healthcare sectors ledof the Top 400 Locally Owned Companies economy stay afloat. stagnant economic scenario. the Top 400 list of locally owned companies,clearly answers any doubts. with combined revenue of $21.38 billion, or In fact, given the island’s fiscal and eco- Although 2015 was again a test of survival 83.38% of total Top 400 revenue, in 2015. In 2015, combined revenue of the nomic challenges, the Top 400 should be for many businesses, it also was a period ofCaribbean Business Top 400 was $25.64 bil- highly commended and admired, and even growth and opportunities for others. Caribbean Business first started to moni-lion, up by $658.38 million, or 2.63%, from more so for their remarkable achievements tor locally owned businesses in 1988, initially2014, when revenue reached $24.98 billion. under such difficult circumstances. The Top 400 Locally Owned Companies in fiscal 2015 employed 13.23% of the total Continues on page 34 The top locally owned companies provided Their feat is more remarkable when one full-time jobholders in Puerto Rico at the THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 33

TOP 10 EMPLOYERS Business Top 400 list in 2015 was Metro Pa- distributors, manufacturers, supermarkets, via Health System (No. 3), with 4,956 em- hospitals, insurance companies, law firms,Company Name Full-Time Top 400 Ranking ployees. It was followed by another hospi- freight forwarders, general contractors, Employees tal management company, Grupo HIMA- discount stores, newspapers, security ser- 3 San Pablo Inc. (No. 9), with 4,875 full-time vices, universities, CPA firms, pharmaceuti-Metro Pavía Health System 4,956 9 employees. cal-products distributors, travel agencies, 16 construction companies and many more.Grupo HIMA-San Pablo Inc. 4,875 20 Meanwhile, the top locally owned com- 1 pany, in terms of revenue in 2015, was once The common denominator is they all haveAna G. Méndez University System 3,876 89 again Triple-S Management Corp., which roots in Puerto Rico, with 51% or more lo- 63 for the seventh time dethroned Popular Inc., cal ownership, and generated revenue of atInter American University of P.R. Inc. 3,852 25 what was once the perennial leader, after least $5.99 million in 2015. 27 the financial institution, like the rest of itsTriple-S Management Corp. 3,398 110 banking peers, was no longer considered BANKING SECTOR at least 51% locally owned in 2009. Triple- What used to be one of Puerto Rico’s mostGenesis Security Services Inc. 3,250 S Management’s revenue for 2015 was $2.9 important economic drivers and a dominant billion. force in the Top 400, occupying the top po-St. James Security Services Inc. 3,239 sitions on the list in years past, all local fi- Between Triple-S Management’s No. 1 nancial institutions were knocked out of theSouth American Restaurants Corp. 2,484 position and Fusionworks Inc.’s No. 400 Top 400 list starting in 2009, as the largest spot exist a wide variety of businesses on publicly traded banks were no longer 51%Mennonite General Hospital Inc. 2,396 the list, which includes auto dealerships andFuller Group 2,200Total 34,526Number of full-time employees includes part-time employeeswhere applicable (two part-time employees = one full-time employee)as the Top 100. The survey quickly caught Tecno CRL (No. 124), with $49.61 million inon and the following year, the Top 200 was estimated revenue in 2015; Bayamón-basedborn. In 1996, the list grew to the Top 300 Grupo Sultana (No. 190), with revenue ofand in 2003, Caribbean Business created $23 million, and Caguas-based Avant Tech-what has continued to be the coveted and nologies of P.R. Inc. (No. 229), with $18 mil-prestigious Top 400 list of locally owned lion in revenue.companies. Other new Top 400 members include Ma- NEWCOMERS TO THE TOP 400 rina Puerto del Rey (No. 275), with $14.1 mil- The Top 400 Locally Owned Companies lion; Universal Solar Products Inc. (No. 286),welcomed 23 newcomers to the list this with $12.93 million; Caribe Federal Credityear, with the highest ranked being Caro- Union (No. 302), with $12.1 million; Info-lina-based Hospital UPR Dr. Federico Trilla medika Inc. (No. 311), with $11.38 million;(No. 98), with $51.11 million in revenue. It and FPV & Galíndez CPAs PSC (No. 375), withwas followed by San Juan-based Caribe $7.76 million. The largest employer on the Caribbean34 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

TOP 10 RETAIL COMPANIES 2015 Revenue Top 400 TOP 10 WHOLESALE COMPANIES 2015 Revenue Top 400Company Name ($ Millions) Ranking Company Name ($ Millions) Ranking 355.00* 520.00Ralph’s Food Warehouse Inc. 282.01 13 Puerto Rico Supplies Group Inc. 518.00 4Supermercados Mr. Special Inc. 277.50 21 Petrowest Inc. 508.00 5SuperMax (Supermercados Máximo Inc.) 208.00 22 V. Suárez & Co. Inc. 483.50 6South American Restaurants Corp. (Sarco) 205.00* 25 Droguería Betances Inc. 410.00 8National Lumber & Hardware 26 Plaza Provision Co. 398.00 10 (Metropolitan Lumber & Hardware Inc.) 154.75 B. Fernández Holding Co. Inc. 11Tiendas Capri (J. Pica & Cía. Inc.) 139.07 36 Méndez & Co. Inc. 296.00Empresas Berríos Inc. 129.70 40 Ballester Hermanos Inc. 290.00 17International Restaurant Services Inc. 128.00 43 Northwestern Selecta Inc. 18J.F. Montalvo Cash & Carry Inc. 126.17 45 284.00Wendco de Puerto Rico Inc. $2,005.20 46 José Santiago Inc. 19Total Total 170.00 31* CARIBBEAN BUSINESS estimate $3,877.50locally owned. These institutions were re- Financial institutions accounted for once again suffering the effects of the lin- Gómez Hermanos Kennedy LLC (No. 49),placed on our list by savings & loan coop- 0.84% of the Top 400’s total revenue. gering economic downturn, although still which rounds out the top five, with $120.49eratives, or co-ops. remaining a vital component of Puerto Ri- million in revenue. As a group, the top 10 locally owned fi- co’s economy. The top-five financial institutions, out of nancial institutions in Puerto Rico amassed The remaining top automobile companiesthe top 10 that make up this segment, pro- a total of $185.25 million in revenue in 2015, New-auto sales in 2015 amounted to are Grupo Felcon Inc. (No. 65) with $80.6duced 63.83% of the financial sector’s rev- up 0.89% from the $183.6 million in revenue 81,357 units, down 7.8% from the 88,200 million in revenue; Autocentro Toyota (Au-enues. They are: Cooperativa de Ahorro y the group achieved the previous year. new vehicles moved by local distributors tokirei Inc., No. 68), with $77.34 million inCrédito de Arecibo (No. 148), with $33.72 in 2014. revenue; Braulio Agosto Motors LLC (No.million; Cooperativa de Ahorro y Crédito de AUTOMOBILE INDUSTRY 93), with $55.2 million; Caguas ExpresswayRincón (No. 170), with $28.17 million; Banco Having experienced four-consecutive Bella Group (No. 12) continues to lead the Motors Inc. (No. 96), with $53.4 million; andCooperativo de Puerto Rico (No. 202), with years of positive sales between 2010 and automobile companies in the Top 400, with Calesa Motors Inc. (No. 119), with $42.22an estimated $21 million; Cooperativa de 2013 after a rollercoaster ride—from a re- $377.782 million in revenue. It was followed million.Ahorro y Crédito de Vega Alta (No. 232), $17.7 cord high of 144,400 new units sold in 2005 by Auto Grupo (No. 38), with $148 million;million; and Cooperativa de Ahorro y Crédito to a record low of just 76,477 new units Cabrera Inc. (No. 41), with an estimated Continues on page 36de Aguada (No. 233), with $17.66 million. moved in 2009—the local auto industry is $132.72 million; Garage Isla Verde LLC (No. 44), with an estimated $128.5 million; and THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 35

