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week of september 1-7, 2016 | Vol. 2 Edition 34 | WEEKLY $2.00 | © 2016 Latin Media House, LLC | caribbeanbusiness.pr PREC Eases Promesa’s Veto Power Perelló Resigns From FARC Treaty Signals End Net-Metering Regs Slammed by Lawmakers House Speaker Post Of Violent EraOnus on Prepa For Inclusive Standards Violates Doctrine of Federalism PDP President Bernier Bolsters Leadership Colombia Seeking a New Equality Page 7 Page 14 Page 24 Page 25COVER STORY TOP STORY Conflicts-of-Interest Rule Weakens Promesa Junta A-listers Opting Out of Control Board When the U.S. Congress passed be on the board. It all traces to the Puerto Rico Oversight, Man- the statute as it was finally writ- agement & Economic Stability ten, which would have to be Act (Promesa) enabling a territo- changed, but no one was willing rial control board to oversee all to do that.” of Puerto Rico’s financial affairs, the onus was put on the Obama Promesa’s Subsection VIII un- administration to find seven der Title I on Conflicts of Inter- members who were beyond re- est stipulates that “an individual proach. The high bar set is exact- appointed to serve as a member ing a toll on the level of virtue of of the Board—shall be subject some nominees, as a conflict of to—the Federal conflict-of- interest litmus test has some A- interest requirements described listers opting out. in section 208 of title 18, United States Code, except with respect “There were some excellent to subsection (b) of that section; candidates being considered and (II) the conflict-of-interest for the board—Democrats and disclosure requirements under Dealt a Bad Hand? Valerie Jarrett and President Creditors Play Their Promesa Cards Barack Obama While most Puerto Rico credi- Economic Stability Act’s (Prome- to change, the government has Republicans—that could never title I of the Ethics in Govern-tors play the Promesa waiting sa) restructuring mechanisms. been trying to come up first with clear the hurdles that are set for ment Act of 1978 (5 U.S.C. App.);game, debt-restructuring talks a structure. If the numbers vary, conflicts of interest,” said one and (ii) shall not have any otherremain at a standstill. Everyone But efforts are now geared to- creditors can bring up the issue, source on Capitol Hill tied to the conflict of interest relating to theis sitting and waiting to see what ward finishing the revision of the and the government will make GOP with knowledge of the pro- duties of the Board, includingcards they will be dealt. administration’s long-term fiscal the respective changes,” said cess. “So they came to the real- ownership of any debt security & economic growth plan, at least one of the sources. “All creditors ization that they out-negotiated of (I) the applicable territorial Early last month, Gov. Ale- two sources with ties to the gov- know the government is updat- themselves in the bar they set government; or (II) a territorialjandro García Padilla said he ernment said. The goal would be ing the [fiscal] plan.” on Promesa on the one hand. instrumentality.”had ordered officials to engage to release the plan before the end Because of the high bar they set,in “good faith negotiations with of September, along with a new BY LUIS J. VALENTÍN there were people who would BY PHILIPE SCHOENE ROURAcreditors” to access the Puerto commonwealth financial report. pages 10-13 have been excellent, but couldn’t continues on page 6Rico Oversight, Management & “As everybody expects numbers

2 Thursday, september 1, 2016 |THIS WEEK Contents picture of the week page 24Editorial By Philipe Schoene Roura EXECUTIVE EDITORWhere is the Dream Junta?There’s a good chance that by the time you read This junta watch was no different. From the out-this newspaper, U.S. President Barack Obama will set, the Obama administration’s advisers—Seniorhave selected all the candidates to serve on a ter- Adviser Valerie Jarrett foremost among them—ritorial control board enabled by the Puerto Rico were interviewing candidates as the PresidentOversight, Management & Economic Stability Act took to the links on Martha’s Vineyard. As Obama this week 2(Promesa). Sadly for Puerto Rico, they will not contemplated whether to play a seven iron in- Editorial 2 Retrovisor/From the Web 4necessarily be the top candidates that the Obama stead of a nine iron into a stiff wind, Jarrett was 6 puerto rico administration had hoped for, because many of weighing political crosscurrents on Promesa. And 6 Top Story 7the A-listers coming from both sides of the aisle there was a plan afoot to hold up the candidates to Lead Story 8-9 Banking 10-13opted out of the process. the board coming from the list of Senate Major- Cover Story 14 Law/Courts 15What was described as a very onerous vetting ity Leader Mitch McConnell, who was entitled to Legislature 17 Tourism 18process—deep background checks by the FBI and two nominees. If the Executive failed to accept 18 Opinion 19full disclosure of financials—ultimately became the names from his list by the Sept. 15 deadline, Column 19 20-21impossible to accept for many it would have forced McCon- economy 22 Innovation 23of those interviewed, because nell to hold Senate confirma- Sin Comillas 23-24 Poll 24they would have had to divest tion hearings. 25 politics 25themselves from holdings on The ploy would have Puerto Rico 26 Oye Cómo Va 44all corporations standing to As Obama played as the ultimate act 44benefit from their Promesa of cynicism—a tit-for-tat GLOBAL 44-45 Latin American Affairs 46actions. contemplated dare to hold hearings, one- Caribbean 46 It became untenable for playing a seven upmanship by Obama in 27 reply to McConnell’s refusal LIFE 27-40many of them because they Guide 41-43 Music did not have at their disposal iron, Jarrett was to hold Senate hearings to Advertising a tax amnesty provision to off- confirm the President’s Su- Advertising Calendar set the tax impact on the sale weighing political preme Court nominee Mer- SPECIAL featureS of their securities. It turns crosscurrents on rick Garland. Education out that the final language in Architecture Week Sources on both sides of thethe conflict-of-interest rule Promesa. aisle told Caribbean Businessin Section VIII of Title I gut- that the Obama administra-ted the provision of that tax- tion has since desisted fromoffset stipulation, seeking to its Promesa delay becausemake the law holier-than- they have bigger pugilists tothou. So there was a growing topple. The administrationchorus of “no gracias” by many of the top candi- is now contemplating ratification of a climatedates who were reportedly beyond reproach. change accord during a trip to China without theSo, the names coming down the pike do not two-thirds Senate vote required for treaties. Incompose a “dream junta,” but rather have been exercising his Executive agreement, the Presidentdescribed by those close to the process as B or knows he will be spoiling for a political fight—B+ listers. Just what Puerto Rico needs—well, Obama reportedly has moved on beyond Promesa.not exactly. For him—eso esta plancha’o. caribbeanbusiness.prTruth be told, the politics underpinning So, these control board members are coming Volume 2, No. 34 • Thursday, September 1, 2016 • PO Box 12130, San Juan PR 00914-0130the process are evidence that Puerto Rico is No. 11 down here to balance budgets, restructure debt and CARIBBEAN BUSINESS® (USPS 313150) is published weekly, except the first two weeks of January, by Latin Media House, LLC, 1700 Ave. Fernández Juncos, San Juan, P.R. 00909-2938. Subscription rates:on the Obama administration’s top-10 list of pri- bind holdouts—we are back to the age of Foraker. $45 a year + $4.73 state tax +.45 municipality tax = $50.18; $58 for two years + $6.09 state tax +.87 municipality tax = $64.96; $108 a year for foreign + applicable tax and shipping & handling. Customerorities. 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Robb Rill, Managing Director, The Strategic Group PRYou’ll always find a clever mindbehind a Caribbean Business.Find out how to empower your mind with Caribbean Business. Visit cb.pr/mindor call (787)728-7670 to subscribe. Read intelligently

4 THIS WEEK Thursday, september 1, 2016 |Regional Expansion Retrovisor The Week in Hindsight Caribbean Business and El Dinero partner up (p.24). Compiled by Rosario Fajardo [email protected] Business weekly publications Caribbean Business, in Puerto Rico, and El Dinero, Politics Executive Director Milton Segarra revealed Aug. 24.in the Dominican Republic, have partnered to expand the scope of the information Since news of Zika cases in Puerto Rico broke, aroundpresented to their respective readers. This alliance is based on the reliability and rel- Federal Judge Stays Ambac’sevance of the information that both publications provide to the business community Lawsuit Against PRHTA 60,300 room nights have been lost as a result of the groupand the general public in each country. Now Puerto Ricans, and Dominicans residing cancellations, representing some $44.2 million in lostin Puerto Rico as well, can read on a regular basis news from the Dominican Republic Federal Judge Francisco Besosa stayed revenue.written from a Dominican business perspective, and Dominicans will have the oppor- on Aug. 23 a lawsuit filed by Ambac Assur-tunity to access news with a Puerto Rican business perspective. In short, this alliance ance Corp. against the Puerto Rico Highways & Transpor- During the second quarter of 2016, about 35 groupsis making business truly Caribbean. tation Authority (PRHTA) seeking to block a lease exten- cancelled, which led to around 42,000 room-nights lost in sion of two island toll roads. a 90-day period. — The Editors Besosa stayed the case because Ambac did not challenge the applicability of a provision of the Puerto Rico Over- Appeals Court Upholds sight, Management & Economic Stability Act (Promesa) Wal-Mart Ruling Against that stays lawsuits against the government. Transfer Pricing Tax The judge, however, gave the parties until Aug. 26 to say whether they wish to join other parties in other cases at The U.S. First Circuit Court of Appeals upheld Aug.24 the hearing sometime in September to determine if cause a federal court ruling that declared unconstitutional a exists to vacate the Promesa stay. transfer-pricing tax the Puerto Rico government sought to impose on Wal-Mart stores in a bid to shore up its coffers. Bernier’s Campaign Manager Resigns Wal-Mart Puerto Rico Inc. brought the lawsuit against the Puerto Rico Treasury Department to challenge the Liza Ortiz Camacho, the manager of Po- lawfulness of Puerto Rico’s corporate alternative mini- pular Democratic Party gubernatorial can- mum tax (AMT) in May 2015. The district court held that didate David Bernier’s election campaign, resigned Aug. it had jurisdiction over the suit and enjoined the enforce- 26, after her name was linked to a federal corruption case. ment of the AMT after concluding it violated the dormant This is the latest development following Bernier’s call Commerce Clause, Federal Relations Act and Equal Pro- for House Speaker Jaime Perelló to resign amid a cor- tection Clause. ruption trial underway related to various government contracts, including members of the speaker’s campaign Newsworthy finance committee, in which Ortiz has been mentioned. For his part, Perelló resigned as House Speaker on Aug. Puerto Rico Olympic 29, after rejecting numerous calls for him to step down, Delegation Celebrates including an ultimatum from Bernier. Homecoming Business Thousands of people took to the streets Aug. 23 to cele- brate the homecoming of the Puerto Rico Olympic delega- Zika Deals Heavy Blow on tion, in a whirlwind series of events that began at La For- P.R. Convention Tourism taleza, in Old San Juan, followed by a caravan that made its way through Santurce and arrived for the grand finale The outbreak of the Zika virus in Puerto at the Puerto Rico Coliseum in Hato Rey. Rico some months ago has dealt a heavy blow to the sector of groups and convention tourism on Heading the Puerto Rico delegation was tennis player the island, with cancellations prompting the segment Mónica Puig, who made history in the Rio 2016 Olympic to go on freefall from March to May, Meet Puerto Rico Games when she became the first athlete to ever win a gold Olympic medal while representing the island.

RESTART FP.indd 1 8/1/16 11:32:05 AM

6 Thursday, september 1, 2016 |PUERTO RICO TOP STORYPromesa Junta /Continuedfromcover they won’t have the time to AP Photo by Charles Dharapak do this.” The statute clarifies that “[The final language] Elizabeth Warren andthe term conflict of inter- forced the removal of what The source added this ca- Treasury Secretaryest includes the interests of is typically in these bills— veat: “I think that conflicts Jacob Leworganizations in which “the that if someone does have are being used with someindividual is serving as offi- a conflict, they can alter level of political motivation The bill lacks a provision that would havecer, director, trustee, gen- their holdings and/or dis- it seems like, by the [U.S.] provided tax breaks for these individuals to offseteral partner or employee, pose of some of those secu- Treasury and the [Obama]or any person or organiza- rities holdings with some administration. It is re- the taxation on the sale of their securities.tion with whom the indi- level of tax amnesty—that ally unfortunate becausevidual is negotiating or any is not in this bill,” said the what they are going to do isarrangement concerning Democrat lobbyist who eliminate the most highlyprospective employment.” chose to remain nameless. qualified people. I mean on “I am hearing that there’s an island of this size and an Another lobbyist on the some discussion that this economy of this size, if youHill with ties to the Demo- be added back to the bill start to look for the mostcratic Party explained that and hopefully they do that nominal sorts of conflictsthe bill lacks a provision because there are some to exclude people, you arethat would have provided highly qualified people who going to end up excludingtax breaks for these indi- would have to dispose of your most qualified people.viduals to offset the taxa- securities, but should not The administration needstion on the sale of their se- have to pay a tax penalty in to stop making this politi-curities mandated in Sec- doing so. It is possible that cal and make this a boardtion 208. of the most highly qualified people to help the island get back on its financial candidates from his list. list to take it from 15 down to footing.” The Obama administra- 12 prior to selecting the final seven, the source added. Another problematic area, tion has reportedly shift- other sources said, is that ed course; it is probable At this writing, the ad- since the board positions that the names will come ministration was still re- are pro bono, other qualified down the pike as soon as viewing conflicts of inter- people have opted out this week. “There’s an in- est issues with three of the because it would put too creasing amount of con- candidates. The concerns much of a financial burden cern that all these lawsuits over their compliance with on their families. being filed [against the the conflicts of interest rule Puerto Rico government] has forced the administra- As reported by this news- is putting a lot of folks in tion’s junta headhunters to paper on Aug. 9, 2016, Val- DC on edge, wondering revisit those names to de- erie Jarrett, a senior ad- what is the objective with termine whether they can viser for President Barack this selection process. You serve on the board without Obama was in the process have people who may be concerns. That they are B+ of interviewing candidates able to clear the conflict-of- people and not A-listers on lists submitted by Sen- interest rules who may not is raising red flags among ate Majority Leader Mitch have as much experience creditors and members of McConnell, Speaker of the as the people they wanted Congress. House Paul Ryan, Senate to name,” said the GOP Minority Leader Harry source. “They are not in- “I really hope the Reid and House Minor- competent people; they are administration appoints ity Leader Nancy Pelosi. At just not as experienced.” people who are experts on that writing, sources close fiscal reform and growth to the process on both sides A source close to the and takes the politics out of the aisle told Caribbean process told Caribbean of this,” said one lobbyist Business that the Obama Business that the names for on the Hill in the credi- administration was con- the board are already se- tor camp. “If they appoint templating holding up Mc- lected. It was characterized some of the folks who were Connell’s candidates be- as the “B, B+ list,” but not involved in Detroit, it is go- yond the Sept. 15 deadline, the A-list. The goal is to get ing to cost the board cred- which would have forced the process done by Sept. ibility going forward—peo- the Senate Majority Lead- 1, although there remains ple will be skeptical and we er to hold hearings on the further vetting of the final will be back in court.” n

| Thursday, SEPTEMBER 1, 2016 PUERTO RICO 7LEAD STORY Modifications ease requirements for net-metering connectionsEnergy CommissionOrders Prepa to ModifyNet-Metering RulesBY EVA LLORÉNS VÉLEZ requiring endorsements or lower than 1 megawatt to connect Retrofitted digital electric [email protected] changing the location of meters. them to the utility’s grid. in Spanish since hearings have hinder efforts to increase the use The Puerto Rico Energy Com- Earlier this month, Gov. Ale- Act 133 also promotes com- mostly been held in English. of renewable energy.mission (PREC) ordered the jandro García Padilla enacted munity solar grids to facilitatePuerto Rico Electric Power Au- into law net-metering modifica- the use of solar energy in poor The Energy Commission, on PREC contends that the reportthority (Prepa) to modify its tions to expedite customers’ re- communities as well as so-called the other hand, rejected an ex- was submitted four months afterproposed net-metering regula- newable-energy connections to micro-grids. pert report submitted by Enlace a March deadline for evidencetions to abide with requirements Prepa’s grid, which the utility has Latino de Acción Climático-El discovery. The expert report wasof Act 133 of 2016, which eases been reluctant to implement. PREC told Prepa that it must Puente de Williamsburg and the introduced to PREC as part of arequirements for net-metering be able to remotely read meters Environmental Dialogue Com- process to approve the Puertoconnections. The law seeks to modernize and the fact that a meter is not mittee to support contentions Rico Electric Power Authority’s Prepa’s net-metering program, re- accessible should not be a reason that the island’s debt-restruc- integrated resource plan, a long- The panel told Prepa that par- quiring the utility to have meters to deny a net-metering connec- turing deal will result in higher term infrastructure-improve-ticipants in the net-metering pro- that can be remotely read. It also tion. The commission also gave prices, hurt the economy and ment plan. ngram should receive their credit requires the creation of a website Prepa 180 days to create a portal,on the first utility bill sent to them that allows customers to file their or website, that will allow net-after they have the meter installed, documents electronically to meet metering customers to file theirand not after there is an agreement net-metering regulations. The applications online.signed with the utility. utility must also expedite net- metered connections by develop- On the other hand, the State Of- PREC also forbid Prepa from re- ing expedited processes for power fice of Public Policy on Energy,jecting net-metering applications, distributors with a capacity that is has asked that all processes in- volving the rate hike be conductedSaving money is partof every successfulbusiness.

8 PUERTO RICO Thursday, september 1, 2016 | Barnier: Goods are far more abundant today than ever, thanks to the tech & trade transformation bankingFlop in the Fed’s of Potential GDP  under- counts available resources as a side-effect of tryingEconomic Forecasting to accommodate business caribbeanbusiness.pr cycles that aren’t really cy- clical. Third, ‘inflation’ is Volume 2, No. 34 Thursday, September 1, 2016Tech & Trade in U.S. Productivity Underestimated lower because of tech and trade.” In short, Barnier saidBY JOSÉ L. CARMONA and equipment. The stan- more resources that can Publisher Editor in [email protected] dard view is that Potential be more productively con- Miguel A. Ferrer Heiko Faass U.S. GDP is low mostly be- verted to output mean po- Executive Editor Philipe Schoene RouraAs the world’s central cause productivity is low, tential production is high-bankers rounded up last Barnier noted. er. Shoppers, he added, seeweekend their annual “The data-rich view is this daily through more EDITORIAL Editor Rosario Fajardomeeting in Jackson Hole, first, that productivity is abundant goods and scal- Online Editor Eduardo San Miguel Tió Politics Editor Ismael TorresWyo., two topics—tech and stronger than the FOMC able services, such as any- Regional Editor Juan A. Hernández trade—were practically believes, for many reasons, thing digital. Senior Reporters José L. Carmona, Dennis Costa, Eva Llorénsmissing from their discus- including because pro- The causes of shifts and Reporters Mario Belaval, Luis J. Valentín Special Projects Editor Francis E. Lópezsion when forecasting U.S. ductivity math penalizes twists between the official Researcher Blane McLane productivity and the next ‘bright ideas’ when they and natural unemploy- Sales Departmentinterest rate hike. become formal ‘intellec- ment rates since 1970 Chief Sales Officer Fernando J. ZegríFor Financial Analyst tual property products.’ include tech and trade, 787-728-3000, ext. 4480 Fax: 787-268-5058 Email: [email protected] Barnier, member/ That’s because ideas be- which have so dramatical- Account Managers Cheryl Lamboglia, Lizzette Lópezprincipal at ValueBridge come assets that must earn ly cut cost for goods that Account Executives Jackeline Matos, Michelle Ortiz, Elena DíazAdvisors and founder & Brian Barnier, member/ a return and because for- average prices have been Commercial Graphic Artist Manny Lópezeditorial panel member of principal at ValueBridge malization happens faster falling since 1996 and out-feddashboard.com, Fed- Advisors and founder & in a world of software,” he put per hour has doublederal Reserve forecasters editorial panel member of said. “Second, the math since 1976, he said. nhave erred because they feddashboard.comare missing how tech andtrade have transformedthe U.S. economy. shoppers find abundance “Ben Bernanke, in his rather than scarcity and How to contact us/Subscription services Production Departmentrecent Brookings blog buy more as prices fall, he Manager Blanca Santiagopost, helpfully listed three said. Online: Prepress Manager Carlos Laboyitems on which Federal Sign In to caribbeanbusiness.pr Senior Graphic Artist Dennis J. ChaparroOpen Market Committee “Our point today is sim- Typesetting Supervisor María Donis(FOMC) member views ple—many of the FOMC’s By mail: Scanning Supervisor Iván Ramírez forecasting errors can PO Box 12130 San Juan, PR 00914-0130; or 1700 Ave. Fernández Juncoshave been shifting because be resolved by realizing San Juan, PR 00909-2938of persistent errors in that  goods are far more By phone:forecasting. These items abundant today, thanks to Editorial Department Telephone 787-728-9300 Chairman CEOare Potential Gross Do- the tech and trade trans- Fax 787-268-1626 Miguel A. Ferrer Heiko Faassmestic Product (GDP), formation,” said the author Email [email protected] rate of unemploy- of several financial books.ment and longer-run Fed- Advertising Sales Telephones 787-728-1240/8415eral Funds rate,” Barnier Today, shoppers Fax 787-268-5058explained in his blog’s find abundance Email [email protected] recent article. Circulation rather than Department Telephone 787-728-7670 Circulation Department: 787-728-7670 Fax: 787-728-0195 According to Barnier, Customer Service/ Telephones 787-728-8280 (Metro)students heading back to Subscriptions Customer Service/Subscriptionscollege can see the impact 1 844-723-2351 (U.S. mainland) S.J. Metro Area: 787-728-8280 Fax 787-728-0195 Toll-Free: 1-844-723-2351 Email [email protected] Email: [email protected] tech and trade. A used scarcity and Letters to the Editor to be published in Readers’ Opiniontextbook can be shipped buy more as must not exceed 500 words. 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| Thursday, september 1, 2016 PUERTO RICO 9BANKING Plan would establish much needed reforms AnímateBuilders Association a serUnveils EconomicDevelopment Plan empresariaTo be Presented to Promesa’s Task ForceRicardo Álvarez-Díaz, president of the promote Puerto Rico as a Si se puede Puerto Rico Builders Association “preferential partner” of the U.S. in the Caribbean El Centro de Desarrollo de Pequeñas Empresas yBY JOSÉ L. CARMONA transparency, taxes and la- and Latin America, and Tecnología de la Universidad Interamericana, en [email protected] bor laws. continue promoting the cooperativo con la Administración Federal de Pequeños export of services under Negocios han desarrollado un programa empresarial The Puerto Rico Builders “The attraction of inves- Act 20 for local businesses. enfocado en la mujer.Association (PRBA) pre- tors and the retention ofsented Aug. 25 its economic economic activity depend Álvarez-Díaz said the A través del programa \"Ser empresaria\"development proposal for on the perception among PRBA presented its eco- se ofrecerá consultoría individualizadaPuerto Rico, with specific businesses that there is a nomic development pro- y cursos libres de costo.initiatives to foster eco- favorable investment cli- posals in the midst of thenomic activity by strength- mate in Puerto Rico. To creation of the federal CURSO DE DOS DÍAS PARA \"SER EMPRESARIA\"ening the private sector achieve that stability, we fiscal-control board, cer-and non-government orga- must maximize transpar- tain that it represents an PONCEnizations, or NGOs. ency in government ser- opportunity to reform 2 de septiembre de 8am a 5pm vices, as well as ensure the outdated systems that lack 3 de septiembre de 9am a 1pm The plan is divided efficiency and effectiveness transparency. Rest. Puebla, Carr. 14, Ponceinto the main pillars of of its institutions. How- Tel. (787) 842-0841human-social develop- ever, the professional and “The Association sup-ment and Puerto Rico’s business sectors have a ports the creation of a fis- SAN JUANcompetitiveness. responsibility of assuming cal control board, with the 8 y 9 de septiembre de 8:30am a 4:30pm leadership and being able understanding it is needed Union Plaza, Hato Rey The first pillar proposes to work together, focused to make way for long-last- Tel. (787) 763-5108investments in education, only on one thing: to lift ing changes and decisionshealthcare and the envi- our economy,” said Ricardo based on Puerto Rico’s ARECIBOronment to support human Álvarez-Díaz, president of needs. However, it’s up to 9 de septiembre de 1pm a 5pmcapital development, which the PRBA. us to learn about Puerto 10 de septiembre de 8:30am a 4:30pmthe organization claims is Rico’s real needs, since this Universidad Interamericana, Recinto de Arecibokey to make the vision of Among the proposal’s new organization has the Tel. (787) 878-5269change for Puerto Rico be- highlights is positioning authority to make decisionscome reality. Puerto Rico as a competitive that can impact the econo- SAN GERMÁN global center in the areas of my’s revitalization and re- 15 de septiembre de 5pm a 9pm The recommendations existing strengths such as store the trust of investors 17 de septiembre de 8:30am a 4:30pmto improve the island’s manufacturing, construc- in Puerto Rico,” he added. Universidad Interamericana, Recinto de San Germáncompetitiveness seek to tion and development, ser- Tel. (787) 892-6760establish reforms in the vices and tourism. The PRBA will present itsareas of energy, permits recommendations to the Duración del curso 12 horas.process, technology and The PRBA proposes to congressional Task Force established by Promesa, ESPACIOS LIMITADOS www.prsbtdc.org Álvarez-Díaz said, insist- ¡Separe su espacio! ing the private sector must have an active participation serempresariapr.org in Puerto Rico’s decision- making process. Puerto Rico Small Business & Technology Development Center Ponce de León Ave. #416, Hato Rey, PR 00918 “We have the talent and Tel. (787) 763-6811, Toll free 1-888-300-7232 capacity to lift ourselves, and to demonstrate to our Partnership Program with the SBA, administered by the Inter American University of Puerto Rico. Funded in part future generations that be- through a cooperative agreement with the U.S. Small Business Administration. Reasonable accomodations for yond waiting for assistance persons with disabilities will be made if requested at least two weeks in advance with Viviana Acevedo, Union and solutions, it is possible Plaza, 416 Ponce de León Ave. Suite 912 Hato Rey, Tel. 787.763.6811. and gratifying to build our own future,” Álvarez-Díaz said. n

10 PUERTO RICO Thursday, september 1, 2016 | CreditorsStuck in a Holding PatternBY LUIS J. VALENTÍN Early last month, Gov. Ale- toward finishing the revision of “As everybody expects numbers the [fiscal] plan.”[email protected] jandro García Padilla said he the administration’s long-term to change, the government has Yet, driven by the uncertainty had ordered officials to engage fiscal & economic growth plan, at been trying to come up first with While most Puerto Rico credi- in “good faith negotiations with least two sources with ties to the a structure. If the numbers vary, of times to come, most creditortors play the Promesa waiting creditors” to access the Puerto government said. The goal would creditors can bring up the issue, groups are waiting for the estab-game, debt-restructuring talks Rico Oversight, Management & be to release the plan before the and the government will make lishment of the federal law’s fiscalremain at a standstill. Everyone Economic Stability Act’s (Prome- end of September, along with a the respective changes,” said board. Other motives are keepingis sitting and waiting to see what sa) restructuring mechanisms. new commonwealth financial one of the sources. “All creditors negotiations dormant such as acards they will be dealt. report. know the government is updating looming change in the island’s But efforts are now geared government administration,

| Thursday, september 1, 2016 PUERTO RICO 11 Despite Gov. Alejandro García Padilla’s order early last month to resume “good faith negotiations with creditors,” efforts are now geared toward finishing the revision of the long-term fiscal & economic growth plan. The goal is to release it before the end of September, along with a new commonwealth financial report.resentment from previous talks funds—that would be showing in- make another offer. Creditors that prearranged negotiations to keep negotiating. They had aand a chance to let the board terest in resuming talks with the would know where they stand would be put on a fast track un- proposal with something akinknow their own fiscal and eco- government without having to based on the revised numbers,” der the federal law. growth bonds [first proposed bynomic blueprints for Puerto wait for the federally appointed the source added. “There are the government], and they want-Rico. Puerto Rico Financial Oversight trust issues, as well. Some [credi- Willing to talk ed to present that to the [com- & Management Board. tors] think the U.S. Treasury is “[Millstein & Co.’s Jim] Mill- monwealth],” one source said, al- Then there are other credi- pushing a strategy to affect them. stein is sometimes seen as the though a meeting has yet to taketor camps—such as the Sales Tax “The [government’s] strategy This has also held talks.” bad cop and some [creditors] place.Financing Corp. (Cofina by its is to publicly release its plan. The will like to see more engagementSpanish acronym) and mutual government would not need to A Treasury team has been from Citi’s bankers if they are The monolines based on the island for weeks, to re-engage in talks,” said one “[Municipal bond insurers] assisting the Puerto Rico Fis- source with knowledge of the sit- are very distant,” said one of cal Agency & Financial Advisory uation, in reference to the García the sources. With stakes in the Authority (FAFAA) on the plan’s Padilla administration’s restruc- game being driven by high anxi- revision, sources had told Carib- turing brigades. ety, few credits are more anxious bean Business. One group that would have had than bond insurers, or so-called put aside these differences are monolines. The federal government wants Cofina creditors. They are one of Take for instance National, the administration to concen- the few creditor clans still talking which is on the hook for al- trate on revising the long-term debt-restructuring options with most $4 billion on gross par fiscal plan’s revenue estimates, the local government, at least outstanding. another source tied to the gov- three sources told Caribbean Out of the monolines involved ernment said. Treasury’s worries Business. Cofina divides in two with Puerto Rico debt, National are centered on misstated num- classes—senior and subordinate. could be the one drawing the bers and protecting underfunded As recently as this week, talks short end of the stick, said an- pension systems—both of which between Cofina creditors and other source with knowledge of would affect the economic terms government advisers took place, talks. “They are also the tough- of any restructuring deal that the one source told this newspaper. est to negotiate with,” the source commonwealth proposes. “They are very much interested added, noting National’s role in in reaching a consensual deal.” restructuring talks at the Puerto Moreover, the García Padilla “Senior Cofinas have been eas- Rico Electric Power Authority. administration seeks shared ier to negotiate with,” another “Claims on financial guaran- ground with creditors as to what source said. tee insurance policies issued by they will present to the fiscal Within the creditor camp, one National on the affected credits board on the economic develop- source also acknowledged the total $173 million,” stated Bill ment end, the other government discussions. “But if you ask me Fallon, CEO of National. He is source noted. For instance, fed- whether there has been a real making reference to the amount eral healthcare funding parity, in- concerted effort to get to some of money National had to pay af- dustrial tax credits and increased deals, I am not seeing any evi- fected creditors following the foreign investment would be dence of that,” the source added. commonwealth’s roughly $800 some of the fronts being eyed. Meanwhile, a handful of gener- million default on July 1. al-obligation (GO) creditors, who Other bond insurance compa- “That gives [creditors] more also hold paper backed by the is- nies, such as Ambac, Syncora and money from which to recover, land’s sales tax, would be paying Assured Guaranty, would have and economic development that close attention to what happens a less dire wait, with debt loads allows bond prices to stabilize,” with the Cofina creditors. in the immediate future that are this source stressed. Mutual funds, which mostly less onerous. own GOs and Cofina subordi- Ambac, which has already paid As many creditor groups anx- nate paper, would also be will- iously wait for Promesa’s fis- ing to negotiate. “They wanted Continues on page 12 cal board be put in place, some would be having jitters that a lack of speed and prudence driving the process will adversely affect their credits. Some were hopeful