The top 10 automobile companies in the (Supermercados Máximo Inc., No. 22), with TOP 10 FASTEST GROWING LOCALLY OWNED COMPANIES 2015 2014Top 400 produced $1.22 billion in revenue $277.5 million; South American Restaurants (Listed According to Revenue Percent Growth) Revenue Revenueduring the past fiscal year. The automobile Corp. (Sarco, No. 25), with $208 million in Rank Percent Company Name ($ Millions) ($ Millions)sector accounted for 6.16% of the total rev- revenue; and National Lumber & Hardwareenue of companies on the Top 400 list. (No. 26), with $205 million in estimated Growth 11.68 3.62 revenue. 10.90 5.00 The 25 automobile companies in the 1 222.65% Right Way Environmental Contractors Inc. 20.00 10.35Top 400 produced $1.58 billion in revenue The top 10 companies that make up this 2 118.00% Antilles Power Depot 12.00 6.50in 2015. segment generated $2 billion in revenue, or 3 93.24% Máximo Solar Industries 51.38% of the retail sector’s total revenues. 4 84.62% San Juan Gas 30.52 19.61 WHOLESALE 5 55.63% Desarrollos Metropolitanos LLC 13.80 8.90 Despite tough competition and a chal- Retailers accounted for about 19.25% of 6 55.06% Allied Car & Truck Rental Inc. 14.30 9.50lenging economy, the wholesale industry companies on the Top 400 list. The 77 retail 7 50.53% Standard Refrigeration Co. Inc. 882.74 586.96remains strong. The wholesale sector ac- companies that make up the Top 400 list 8 50.39% First Medical Health Plan Inc. 8.92 5.96counted for 24.51% of the Top 400 revenue, were responsible for $3.9 billion in revenue 9 49.66% Vissepó & Diez Construction Corp. 12.23 8.70with $6.28 billion. in 2015. 10 40.57% Refrigerama Inc. There are 64 companies on the list in thiscategory, led by Puerto Rico Supplies Group INSURANCE Compiled from the 2016 Top 400 Locally Owned Companies chart.Inc. (No. 4), with $520 million; Petrowest Unlike other sectors in Puerto Rico, the Companies with estimated figures are not included in this chart.Inc. (No. 5), with $518 million in revenue; insurance industry has traditionally beenV. Suárez & Co. (No. 6), with $508 million in dominated by more than 80% domestic, lo- vigor in the Top 400, as the island’s leading Manufacturing Corp. (No. 99), with $51 mil-revenue. It was followed by Droguería Be- cally owned companies. insurer, Triple-S Management, took the No. lion; Borinquen Container Corp. (No. 109),tances Inc. (No. 8), with $483.5 million; and The 13 local insurance companies in the 1 spot this year for the seventh time in a row with $48 million in revenue; Rovira BiscuitPlaza Provision Co. (No. 10), with $410 mil- Top 400 produced $4.92 billion in revenue, since the list started in 1988. The insurance Corp. (No. 111) with $47 million in estimatedlion in revenue. or 19.18% of the Top 400’s total revenue. The industry placed second in this year’s indus- revenue; and UltraPure Systems Inc. (No. The top 10 companies that make up this local insurance industry employs more than try rankings, after wholesale. 113), with $46.57 million in 2015.segment generated $3.87 billion in revenue, 30,000 people islandwide.or 61.62% of the wholesale sector’s total Topping the list of insurance companies, MANUFACTURING SERVICE SECTORrevenues in 2015. as well as the Top 400 Locally Owned Com- Considered the main economic driver on Empresas Fonalledas Inc. and its sis- panies list in 2015 was Triple-S Management the island for years, Puerto Rico’s manufac- ter companies once again occupy the No. RETAIL Corp., with $2.9 billion in revenue. It was fol- turing sector may have seen its relevance 1 slot in the service sector for 2015 and No. Leading once again the top locally owned lowed by First Medical Health Plan Inc. (No. diminish, but it continues to be a significant 15 on the Top 400 list. As the owner of Plazaretail companies on this year’s list was 2), with $882.74 million; Universal Group Inc. contributor of economic activity. Las Américas, the largest shopping centerRalph’s Food Warehouse Inc. (No. 13), with (No. 7), with $491.22 million; Cooperativa de This year’s list is dominated by distilled in the Caribbean, and Plaza del Caribe mallan estimated $355 million in total revenue. It Seguros Múltiples de Puerto Rico (No. 23), spirits, beverage makers, as well as food in Ponce, revenue for Empresas Fonalle-was followed by Supermercados Mr. Special with $272.33 million in revenue; and Asocia- and paint manufacturers. das was estimated at $345 million in 2015,Inc. (No. 21), with $282.01 million; SuperMax ción de Suscripción Conjunta (ASC, No. 55), The 42 manufacturing companies that down 1.43% from the estimated $350 million with $101.34 million. made this year’s Top 400 list generated in 2014. The insurance industry continued to show combined revenue of $1.35 billion, or 5.27% Second in this category was Ana G. Mé- of the Top 400 total revenue, accounting for ndez University System Inc. (No. 16), with 10.5% of the companies on the list. $318.82 million in revenue for 2015. It was Topping once again the list of manufac- followed by Inter American University of turers was Compañía Cervecera de Puerto Puerto Rico Inc. (No. 20), with $282.03 mil- Rico Inc. (No. 32), a local brewery, with lion, and GFR Media (El Nuevo Día Inc., No. $169.5 million in revenue. It was followed 29), with $175 million in estimated revenue. by Destilería Serrallés Inc. (No. 42), with The Top 10 service companies in the Top $130 million in estimated revenue; Holsum 400 produced $1.55 billion in revenue last de Puerto Rico Inc. (No. 50), with $120 mil- year. The service sector accounted for 23.5% lion; Goya de Puerto Rico Inc. (No. 59), with of companies on the Top 400 Locally Owned an estimated $90.5 million; and Puerto Rico Businesses list. Coffee Roasters LLC (No. 78), with $70 mil- The 94 local service-sector companies in lion in estimated revenue in 2015. the Top 400 brought in $3.14 billion in rev- The remaining top 10 manufacturing enue, representing 12.26% of Top 400 rev- companies are Industria Lechera de P.R. Inc. enue in 2015. (Indulac, No. 90), with $56.46 million; Lanco TOP 10 SERVICE COMPANIES 2015 Revenue Top 400 Company Name ($ Millions) Ranking Empresas Fonalledas Inc. & Sister Companies 345.00* 15 Ana G. Méndez University System 318.82 16 Inter American University of P.R. Inc. 282.03 20 GFR Media 175.00* 29 Consolidated Waste Services LLC 90.00 60 St. James Security Services Inc. 85.09 63 Pontifical Catholic University of P.R. 76.50* 69 Cinemas Management of P.R. Inc. 64.00 80 CaribEx Worldwide 61.00 82 Caribbean Temporary Services LLC 60.00* 84 Total $1,557.44 * CARIBBEAN BUSINESS estimate36 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

CONSTRUCTION INDUSTRY TOP 400 NEWCOMERS OUT FROM TOP 400 DROPPED FROM For years, the construction industry was THE TOP 400one of the pillars of Puerto Rico’s economy, Ambiente Moderno Inc. Atlantic Industrial Supplywith high demand for housing units each Companies that did not return to the Topyear being its main driving force. However, Antilles Power Depot Bared & Sons 400 list of locally owned companies in 2015the sharp downturn in public infrastructure Avant Technologies of P.R. Inc. Brenda Marrero & Assoc. include firms in the construction, retail, ser-projects, a stalled housing market coupled Bird Group LLC Caribbean All Metal Recyclers vices, and manufacturing sectors.with a laborious permit process and the Bridge Security Services Inc. Coloso Foodsgeneral economic crisis, have hampered Companies no longer on the list includewhat 14 years ago was one of the most thriv- Caribe Federal Credit Union Empresas Diaz Bared & Sons; Coloso Foods; Empresas Díaz;ing industries on the island. Glasstra Aluminum; Indusa/Indexa; J. Saad As a result of the steep decline in the Caribe Industrial Systems Inc. Esco Manufacturing Nazer Inc.; Labrada Distributors; M Nogamanumber of public- and private-sector proj- Construction Corp.; Topeka; Villavicencio &ects, many local contractors and develop- Caribe Tecno CRL Glasstra Aluminum Inc. Associates; and Zorrilla Commercial.ers during the past few years were forcedto scale down operations, lay off personnel, FPV & Galíndez CPAs, PSC Hospital Lafayette The majority of companies shed from thereduce working hours and, in some cases, list posted a reduction in revenue below theclose down altogether. Fusionworks Inc. Indusa/Indexa Inc. minimum qualifying amount, closed opera- This year, the Top 400’s construction sec- tions or are no longer local.tor comprised 37 companies with combined Grupo Sultana Industrial Equipment (Ineco)revenue of $992.3 million, a 9.78% decrease FASTEST-GROWINGfrom the year before, which showed $1.1 bil- Hera Printing Corp. International Shipping Agency LOCAL COMPANIESlion in revenue. Given the tough economic Bucking the trend were some companiesconditions and the competition on the list in Hospital UPR Dr. Federico Trilla J. Saad Nazer Inc. that showed tremendous growth in a year-this sector, the firms should be recognized over-year basis.for their efforts and results. Industrial Chemicals Corp. Labrada Distributors Topping the list of the fastest-growing lo- Leading the list in the construction sector cal companies in 2015, according to revenueare: Aireko Companies (No. 33), with $164.9 Infomedika Inc. Lopito Ileana & Howie Inc. growth by percentage, is Right Way Envi-million; Bermúdez, Longo Díaz-Massó LLC ronmental Contractors Inc., with $11.68 mil-(No. 64), with $81.21 million; CIC Construc- Laboratorio Clínico y Referencia M. Landrón Inc. Mar-Co Industries Corp. lion in revenue (up 222.65%). It was followedtion Group S.E. (No. 79), with $66.85 million; by Antilles Power Depot, with $10.9 million inDel Valle Group & Affiliates (No. 97), with Liquilux Gas Corp. Martínez, Odell & Calabria revenue (up 118%); Máximo Solar Industries,$51.77 million; and F&R Construction Group with $20 million (up 93.24%); San Juan Gas,Inc. (No. 107), with $49.68 million. Marina Puerto del Rey Nogama Construction Corp. with $12 million (84.62%); and Desarrollos Construction companies accounted for Metropolitanos LLC, with $30.52 million in9.25% of the companies on the Top 400 Lo- Palacios (Ileana Palacios Corp.) Optima, Contratista General Inc. revenue (55.63%). Ⅲcally Owned Companies list. Right Way Environmental Contractors Inc. The Caribbean Investment Group Continues on page 38 SM Electrical Contractors S.E. Topeka Inc. Universal Solar Products Inc. Villavicencio & Associates Vissepó & Diez Construction Corp. Zorrilla Commercial THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 37

How Companies are Ranked Like the Fortune 500, the Caribbean patient revenue, a more accurate measure Business Top 400 Locally Owned Compa- of gross income in this industry because it nies ranks businesses according to rev- rules out discounts. enue, which is considered a measure of their size. The yardstick for insurance companies was also refined to exclude reinsurance For more than 85% of the Top 400 com- businesses. On the insurance industry panies, revenue means sales, a straight- charts, the total number of premiums writ- forward indicator reflecting a company’s ten was used as the criterion. gross income. For insurance companies, revenue is de- Banks and insurance companies use fined as net premiums written and income different yardsticks to determine annual from other sources; other items included revenue. Neither industry lists sales as in the concept of total revenue are net in- retailers and manufacturers do. To make vestment gain or loss and other income. sure apples are compared with apples, Caribbean Business hired public account- For banks and credit unions, revenue is ing firm Ernst & Young (E&Y) 12 years ago equated with total interest and investment to come up with equivalent revenue for income, service fees and gains on loan select industries, including advertising, sales. Advertising agencies report total financial services and insurance. commissions and fees received. E&Y researched each industry repre- We are also using other revenue defini- sented on the Caribbean Business list tions for the following: of the largest locally owned companies and provided the sources of income that Insurance Brokers: Total commissions should be counted as revenue in an at- from insurance-product sales. tempt to level the playing field for all Top 400 candidates. Mortgage companies: Total interest in- come, commissions, service fees on asset For instance, for the past 11 years, hos- management, investment banking, and ad- pitals have been asked to provide net visory and underwriting services. „ How the Top 400 List is Selected For nearly three decades, Caribbean meet all other requirements, become part Business has listed the top locally owned of the final list. companies in Puerto Rico. Since the first list 28 years ago, the Caribbean Business The information from about 500 com- Top 100, the rules have remained constant. panies came in by mail, email, fax or tele- To be considered, a company must phone. Of those that responded this year, generate revenue of at least $5 million 27 businesses had lower revenue figures or more and be at least 51% owned and than the 400th-ranked company, while managed by Puerto Rico residents. another 40 did not meet the list’s requi- sites. Not all company owners volunteer In the past few years, the annual rev- revenue figures. enue of the No. 400 company has hovered at $5.99 million to $6.85 million. This year, Last year, two companies closed op- the company holding that rank generated erations, while one local firm merged with $6.1 million in revenue. another company. Candidate companies must operate in Sometimes, companies are too busy or the private sector. Local nonprofit educa- refuse to disclose their revenues for the tional organizations have been included year. In cases where a qualifying company in the survey since 1999. Winning a spot does not provide this information, an es- among the Top 400 Locally Owned Com- timate is entered. Estimates are made by panies is both competitive and reward- researching industry trends, revenues and ing. Companies that make the list have ratios, consulting business databases and excelled in business and deserve this government filings. recognition. Although a last resort, estimating rev- The selection process began in June enue of companies that belong on the list with a questionnaire mailed to about is this newspaper’s policy. 800 companies selected from the Ca- ribbean Business database, industry “If we left out companies because sources and business information from they failed to provide their numbers, for public databases. Only the 400 largest whatever reason, the Top 400 would not companies, based on revenue, and that be a true list of the top locally owned companies,” explained Heiko Faass, editor in chief of Caribbean Business. „38 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Alphabetical IndexCompany Name Ranking Company Name Ranking Company Name Ranking Company Name Ranking3A Press Corp. .......................................359 Autocentro Toyota (Autokirei Inc.)....... 68 Caribbean Produce Exchange LLC.......62 Cooperativa de Ahorro y Crédito AutoGrupo .................................................38 Caribbean Sign Supplies de Isabela..............................................264 A Autoland...................................................336 Automeca Technical College Inc. .......317 Manufacturers Inc. .............................245 Cooperativa de Ahorro y CréditoA La Orden Discount Autos Vega Inc. ...................................... 