12 PUERTO RICO Thursday, september 1, 2016 | DefdingieroykdfSed dipsum ing exero odigna alit lan v el deliquis augue do endre magna alit essed et prat, COVER STORY“We are not negotiating with the government, “I think that this oversight board will not do nor do we think it would be productive differently. They will bring a prudent approach to to do so at this moment.” the interaction between the jurisdiction and the Jorge Irizarry, adviser to Bonistas del Patio, a creditor group creditors and investors.” that comprises local bondholders Ambac CEO Nader TavakoliContinues from page 11 the measures undertaken by the representative who chose ano- predecessors, “it does leave board to be established, banking García Padilla administration. nymity. “So we are confident that room for a potential judicial on a friendlier negotiation en-net claims of approximately $53 the Promesa board will find some cramdown, stays creditor legal vironment and newer financialmillion related to the July 1 de- “Our definite perspective on cash and that they will be able to actions and, critically, does not information, he explained to thisfault, is scheduled to make a pay- this, as I have said before, is make at least the interest pay- provide any economic assistance newspaper. Bonistas del Patioment of $15 million on Jan. 3. that oversight boards that have ments and perhaps even some to the island.” says its members could hold asThe company has a $2.2 billion achieved success in the past have principal payments.” much as $14 billion of Puerto Ri-exposure to the commonwealth. done so by fiscal responsibil- Assured has more than $5 bil- co’s debt. ity and getting the jurisdiction As for Assured, President & lion in exposure to Puerto Rico. “We only have payments of access to the capital markets,” CEO Dominic Frederico recently Syncora and FGIC are the other “I understand nobody is ne-about $15 million, assuming that Tavakoli said. “And I think that said: “Whether the current gov- two monolines that insure com- gotiating at these moments, andthe debt-service reserve fund is this oversight board will not do ernment will be willing and able monwealth debt, although with [the government] would notpaid, so we have a relatively light differently. They will bring a pru- to provide reliable, audited fi- lesser exposures. negotiate either,” Irizarry said.payment. And then in July, it is dent approach to the interaction nancial information so the board “There is no information and thisa bigger payment,” Ambac CEO between the jurisdiction and the can do the job remains to be seen. Locals brace for is a lame duck administration. ANader Tavakoli told Caribbean creditors and investors.” Once that information is avail- fiscal board new governor is coming in andBusiness during a telephone in- able and all parties can reliably the two most likely [candidates]terview that took place several Importantly, Promesa’s board analyze the financial condition of “We are not negotiating with have said they will do differently.days ago. has the discretion to require pay- the various obligors, the chances the government, nor do we think Let’s see.” ment of interest. “If you do sim- for successful consensual settle- it would be productive to do The monoline’s top executive ple math and look at their pay- ments will improve.” so at this moment,” said Jorge Irizarry wants to know firstis optimistic the oversight board ables and receivables, it is clear Irizarry, adviser to Bonistas del the board’s composition and thewill go in the direction of fiscal that they are either accelerating Frederico went on to say Patio, a creditor group that com- plans it would undertake once itresponsibility and undo some of certain payables or otherwise that although the approved prises local bondholders. This begins its work. disposing of cash,” said a creditor Promesa bill is better than its camp would rather wait for the “There is also a new adminis-

| Thursday, september 1, 2016 PUERTO RICO 13COVER STORY DefdingieroykdfSed dipsum ing exero odigna alit lan v el deliquis augue do endre magna alit essed et prat,From left: Joseph Rosenblum, senior VP of AllianceBernstein; Ambac’s Tavakoli; and Héctor Negroni, co-CEO of Fundamental Advisors, during a Bonistas del Patio event discussing Promesa.tration coming in [January 2017], these as a source of liquidity.   “The talks are frozen stiff as would have most likely inched negotiate with Secretary ofwhere governing boards change “It is very difficult for the it pertains to the GO Ad Hoc closer in terms of the haircut,” State Víctor Suárez, who is alsoand advisers, as well. It makes Group,” added a creditor lobby- another source said. director of FAFAA. “They trustno sense to negotiate now,” GDB to make that [Sept. 1] pay- ist with ties to the Democratic the guy. He is an honest personIrizarry noted. ment,” one government source Party, making reference to a key Then a short-term nondisclo- and would be a fair person with said, pointing to the cash in- GO group, which mainly com- sure agreement (NDA) expired which to have discussions,” the Another local creditor constit- flow situation at the liquidity- prises hedge funds. “As of last and talks broke up. “The govern- source noted.uency is credit unions, or coop- strapped bank. week, there were no conversa- ment intended to sign [an ex-erativas, which own a large share tions. They were open to set up tension to the NDA]. But [GOs] So they would prefer to nego-of the Government Development GOs in holding pattern a deal prior to the arrival of the didn’t want to, because with the tiate with him rather than Mill-Bank’s (GDB) outstanding debt, Although GO bondholders have board, but the government is passage of Promesa, the prices of stein? “Yeah. Suárez is someoneamong other credits. aggressively pushed several re- waiting for the board to arrive. their bonds were going up,” the they feel comfortable with,” this structuring proposals over the And until that happens, [the source added. source added. As previously reported by Ca- past two years, they have been García Padilla administration]ribbean Business, debt-restruc- viewed skeptically as the intel- is taking the position that there Under these NDAs, participat- For his part, García Padilla con-turing talks at the bank have lectual authors of a strategy that is no need to negotiate. Talks are ing parties needed to stop trading tinues to stress, “Make no mis-been on hold since early summer. seeks to cement their credits as totally frozen.” the bonds upon which they ex- take. We will not cut a bad dealMoreover, the bank did not cover preeminent. changed privileged information. for the people of Puerto Rico.”a $28 million interest payment “GOs vary a lot, so they are Earlier this year, sides were “They wanted to keep trading,”due Aug. 1 and, as of presstime, more complex to deal with,” said about six-cents-on-the-dollar the source stressed. “So govern- At the end of the day, this wouldwas leaning toward missing a $10 one of the sources, who added apart in terms of the haircut, or ment advisers recommended to largely depend on the cards thatmillion payment due Sept. 1. Fail- that a big GO group was involved reduction to principal. “It was wait some time past July 1 before are dealt.ure to receive interest payments in talks with the government pri- the government’s turn [to pres- resuming talks.”on their GDB notes hinders coop- or to the island’s July 1 default. ent its counter offer], and it —Caribbean Business Executiveerativas, which largely depend on Another source said the Editor Philipe Schoene Roura con- GO group would be willing to tributed to this story.

14 PUERTO RICO Thursday, september 1, 2016 | Fiscal control board may rescind P.R. government’s budget, other laws LAW/COURTSLawmakers CallPromesa Board’sVeto Power OverLaws AntidemocraticBY EVA LLORÉNS VÉLEZ the national government. the control board to de- “One law that will be questioned is the budget [email protected] The federal government cide the fate of the $290 the expenditure resolutions because most agencies has never repealed a state million in clawed-back The government of Puer- or territorial law. revenues, of which $146 have a deficit in their budgets and accumulatedto Rico’s 2016-17 fiscal bud- million remains deposited debt that has not been placed on record.”get, amendments to the Popular Democratic in the Government Devel-P.R. Emergency Morato- Party (PDP) Sen. Ramón opment Bank, since the —NPP Rep. Gabriel Rodríguez Aguiló, who aspires to berium & Financial Reha- Luis Nieves of San Juan first six months of the cal- P.R. House Speakerbilitation Act and a law said Puerto Rico must endar year.that would create a special work seriously to convince According to the ap- amount depending on the noted that it may do soEmergency Fund are just Congress to eliminate the According to Promesa, peals court, Promesa does availability of funds for because the board is trulysome of the laws that may board’s veto power over the board also may review not grant the board the that year. Nor does it ap- a “debt collection board”be rescinded by the fiscal laws that have already been and, at its sole discretion, power to repeal the Fis- pear to allow the board to to ensure bondholders getoversight board established enacted because “it is one rescind any law that was cal Sustainability Act nor repeal or amend the Trea- paid.under the Puerto Rico of the most antidemocratic enacted during the period U.S. Treasury Department sury guidelines, whichOversight, Management aspects of Promesa.” between May 4, 2016 and guidelines on payments “prioritize some govern- Senate Vice President& Economic Stability Act the date of the appoint- because a fiscal plan slated ment payment obligations José Luis Dalmau (PDP-(Promesa). “They could leave with- ment of all board members to be approved under the over others” but make “no Humacao) believes that out effect the entire bud- and the board’s chair that statute must respect lawful provision...to prioritize while the budget is the “One law that will be get.… In other places, this alters pre-existing priori- priorities and payments. the payment of a court only law that he believesquestioned is the budget would have caused a revo- ties of the creditors in a judgment ordering a tax may feel the impact of theand the expenditure reso- lution,” Nieves said. manner outside the ordi- “Accordingly, Promesa refund. If anything, a pur- board’s veto power becauselutions because most agen- nary course of business or appears to grant no power pose of Promesa is to in- the panel “is going to becies have a deficit in their Fate of clawed- that is inconsistent with to the board to repeal or crease Puerto Rico’s tax working with the govern-budgets and accumulated back revenues the territory’s constitution amend the Fiscal Sustain- revenues,” the ruling said. ment’s finances,” he saiddebt that has not been Promesa, the law that or laws. ability Act, which contin- that once they evaluateplaced on record,” said New addresses the island’s fis- ues to cap court judgment NPP Sen. Carmelo Ríos of the entire document andProgressive Party (NPP) cal crisis by establishing a Sources say Promesa payments at $3 million Bayamón said he believes the agencies’ finances, theyRep. Gabriel Rodríguez control board and a debt- selected May 4 because it a year and continues to the board will not exercise will come to the conclusionAguiló, who aspires to be restructuring mechanism, coincides with the submis- grant Puerto Rico discre- its veto power because “it that “it is based on the gov-House Speaker, and repre- states that during the sion of the Promesa bill, tion not to pay even that is unconstitutional,” but ernment’s fiscal reality.” nsents the island’s 13th dis- period after a territory which was submitted atrict, which includes Bar- becomes a “covered terri- week later, and because itceloneta, Ciales, Florida, tory,” and prior to the ap- coincides with the submis-and parts of Manatí and pointment of all members sion of the 2016-17 budgetArecibo. and the chairperson to the to the Legislature. “It was oversight board, the ter- as a warning to the govern- Power to repeal ritory shall not enact new ment against doing any- certain laws laws that either permit the thing crazy,” the source transfer of any funds or as- said. Under Promesa, the sets outside the ordinaryboard, which would man- course of business or that First Circuitage fiscal affairs, has the are inconsistent with the rulingpower to repeal certain constitution or laws of thelaws and executive orders, territory as of the date of The First Circuit Courtsomething that critics say enactment of this statute. of Appeals in Boston lastcould be a violation of the Such actions may be sub- week used its ruling on thedoctrine of federalism, ject to review and rescis- Wal-Mart Puerto Rico casewhich calls for a govern- sion by the board. That is against the transfer-pric-mental system in which en- why the administration ing tax, to establish cer-tities such as states or ter- of Gov. Alejandro García tain limits on the oversightritories share power with Padilla said it will wait for board regarding its veto power to repeal laws.

| Thursday, SEPTEMBER 1, 2016 PUERTO RICO 15LEGISLATURE Promesa’s wording forces lawmakers, governor to accept board recommendationsPromesa May tions, the board can also make the improvement of personnelSpur Confrontations suggestions relating to the man- training and proficiency; and theBetween Fiscal Board and agement of the Puerto Rico gov- privatization and commercializa-Legislature, La Fortaleza ernment’s financial affairs, in- tion of government entities. cluding economic forecasting andBy EVA LLORÉNS VÉLEZ While the board cannot force Ramón Luis Nieves believes the multi-year fiscal forecasting capa- The Legislature and the [email protected] the Legislature nor the governor Legislature’s limited range of ac- bilities, information technology, nor have 90 days to inform the to adopt their fiscal recommen- tions under Promesa is “harmful placing controls on expenditures board if they adopt its recommen- The wording of the Puerto Rico dations, Promesa requires them to democracy.” for personnel, reducing benefit dations and include a plan withOversight, Management & Eco- to explain to Congress and the costs, reforming procurement the notification. If they reject thenomic Stability Act (Promesa) President the reasons why they “What I understand and it is practices and placing other con- board’s recommendations, thencould spur confrontations be- are unwilling to adopt the board’s my position as senator, that the trols on expenditures. they must explain their actionstween members of the fiscal con- proposals. decisions we make should be in writing to the President andtrol board that will manage the inclined toward defending the The board can also make rec- Congress.island’s financial affairs, and the NPP Sen. Carmelo Ríos ommendations on the structuralgovernor and Legislature. NPP Rep. Gabriel Rodríguez Aguiló relationship of departments or Because the board can cast the “But when you analyze the agencies; the modification of governor and the Legislature Promesa gives the Legislature situation from a perspective of people and reforming the retire- existing revenue structures or aside and go ahead and approveand the governor the option of power, it is evident to the other ment system in a sensitive way the establishment of additional fiscal plans without their consent,adopting or rejecting recommen- powers that the Board can ex- because we cannot put first the revenue structures; the estab- there could be grave consequenc-dations on actions that Puerto ercise superiority and sufficient payment to bondholders above lishment of alternatives for es for politicians. Lawmakers didRico may take to ensure compli- political and economic domina- the people’s retirement. We have meeting obligations to pay for not dispute the possibility thatance with the island’s fiscal plan, tion to force the governor and the to pay debt but in a restructured they could be held responsible ifwhich is at the core of the statute, Legislature to accept the over- manner, as it cannot be paid un- PDP Ramón Luis Nieves the board orders a hike in proper-as well as promote financial sta- sight board’s recommendations,” der the current fiscal state,” he ty taxes, sells government assets,bility, economic growth, man- the lawyers said. told Caribbean Business. the pensions of commonwealth consolidates municipalities and/agement responsibility and ser- government employees; modifi- or reduces the working week forvice delivery efficiency. The law For instance, the board could go Areas of possible cations or transfers of the types public workers.also gives the board the power to ahead and approve Puerto Rico’s friction of services that are the respon-make recommendations on a list fiscal plan and budgets, casting sibility of, and are delivered by New Progressive Party (NPP)of specific areas detailed in the aside the Legislature as well as How could Promesa lead to fric- the government; modifications Rep. Gabriel Rodríguez Aguilóstatute. the governor’s participation in tion between the Legislature, the of the types of services that are said he does not expect confron- designing a fiscal plan. governor and the seven-member delivered by entities other than tations because he believes the Lawmakers interviewed by oversight board? the commonwealth government NPP’s government reform planCaribbean Business from the two Popular Democratic Party Sen. under alternative service de- proposed by gubernatorial candi-main political parties said they Besides general recommenda- livery mechanisms; the effects date Ricardo Rosselló goes handwould reject any recommenda- of Puerto Rico’s laws and court in hand with the goals of Prome-tions from the board—whose orders on the operations of the sa. Rosselló is proposing a zero-members have yet to be named— government; the establishment based budget in which all entitiesto lay off government workers, re- of a personnel system for govern- have to justify spending and theduce pensions or hinder essential ment employees based upon em- idea of the “only employer” thatservices to the people. ployee performance standards; would allow workers to be trans- ferred to entities where they are “If it is aimed at hindering ser- needed. He is also proposing thevices, I will object,” Senate Vice use of private-public partner-President José Luis Dalmau said. ships to provide services and the consolidation of government The historic experience of the programs, all without laying offpast 64 years is that Puerto Rico’s employees.two main political parties havenever been able to agree on major However, Rodríguez did notstructural changes to the govern- fully dismiss possible frictions asment that, while necessary, could he has limits on what he is goingput their re-election chances at to accept. “We are not going torisk, said lawyers Rolando Eman- promote layoffs,” he said.uelli and Yasmín Colón in ananalysis of Promesa published by But NPP Sen. Carmelo RíosMicrojuris. said the public must see that the fiscal control board is the price Puerto Rico must pay to be able to return to the markets and pay its debt in a restructured manner or delayed fashion. “There is ac- countability and if we do things responsibly, we should not wor- ry,” he said. “We are going to have to learn to adapt.” n



| Thursday, september 1, 2016 PUERTO RICO 17TOURISM A $60M remodeling; conventions generate more money than you thinkEl San Juan Resort & New Stats Point toCasino Kicks Off $60M Group Tourism’s TrueRemodeling Economic ImpactIsla Verde Hotel to be Closed Until Early 2017; Room-Night Revenues in Most ConventionRenovation Bigger Than Anticipated Tourism Categories Surpass P.R.’s Average; True Economic Benefits Extend far Beyond Hotels Rendering of new front entrance of the El San Juan Resort & Casino BY DENNIS COSTA parameter that measures [email protected] the “true” economic impact of conventions and groups.BY DENNIS COSTA best in all San Juan.” people on the payroll, down When it comes to conven- Meet Puerto Rico Executive “The economic impact [email protected] As a result of the remod- from 816 in 2005. “We will tion and group tourism, the Director Milton Segarra each group generates goes hire more people once we segment does not yield a sig- beyond what they spend in El San Juan Resort & eling, the hotel closed Aug. open and bring it to what it nificant economic impact as and fraternal), the average is a hotel room,” the Meet P.R.Casino, in Carolina’s Isla 15, which in turn led to once was,” he said. far as individual tourists go, $201.07. exec said.Verde area, is undergoing the owners terminating with the segment’s econom-an extensive, $60 million around 340 jobs, with No- The bulk of remodeling ic benefits to the destination Only the sports category In all, corporate and in-remodeling that is slated to darse León saying the for- work, which is employing only apparent when mea- fell short of islandwide centive groups generateradically transform the ho- mer employees are receiv- about 300 workers, is tak- sured in bulk; at least, that’s numbers, only averaging $1,138.91 nightly on average.tel by the time it reopens in ing four months of medical ing place in the hotel’s 387 the commonly held wisdom. $144.67. However, it only Association groups repre-early 2017. coverage as well as the liq- guest rooms, to be carried comprises about 10% of lo- sent an impact of $701.47, uidation of their vacation out on a floor-by-floor ba- However, Meet Puer- cal activity in the segment. while Smerfs generate Andro Nodarse León, a and sick days. sis, as well as upgrades to to Rico, a local nonprofit The three categories that $656.44 and sports groupsfounding partner at León three pools at the back. tasked with spurring the outperform the island aver- $608.78. The average forMayer & Co., one of the Non-union employees The hotel’s front entrance group-tourism segment on age—corporate, association all four groups amounts toproperty’s co-owners, told will also receive $1,000 and façade will be com- the island, revealed some and Smerf—comprise 43%, $874.00 per night.Caribbean Business that in compensation twice a pletely redone, Nodarse newly developed data last 33% and 14% of the seg-the plans to renovate the month until November, León explained, while the week that may prove such ment, respectively, accord- Meet P.R. crunched theproperty, which originally with the expectation that lobby will undergo less sig- assumptions wrong. In ing to Meet Puerto Rico data numbers using a formulahad a budget pegged at most of them will be re- nificant alterations, among short, not only is the average averaging the industry’s ac- provided by Destinationaround $40 million, had to inserted into the hotel’s them the removal of one of room-night fare higher than tivity over the past three fis- Marketing Association In-be revised partly because workforce by December. the bars and a Starbucks lo- previously thought in terms cal years. ternational, an organizationthe new owners did not As for the hotel’s union, ne- cale that will become a new of group tourism, it also that groups about 600 desti-foresee some of the chal- gotiations are still under- bistro-style restaurant. surpasses the island aver- “This data proves that it nation marketing organiza-lenges that the hotel posed. way, Nodarse León added. age in most of the segment’s is important to continue at- tions in 125 countries, Se- About 73 people are still New meeting spaces categories. tracting groups and conven- garra explained. “We were “We also realized that under employment, includ- and ballrooms, as well as tions to create a profitable recommended to study awhile there were addi- ing management and sales a two-story, 5,000 square For example, according to base and allow other tourism sample size of 36 groups,tional challenges, there people. foot gym, are also being Smith Travel Research, the segments, such as leisure, to but chose to incorporatewas new potential as well,” built at the back, with the average room-night fare in have a solid foundation that 86 groups into the study toNodarse León said. “Be- The León Mayer & Co. gym scheduled to open Puerto Rico during fiscal increases the destination’s make it as accurate as pos-cause of this, we shifted partner noted that when later in 2017. Three new 2016 was $189.29. By com- profitability,” Segarra noted. sible,” he added.our focus into making the New York-based invest- restaurants are also in the parison, three of the fourproperty more geared to ment firm Fundamental pipeline, which will com- major categories in group Meet Puerto Rico also Based on the newly ob-the high-end segment, Advisors LP purchased plement the existing offer- and convention tourism calculated a new data tained data, the organi-and we believe we’re in the hotel in mid-2015 from ings from the likes of Meat surpass this number, said zation has already madean excellent position to an affiliate of Blackstone Market, Piccola Fontana Meet Puerto Rico Executive moves focusing its salesturn this hotel into the Group, reportedly for $71 and Galleria Trattoria. n Director Milton Segarra. pitches on financial and in- million, there were 542 surance groups as well as as- In the category of cor- sociations in the New York porate groups, the average area and southern Florida, room-night fare is $263.61; with the intent to capture as in association groups, it is much of these categories as $195.14; while in a category possible. “We can now vali- known in industry parlance date such decisions because as Smerf (for social, mili- we have the data to back tary, educational, religious them up,” Segarra said. n

18 Thursday, SEPTEMBER 1, 2016 |OPINION COLUMNRAFAEL BERNABE brought us to the present impasse 936 will not do the trick: it would and that those options should be be another ride in the circle ofCONTRIBUTOR participatory, collective options. dependence. While Section 936 coincided with moderate growth,The End of an Era: Back in 2006, we indicated the we should not forget that it wasFrom Dependence to root problem of Puerto Rico’s never able to reduce unemploy-Self-Propelled Development growing crisis: the exhaustion of ment below 10% or poverty levels a development policy centered below 40%. It was irresponsible In 2006, the University of North bonds were downgraded to junk administrative, environmental, on tax exemptions and an almost to eliminate it without anythingCarolina Press published “Puerto bond rating in 2014 and most health, etc.). We need proposals to absolute dependence on external to replace it, but that does notRico in the American Century,” a analysts eventually recognized address them in a coherent fash- investment. We were not the first make it an adequate alternativehistory of Puerto Rico since 1898, that Puerto Rico’s debt is unsus- ion. That is to say: we need an in- to point this out. For example, to the present crisis.written by César J. Ayala and me. tainable and must be restruc- tegrated program. But a program in 1975, in his report on govern-In our conclusion we wrote the tured (how and on what terms is does not execute itself: we need ment finances, economist James There are, briefly stated, twofollowing: another matter). Puerto Rico, as people to support and move it Tobin warned against the grow- paths before us. One favors re- we pointed out a de- ing outflow of profits. Regarding ductions in government spending “At the time of writing, the de- cade ago, is at the end forward. And we need candidates Tobin’s report, we wrote in 2006: and employment, minimum paycrease in manufacturing employ- of an era. that represent it. This is what a Tobin “pointed out that the out- and welfare programs, erosion ofment continues, public debt has party is, or should be: a program, flow of profits resulting from ex- labor rights, regressive tax reformreached unprecedented levels The provisions of people organized democratically ternal control… was statistically reliant on consumer taxes andand Wall Street rating agencies the Puerto Rico Over- to promote it and candidates who reflected in the widening gap be- new tax exemption measures. Atare close to reducing Puerto Ri- sight, Management seek to legislate and execute it. tween the gross domestic prod- best, this path would turn Puertoco’s government financial instru- & Economic Stability I feel that we need new options, uct (GDP) and the gross national Rico into an impoverished exportments to the level of junk bonds. Act (Promesa) in their beyond the two parties that have product (GNP)… The less the ex- platform. It would insert us inMore critically, government own way are a rec- pansion of the GDP was reflected the global economy, not throughagencies have run out of funds ognition that Puerto in the growth of the GNP, the less higher productivity but throughtwo months before the end of fis- Rico’s crisis cannot the island’s economic expansion higher exploitation of our laborcal year 2005-2006. An impasse be addressed through would translate into the welfare force. The other path insists thatbetween the Popular Democratic existing legal and in- we should not confuse productiv-Party-controlled Executive and a stitutional structures. of its inhabitants. ity with exploitation: this pathNew Progressive Party-led Legis- Whether the changes The report pre- favors a radical revision of tax ex-lature forced a two-week layoff of pursued by Promesa dicted that ‘grow- emption measures, a progressiveclose to 100,000 public employ- are in the best inter- ing dependence tax reform combined with anti-ees. Coinciding with this, Con- est of Puerto Rico, is on external re- evasion measures and the activegress is conducting hearings on again quite a different sources’… would promotion of industrial and ag-possible mechanisms of dealing question. Precisely tend to widen ricultural initiatives committedwith the status question. Erosion because I felt in 2006 the gap.” to reinvestment. Our structuralof the prestige of the major politi- that Puerto Rico was problem is an economy that doescal parties, fiscal crisis and grow- at the end of an era, I This is the gap not retain a considerable portioning exasperation on the island, on joined the efforts to we need to reduce: of the wealth generated within it.Wall Street and in Washington launch the Partido del we must ensure If we do not address this structur-with Puerto Rico’s overall situ- Pueblo Trabajador: not unlike the that much more al problem, we will continue toation: Puerto Rican society is at Great Depression of the 1930s, to of the wealth gen- perpetuate the consequences ofthe end of an era.” open a new chapter in our social erated in Puerto the dependent development that and economic history we need Rico is reinvest- have plagued us for decades. n The least that can be said is new political vehicles. ed here. We arethat these words were prophetic: trapped in the vi- —Rafael Bernabe is the candi-manufacturing employment con- And we need new political cious circle of de- date for governor from the Work-tinued to decrease, public debt parties. Puerto Rico has many pendence: we lack ing People’s Party, of which he isspiraled upward, Puerto Rico’s complex problems (economic, investment funds, one of the founders. A historian we invite external and sociologist, Bernabe has been capital to invest, a professor at the University of but most of the Puerto Rico for more than 20 profits generated years and has served as the presi- leave the island dent of the Puerto Rican Associa- and we are back at the starting tion of University Professors. He point. Our objective should be has been active in many social a transition to a virtuous circle causes, including the rights of of self-sustained development workers, women, immigrants, the wherein income generated here LGBTTIQ community and the is reinvested here, generating a environment. self-propelling expansion. This is why a new version of Section

| Thursday, SEPTEMBER 1, 2016 19ECONOMY INNOVATIONSeveral Startups Look to services at the point of care. “We to solve is talking to a doctorHealthcare to Innovate are transforming what is a broken takes too much time and money. billing process into a transparent There’s a bunch of people waitingCrediyo, iFarmacias and ChallengeBox Among checkout experience,” Hinton in line, it’s not immediate,” saidthe Startups Aiming to Make a Difference added. Bernardo Vitorino, CEO & co- founder of iFarmacias. “The appBY DENNIS COSTA to leverage so-called “big data” The approach also aims to ad- “Using analytics, we can deter- allows you to check with a [email protected] and digital analytics to lower dress the ever-growing prob- mine whether someone is eligi- within minutes and then if you healthcare costs for patients and lem of high-deductible plans, ble for our product before their get prescribed something, you Several of the startups that improve collections for providers. which has hampered many scheduled visit,” he explained. can forward that prescription to amade up the first round of partic- Based on the patient’s credit lev- nearby pharmacy for local pickupipants in the Parallel18 accelera- Leonard Hinton, co-founder people who do not have enough el, the startup offers two differ- or home delivery.”tion program had their chance to & CEO of the startup, explained savings to even pay for such de- ent products. In both cases, theshine during the program’s first that the platform specifically ductibles. “This problem will firm collects the patient balance The firm is focusing its effortsDemo Day, held recently as part seeks to help consumers finance impact 60 million Americans,” and makes it easy for patients to on markets in Mexico, Peru andof the local government’s latest out-of-pocket medical expenses Hinton said. pay afterwards via web or mobile especially Brazil. “There are 144economic summit, dubbed Eco- while helping healthcare provid- phone. billion medical consultations insistema 20/22 (CB Aug. 25, 2016). ers collect money faster. To this end, the startup helps Brazil per year, 100 million more medical providers offer financial iFarmacias than in the U.S. It’s a big market,” Of particular note during the This mobile app helps users Vitorino noted.lightning-round series of pitches manage their day-to-day healthby representatives of each firm and medication concerns by con- ChallengeBoxwas that many of the startups fo- necting them with verified doc- This startup puts a fitness spincused their innovative offerings tors and pharmacies. on the burgeoning subscriptionon the health sector. The pitches “The problem we are trying box segment in that it deliversranged from an app that connects boxes with personalized workoutusers to doctors and pharmacies, plans, gear and healthy snacksto a subscription service that based on the data it collects frombrings fitness products straight a user’s Fitbit account. Fitbit isto the door, to a firm that lever- a company known for its fitnessages big data/analytics to lower tracking devices.healthcare costs for patients and Based on the user’s Fitbit data,improve collections for providers. the contents in the ChallengeBox vary from month to month, but It is a dynamic that arguably will include personalized chal-speaks volumes about the urgent lenge and fitness products to helpneed to innovate and transform users achieve their goals.healthcare around the world, After his pitch, judges askedand the potential that technology founder David Dundas to explainand entrepreneurial spirit have how the company plans to retainto carry out this transformation. users after the novelty of gettingAlthough none of the healthcare- these boxes wears off. “The box isoriented startups ended up win- a powerful mechanism for us toning the pitch session—the award acquire customers, get them intoultimately went to local startup the path of purchasing new prod-Gasolina Móvil, which lets users ucts and use data to move thempay through a mobile phone app along,” Dundas responded, add-at participating gas stations—the ing that the startup plans to addfollowing examples received fa- a companion nutrition box to givevorable impressions from the au- more options to subscribers.dience and could very well hit the “We also have standalone soft-big time in the near future. ware, so if you don’t want pay $29.99 monthly, you can down- Crediyo grade to five or six dollars a This ambitious startup intends month; you can still be part of the ChallengeBox community,” he said. “A long-term relationship is what we’re aiming to build, and the product will get better with the more data that we have.” n