122 Caribbean Temporary Services LLC.....84 de Manatí ..............................................344 (El Piex Puertorriqueño Inc.).............356 Avant Technologies of P.R. Inc. ..........229 Caribbean University Inc. .................... 184A.M. Electric Inc. ....................................383 Caribe Federal Credit Union................302 Cooperativa de Ahorro y CréditoA.M.M.V.R. Group Inc. ...........................283 B Caribe General Constructors Inc. ...... 279 de Médicos y otros ProfesionalesAble Sales Company Inc. .......................56 Caribe Industrial Systems Inc. ........... 397 de la Salud (MediCoop) ..................... 327Acha Trading Co. ................................... 215 B. Fernández Holding Co. Inc. ............... 11 Caribe Tecno CRL................................... 124Adsuar Muñiz Goyco Seda Ballester Hermanos Inc. .........................18 CaribEx Worldwide ..................................82 Cooperativa de Ahorro y Crédito & Pérez Ochoa PSC.............................. 331 Banco Cooperativo de Carmelo.................................................... 210 de Rincón ...............................................170Advanced Graphic Printing Inc. .........220 CasAmerica International Inc. ............ 134AG Group.................................................. 272 Puerto Rico............................................202 Castro Business Enterprises Inc. ........187 Cooperativa de Ahorro y CréditoAgro Servicios Inc. ................................204 BDO Puerto Rico PSC.............................250 Central Industrial Services Inc. .......... 357 de Vega Alta .........................................232Air Master Awning LLC.......................... 128 Bella Group.................................................12 Centro Médico Wilma N. VázquezAireko Companies....................................33 Bella Vista Hospital Inc. ..........................91 Cooperativa de Ahorro y CréditoAKM Mfg. Inc. ......................................... 278 Benítez Auto (Instituto Médico del Norte Inc.) ..... 189 Roosevelt Roads ..................................243Alberic Chrysler Dodge Jeep Inc. .......121 Centrocamiones Inc. .............................191Alberic Colón Auto Sales Inc. ............... 177 (Barranquitas Auto Corp.)................. 257 Century Packing Corp. ......................... 241 Cooperativa de Seguros de VidaAlco High Tech Plastics Inc. ................324 Bermúdez, Longo, Díaz-Massó LLC ....64 César Castillo Inc. ...................................34 de Puerto Rico (Cosvi)...........................61Allied Car & Truck Rental Inc. ..............277 Berríos Auto Gallery Inc. ...................... 142 Charlie Car Rental Inc. ......................... 347Alonso & Carus Iron Works Inc. .........234 Bird Group LLC ....................................... 218 Chemex Corp. .........................................290 Cooperativa de Seguros MúltiplesAlproem Engineering Bismarck Trading Inc. ..........................392 CIB Corp. .................................................366 de Puerto Rico........................................23 Contractors Corp. ............................... 183 BMJ Foods P.R. Inc. ............................... 103 CIC Construction Group S.E................... 79Altol Environmental Services Inc. ...... 373 Borinquen Biscuit Corp. ......................268 Cinemas Management of P.R. Inc. ......80 Cooperativa Zeno Gandía ....................384Ambiente Moderno Inc. .......................349 Borinquen Container Corp. ................. 109 CMA Architects & Corporación Los Hermanos Inc. .........271American Agencies Co. Inc. ................343 Braulio Agosto Motors LLC .................... 93 Cossma Inc. ............................................ 162American Paper Corp. ...........................147 Bridge Security Services Inc. ...............377 Engineers LLC.......................................330 CPM (Caribbean ProjectAmerican Petroleum Co. Inc. ................ 39 Colomer & Suárez Inc. .............................77Ana G. Méndez University System.........16 C Compañía Cervecera de P.R. Inc. ........32 Management)....................................... 276Andrés Reyes Burgos Inc. ...................203 Condado Travel Inc. ..............................225 CRB Caribe LLP.......................................362Angleshelf of Puerto Rico Inc. ............388 Cabrera Inc. ...............................................41 Consolidated Waste CT Radiology Complex Inc. .................223Antilles Insurance Co. .......................... 120 Cadillac Uniform & LinenAntilles Power Depot............................. 321 Services LLC............................................60 D-EAntúnez & Son Produce Inc. ................224 Supply LLC............................................. 192 Construcciones José Carro S.E............ 195Apple Caribe Inc. ................................... 291 Caguas Auto Mall Inc. ...........................137 Constructora Santiago II Corp. ...........151 Danosa Caribbean Inc. .........................308Ashford Presbyterian Community Caguas Expressway Motors Inc. .......... 96 Constructores Gilmar Inc. ...................396 De La Cruz Group Inc. .......................... 310 Hospital.................................................... 75 Caguas Mechanical Contractor Inc. ..365 Cooperativa de Ahorro y Crédito Del Valle Group & Affiliates ................... 97Asociación de Suscripción Conjunta Calesa Motors Inc. .................................119 Delgado & Fernández LLC....................399 del Seguro de Responsabilidad Camarero Race Track Corp. ................ 139 Asociación de Maestros de P.R. Desarrolladora J.A. Inc. ........................ 301 Obligatorio ..............................................55 Camioneros, Cooperativa de (Edu-Coop) ..........................................385 Desarrollos Metropolitanos LLC ......... 159Asociación Hospital Cooperativa de Ahorro y Crédito Destilería Serrallés Inc. ..........................42 del Maestro Inc. ...................................167 Transporte de Carga...........................269 de Aguada.............................................233 Dewey University Inc. ........................... 194Autocare LLC ...........................................260 Campofresco Corp. ................................141 Cooperativa de Ahorro y Crédito de Deya Elevator Service Inc. ....................217 Capitol Security Police Inc. ................. 152 Arecibo (CooPACA)................................ 148 Doctors’ Center Hospital Inc. ...............30 Caribbean Airport Facilities Inc. ........ 216 Cooperativa de Ahorro y Dorado Health Inc. ...................................14 Caribbean Data System Inc. ...............369 Crédito de Barranquitas Droguería Betances Inc. .......................... 8 Caribbean Display & (Credicentro-Coop) ...........................285 Droguería FMC Distributors Inc. ........322 Drugs Unlimited Inc. ..............................127 Construction Inc. ................................329 Econo de Isabela (Agustín Morales Inc.) ........................ 193 QUALITY IS NEVER UNDERSLAB STANDING SEAM IMPROVISED WATERROOFING METAL ROOFING ROOF SEALERS AND ROOF MUCH MORE! WATERROOFING GREEN ROOF 38 YEARS OF QUALITY SERVING PUERTO RICO. THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 39