20 ECONOMY Thursday, SEPTEMBER 1, 2016 | finance SIN COMILLASWINNERS FOR THE WEEK p U.S. STOCKS U.S. FUELS AVERAGE PRICE AUG 22 PRICESTOCK 52-wk 52-wk PRICE Dow M T W TH F Regular Gasoline $2.193Popular Inc. 8/26 CHANGE S&P -0.12% +0.10% -0.35% -0.23% -0.29%First BanCorp SYMBOL LOW HIGH 8/19 38.14 0.25 Nasdaq -0.06% +0.20% -0.52% -0.24% -0.16% Premium Gasoline $2.664OFG Bancorp 22.40 38.20 37.89   4.87 0.22 +0.12% +0.30% -0.81% -0.28% +0.13% BPOP   2.06   4.88   4.65 11.01 0.03 Diesel $2.370LOSERS FOR THE WEEK FBP   4.56 11.25 10.98 OFGSTOCKTriple-S Management Corp. q EUR/USD W TH F USD/JPY W TH FEvertec Inc. 52-wk 52-wk PRICE PRICE MT 1.1307 1.1269 1.1289 MT 100.2620 100.4810 100.5600 SYMBOL LOW HIGH 8/19 8/26 CHANGE 1.1268 1.1288 1.1227 100.4750 100.5600 101.3810 GTS 17.34 27.70 22.74 21.90 -0.84 Open 1.1319 1.1322 Open 100.3620 100.3110 EVTC 11.27 19.66 16.91 16.88 -0.03 Close 1.1324 1.1307 Close 100.3520 100.2980WINNERS& LOSERS WEEKLY PERFORMANCE OF PUERTO RICO STOCKSWINNERS FOR THE WEEK Sin Comillas is a Spanish-language digital media website that specializes in business news in such areas as economics, banking,Weekly Comment on Puerto Rico 5S2t-owckks 52-wk PRICE PRICE planning and tourism. Sin Comillas was founded in 2010 by HIGH 12/31 1/8 CHANGE economist and journalist Luisa García Pelatti.STOCK SYMBOL LOWBY JOSÉ L. CARMONA - - -- Public-DJeabmt AeusdMit iCllosmteminitStepeetaokHsoAldboFuirtst Meeting Next Week Opposition to Promesa- SCEANRIIOBRBEEADNITBOURS,IBNAENS- SKING/FIN- ANCE LOInSveEstRorSs sFtOrugRgleTdHwEithWcoEmEmKents from Federal Reserve Chair Ja- By Joel Cintrón Arbasetti Promesa—acknowledged that organized by the City University Centro de Periodismo the fiscal control board can of New York Graduate School of net Yellen and other Fed officials last Friday over the possible timing Investigativo make decisions that will be re- Journalism’s Ravitch Fiscal Re- of an interest rate hike, sendi5n2-gwUk.S. st5o2c-wksk lowePrR.IICnE herPRmICuEch-awaitedSTOsCpKeech at an internSaYtMioBnOaLl mLOeWeting oHf IcGeHntral 1b2a/3n1ks in1/J8acksoCnHAHNoGleE, jected by some sectors. porting Program. Wyo., Yellen did not specify when the Fed might hike rates, but herPopcuolamr Inmc.ents last FridBaPyO,Plabeled25a,8s0“haw3k5i,s83h” by in28v,3e4stors2,5r,8e4infor-2c,e50d the Promesa and the fiscal control “There is no doubt they will Millstein has not reached any view that such a move could definitely come later this year. The Feder-Triplael-SRMeasneargveem’esnOt Cporepn. MGTaSrket Co17m,3m4 ittee27h,0a7s thre2e3m,91ore p22o,l0i7cy m-1e,e84tings board have found opposition denounce the control board, agreement between the gov-EverlateehfctiIknfoce.rinthSeeypeteamr: bineErVSTceClpimtebmebd1e4tro,,93N30o%vemf2r3ob,1me2r 2a1n%d.1DL6,e7ikc4eemwibs1ee5r,,4.t7Trahdee-ro1s,d27wdseroefOFGpBrainccinorgp in a 60.2% OcFhGance of6,a25hike in17D,8e3cemb7e,3r,2up fr6o,3m0 51.8-%1,02from among groups of environmen- given the job they are required ernment and the bondholders last Thursday. Following Yellen’s comments, the U.S. stock market fell;Firstt hBaendCoorlplar hit a twoFB-Pweek hi2g,h97agains6t,7t6he yen3,a2n5d Sw2i,s9s9 fran-c0,,2a6nd a talists, economists, students, to do—which is to make deci- since he was hired in 2014, even 10-day peak against the euro. For the week, the Dow Jones Industrial Average tumbled 0.85% to close at 18,395.4. The Standard & Poor’s 500 gubernatorial candidates, poli- sions that one group or another though the government has IndexWloeste0k.6l8y%Ctoocmlosme eatn2t,16o9n.04P, uwehirletothRe NicaosdaSqtCoocmkpsosite In- ticians and others who claim may regard as controversial. spent more than $59 million on dex erased 0.37% to close at 5,218.92. the federal legislation— the However, as you know, that is contracts between Millco, a sub- On the local front, the Government Development Bank’s Puerto Rico Puerto Rico Oversight, Manage- why control boards are appoint- sidiary of Millstein & Co., andDeSsptoitcekaInstdreoxng(PerR-StIh)amn-aenxapgeecdtetdo Ucl.oSs.ejoibnst-hgerobwlatchkrfeoprotrhtefosrecDoencdemwbeerk,theinStaarnodwa,rdwi&thPmooors’ts c(oSm&Pp)o5n0e0ntIsndreepxoarntidnDg owweeJkolnyegsaIinndsu. FstorriatlhAevwereaegke, ment & Economic Stability Act ed, when difficult but necessary the local Treasury DepartmentposthteedPtRheSiIrgwaoinrsetdfi1v4e.8-,doary0s.t6a8rt%t,otoa yceloasreoantr2e,c1o9r1d.5l5a.sLt eFariddianyg, loanstcwoneteikn’-stuheedctlioeescntnoctodnlsofc,osegoferarntiarn0sta.ed6a$ri6s4ns%l.gw8o,w7alta.sdosIFottcwiFlrwornsisatdeisBnaayfaoCt,nlht$lChoi3noew8ra.Dep1cd4,oo.wwbuShylhfdieacPldhrloae1pams.u0doal2vafga%reOn,IcFttnhehGdcee.,B2gSwl2a&onhbPccieaoc5nlh0rtep0scj,uoilononmrcsopht4mee1.7.ddy03.8u2%A%p5t, (Promesa)—serves creditors’ decisions have to be made but and Government Developmentand3 tcheenNtsa, sodra0q.2C7o%m,ptooscitleosderoaptp$e1d1.001.9. 8T%op. pThinegwtheeeklliystdoefclninoensgoanintehres Sla&sPtandwteheek Dwoaws Twreirpeleth-Se MlaragneasgtesminecnetSCepotrepm., bwehri2c0h1l1o,satn8d4thcenlatsr,goesrt3o.6n9r%e-, interests before Puerto Ricans’ are not being made. It happened Bank. The most recent con-cortdo tcolomsearakt $th2e1.9st0a.rIttowfaasyfoeallro.wDeadtabyreElevaesretdecbIyntch.,ewUh.iSc.hBiunrcehaeudodfoLwabno3rStacteisnttisc,sosrh0o.w18e%d ,Ut.oSc. lnoosnefaatr$m16p.a8y8r.olls increased by 292,000 in December own needs, and this situation in New York City, it happened tract was awarded on July 1—forand the jobless rate held steady at 5%. In addition, U.S. payrolls for October PcuonersttoituRtiecsoaSneninastueltPtroestihdeeCnot nE-duardionBWhaastihaincgatlloend, fDo.rC.thine tfhirest’9m0se,eting$n1e.2x1t5Tumesildliaoyn, Jafonr. 1o9n,eofmthoentPhublic DsteibtuttAioundiotfCPoumermtoitRteiceo.,Tthhee ceonm- mittiene wMililamexia, mPihnielaadnedlpehviaa;lutahteestehe hiroinf gc,ornefsiunlatinncginsgearvnidc/eosr froernetghoetiat-and November were revised to show 50,000 more jobs created than previ- ivnigropnrmoceenstsaonfdPluaebrotrocRoincdoi’tsiopnusb.lic detbhti,ntghse ohraipgpinena,n”dMdeilsltsitneaintiosnaiodf resonuercwelsy, acsrewateelldaPsutheretpoeRrfiocormFaisn-ce of cprMigenaropJnogivlaogcelamsrerrdttalneesvlmmeisionsdseef.nr“f&iTtiJtanshi’snmCapesdnoe”ePc.rtn,uefhioMdbweorlrhmwpiiclorrli-aesetDtnhssaetilcerdiisebnnuoet—ctenetvhAtturehaunorrde-dfayilstoiCxr omefalimxanofotstrmenaetrnrtimnhtIitanpsonelv.antederetstewrhitvbciaicgtiesp.aawaltTclitrhevwiedneeaigttfthiehJridestonhtut“ehmAranrCBeoapeCeulnaitsgsintnmheoegrfl,Awctas97omAcaruoBeilgtfnAehift2ngoo0eaorrn1ilfetl5cyywPy.isuno&eertJkrFutifonilonygr,RafDnaiocnceroicdta,ehlMhmeAagibdsloelvsvtritoseeborirunrneyt-,nwdaesr Tahcehcaonmcemtiosswioonrkhaosntao ddreafifnt eofthe mPetrhomodeoslao,”gyastopcaornt douf cat tsheme ainuadrit of PwuherotoisRaicloa’wsy$e7r,0wboilrlkioend dfoerbtthaes or- dered by law, create a database that allows for all manner of analysis regarding the indebtedness process and

| Thursday, SEPTEMBER 1, 2016 ECONOMY 21SIN COMILLAS DefdingieroykdfSed dipsum ing exero odigna alit lan v el deliquis augue do endre magna alit essed et prat,U.S. Treasury Department be- the government of Puerto Rico, Jim Millstein too many bonds, but they may think that’s a good thing fortween 2009 and 2011, where he Millstein said it was due to his have some [Puerto Rico bonds]. Puerto Rico, to have someonewas responsible for supervising experience in restructuring pro- worked together for eight years But, still, I don’t see how that who knows the Treasury Depart-and managing the department’s cesses. Before joining Lazard, at Lazard. “He was there long creates a conflict for Antonio. ment and knows how they think,most important investments in Millstein was head of corporate before I arrived and longer after When I joined the government, how they work, and knows whatthe financial sector. From 2000 restructuring at the Cleary, Got- I left. We were not the best of I had to sell everything I owned they care about. I think that’s ato 2009, he was a senior invest- tlieb, Steen & Hamilton law firm, friends but, yes, we both worked at Lazard; I sold all my shares, I good thing for the governmentment banker at the Lazard Advi- which currently also serves as at Lazard. So how is that a con- terminated all my employment of Puerto Rico. But Antonio issor firm. Antonio Weiss, adviser restructuring advisers for the spiracy? Lazard Asset Manage- agreements, and I don’t know not doing me any favors; that’sto Jacob Lew, secretary of the government of Puerto Rico. ment is different from Lazard what they made Antonio do, but for sure. It took us a long time toU.S. Treasury Department who Advisor Group, and Lazard I know he had to terminate all persuade the Treasury [Depart-has pushed Promesa in Congress, Antonio Weiss and Millstein Management manages more eq- his relations with Lazard.” ment],” Millstein said.also worked at Lazard. uity funds, they do not handle Q: So you have Q: What do you The Center for Investigative not incurred think about theJournalism asked Millstein if any conflicts of article [included]his background working for La- interest during this in Promesa statingzard and the Treasury Depart- that members ofment would represent a conflict process? the board are ableof interest. “Yeah, yeah, yeah, to accept gifts andsomehow it is like a Lazard con- “Well, if any, it’s [the fact] thatspiracy?” Millstein replied with I can pick up the phone and call donations?a laugh. Antonio and possibly have my call returned the same day. But you “I think it’s bizarre. I think that He said he came to the Trea- can pick up the phone and call if any member of the board ac-sury Department because they whoever you want in the govern- cepts a gift, you know everyonewere looking for people from ment; everyone can call anyone is going to be all over them ask-independent investment banks, in the government, and it is their ing, ‘Why did you accept that?’who also had no conflicts of in- duty to return the call. It is a pub- I think we will have to discussterest. “They weren’t looking lic service, so they have to call you whatever gifts they accept, iffor people from Citibank or JP back. But the fact that I know him they do accept them. But I be-Morgan because they were re- a little more helps the government lieve it’s all about office space,structuring them. So that’s how of Puerto Rico in its relations with that they do not have to pay fora group from Lazard ended up at the Treasury Department. Of office space, that they can acceptthe Treasury Department.” course, of course, it helps.” free rent. I do not know why that [provision] is there.” Regarding his contract with “But is that a bad thing? IDominican American region,” noted the Central foreign tourists and 12.4% were non- nonresident travelers by the end ofRepublic Economy Bank in a press release. resident Dominicans. The primary re- 2016, representing more than $6.5 bil-Rose 7.4% gions of the origin of foreign tourists lion in revenues for tourism. By sectors, construction increased were North America (61.6%), EuropeBY SIN COMILLAS STAFF 17.7% between January and June, min- (21.4%) and South America (12.6%). In The results of the National Labor ing (25.1%), financial brokerage (11.0%), July, 619,724 tourists arrived, which Force Survey (ENFT by its Spanish The Dominican Republic’s economy health (9.5%) and agriculture (8.0%). was a 9.0% hike, and “constitutes a initials), corresponding to April 2016,rose 7.4% in the first semester of this The sectors of commerce (6.2%), man- number that is unparalleled with a spe- showed that 173,402 new jobs were gen-year, informed the country’s Central ufacture (6.0%), transportation (5.1%) cific month in the history of Domini- erated between April 2015 and AprilBank. The increase was fueled by a no- and hotels, bars and restaurants (4.9%) can tourism.” The Dominican Republic 2016, an average of 14,450 monthly jobs.table inter-annual expansion of 8.7% also increased. awaits the arrival of about 6.0 millionbetween April and June 2016. Interannual inflation from July 2015 “The favorable performance in con- to July 2016 was 1.85%. The results show that “the economy struction between January-June 2016continues to grow above its potential is fundamentally due to the executionand what was contemplated by the of projects in the private and publicMacroeconomic Framework (MMM sectors, which were focused on the de-by its Spanish initials) of this year, po- velopment of new tourism complexes,sitioning the country as the leading renovating road infrastructure and in-economic performance in the Latin creasing real-estate offers, especially at a low cost.” The increase in hotels, bars and res- taurants is due to the 6.5% growth in the arrival of nonresident travelers within the first semester of the year. The Dominican Republic received 3,043,154 visitors, of which 87.6% were

22 ECONOMY Thursday, september 1, 2016 | Salty snacks favored choice of many POLLSales of Snack Chips Rise and among the top-10 snack chip incidence within this categoryas Kids go Back to School brands mentioned were (in or- than that of younger age groups.” der of most mentioned): Lay’s, Gaither found that those young-BY ROSARIO FAJARDO and lowered once again to 39% by three months and 31% of respon- Doritos, Cheetos, Ruffles, Filler, er than 18 years old reported [email protected] the beginning of the third quar- dents said yes,” she said. Gaither Tostitos, Fritos, El Isleño Chich- 14% purchasing incidence, while ter. also asked which brands of chips arrón, Pringles and Funyuns. those ages 18 to 34 report 32%, It’s that time of the year again respondents are familiar with, those ages 35 to 54 report 33%when kids are headed off to the Small/individual sized bags U.S. consumers and those ages 55 and older re-start of a new school year. With are more frequently purchased spent ‘almost port a 21% incidence.the beginning of August, school than larger family-sized bags, $500 million morebells are ringing and kids are off Gaither said. Individual bags of on salty snacks The results are from Gaitherto recess with their lunchboxes in chips acquired a 70% purchasing in the first half of International’s Media Brandhand. One of the many frequent incidence in comparison to larger 2016 than they did Profiles tracking survey, whichitems inside these lunchboxes is bags, which report a 57% purchase interviews more than 80 peoplea bag of chips, whether they are incidence. In terms of the num- a year ago.’ daily among a representativepotato, tortilla, corn, cheese or ber of bags purchased, more than sample of Puerto Rico’s popula-puffed snacks. half (59%) of those who bought —bakeryandsnacks.com tion 12 years and older. smaller bags in the past 30 days Taking a look at this category, bought only one to two bags, and “Chip purchasers in this cat- In the U.S., sales of salty snacksalmost four out of every 10 (43%) the remaining 41% bought four or egory are mainly female, which have continued to grow, based onrespondents interviewed so far in more bags of chips. “There seems is not surprising considering that data from IRI, a market research2016, mentioned having bought a to be a larger purchase incidence 55% of females report being the company. In fact, U.S. consumersbag of snack chips during the past of individual bags among the 18- main purchasing agents of their spent “almost $500 million more30 days, according to this week’s 34 age segment, as this age group households,” Dederick noted. on salty snacks in the first half ofGaither International survey. is more likely to purchase three to “Also not surprisingly, consum- 2016 than they did a year ago,” 10 bags within a month than any ers of this category tend to be according to an Aug. 24, 2016, This category however, has ex- other age group,” said Melanie younger; this is probably due to article in bakeryandsnacks.com.perienced its ups and downs so far Dederick, a client service associ- the health associations this cat- “Overall dollar sales of the saltyin 2016, having dropped as much ate at Gaither International. egory has—chips are generally snacks market have risen 4%as 8% since the beginning of the perceived as unhealthy, so the year on year, according to IRIyear. The purchasing incidence Chip purchasers 55+ age segment has a smaller data for the year to July 10, withfor chips started out in January “We asked whether or not they strong growth in categories in-with a 48% incidence, but by the recall having seen an ad for any cluding corn-based snacks andbeginning of the second quarter, brand of chips during the past potato chips.” nthis incidence lowered to 44% Polling is conducted by Gaither International and re- sults are reported exclusively by CARIBBEAN BUSINESS.