Alphabetical IndexCompany Name Ranking Company Name Ranking Company Name Ranking Company Name RankingEcono Mega Expreso............................. 138 González Trading (GT Corp.)...............294 Latin Media House LLC & Subsidiary: Office Gallery Inc. ..................................346Econo Ponce Goya de Puerto Rico Inc. .......................59 DRSI Call Center LLC............................333 Oldach Associates LLC.......................... 125 (Good Choice Inc.)............................... 145 Grand Store Corp. .................................292 Liana Foods Inc. .....................................345 Olein Recovery Corp. ............................ 201Efraín Núñez Inc. ................................... 153 Grupo Felcon.............................................65 Light Gas Corp. ...................................... 251 One Stop PrescriptionEl Mesón Sandwiches Grupo HIMA-San Pablo Inc. ................... 9 Liquilux Gas Corp. .................................222 (El Mesón de Felipe Inc.).......................71 Grupo Sultana......................................... 190 Longo Caribbean Inc. ............................211 Puerto Rico Inc. ................................... 316Electric Service Corp. ...........................306 Guaraguao Truck Sales Inc. ................ 182 Lord Electric Company of P.R. Inc. .......... 144 Oscar Super Cash & CarryEmpacadora Hill Brothers Los Cidrines (BEC Co. Inc.)........................................ 100 H-K (Pastelería Cidrines Inc.)....................200 (Frigorífico & AlmacénEmpire Gas Company Inc. ..................... 47 LPC & D Inc. ............................................ 135 del Turabo Inc.).................................... 106Empresas Berríos Inc. ............................40 Harbor Bunkering Corp. ........................ 73 LT Automation Inc. ................................ 312 Paciv Inc. .................................................266Empresas Caparra (Caparra Center HBA Contractors Inc. ............................338 Luis A. Ayala Colón Sucrs. Inc. ............ 132 Packaging Solutions...............................173 Associates LLC) .................................... 165 Hera Printing Corp. ...............................398 Luis Garratón LLC..................................... 57 Packers ProvisionEmpresas de Gas Inc. ...........................228 Hermanos Santiago Cash M.A. Caribbean Corp. ........................... 313 (TraFon Group Inc.)...............................35Empresas Fonalledas Inc. & Maderera Donestévez Inc. .................... 70 Palacios (Ileana Palacios Corp.) .........390 Sister Companies....................................15 & Carry Inc. .......................................... 105 Madison Group.......................................289 Pan American Grain Mfg. Co. ...............88Empresas Pérez Hermanos.................. 214 Holsum de Puerto Rico Inc. ...................50 Malgor & Co. .......................................... 186 Party City of P.R. Inc. ............................207Empresas Santana ................................. 143 Hospicio La Paz Inc. .............................. 185 Marina Puerto del Rey........................... 275 Patio Gallery Inc. ...................................358Empresas VRM.........................................175 Hospital Buen Samaritano Inc. ........... 146 Marine Express Inc. ..............................293 Perfect Integrated Solutions Inc. .......255Enco Manufacturing Corp. ..................238 Hospital Damas Inc. ................................ 67 Marpor Corp. ...........................................181 Petrowest Inc. ............................................ 5Engineered Parts & Services Inc. .......368 Hospital de la Concepción..................... 72 Martex Farms S.E....................................270 Plaza Food Systems (PlazaEnigma Investments Inc. ......................114 Hospital Español Auxilio Mutuo Marxuach Precast Solutions LLC ........280 Warehousing & Realty Corp.) .............54EST Hardware Matosantos Commercial Corp. ............48 Plaza Provision Co. .................................. 10 (Eugenio Serafín Inc.) ......................... 381 de P.R. Inc. .............................................24 Max Chemical Inc. .................................252 Ponce Health Sciences Hospital Hermanos Meléndez Inc. ......85 Máximo Solar Industries....................... 213 University............................................... 163 F-G Hospital Oriente Inc. .............................246 Mayagüez Medical Center ..................... 37 Pontifical Catholic University Hospital San Carlos Inc. ........................174 Mayagüez Resort & Casino Inc. .........325 of P.R. ....................................................... 69F&R Construction Group Inc. ...............107 Hospital San Cristóbal .......................... 133 Mays Ochoa (Mays Chemical Prime Janitorial Service ........................303Famous Caribe Inc. ...............................394 Hospital Santa Rosa...............................309 Co. of P.R. Inc.) .................................... 123 Priority RoRo Services Inc. ..................259Farmacia Belmonte Inc. ....................... 361 Hospital UPR Dr. Federico Trilla McConnell Valdés LLC........................... 164 Prisa Group...............................................176Farmacia Caridad (Barakah Two Me Salvé Inc. ............................................52 Productos La Finca Inc. ........................323 Thousand Drugs Corp.) .......................172 (Servicios Médicos Mech-Tech College LLC....................... 196 Progreso Cash & Carry Inc. ................. 166Farmacia Ruiz Belvis..............................236 Universitarios Inc.)............................... 98 Medina Auto Sales Inc. ......................... 169 Puerto Rican Pizza Inc. .........................296Farmacias Medina Inc. .........................262 Humberto Vidal Inc. ..............................254 Méndez & Co. Inc. ....................................17 Puerto Rico Coffee Roasters LLC.......... 78Farmacias Plaza Industria Lechera de P.R. Inc. Mennonite General Hospital Inc. ......... 27 Puerto Rico Computer (José Pérez Fonseca Inc.)....................118 (Indulac).................................................... 90 Mentor Technical Group Corp. ........... 126 Services Corp. ...................................... 391Fast Food Management Inc. ...............340 Industrial Chemicals Corp. ................. 378 Metro Pavía Health System...................... 3 Puerto Rico Farm Credit .......................389Federación de Asociaciones Industrias Feliciano Aluminum Inc. ... 247 Metropolitan Industrial Puerto Rico Hospital Supply .................. 76 Pecuarias Inc. ...................................... 136 Infomedika Inc. .......................................311 Food Service Inc. ................................256 Puerto Rico Steel Products Corp. ......354Fernando C. Pujals & Bros. Inc. ........... 171 Integrand Assurance Co. ..................... 130 Mi Pan Asociados Inc. .......................... 212 Puerto Rico Supplies Group Inc. ............ 4Ferraiuoli LLC ..........................................242 Integration Technology Corp. Mister Price Inc. (Belca Group) ............ 66 Puerto Rico Wire Products Inc. .......... 149Fiddler González & (Intech)....................................................380 Mocoroa & Castellanos Inc. ................282 Quality Construction Rodríguez PSC .......................................205 Inter American University Mors Inc. ..................................................371 Services II LLC ......................................253First Medical Health Plan Inc. ................. 2 of P.R. Inc. ..............................................20 Motor Sport Inc. .....................................339 Quintana Hermanos Inc. ...................... 