| Thursday, SEPTEMBER 1, 2016 23POLITICS PUERTO RICOBipartisanship money contributed by NPP and Puerto Rican politics blocks any A. Ferré and a youth group ledand the PIP PDP donors come from govern- political initiative that intends by Carlos Romero Barceló. The ment deals and contracts. to deepen and radicalize democ- Puerto Rican Socialist Party wasBy Ismael Torres 1970s—seems to be passing the racy and to focus politics on the founded later under the baton [email protected] torch of his party leadership over “That is why we are in favor of issues of social rights and the pro-independence leader Juan to a younger generation led by campaigns being fully financed common good. This is what used Mari Brás, who used to say that For over half a century, the Juan Dalmau, Denis Márquez using public funds and that cam- to be called the ‘social issue,’ the its problem was that they neverPuerto Rican Independence Par- and María de Lourdes Santiago, paigns be short and modest in fight against social and economic stopped being the tail of the Cu-ty (PIP) has been a benchmark who are the party candidates ap- their spending,” said Santiago, inequalities and in favor of an or- ban Revolution.against the consolidation of a bi- pearing on the ballots in the up- who used the case of convicted dinary democracy,” he said.partisan system in Puerto Rico. coming elections. businessman and PDP fundraiser In 1982, the Puerto Rican Anaudi Hernández Pérez—who According to Pabón, that alter- Renovation Party—a spinoff of But that role has weakened as “[W]e are in favor allegedly had a scheme of corrupt native movement must have two the NPP—was created under thethe PIP, founded in 1946, has been of campaigns being contracts with government agen- minimums: being a radical demo- leadership of Hernán Padilla,losing electoral support while the fully financed using cies—as an example. crat, which entails programati- then-mayor of San Juan. In 2008,electoral strength of the island’s cally raising positions that go be- the independently created Puertotwo major political parties—the public funds and The PIP leader believes thatPopular Democratic Party (PDP) that campaigns be Juan Dalmau, Denis Marquez,founded in 1938, and the New short and modest María de Lourdes Santiago, PIP at-large senator candidate PIP at-large representative candidateProgressive Party (NPP) founded in their spending.” PIP gubernatorial candidatein 1968—has been increasing. yond liberal democracy, and sec- Ricans for Puerto Rico Party was —María de Lourdes Santiago government corruption is closely ondly, it implies having an anti- founded and headed by engineer The Independence Party has linked to the way the NPP and capitalist platform that opposes Rogelio Figueroa, who obtainedfaced serious problems in the last Recent public opinion polls PDP finance their political cam- policies that generate economic greater support from the publicthree elections when it failed to show the PIP currently has a slim paigns, an issue that could be exclusion and economic inequal- in that year’s general electionsobtain registration as an official 3% support rate, compared with somewhat solved by publicly fi- ity and favoring policies that fos- than the PIP, a party that usu-party. Its legislative representa- the two main parties—NPP and nancing campaigns and using ter political, social and economic ally garnered the antigovernmenttion has had even worse luck; it the PDP—with Ricardo Rosselló “proper” controls. equality. protest vote.disappeared in the mid-1950s and David Bernier as candidatesuntil 1972 when the PIP regained for governor, respectively, whose Difficulties in For the scholar, it is not worth- The latest effort to combatregistration as a political party electoral support numbers sur- breaking while in politics to only have fair bipartisanship in Puerto Ricoand secured legislative spots for pass 40%. ideas or just “be right;” the key is emerged in the 2012 electionsa senator (Rubén Berríos Mar- bipartisanship to translate those ideas into pow- when a group of people, mainlytínez) and two representatives In addition to the PIP, PDP and There are two factors that help er, movement and strength. linked to the university environ-(Carlos Gallisá and Luis Ángel NPP, the upcoming elections will to perpetuate bipartisanship on ment, created the Party of theTorres). include the Working People’s the island, according to experts: Various attempts to Working People (PPT by its Span- Party of Puerto Rico with profes- One is the electoral law that shuts break the mold ish acronym)—which like the PIP Since that time, the PIP’s main sor Rafael Bernabe as its candi- the way to new parties as well as failed to obtain its registrationpolitical goals in the general elec- date for governor, and indepen- to groups and independent can- In recent years, there have been that year. Later, both the PIP andtions have included ensuring dent gubernatorial candidates didates, and the second is the several attempts to avoid bipar- the PPT became registered par-their party’s registration and get- Alexandra Lúgaro and Manuel dominant paradigm of “political tisanship in Puerto Rico, begin- ties and are listed in this year’sting at least one senator and one Cidre, who have low numbers in status,” an issue that is shared by ning in 1968 with the founding elections—although they haverepresentative-at-large elected; the polls. all traditional parties. of Partido del Pueblo, a spinoff of little electoral support from vot-present key legislation on eco- Professor Carlos Pabón, a schol- the PDP led by then-Gov. Rober- ers who are dissatisfied with tra-nomic, social and political issues; The PIP’s main message of so- ar of the so-called Puerto Rican to Sánchez Vilella. Another is the ditional parties and the govern-and use that forum to communi- cial justice and political moni- reality, said “understanding that NPP, a spinoff of the Puerto Rico ment, according to the polls. ncate their political activism. toring also includes a secondary status is the alpha and omega of Republican Party headed by Luis message against private political In the last two decades, though, campaigns funding, which in thethe PIP has had a harder time opinion of Sen. María de Lourdesachieving these goals, primarily Santiago is at the root of govern-because the PDP has been urging ment corruption because thethe electorate to vote “effectively”and calling for the “useful vote”to avoid an electoral triumph forthe NPP and thereby prevent thepro-statehood movement fromgaining additional ground. Former Sen. Berríos—whohas led the PIP since the early

24 POLITICS Thursday, SEPTEMBER 1, 2016 | PDP President Bernier targets corruption as campaign issue PUERTO RICOOye cómo va Bernier Promises to Fight Corruption in Government There’s nothing like an election year to spice up pop culture withquotable quotes. This weekly section—Oye cómo va, roughly translated as By Ismael Torres proposal that is defended by“this is how it goes”—features the most entertaining statements from the [email protected] Bernier and approved by the PPDcampaign trail and other noteworthy events in Puerto Rico and the United Governing Board of holding aStates. The picks range from the sublime to the ridiculous. With the Popular Democratic “Statehood Yes or No” plebiscite Party (PDP) anthem playing in in March 2017, should Bernier —Executive Editor P.S.R. the background—“no money will win the elections. It was later buy our conscience and there is explained that the proposal was One Down elected and revalidated just no reason for me to give up my David Bernier, not included because it is con- “I hereby resign immediate- mere weeks ago [in the party rights”—and amid the corrup- PDP gubernatorial candidate tained in a Board of Governorsly and irrevocably. I do so not primaries]. I repeat that my tion scandal involving business- resolution.to give any space for specula- conscience is clear. man and PDP fundraiser Anaudi PDP will advocate to have includ-tion about what my reasons for Hernández Pérez, the party’s ed in any consultation or negoti- The PDP’s proposal also statesdoing so are…. I am a person of —House Speaker Jaime Pe- gubernatorial candidate, David ation process regarding the final that graduates of the Univer-integrity, and these attacks do relló says over and over that he Bernier, promised to fight cor- political destiny of the people of sity of Puerto Rico who chooseno one any good, neither you will not resign due to his alleged ruption if he wins the Nov. 8 elec- Puerto Rico, a new political rela- to work overseas must repay thenor I, a professional who has links with a federal corruption tion, as he successfully forced tionship of association by agree- government subsidy on tuitionearned an honest living.” case involving people with con- House Speaker Jaime Perelló to ment between the U.S. and Puer- costs for the time they attended —Liza Ortiz Camacho re- nections to the Popular Demo- resign on Monday. to Rico, based on the principles the university. That money willsigns as the campaign manager cratic Party and his office. He of a clearly noncolonial and non- go to a special fund that will befor Popular Democratic Party resigned a day later. “The bottom line is that the territorial relationship, based on created to finance graduate andgubernatorial candidate Da- right thing was done,” Bernier the sovereignty of the people and research programs.vid Bernier after her name was A Rose by Any said after Perelló stepped down. in accordance with internationallinked to a federal corruption Other Name He reaffirmed that he is watching law and the American constitu- Bernier also promised to revivecase. “It is not a contract; he is an the Hernández case closely and tional experience,” he said. the $400 bonus for people over employee of San Juan.” if any specific PDP politicians 65 years of age and strengthen No More Room for —San Juan Mayor Carmen are accused, their names could Ambitious Government small and midsize businesses, as Speculation Yulín Cruz reacts to criticism be left off the ballot. “If there are Program well creating Public-Community about her recruitment of com- any accusations, we will specifi- Partnerships to create jobs and “I will make decisions that munity activist Papo Christian cally evaluate that [those men- The vow regarding Puerto Ri- finish work on PR22 betweenmy conscience dictates are during this election year. tioned] aren’t on the ballot. We co’s political status is included on Camuy and Hatillo, developingin the country’s best inter- requested precautionary mea- the list of the party’s Government the land at the former Rooseveltests and those of the Popular Playing Ping Pong I sures, and if there…is precedent, Program, approved by the PDP Roads Naval Station in Ceiba,Democratic Party, which will “Don’t be fooled [by Trump]. without a doubt we will be taking Program & Regulations Assembly increasing the arrival of cruise-be required in defense of hon- He’s taking hate groups other measures,” he insisted. in Caguas, which also proposes ships, stimulating renewable en-esty in public functions and mainstream and helping a to change the island’s tax system ergy, guaranteeing equal pay forthe values of the new way to radical fringe take over one of Discussing the issue of govern- once more to eliminate a signifi- equal work for women and decen-do politics that I defend and America’s two major political ment corruption in the PDP is cant portion of the 4% business- tralizing the education system.practice.” parties.” aimed at stripping the opposi- to-business tax and allow more —Democratic presidential tion from lines of attack, accord- than 80,000 businesses to not Bernier put special emphasis on —Popular Democratic Party nominee Hillary Clinton blasts ing to some observers, which has have to charge or pay the 11.5% the proposal to transform schoolsgubernatorial candidate David her Republican opponent Don- overshadowed announcements sales & use tax. into community centers to fosterBernier throws down the gaunt- ald Trump for his ties with the made by the PDP—but there is the island’s development, a planlet and tells House Speaker “alt-right” ultra-conservative no certainty that having Perelló However, the Government that includes bringing govern-Jaime Perelló that he has to re- movement. resign as House Speaker due to Program does not include the ment agencies—like the Healthsign, as he has ties with people his relationship with Hernández and Family departments and In-charged in a federal corruption Playing Ping Pong II Pérez, will put a stop to the ac- stitute of Puerto Rican Culture—case “[Hillary Clinton] lies, she cusations of corruption against directly to schools. smears, she paints decent other PDP candidates, including One Still Won’t Go Americans as racists.” those for legislative seats and Other promises include in- “[David Bernier’s] request —Republican presidential city halls. creasing the recruitment of Eng-for my resignation has never nominee Donald Trump hits lish teachers and giving prioritybeen an option I have con- the ball right back at Hillary Besides promising to fight cor- to the fine arts, physical educationtemplated. To do so would Clinton. ruption head-on, Bernier also and school sports—an issue thatsend the wrongful message promised to address the thorny teacher unions have denouncedthat rumors, intrigue and —Compiled by Rosario Fajardo issue of the political relations for years since these programspolitical attacks give results, and Ismael Torres between the United States and were being eliminated in publicand are enough to remove a Puerto Rico. schools. npublic official who was duly “In addition to the statehood —Editor Rosario Fajardo and CB and independence options, the Online contributed to this story.

| Thursday, SEPTEMBER 1, 2016 25GLOBAL LATIN AMERICAN AFFAIRSPeace Treaty Puts End Total disarmament with a hard-line policy againstto Civil War in Colombia Regarding the surrendering the military group. of weapons, FARC would have aThe peace treaty with FARC would put an end to the longest civil war in the Americas. 180-day period (six months) to War crimes design and complete a schedule Uribe and his followers have de- BY JUAN A. HERNÁNDEZ war. Peace became possible…pos- of hostilities, and surrendering of for total disarmament. The pro- nounced the “impunity” granted [email protected] sible at last,” Santos said. weapons…safety guarantees and cess is to be monitored by ob- to the guerrillas through the trea- the fight against all criminal orga- servers from the United Nations. ty because, even though there will “This is the last day of the war,” Economic observers antici- nizations…that threaten the im- The weapons will be collected, be a Transitional Court of Justicesaid Rodrigo Londoño, better pate the peace treaty would spur plementation of the agreements stored and eventually used to (Special Jurisdiction for Peace)known as “Timochenko,” the su- greater economic growth in a and the building of peace…coun- cast three monuments to be to pass judgment on crimes suchpreme leader of the Revolution- country that as already outpaced tersignature mechanism.” dedicated in Havana, New York as kidnapping, rape, massacresary Armed Forces of Colombia several other economies in the and a place yet to be determined and other war crimes committed(FARC by its Spanish acronym) region. But the peace agreement Initially, FARC was opposed in Colombia. by FARC and/or members of theafter signing the peace treaty that comes at a moment when Colom- to a referendum to validate the The surrendering of the weap- Colombian army, it is estimatedwould put an end to the longest bia is facing serious economic re- treaty, but eventually accepted it ons also presents the question just a few will be punished.civil war in the Americas. adjustments. As a matter of fact, as a validation mechanism for the of how members of the former As stated in the peace treaty, the IMF has projected its econo- final signing of the peace treaty, guerrilla group would reinsert the severity of the punishment The peace treaty, signed last my would grow by only 2.5% this as long as the country’s Constitu- themselves in Colombian society. against convicted war criminalsweek by Colombian Presi- year, compared to 4.4% in 2014. tional Court endorses it. After a But the subject is also part of the will depend on when and howdent Juan Manuel Santos and brief campaign period by those in treaty’s accords. they confess their crimes. If those“Timochenko” in Havana, repre- Colombians to validate favor and against the peace treaty, standing accused of a war crimesents “the bilateral and definitive treaty in referendum the referendum will be held Sun- FARC political party confess at the beginning of thecease fire and cessation of hostili- In a roomful of world leaders, day, Oct. 2. It should be noted that FARC will transform into a redress and reparations process,ties that is to become the prelude diplomats and journalists, the Colombians will not be voting in political party with full partici- ask for forgiveness and offer toto peace for all Colombians.” former enemies expressed their favor or against the treaty itself, pation in Colombia’s political compensate their victims, they commitment to a process that is but its dispositions and content. scene. The group will receive U.S. may just have to make a symbolic “This is peace for all Colombi- yet to be validated by the will of $2.4 million from the Colombian reparation—build a road, par-ans, with no exceptions, the peace the people of Colombia. In the Should the outcome of the vote government for this purpose. ticipate in an education program,we dreamed of and had been wait- treaty, signed Aug. 25, there is an be against the content of the trea- The new political party will etc.—and avoid going to jail.ing for so many years. Thank God, expressed three-point consensus ty, it should be understood as the have a minimum of five benches Those not confessing earlyit is no longer a dream. We feel it that includes “the bilateral and expressed will of the people that in the House of Representatives in the process, and later foundin our hands while we see disap- definitive cease fire and cessation the peace talks should be started and another five in the Senate guilty, could face sentences of fivepear, forever, the nightmare of again to reach a new agreement. for two-consecutive terms—2018 to 20 years in jail. and 2020—with the possibility of The FARC leadership has al- increasing their representation if ready admitted to being respon- their candidates receive enough sible for atrocities against the votes to be elected. In addition, people of Colombia and have ex- any FARC member would be able pressed their commitment to ask to become a member of the Leg- for forgiveness and to contribute islature, even those who could to compensate the victims. be indicted for crimes against humanity, if they are not incar- U.S. government cerated. Prior to the 2018 elec- congratulates tion, FARC will have “spokes- persons” with a voice but no vote Colombia in Congress to argue in favor of The U.S. was quick to congratu- the implementation of the peace late the Colombian government agreements. for its “historical peace treaty.” This is one of the most con- “The United States is proud to troversial points of the treaty support Colombia in its quest and the one fueling opposition for peace,” said President Barack to it. Among those opposing the Obama to President Santos in a treaty, and one of the most vo- phone call last week, according to cal leaders against it, is former White House reports. President Álvaro Uribe—now a During Obama’s visit to Cuba senator—whose presidency was last March, Secretary of State characterized by its failed at- John Kerry met with both diplo- tempts to negotiate with FARC matic teams regarding progress in the peace talks. n

26 GLOBAL Thursday, SEPTEMBER 1, 2016 | The number of new visitors arriving to the country is not enough to surpass the numbers from previous years. CARIBBEANTourism’s Boom Subsiding arrived through the airports, or year-to-year increase during thein Dominican Republic 235,795 more passengers than period under consideration. On in 2015 for the same period, or a the other hand, hotel rooms pre-By El Dinero which means the figure should be during the same period in 2013, or relative increase of 6.8%. Never- sented a 0.5% increase, adding reached by 2022, if nothing unex- an absolute difference of 262,916 theless, this growth was less than 314 new rooms to the total rooms Four years ago, Dominican pected happens. passengers. what was registered the year be- available for the period.Republic President Danilo Me- fore, when the increase was 7.6%,dina characterized tourism as “We will make firm decisions to Statistics also show that more when 242,846 nonresident visi- Nonetheless, growth in 2015the locomotive for national de- develop, beyond our sunny beach passengers arrived in 2015 (in tors (Dominicans and foreigners) was not greater than that of 2014,velopment before the National concept, the concept of multi-ex- absolute terms) than the year be- were added. the year when 253,137 touristsAssembly after being sworn into tensive diversity, including com- fore, but not enough to surpass were added compared to 2013,office for the first time. What has munity, ecological, adventure relative growth, which fell 7.76%. Dominican tourism when 2,931,103 travelers arrived,happened, in terms of its relative and cultural tourism. For this, the For the period under consider- in 1Q 2016 or a total increase of 8.6%, or 1.7%growth, since then? ministries of Tourism, Environ- ation, more than 3.9 million pas- higher than the same period in ment and Culture will develop sengers had arrived through the The Central Bank reported ac- 2016. The cumulative total for In absolute terms, more than joint policies articulating local airports. tivity in the Hotels, Bars & Res- 2012 was 4,562,606 tourists, while60.8 million tourists visited the development projects,” said Med- taurants sector showed a 5.1% in- in 2013 the total was 4,689,770. The most uncomfortable figure crease in its aggregated value for Growth reached a meager 2.8%. the January-March 2016 period, The country has been able to ef- which was boosted by the arrival fectively add 1.037,253 foreign of tourists (foreigners and non- visitors between 2012 and 2015, resident Dominicans), for an all- so the goal to increase the num- Although the absolute constant increase has continued, as official statistics confirm, the number of new visitors is not enough to surpass the numbers from previous years.country since 2004, including the ina in 2012, but failed to mention is the one referring to the nonres- time high of 1,604,429 tourists for ber of tourists visiting is far from3.9 million who visited the coun- the tourism industry when sworn idents (foreigners), which indeed the first quarter (1Q). This repre- being reached.try during the first seven months into office for his second term. are the actual tourists arriving sented 105,027 more passengersof 2016. This is good news. Never- for vacations or business reasons. when compared to the same peri- To reach the goal of having 10theless, the January-July period Central Bank statistics show Although the absolute constant od in 2015, or a 7.0% increase. The million foreign visitors over afor the past four years shows us that the arrival of both resident increase has continued, as official bank also reported as significant decade, taking 2012 as a start-“the tourism locomotive needs and foreign airline passengers statistics confirm, the number of the fact that 57.8% of all passen- ing point, the country has to addsome lubing” because its march increased 8.23% in 2014, when new visitors is not enough to sur- gers arrived through the Punta some 500,000 new visitors a year.has shown constant signs of compared to 2013. Between Jan- pass the numbers from previous Cana airport tourist hub. That figure was barely reached indeceleration. uary and July, more than 3.4 mil- years. 2015, when 502,260 more tour- lion passengers arrived through Similarly, according to the Cen- ists came than the year before. The president’s goal calls for the airports in 2014, while a lit- Between January and July of tral Bank report, revenues for10 million tourists in a decade, tle more than 3.1 million did so this year, 3,662,878 passengers tourism activity showed an 8.3% Nevertheless, in previous years, numbers have fallen short. In 2012, only 190,209 new tourists came, for a total of 4,776,423 for- eign visitors. In 2013 only 270,548 new tourists arrived, and 116,661 new tourists visited in 2014. n

| Thursday, SEPTEMBER 1, 2016 special advertising section 27 special FEATURE | EDUCATION