376First Pharmacy (Hamed Corp.)............248 Inter-Strap Packaging Systems Inc. ... 372 MSSS Inc. ................................................... 86Flexitank Inc. .......................................... 155 International Restaurant MultiSystems Inc. ..................................326 R-SFoam Pack of Puerto Rico Inc. ............284 Services Inc. ............................................43 MultiSystems Restaurants Inc.FPV & Galíndez CPAs, PSC.................... 375 Isla Lab Products LLC............................ 150 & Sister Co. ............................................ 74 Rafael J. Nido Group............................... 117Fraterfood Service Inc. .........................363 Islandwide Group....................................197 Muñoz Holdings Inc. ..............................178 Ralph’s Food Warehouse Inc. ................13Fulcro Insurance Inc. ............................328 J. Jaramillo Insurance Inc. ...................352 Rama Construction LLC ........................ 387Fuller Group .............................................110 J.F. Montalvo Cash & Carry Inc. ............45 N-Q Ramallo Bros. Printing Inc. .................. 221Fusionworks Inc. ....................................400 Jiménez, Graffam & Lausell .................395 Ranger American of P.R. Inc. ...............131Ganaderos Alvarado Inc. ..................... 315 José Santiago Inc. ....................................31 National Lumber & Hardware RB Construction Group Inc. ................240Garage Isla Verde LLC.............................44 Koper Furniture Inc. .............................249 (Metropolitan Lumber & Refricentro Inc. ........................................95García Trucking Service Inc. ...............265 Kress Stores of P.R. Inc. ..........................51 Hardware Inc.) .......................................26 Refrigerama Inc. ....................................298Gatsby RG Engineering Inc. ..............................258 L-M Netxar Technologies Inc. .....................263 Right Way Environmental (Komodidad Distributors Inc.) ......... 199 New Energy Consultants &Genesis Security Services Inc. .............. 89 La Rosa del Monte Express Inc. ......... 318 Contractors Inc. ..................................307GFR Media ................................................. 29 Laboratorio Clínico Borinquen Inc. ....115 Contractors LLC...................................348 Rimco Inc. ............................................... 104Goldman Antonetti & Laboratorio Clínico Toledo Inc. .......... 188 Northwestern Selecta Inc. ......................19 RK Power Generator Corp. .................. 367 Laboratorio Clínico y Referencia Novus Inc. .................................................83 Roger Electric Corp. ............................. 102 Córdova LLC ......................................... 351 M. Landrón Inc. ....................................335 Numeat Packing Inc. ............................334 Rovira Biscuit Corp. ............................... 111Gómez Hermanos Kennedy LLC............49 Lanco Manufacturing Corp. .................. 99 O’Neill & Borges LLC .............................244 RSM Puerto Rico..................................... 287 Landscape Contractors & Ryder Memorial Hospital Inc. ...............94 Designers LLC .......................................35340 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

Alphabetical IndexCompany Name Ranking Company Name Ranking Company Name Ranking Company Name RankingSachs Chemical Inc. .............................. 168 Supermercado Econo Manatí Tiendas Capri (J. Pica & Cía. Inc.)......... 36 Uno Radio GroupSan Jorge Children’s Hospital ............. 108 (Itanam Corp.) .......................................112 Tiendas La Gran Vía Inc. ...................... 158 (Arso Radio Corp.)...............................299San Juan Gas...........................................305 Supermercado Facundo Inc. ................ 92 To Go Stores Inc. ....................................101Scanner Overseas of P.R. Inc. .............295 Supermercado Plaza Guayama Inc. .. 297 Toyota de Aguadilla (Centro V. Suárez & Co. Inc. ................................... 6Serafín Wholesale Supermercado Plaza Loíza Automotriz Toyota Inc.) ......................235 Validation & Engineering Distributors Inc. ...........................................332 (Plaza Loíza Corp.).................................53 Toyota del Oeste Group Inc. .............................................288Servicios de Salud Episcopales Inc. ....28 Supermercados Hatillo Kash N’ Karry (Empresas Catalino Sánchez Inc.).....161 Valija Gitana Inc. ................................... 374Servimetal LLC ........................................209 (Hatillo Cash & Carry Inc.) ...................58 Trans-Oceanic Life Insurance Co. .....157 Vassallo International Group Inc. ......239Sign Engineering Corp. ........................355 Supermercados Mr. Special Inc. ...........21 Transporte Rodríguez Asfalto Inc. .....304 Venegas Construction Corp. .............. 337Simed ........................................................206 Systronics Inc. ........................................300 Triple-S Management Corp. ...................1 Vent-Alarm Corp. (Valcor)................... 267SM Electrical Contractors S.E. ............. 379 Truenorth Corp. ..................................... 156 Vento Distributors Corp. .........................81Softek Inc. ...............................................230 T-Z UltraPure Systems Inc. ..........................113 Vigilantes Inc. ........................................370South American Restaurants Corp. Unique Chemical Technologies Inc. .. 274 Vissepó & Diez (Sarco) ...................................................... 25 Tamrio Inc. ..............................................208 United Surety & Indemnity Co. ........... 180 Construction Corp. .............................360St. James Security Services Inc. ...........63 Target Human Resources Universal Group Inc. ..................................7 Volkswagen KennedyStandard Refrigeration Co. Inc. ......... 273 Solutions ................................................ 341 Universal Solar Products Inc. .............286 (Euroclass Motors Inc.) ......................342Steel and Pipes Inc. ...............................116 Target Rent A Car Inc. .......................... 219 Universidad Carlos Albizu Inc. ............179 Wah-Mey Enterprises Inc. ..................320Steel Services & Supplies Inc. ............ 160 Techno Plastics Industries Inc. ..........364 Universidad Central de Wendco de Puerto Rico Inc. .................46Structural Steel Works Inc. ................. 227 Tecnicentros Mundial Inc. ...................350 West Corp. ..............................................226Su Tienda Auto Parts ............................. 237 Tecno-Lite of P.R. Inc. .........................386 Bayamón Inc. ....................................... 281 Wholesale Electric Caribe Inc. ...........382Super Farmacia Vanga Inc. ................. 314 Terrassa Concrete Industries.............. 319 Universidad Central del Caribe........... 198 WorldNetSuperMax The Office Shop Universidad del Sagrado (Double S Stationery Inc.) ..................393 Telecommunications Inc. ................. 154 (Supermercados Máximo Inc.) .........22 The Outlet 66 Mall.................................. 261 Corazón ................................................. 129Supermercado Agüeybana Inc. ............ 87 The Retail Group Inc. ............................ 231 Universidad Politécnica de Puerto Rico ........................................... 140 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 41

As Ranked by ®PUERTO RICO’S TOP 400 LOCALLY OWNED COMPANIES(Listed According to 2015 Revenue)Current/ Company Name 2015 2014 Percent No. of Year Main Line of Business Top ExecutivePrevious Location Revenue Revenue Change Telephone/FaxRanking ($ Millions) ($ Millions) Full-Time Founded Employees1/1 Triple-S Management Corp. 2,902.74 2,320.11 25.11 3,398 1959 Insurance holding company Roberto García Rodríguez San Juan (787) 749-4949 / (787) 749-41912/2 First Medical Health Plan Inc. 882.74 586.96 50.39 672 1977 Health insurance company Francisco J. Artau Guaynabo (787) 474-3999 / (787) 474-39943/3 Metro Pavía Health System 520.48 521.02 -0.10 4,956 1998 Hospital management Karen Z. Artau Feliciano Guaynabo (787) 620-9770 / (787) 620-97714/- Puerto Rico Supplies Group Inc. 520.00 461.00 12.80 1,118 1945 Beverage, food & toiletry Edwin Pérez Bayamón distributor (787) 780-4043 / (787) 622-45765/- Petrowest Inc. 518.00 585.00 -11.45 53 1993 Petroleum products distributor Robin González Hormigueros (787) 834-0555 / (787) 833-80606/4 V. Suárez & Co. Inc. 508.00 505.00 0.59 544 1943 Food & beverage distributor Diego Suárez Jr. Bayamón (787) 792-1212 / (787) 792-07357/10 Universal Group Inc. 491.22 422.35 16.31 1,167 1971 Insurance holding company Monique Miranda Merle Guaynabo (787) 793-7202 / (787) 625-71008/8 Droguería Betances Inc. 483.50 479.45 0.84 273 1962 Healthcare products wholesaler Raúl Rodríguez Font Caguas (787) 653-1200 / (787) 744-77739/7 Grupo HIMA-San Pablo Inc. 481.69 482.66 -0.20 4,875 1988 Hospital management Joaquín Rodríguez Sr. Caguas (787) 653-3434 / (787) 653-179010/11 Plaza Provision Co. 410.00 409.00 0.24 520 1907 Food & beverage distributor Robert Cimino Guaynabo (787) 781-2070 / (787) 781-221011/12 B. Fernández Holding Co. Inc. 1 398.00 401.00 -0.75 1,420 1888 Beer, liquor, wine & grocery José Teixidor Bayamón products distributor (787) 288-7272 / (787) 288-729112/9 Bella Group 377.78 430.62 -12.27 619 1963 Auto distributor Carlos López-Lay San Juan (787) 620-7010 / (787) 620-753413/14 Ralph’s Food Warehouse Inc. 355.00* 354.00* 0.28 1,719 1993 Supermarket and cash & carry José R. Soto Soto Las Piedras (787) 733-0959 / (787) 912-020114/13 Dorado Health Inc. 354.00 360.97 -1.93 2,012 2003 Hospital management José L. Quirós Guaynabo (787) 774-6558 / (787) 774-562615/15 Empresas Fonalledas Inc. & Sister Companies 345.00* 350.00* -1.43 1,200 1890 Shopping-center & building Jaime Fonalledas Hato Rey management, beverage (787) 474-7474 / (787) 620-6898 manufacturer16/16 Ana G. Méndez University System 318.82 316.19 0.83 3,876 1949 University system José F. Méndez Río Piedras (787) 751-2262 / (787) 751-675017/17 Méndez & Co. Inc. 296.00 289.00 2.42 490 1912 Food & beverage distributor José A. Álvarez Guaynabo (787) 793-8888 / (787) 782-139518/- Ballester Hermanos Inc. 290.00 273.00 6.23 401 1914 Food & beverage distributor Alejandro M. Ballester Cataño (787) 378-4851 / (787) 788-646019/18 Northwestern Selecta Inc. 284.00 284.00 0.00 350 1980 Food distributor Elpidio Núñez III San Juan (787) 781-1950 / (787) 781-112520/19 Inter American University of P.R. Inc. 282.03 276.82 1.88 3,852 1912 University Manuel J. Fernós Río Piedras (787) 758-6260 / (787) 764-165321/22 Supermercados Mr. Special Inc. 282.01 268.65 4.97 1,101 1966 Supermarket chain Santos Alonso Maldonado Mayagüez (787) 834-2695 / (787) 833-984322/21 SuperMax (Supermercados Máximo Inc.) 277.50 270.00 2.78 1,281 2002 Supermarket chain José Revuelta Cataño (787) 783-1555 / (787) 783-154723/23 Cooperativa de Seguros Múltiples 272.33 258.64 5.29 585 1963 Insurance company Roberto Castro Hiraldo de Puerto Rico 2 (787) 758-0101 / (787) 758-8512 Río Piedras24/24 Hospital Español Auxilio Mutuo de P.R. Inc. 235.68 239.74 -1.69 2,025 1883 General hospital Jorge L. Matta Hato Rey (787) 758-2000 / (787) 771-795225/26 South American Restaurants Corp. (Sarco) 208.00 208.00 0.00 2,484 1978 Fast-food franchise chain Juan A. Larrea Guaynabo (787) 788-8811 /26/27 National Lumber & Hardware 205.00* 200.00* 2.50 1,075* 1991 General merchandise retailers Israel Kopel (Metropolitan Lumber & Hardware Inc.) (787) 641-8200 / (787) 641-8299 Carolina27/25 Mennonite General Hospital Inc. 201.49 229.51 -12.21 2,396 1944 General hospital Pedro L. Meléndez Rosario Cayey (787) 535-1001 / (787) 535-103428/28 Servicios de Salud Episcopales Inc. 183.25 196.25 -6.62 2,064 1907 Hospital management Julio Colón Ruiz Ponce (787) 844-2080 / (787) 841-345429/29 GFR Media 175.00* 180.00* -2.78 750 1970 Multimedia company Graciela Eleta Guaynabo (787) 641-8000 /30/39 Doctors’ Center Hospital Inc. 173.00* 144.00* 20.14 1,720* 1959 General hospital Carlos Blanco Manatí (787) 621-3322 / (787) 884-330731/31 José Santiago Inc. 170.00 170.30 -0.18 350 1902 Food-service distributor José Santiago Bayamón (787) 288-8835 / (787) 288-880932/- Compañía Cervecera de P.R. Inc. 169.50 163.50 3.67 254 1937 Beer & malt manufacturer Camalia Valdés Mayagüez (787) 834-1000 / (787) 265-774033/34 Aireko Companies 164.90 138.40 19.15 775 1963 Construction company Josen E. Rossi Coughlin Caguas (787) 653-6300 / (787) 653-012134/30 César Castillo Inc. 161.00 178.00 -9.55 375 1942 Pharmaceutical & consumer José Luis Castillo Guaynabo products distributor, logistic (787) 999-1616 / (787) 999-1612 services42 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS

As Ranked by ®PUERTO RICO’S TOP 400 LOCALLY OWNED COMPANIES(Listed According to 2015 Revenue)Current/ Company Name 2015 2014 Percent No. of Year Main Line of Business Top ExecutivePrevious Location Telephone/FaxRanking Revenue Revenue Change Full-Time Founded ($ Millions) ($ Millions) Employees35/32 Packers Provision (TraFon Group Inc.) 160.00* 165.00* -3.03 204 1999 Food products distributor Carlos Trápaga Puerto Nuevo (787) 783-0011 / (787) 622-744036/35 Tiendas Capri (J. Pica & Cía. Inc.) 154.75 160.00 -3.28 775 1963 Department-store chain Jorge C. Pica Ruiz San Juan (787) 793-7575 / (787) 793-033337/33 Mayagüez Medical Center 149.00 162.00 -8.02 869 2010 General hospital Jaime Maestre Mayagüez (787) 774-6558 / (787) 774-562638/40 AutoGrupo 148.00 140.00 5.71 280 1992 Auto dealer Gerardo Pascual Río Piedras (787) 753-3000 / (787) 274-846039/38 American Petroleum Co. Inc. 142.00* 152.00* -6.58 86 1984 Petroleum products distributor Nelson Soto Toa Baja (787) 794-1985 / (787) 794-207940/44 Empresas Berríos Inc. 139.07 131.58 5.69 541 1974 Furniture & appliances retail store Florencio Berríos Cidra chain (787) 653-9393 / (787) 739-313941/36 Cabrera Inc. 132.72* 158.00* -16.00 260 1954 Auto dealer Juan Colón Cabrera Arecibo (787) 880-8080 / (787) 880-050242/42 Destilería Serrallés Inc. 130.00* 135.00* -3.70 225* 1935 Distilled spirits & wine Félix J. Serrallés Jr. Ponce manufacturer & distributor (787) 840-1000 / (787) 840-115543/45 International Restaurant Services Inc. 129.70 128.20 1.17 2,104 1994 Restaurant franchise chain Artur Jotic Guaynabo (787) 273-3131 / (787) 273-314144/50 Garage Isla Verde LLC 128.50* 116.44* 10.36 160* 1962 Auto dealer Carlos M. Quiñones Carolina (787) 620-1313 /45/41 J.F. Montalvo Cash & Carry Inc. 128.00 136.50 -6.23 290 1966 Cash & carry Héctor Montalvo Guaynabo (787) 781-2962 / (787) 273-640246/46 Wendco of Puerto Rico Inc. 126.17 127.94 -1.38 2,041 1978 Fast-food chain Jorge Colón Gerena Santurce (787) 792-2001 / (787) 273-052347/52 Empire Gas Company Inc. 126.00 107.60 17.10 310 1967 Liquefied petroleum gas wholesaler Ramón González Jr. Río Piedras (787) 767-2330 / (787) 751-990448/49 Matosantos Commercial Corp. 3 125.00* 119.30 4.78 250 1940 Food & paper products distributor Manuel Matosantos Vega Baja (787) 793-6900 / (787) 