28 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |Abartys Promotes Mental Health First Aid BY CB STAFF counseling or therapy,” in compliance and gaining U.S. in 2008 and, to date, Juelle emphasized. “In- the approval of different hundreds of thousands ofThe realization that stead, the program offers boards in continuing edu- people from all 50 states, mental health is- concrete tools and answers cation for workers in dif- the District of Columbia sues are an im- key questions, like “what ferent professional fields,” and Puerto Rico have taken portant factor do I do?” and “where can he pointed out. “We have the course. The course isin the overall healthcare someone find help?” Cer- a solid presence in social offered to a variety of audi-scenario has led Abartys tified Mental Health First media and full exposition ences, including hospitalLLC (Olympic Agency), a Aid instructors provide a in health fairs around the staff, employers and busi-leading healthcare insur- list of community health- island.” ness leaders, faith com-ance provider in Puerto care providers and national munities and law enforce-Rico, to focus special at- resources, support groups Juelle sees the oppor- ment. Approximately 400tention on the promotion and online tools for men- tunity to certify mental- people are being trainedof a mental health first-aid health first aiders as one each day with that numberprogram, under the direc- expected to increase.tion of Business Developer “In 2016, the National Council& Mental Health Director for Behavioral Health is making Removing the stigmaJosé “Pepe” Juelle. surrounding mental health it a priority to train more first issues is paramount to “We’ve been fulfilling the aiders than ever before.” Juelle. “Keeping our cli-needs of our clients to ac- ents up-to-date with all theknowledge the importance —José “Pepe” Juelle tools and initiatives thatof mental health due to the will help them understandincrease in such problems,” José “Pepe” Juelle, Business Developer & Mental Health Director the importance of knowl-Juelle said. “The mental edge in mental health ishealth first-aid program illnesses, builds under- warning signs of specific tal health and addictions in a million. “We will be of- very satisfying,” he said.has become a full-blown standing of their impact types of illnesses like anxi- treatment and support. All fering the course in the U.S.movement in the United and provides overviews of ety, depression, substance trainees receive a program territories and elsewhere,” Abartys was co-foundedStates, with more than common support factors, use, bipolar disorder, eat- manual to complement the he predicted. In addition in 2013 by Dolmarie Mé-600,000 Mental Health he explained. The eight- ing disorders and schizo- course material. to mental health first-aid ndez and Lauren Cascio.First Aiders serving people hour course uses role- phrenia,” Juelle noted. certification, the company In 2015, they co-foundedin need every day. In 2016, playing and simulations Expanding offers clients Affordable Abartys Health. Méndezthe National Council for to demonstrate how to of- Like CPR, Mental Health awareness Care Act consulting and has considerable experi-Behavioral Health is mak- fer initial help in a mental First Aid prepares par- Looking ahead, Juelle ex- reporting requirements, as ence in the healthcareing it a priority to train health crisis and connect ticipants to interact with pects to continue to expand well as summary plan de- insurance field, joiningmore first aiders than ever persons to the appropriate a person in crisis and con- awareness about mental scriptions, benefit contact Olympic Agency in 2004 asbefore,” he added. professional, peer, social nect the person with help, health issues for clients center and COBRA Admin- the manager of the corpo- and self-help care. “The he noted. “First Aiders around the island and else- istration health services. rate benefits department. Mental Health First Aid program also teaches the do not take on the role of where. “We will continue Cascio’s experience is inis a public education pro- common risk factors and professionals—they do not working with our clients Mental Health First the health and wellnessgram that introduces par- diagnose or provide any Aid was introduced in the industry. She played a keyticipants to risk factors and role in the development ofwarning signs of mental a device used in therapeu- tic medicine. n

| Thursday, SEPTEMBER 1, 2016 special FEATURE | EDUCATION special advertising section 29Inter American University of P.R.Bets on Internationalization for Growth BY CB STAFF program from all of its serve as virtual extensions double qualifications, both campuses, which is the of the institution, bring- at La Inter and at the part-Nearly every in- most ample and complete ing the university closer to ner university. stitution, busi- in Puerto Rico. Fernós said the students. The centers ness or corpo- that more than 763 stu- include computer labs, “We already have a physi- ration in Puerto dents, who are not located equipment for videocon- cal presence in OrlandoRico has suffered the im- in Puerto Rico, study on- ferences, electronic black- and in New York, with theirpact from the economic line with the university. boards, areas for tutoring respective centers,” Fernósslowdown that the island and rooms for meetings. said. “We will soon inaugu-has been experiencing “We have students from La Inter has 15 Cybernetic rate installations in Pana-over the past 10 years. It is all the states in the United Centers throughout the is- ma and have had a presencenot the moment to lament States, others are on mili- land. There is also a center in Santo Domingo, in theand think about what is or tary bases and in different in Orlando, Fla., to serve Dominican Republic, forwhat could have been. The countries such as Brazil the Puerto Rican diaspora more than 20 years with acall is for reinvention and and Italy,” Fernós said. La in that city, as well as any- diploma in tourism.”the search for alternatives Inter offers 52 distance one who wants to study atthat promote growth and education programs that La Inter. La Inter has more thanstrength, even in the worst have been authorized by 80 active consortiums withof scenarios. the Superior Education Another strategy for in- universities around the Council, which has helped ternationalization is to world that facilitate the Universities in Puerto to attract more students reach agreements with oth- exchange of students, pro-Rico have not been the ex- to the university. In addi- er educational institutions, fessors and resources thatception in this economic tion, the cybernetic centers so students can obtain allow for the expansion ofcrisis. If one includes all knowledge and mobility. naffecting factors, such asemigrating entire families develop projects and ac- the School of Optometry,to the United States, along tivities at an international which has evolved fromwith the island’s low birth level, including the role of having 100% Puerto Ricanrate, it is clear that higher the university’s Interna- students to having a stu-education institutions in tional Relations Office and dent body where 90% ofPuerto Rico face a challeng- English Program at La In- the students are from for-ing situation. To face these ter’s Metro Campus in San eign countries.challenges, Inter Ameri- Juan. Inter’s Metro Cam-can University of Puerto pus receives students rep- “It is now an interna-Rico is set and dedicated resenting some 41 coun- tional school, with stu-to continue as the best op- tries, such as Spain, Russia, dents representing coun-tion among private univer- China, Cuba, and Kenya. tries from Asia, Europesities, maintaining a high For Fernós, the dynamics and Latin America, andstudent retention rate and that result when foreign we hope to achieve theexpanding beyond Puerto students integrate in La In- same with other academicRico’s shores. In fact, for ter’s classroom is one rich units,” Fernós said. “Wethe president of the uni- in experience both for the consider that we stimulateversity, Manuel J. Fernós, visiting students as well as the educational process bygrowth and expansion be- the local students and the having students from dif-yond Puerto Rico is one of university community as a ferent parts of the world,the most important plans whole. especially from the Unitedat “La Inter.” States and Latin America, “Our experience is that who come to La Inter for “We want to transform foreign students enjoy un- the quality we offer, as wellInter American University forgettable moments in as for the economic acces-into an international uni- Puerto Rico, which fills us sibility of our educationversity, and that is some- with great satisfaction,” and accreditations.”thing we have already be- Fernós said.gun to work on,” Fernós Fernós said an importantsaid. “It is an important Another fine example in element on the univer-part at La Inter for both the La Inter’s progress toward sity’s internationalizationshort and long terms.” internationalization is agenda is its educational As an example, Fernósmentioned the effort to

30 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |CPN Dedicated to Forging Exemplary Womenwho are Ready for Today’s ChallengesBY CB STAFF Dr. Wanda Maldonado, CPN director and exploratory experi- succeed in today’s technol- ences through a mentoring ogy-driven society. “All stu-When Celia education from pre-kinder offers programs such as 300 courses, and the Col- program. dents are taught to man- Cestero de through their senior year the CPN+ Enrichment lege Prep Network, which age technology skills from Ruiz Arnau of high school,” said an en- Program, through which combines preparation for In addition, CPN has Ad- their first day at school. founded thusiastic Dávila about her students from sixth grade the PSAT and SAT stan- vanced Placement courses Students learn to use com-Colegio Puertorriqueño de new role at CPN. through their senior year dardized tests with guid- and other offerings for its puters from preschoolNiñas (CPN) in 1913, she can choose from more than ance on university careers students, “who always excel through elementary, inter-had the goal of forming Dávila said CPN has had in various local and nation- mediate and high school“exemplary women who a commitment to academic A highly qualified faculty is a al organizations, in which levels. They also learn towill give pride to Puerto excellence since 1913, when key driver of CPN students’ they receive awards and use other applications inRico.” Time has proven her a group of visionary women achievements. Many faculty acknowledgements; our devices and manage all so-vision accurate, with such founded the school, and it members have master’s and graduates are admitted into cial media,” Dávila said. Atleaders as Laura Cantero, is committed to developing doctorate degrees and are top-ranked colleges and the intermediate and highthe executive director of appropriate learning prac- universities,” Dávila said. school levels, students usecapital venture firm Grupo tices at all levels: elemen- committed to academic smartphone applicationsGuayacán, and Mayo tary, intermediate and high excellence. The school’s administra- in some of their classes,Clinic Florida neuroscien- school. The school, located tion prepares its students obtain Microsoft certifica-tist Minerva Carrasquillo in Guaynabo, has a chal- for life beyond high school tions, participate in work-among the school’s many lenging college prepara- by instilling in them skills shops, and have receiveddistinguished alumni. tion High School program to manage all life situations awards in Forward Learn- of studies designed for uni- and to successfully cope ing’s Extreme Technology This academic year, versity success. The school academically and socially Challenge competition, sheCPN’s Board of Trustees when they arrive at college. added.appointed former High “CPN is highly committedSchool Principal Cristina to giving the students the A highly qualified facultyDávila as School Director, tools to face the challenges is a key driver of CPN stu-in charge of continuing that that might come their way. dents’ achievements. Manylegacy into the future. A wide variety of activities faculty members have and student organizations master’s and doctorate de- “I am eager to face this develop women who are grees and are committed tonew challenge with a lot of self-confident and compas- academic excellence, evi-enthusiasm and commit- sionate leaders, ready to denced in their deep sensement. Education is my pas- take on college life. They of belonging, love of theirsion! What makes it even learn to stand out in this students and the develop-more special is that I’m very competitive world,” ment of a happy learninghappy and proud to lead added the School Director. environment at CPN. “CPNthe only all-girls’ institu- is a family!” Dávila saidtion in Puerto Rico dedi- CPN also develops in proudly. ncated to girls and women’s students the technologi- cal know-how required to

| Thursday, SEPTEMBER 1, 2016 special FEATURE | EDUCATION special advertising section 31Saint John’s Student Projects Reflectthe School’s Focus on Problem-Solving Experiences BY B. G. DOYLE learning experiences con- solutions to optimize that Lorraine Lago, Saint John’s the summer to work on only did these projects in- structed around each stu- space,” said Lago. “The stu- Head of School the project and measure its volve a lot of critical think-Established in dent’s interests, learning dents created their own pro- progress. ing and problem solving, 1915, Saint John’s styles and preferred modes posals, then presented them make it look like an outdoor but the students also be- School in Conda- of expression. “Our goal is to a panel—an architectural theater, with a lot of green- Another group focused on haved as professionals and do, San Juan, con- to challenge every child at firm—and our board of ery, removable planters the space across from the collaborated to improve lifetinues to pride itself on its the appropriate level,” said trustees. Based on our bud- along the wall and an herb school’s gymnasium, which for others.”unique student-centered Saint John’s Head of School get, we then chose a few of garden.” She added that the housed a large lift used toprograms and curricu- Lorraine Lago. “This in- those projects to complete seniors came often during raise and lower the basket- Another proposed proj-lums, which are designed cludes authentic problem- this past summer.” ball nets. “This machinery ect for a future senior classto ensure that each child’s based learning experienc- weighed six tons and took will involve remodeling theindividual talents and po- es both in and out of the One of the projects in- up a lot of space, and we school’s Hurricane Studenttential are developed to classroom.” volved maximizing what only used it about once a Center—named after thethe fullest. Embracing the Lago called “dead space” year,” said Lago. Putting it Saint John’s HurricanesSchoolwide Enrichment And while each grade behind the office building, on the market, the students school mascot. “StudentsModel (SEM), the school’s level is assigned specific which at the time housed were able to sell it to a con- have already done an amaz-administrators and faculty projects in line with this some trailers. “The stu- tractor for $5,000, with the ing job planning this proj-are not only focused on en- methodology every year, dents determined that this new-found space converted ect and interviewing differ-riching students through the 2016 senior class chal- space could be better used into a locker room for sports ent focus groups to find outhigh levels of engagement, lenge was taken to a whole as an outdoor classroom teams. “These projects what people want for thebut also through the use of new level. “Because we are and activity area, thus in- bring the way we teach full center,” said Lago. “We planenjoyable and challenging an urban school and space creasing the school’s seat- circle, and this is the gist of to begin running a capital is tight, we challenged ing capacity,” she said. “The what 21st century learning campaign soon, to raise the our seniors to develop way they designed it was to is all about,” she said. “Not funds to build it. nwww.sjspr.org Saint John’s School sjspr @sjspr1915 OPEN HOUSE We invite you to come get to know us, visit our facilities, meet our students, faculty, staff and administration. September 20, 2016 November 1, 2016 For more information and/or to schedule an appointment, contact the Admissions Office at: 787-728-5343 ext. 2225 787-728-5356 On weekends & holidays: 787-479-4394 [email protected] 1454 Ashford Avenue San Juan, PR 00907 Follow us on: Saint John’s School