793-045449/48 Gómez Hermanos Kennedy LLC 120.49 123.70 -2.59 127 1994 Auto dealer Víctor M. Gómez III San Juan (787) 277-0707 / (787) 277-071650/47 Holsum de Puerto Rico Inc. 120.00 125.00 -4.00 842 1958 Bakery products manufacturer Ramón Calderón Toa Baja (787) 798-8282 / (787) 251-206051/51 Kress Stores of P.R. Inc. 110.00* 115.00* -4.35 740* 1963 Women’s & children’s apparel store Mark Berezdivin San Juan chain (787) 783-5374 / (787) 782-211152/53 Me Salvé Inc. 106.00* 107.50* -1.40 N/P 1981 Discount department store chain Miguel Lazoff Cataño (787) 622-9400 / (787) 626-902453/56 Supermercado Plaza Loíza 105.70 103.70 1.93 437 1988 Supermarket chain Johnny Márquez (Plaza Loíza Corp.) (787) 726-8150 / (787) 268-4869 San Juan54/54 Plaza Food Systems 105.00* 106.20 -1.13 95* 1996 Food-service distributor José Vélez (Plaza Warehousing & Realty Corp.) (787) 653-4950 / (787) 747-9660 Caguas55/43 Asociación de Suscripción Conjunta del 101.34 133.81 -24.27 148 1995 Vehicle liability insurance company José L. Blanco Latorre Seguro de Responsabilidad Obligatorio (787) 622-5410 / (787) 641-4182 Río Piedras56/58 Able Sales Company Inc. 100.00* 98.75* 1.27 125* 1972 Grocery products distributor Luis E. Silva Mendoza Cataño (787) 620-4141 / (787) 620-410257/63 Luis Garratón LLC 99.35 89.94 10.46 124 1948 Pharmaceutical & consumer Raúl Rodríguez Bayamón products distributor (787) 788-6100 / (787) 300-490958/60 Supermercados Hatillo Kash N’ Karry 91.60 93.00 -1.51 317 1978 Supermarket chain Isidoro Rosa (Hatillo Cash & Carry Inc.) (787) 898-5840 / (787) 820-3914 HatilloNotes appear at the end of the ranking chart. Continues on page 44 Hoy decidí estudiar. Este es mi momento. ADULTOS @ EDP Escuela de Administración de Empresas Escuela de Enfermería • Modalidad acelerada en calendario bimestral • Clases nocturnas Escuela de Ciencias y Tecnología • Cursos en línea Escuela de Justicia Criminal • Convalidación de conocimiento previo (PLA) • Cuido de niños en Kids @ EDP Hato Rey | San Sebastián edpuniversity.edu | EDP UniversityLicencia de Renovación del Consejo de Educación de Puerto Rico. Acreditados por la Middle States Commission on Higher Education. Oferta académica varía de acuerdo a localidad. 1-855-999-3378 (EDPU) THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS 43

As Ranked by ®PUERTO RICO’S TOP 400 LOCALLY OWNED COMPANIES(Listed According to 2015 Revenue)Current/ Company Name 2015 2014 Percent No. of Year Main Line of Business Top ExecutivePrevious Location Telephone/FaxRanking Revenue Revenue Change Full-Time Founded ($ Millions) ($ Millions) Employees59/64 Goya de Puerto Rico Inc. 90.50* 89.54 1.07 587 1949 Food products manufacturer & Carlos A. Unanue Bayamón distributor (787) 622-4900 / (787) 798-797060/62 Consolidated Waste Services LLC 4 90.00 90.50 -0.55 989 1993 Waste-disposal, recycling & Carlos Contreras Gurabo environmental firm (787) 273-7639 / (787) 687-033761/55 Cooperativa de Seguros de Vida 89.93 104.44 -13.89 266 1959 Insurance company Julio Villafañe de Puerto Rico (Cosvi) (787) 751-5656 / (787) 522-2233 Río Piedras62/59 Caribbean Produce Exchange LLC 85.57 96.41 -11.24 163 1960 Produce distributor Gualberto Rodríguez III Cataño (787) 793-0750 / (787) 936-797063/65 St. James Security Services Inc. 5 85.09 89.12* -4.52 3,239 1977 Security services Marcos Rivera Rivera Río Piedras (787) 754-8448 / (787) 281-625464/67 Bermúdez, Longo, Díaz-Massó LLC 81.21 86.39 -6.00 677 1962 Electrical & mechanical contractor Francisco Díaz Massó Río Piedras (787) 761-3030 / (787) 760-085565/66 Grupo Felcon 80.60 87.50 -7.89 150 2008 Auto dealer José Feliciano Mayagüez (787) 652-1100 / (787) 652-163666/70 Mister Price Inc. (Belca Group) 6 78.59 76.95 2.13 76 1961 Food distributor Luis A. Cáceres Guaynabo (787) 793-7374 / (787) 792-551467/61 Hospital Damas Inc. 77.48 91.62 -15.43 813 1863 General hospital Mariano McConnie Ponce (787) 840-8686 / (787) 840-862568/89 Autocentro Toyota (Autokirei Inc.) 77.34 59.83 29.27 141 1996 Auto dealer Donald Guerrero Ortiz Río Piedras (787) 999-9110 / (787) 756-823369/71 Pontifical Catholic University of P.R. 76.50* 76.71 -0.27 1,078 1948 University Jorge I. Vélez Arocho Ponce (787) 841-2000 / (787) 987-745970/77 Maderera Donestévez Inc. 76.28 71.31 6.97 114 1961 Hardware, lumber & construction Juan J. Donestévez De Para Carolina materials supplier (787) 750-2000 / (787) 750-508071/79 El Mesón Sandwiches 75.00 70.00 7.14 1,170 1972 Fast-food restaurant chain Felipe Pérez Grajales (El Mesón de Felipe Inc.) (787) 833-1239 / (787) 833-8065 Mayagüez72/72 Hospital de la Concepción 73.08 76.58 -4.57 640 1842 General hospital Álvaro Corrada San Germán (787) 892-1860 / (787) 264-790873/57 Harbor Bunkering Corp. 72.07 102.13 -29.43 47 2004 Petroleum products sale & service Alfredo Santaella Suárez San Juan (787) 723-1182 / (787) 723-818774/85 MultiSystems Restaurants Inc. & Sister Co. 7 71.80 64.04 12.12 611 1991 Restaurant chain Carlos Trigo (787) 273-3180 / (787) 273-6965 Santurce75/69 Ashford Presbyterian Community Hospital 70.25 77.80 -9.70 721 1904 General hospital Pedro J. González San Juan (787) 721-2160 / (787) 723-379776/80 Puerto Rico Hospital Supply 70.00* 67.50* 3.70 204 1946 Medical supplies distributor Félix Santos Carolina (787) 622-5151 / (787) 622-519377/76 Colomer & Suárez Inc. 70.00* 71.80 -2.51 130* 1943 Food distributor Alfredo Suárez Jr. Guaynabo (787) 781-2575 / (787) 793-211578/78 Puerto Rico Coffee Roasters LLC 70.00* 71.00 -1.41 125 2008 Coffee processor Alberto De la Cruz Bayamón (787) 288-6400 / (787) 288-652779/83 CIC Construction Group S.E. 66.85 65.60 1.91 500 1983 General contractor Gustavo A. Hermida Guaynabo (787) 287-3540 / (787) 287-355580/86 Cinemas Management of P.R. Inc. 64.00 64.00 0.00 1,003 1969 Movie-theater chain Robert Carrady Santurce (787) 727-7137 / (787) 728-227481/88 Vento Distributors Corp. 61.29 60.30 1.64 120 1975 Auto parts & accessories wholesaler Juan L. Vento Guaynabo (787) 783-1074 / (787) 792-077482/105 CaribEx Worldwide 61.00 58.00 5.17 216 1980 Freight forwarding & logistic Joseph R. Chatt Jr. Aguadilla services (787) 658-7000 / (787) 658-700483/94 Novus Inc. 60.92 57.69 5.60 405 1973 Shoe store chain Carlos Castellón Guaynabo (787) 272-4546 / (787) 272-450084/90 Caribbean Temporary Services LLC 60.00* 59.25* 1.27 125 1983 Temporary & permanent Tere Durand Manzanal Santurce (787) 620-5500 / (787) 620-0698 placements firm85/75 Hospital Hermanos Meléndez Inc. 59.35 73.38 -19.12 640 1946 General hospital Richard Machado Bayamón (787) 620-8181 / (787) 622-843086/92 MSSS Inc. 58.97 57.91 1.83 57 1982 Employment firm Alma I. Acosta Hato Rey (787) 758-7700 / (787) 758-804587/91 Supermercado Agüeybana Inc. 58.51 58.94 -0.73 283 1979 Supermarket Santos M. Ruiz Pietri Guánica (787) 821-2552 / (787) 821-833688/84 Pan American Grain Mfg. Co. 58.00* 65.00* -10.77 355 1980 Grocery & animal-feed José González Guaynabo (787) 273-6100 / (787) 273-6872 manufacturer & distributor89/68 Genesis Security Services Inc. 57.65 78.19 -26.27 3,250 1997 Security services Emilio Morales Laboy Carolina (787) 776-2381 / (787) 757-897590/97 Industria Lechera de P.R. Inc. (Indulac) 56.46 53.18 6.17 90 1952 Dairy-products manufacturer Larry A. Lugo Cruz Hato Rey (787) 753-0974 / (787) 753-095191/98 Bella Vista Hospital Inc. 55.76 53.00 5.21 681 1954 General hospital Luis Rivera Maldonado Mayagüez (787) 834-6000 / (787) 831-631592/96 Supermercado Facundo Inc. 55.30* 55.50* -0.36 440* 1964 Supermarket Awilda Colón Carreras Carolina (787) 762-8605 / (787) 769-062093/81 Braulio Agosto Motors LLC 55.20 66.64 -17.17 85 1980 Auto dealer Miguel A. Agosto Río Piedras (787) 641-8934 / (787) 274-113044 THE 2017 CARIBBEAN BUSINESS BOOK OF LISTS