32 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |Robinson School Celebrates115 Years of World-Class Education BY CB STAFF overall growth and pre- Robinson School Toddler House pares children to becomeRobinson School’s life-long learners. This past classes actively reflect- sustainability issues as needs and developing solu- college-prep school in commitment to summer, the school trans- ing the IB World School global food scarcity. In ad- tions together. Puerto Rico. Throughout educational inno- formed a 5,000-square- philosophy based on lead- dition, Robinson students its distinguished 115-year vation dates back foot building into the new ership, character and and staff visit Haiti every In 2015, Cindy Ogg took history, Robinson Schoolto 1902, when the Women’s Toddler House—a state-of- problem-solving. This is summer to cultivate an alli- over as Robinson’s head of has remained both a dy-Home Missionary Society the-art facility that opened reflected in its Aquaponics ance with Espoir Chretien school, having served the namic, ever-changing in-of the United Methodist in August and welcomed 22 Program, which address- School by meeting with the institution for more than stitution and solid corner-Church established a home toddlers. es such environmental community, identifying 22 years. When celebrating stone in Puerto Rico. Theand school for orphan girls Robinson’s IB-PYP autho- yearlong calendar of eventsin San Juan. At that time, In addition to Toddler rization, she noted, “This planned for Robinson’seducation—especially for House, about 15 classrooms achievement advances our 115th anniversary will cele-girls—was almost nonexis- were renovated this sum- longstanding institutional brate the school’s history astent. In 1905, Robinson re- mer as part of Robinson’s commitment to ground- an institution with a provenceived a generous donation long-term plan to become breaking teaching philoso- tradition of using its pastof land from George O. Rob- an energy-efficient and en- phies and techniques that achievements to pave theinson (member Methodist vironmentally responsible transform our students way for future generations.Board of Missions), where “green school.” State-of- into successfully engagedthe 4.5-acre campus now the-art equipment was also world citizens, prepared for As an educational insti-stands in San Juan’s Conda- installed in the Chemistry the globalized world of the tution, Robinson Schooldo community. The school and Physics labs to enhance 21st century.” Along with has always focused its ef-also introduced Puerto Ri- applied learning in Steam her visionary focus on aca- forts on the individualco’s first kindergarten that subjects: science, technol- demic rigor and character, needs of its diverse studentsame year. Throughout its ogy, engineering, arts and she brings a sense of heart body, especially those whohistory, Robinson has con- mathematics. The Second- to the school by reminding need it the most. In 1902, ittinued to fulfill its mission ary School Library/Learn- graduates that Robinson made education accessibleof providing ALL students ing Commons was relocat- will always be their home. to orphan girls with limitedwith diverse learning ex- ed and completely remod- opportunities. More thanperiences that previously eled to provide students In 2017, Robinson School 10 decades later, its innova-were unavailable in Puerto active virtual and physical celebrates its 115th an- tive programs continue toRico. Today, the school has learning environments. niversary as the longest- give students all the skillsan enrollment of more than standing and most compre- they need to succeed. n600 students, and provides All structural renova- hensive English-language,the highest-quality instruc- tions at Robinson Schooltion to its international align with its new and inno-student body of toddlers to vative International Bacca-12th graders. laureate (IB) curriculum, which is grounded in real- Because Robinson School life knowledge, problem-believes it is never too early solving and global connec-to start cultivating a love of tions. This year, Robinsonlearning, the institution became the first school inextended its preschool San Juan to become cer-program in 1991 to include tified as an IB School be-students ages 3-5. In 2015, cause of its successful im-Robinson continued its plementation of the IB Pri-expansion into early child- mary Years Program (PYP)hood education. By inau- for students ages 3-12. Thegurating Puerto Rico’s first school is in the final phasesand only toddler academic of its Middle Years Pro-program in English for gram (MYP) certification,children age 12 months to and preparing its applica-3, the program stimulates tion for the IB Diplomaindependent exploration, Program (DP). Once certi-focus and discovery learn- fied, Robinson will becomeing. This one-of-a-kind ap- completely authorized asproachholisticallydevelops an IB World School, and part of a dynamic global learning network with



34 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |Quality Water Service Helps SchoolsPromote a Healthier Learning Environment BY B. G. DOYLE dispensers to businesses, “While standard water fountains lack any kind of protection, educational institutions becoming the perfect place for bacteria to develop and spread, ourFor years, health and organizations of all products offer a safer way to provide great, cold drinkable water to experts have been kinds looking for high- saying that good quality water solutions. students and personnel.” hydration is es- “Since schools are a perfect —Wilmer Velázquez, sales and marketing coordinator forsential when it comes to environment for cross con-helping students perform tamination of potentially Quality Water Serviceat their optimum level. harmful microbes and bac-Good hydration not only teria, our bottle-less water of water that is controlled the environment,” added best service to each and those in Chile and Colom-helps to reduce tiredness, dispensers also provide a by a pressure regulator, Velázquez. every client, every day and bia. “In summary, we are airritability and headaches, great prevention step by thus eliminating the in- every time,” he said. “Not safer, healthier, energy sav-but it also increases con- including an anti-bacterial convenience, potential Quality Water Service’s only is our committed team ing and environmentallycentration and contributes protection called BioCote,” injury and wasted storage dispensers are also Energy of technical and personnel friendly solution,” saidto a more settled and pro- said Velázquez, who ex- space associated with bot- Star rated, which means highly trained, but we are Velázquez. “Not only areductive learning environ- plained that this is a silver- tle-based water systems. their energy consumption always searching for the there multiple benefits inment. “With this in mind, based additive incorporat- Information on the vari- is much lower than water newest technologies and simplifying the way schoolsone of the greatest benefits ed on the dispenser’s plas- ous products is available at fountains and coolers. In variety of dispensers to ful- supply drinkable water toeducational institutions tic parts, providing con- www.qualitywaterpr.com, terms of maintenance, Ve- fill our clients’ possible and students and all person-can offer to students is su- tinuous protection against which describes in detail lázquez pointed out that unmet needs.” nel, but it also gives institu-perior water quality,” said germs and microbes, kill- the various models avail- his company’s solution also tions peace of mind and it’sWilmer Velázquez, sales ing up to 80% in 15 min- able, along with the tech- comes with a preventive Based in Guaynabo, the a great asset for any school& marketing coordinator utes and more than 99% nology incorporated into service and maintenance company currently has 75 to promote.” nfor Quality Water Service. within two hours. “While each product to ensure the program that includes fil- employees, which includes“That is why it’s impor- standard water fountains highest quality drinking ters, UV light changes andtant to use the right kind of lack any kind of protection, water possible. “Because service response within 24energy-efficient water dis- becoming the perfect place up to 60% of bottled water hours or less. “Service ispenser, which can prevent for bacteria to develop and plastics end up in landfills, part of our company namethe possible dissipation of spread, our products of- this also helps to reduce an because it is the most im-diseases and viruses, while fer a safer way to provide organization’s impact on portant part, and we arealso eliminating the need great, cold drinkable water committed to offering thefor bottled water cool- to students and personnel,”ers and the endless bottle he added. “And becausemonitoring and changing.” technology also eliminates the endless use of plastic Founded by Richard bottles, it is not only greatChristiansen Jr. in 2008, for the institution, but alsowho began to develop the better for our planet.”idea after having a bad ex-perience with a 5-gallon Available in a number ofwater bottle breaking and floor and countertop mod-spilling all over the floor, els, the various systemsQuality Water Service has connect directly to an ex-been providing bottle-less isting water source to en-water, hot water and ice sure a continuous supply

| Thursday, SEPTEMBER 1, 2016 special FEATURE | EDUCATION special advertising section 35Commonwealth-Parkville School:Life-long Learning Beyond AcademicsBy CB Staff and a male U.S. Presiden- 1-to-1 laptop program with 3D printing integration classes) has been extended recognize and manage tial Scholar semi-finalist, to fourth grade, with the emotions, effectively solveAt Common- full scholarships, grant and last year, has added two ma- rooms, a media produc- purchase of more than 200 problems and establish wealth-Parkville merit awards, AP Scholars, jor strategic initiatives—to tion studio and secure new computers. positive relationships with School (CPS), the AP Scholars with Distinc- further hone technologi- Wi-Fi throughout both others. new school year tion, and the prestigious cal skills and significantly campuses—is being largely Robotics will now be in-has been received with re- National AP scholar, award- increase teacher training. expanded. troduced as early as kinder- Student-centerednewed enthusiasm, as CPS ed to a student who receives CPS’ already state-of-art garten with child-friendly approachopened its doors to a record an average score of at least facilities—with “Smart Computer labs will con- robots teaching sequenc-number of students. 4 (out of 5) on all eight or Classrooms,” specialized tinue to be taught, but the ing, estimation, problem Austen bases daily deci- more AP exams taken. science labs, art/music 1-to-1 iPad/laptop program solving and programming sion-making and lives his CPS also celebrated the (computers used in all while also having fun. CPS professional life by oneend of another successful CPS is known as a pre- students can also print 3D credo, “…[If ] it’s good forschool year, highlighted by miere English-instruction objects, without geometric students, we will do it; ifthe Class of 2015’s 100% school on the island, but limitations, with a profes- not, we won’t!” His visioncollege acceptance to the also boasts a strong pro- sional fused-filament fab- has certainly had a posi-top colleges and universi- gram in Spanish. rication 3D printer. tive impact on the entireties in the U.S and Puerto organization with the CPSRico, most of which were Strategic CPS is also heavily in- community working to-their first choice. Other initiatives: vesting in programs to ad- gether under this “student-awards and accolades in- Heightened dress students’ emotional centered” platform, totallycluded a female U.S. Presi- technology needs. A Social Emotional committed to supportingdential Scholar Candidate CPS Head of School, Dr. Learning (SEL) program students’ academic, emo- Alan P. Austen, appointed was also started last year, tional and social needs. n designed to help students

36 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |A ‘Magic Charm’ for Learning in YabucoaBY MARISOL ROBLES child does [online exer-VELÁZQUEZ cises]…. It is an advancedYabucoa breathes a certain air of product that bridges the “magic” with a community firm- gap [between the need toly planted not only in pro-moting peace and love for study and a parent’s con-Mother Earth, but also intaking pride in promoting cerns],” Díaz Rodrígueza bilingual education tiedwith technology, entrepre- said.neurship and agriculturalworkshops. Additionally, the school Celebrating 25 years of has a technological pro-shaping education throughinnovation, Colegio Dr. gram in robotics that usesRoque Díaz Tizol sits on ahilltop in the municipality similar K’NEX buildingof Yabucoa specializing inquality education—offered toys and the potential ofin Spanish and English—through the combined use developing teams of stu-of intense, licensed onlineclasses and traditional dents to create their owntexts in Spanish while si-multaneously transform- robots in a future competi-ing formal education byoffering classes in the tion for Education Week.outdoors. The academic journey “People who live here saythere is a magical charm begins with the new in-to being in such a peacefulenvironment…. We want stallment of Little Roquersto promote peace and in-formative education,” said Day Care for infants whoCarmen H. Díaz Rodríguez,daughter of founder Roque are 19 months old and goesDíaz Tizol and executiveassociate director of sales, up to 12th grade. Addition-who essentially providessupport services to the pri- ally, the school has an all-vate school. inclusive Special Autism With an overall com-mitment to encouraging Program of the Ciudad Ed-social and environmentalresponsibilities through ucativa (known as Peace byeducation, Colegio Dr.Roque Díaz Tizol offers its Spanish acronym) thatbasic classes, such as math-ematics, science, investiga- targets every child’s indi-tion methods, fine arts andmusic, languages (French, vidual areas of attention,English and Spanish) andcommunity service paired offering an experimental aspect, this school and María P. Díaz for more than 100 residentwith computers in the appeals to the ath- and nonresident studentsclassroom. yet flexible curriculum and letic abilities and High School, attending María P. Díaz needs of students High School. “The system [digital plat- promoting participation in through Huracanes which are part ofform] provides parents ac- athletic scholarships “We plan to expand ourcess to verify what their recreational and extracur- and a program that the Ciudad Educa- services to neighboring is- includes the disci- lands in the future, even ricular activities. plines of swimming, tiva mega-project have student exchanges,” volleyball, track & Díaz Rodríguez said. “Be- Colegio Dr. Roque Díaz field, indoor soccer in Yabucoa. This cause of the island’s current and boys and girls economic situation, we have Tizol prides itself in hav- basketball, which is educational proj- been adjusting our costs, re- allied with the Uni- designing them so parents ing all its high-school grad- versal Basketball ect includes an in- can continue bringing in Academy & High School their kids,” she added. uates accepted to distinct (UBAHS), which is open to vestment of about students from all corners With a committed teach- University of Puerto Rico of Puerto Rico. $15 million from ing staff, Díaz Rodríguez boasts that the human qual- campuses and universities The school came in to be- private funds and ity of the personnel and the ing when Dr. Roque Díaz director is among the best in the United States. Tizol, a Department of consists of about aspects of the school. “They Education employee at the go all out, they live what Furthermore, Díaz time, with an outstanding 13 facilities, all they do, they love what they trajectory of 50 years’ ex- do, [and] they respect their Rodríguez noted that “we perience as an educator, within its Cosey students. The director and brought to life his belief the faculty are what move need to maintain agricul- in “the need for an entire parent company. [this entire operation].” community to educate the ture; Puerto Rico needs to child,” according to the A nonprofit organization “We invite everyone to Ciudad Educativa website. come over. It is a different regain that aspect,” upon project—our baby—of recently formed in August [learning] opportunity; it’s “It was the first priceless,” Díaz Rodríguez explaining that students Cosey, [or the Corporación 2012, Ciudad Educativa concluded. n and parents actively par- de Servicios Educativos de provides the Yabucoa com- ticipate in growing melons, Yabucoa]. Our fundamen- munity and inhabitants tomatoes, pickles, lettuce, tal purpose was to provide from other municipalities cilantro and mint with the the community a school,” facilities such as Samara agricultural prowess found noted Díaz Rodríguez, who Carmen R. Díaz de Olano in the school’s courtyard. has worked at Colegio Dr. public library, a conven- “We’re currently work- Roque Díaz Tizol since its tions center, an outdoor ing with the traditional began in 1991 and later be- amphitheater, hydropon- method of planting [direct came the executive director ics agricultural areas, Car- seeding] but by the end of of sales and secretary of the men’s Café Restaurant, August, we will be taking a school’s board of directors. recycling stations, Hura- workshop on aerial plant- Colegio Dr. Roque Díaz canes sports complex, the ing,” she added. Tizol comprises Monín Monín Matos Elementary Apart from the academic Matos Elementary School School and three buildings

| Thursday, SEPTEMBER 1, 2016 special FEATURE | EDUCATION special advertising section 37TASIS Dorado’s Headmaster Proudof School’s Ideal Learning Environment BY B.G. DOYLE Dorado has a lot to offer stu- accountability and profes- A group of TASIS students global connections are now in teams, and instructional dents. Besides offering 22 sional leadership. When a necessity,” he said. “Edu- methods must focus onLast May, Dr. Timo- Advanced Placement (AP), asked if he had a particular to accomplish a school’s cational approaches that what students have learned thy Howard, head- or Nivel Avanzado, courses leadership style that he has mission and strategic were effective in the past and understood—not only master of TASIS and other advanced-level found to be effective within plan. Schools also need will need to adjust for the on what was taught,” he Dorado, had the courses, the school re- the academic environment to provide a stimulating future, and to prepare our said. “In math and science,pleasure of celebrating the quires students to graduate over the years, he point- and secure environment students for these new de- learning must move beyondgraduation of 31 seniors, with proficiency in a third ed to collaboration, clear within a learning commu- mands, we must be flexible, the procedural level to thewho are heading to various language (either French communication, trust and nity that is focused on both responsive and adaptable.” conceptual, so studentsPuerto Rican and U.S. uni- or Italian), in addition to strategic planning. learning and teaching,” are able to apply knowl-versities. Acceptances in- English and Spanish. And he said, pointing out that This, he added, includes edge in new situations andcluded all eight Ivy League while all early-elementary “Creating and equipping over the years, he has seen equipping students with contexts.”schools (Harvard, Yale, teachers receive training strong teams of instruc- notable changes in this strong written and oralPrinceton, Columbia, etc.), in Orton-Gillingham read- tional leaders is vitally environment. communication skills. Already looking forwardas well as other selective ing methods, an enriched important,” he said. “That “Students need to be able to the next school yearcolleges such as Stanford, math curriculum has also includes empowering them “The world is increas- to effectively collaborate and what lies ahead, Dr.MIT, Caltech, Duke, Notre been designed to take high- ingly complex, technology Howard said a number ofDame, University of Chica- school students beyond AP is accelerating change, and initiatives are underway.go and Georgetown. Having Calculus. “We have just undergone acompleted his first school strategic planning processyear as headmaster, this “Upper-level school stu- that involved the entireyear’s accomplishments at dents also participate in community—teachers, stu-TASIS Dorado had special yearly Exploration Weeks, dents, faculty and parents,”significance at both the ac- where they intern with a he said. “Increasing our ca-ademic and personal level. wide range of profession- pacity to provide a world- als, artists and thought class education in science “In addition to sending leaders,” Dr. Howard said. and technology is central,our seniors off to very pres- “Field trips and travel are even as we maintain ourtigious universities this also an essential part of excellence in the arts andyear, TASIS also saw its a TASIS education, con- humanities. A TASIS edu-Early Childhood Program necting us to our sister cation is all about well-awarded a Program of Dis- schools in Switzerland and rounded students, who aretinction Award by the Mid- England.” nurtured and challenged todle States Association. We pursue academic and per-are working hard across all Dr. Howard noted that sonal excellence. We seekgrade levels,” Howard said. for a school system to to foster a community of be effective, it must em- engaged, global citizens As a pre-prekindergarten brace a shared vision and and innovative, selflessto 12th grade (PPK-12th goals, purposeful teach- leaders.” ngrade) institution, TASIS ing, high expectations,The TASIS School in Dorado OPEN HOUSE OPEN HOUSE DATES | Oct 21 • NOV 18 • DEC 16 | 2016 | 9:30 am | private tours by appointment onlyExperience the TASIS Dorado Difference | Visiting our beautiful school is the best way to understand our program as well as envision how it can enrich the life of your child!Please contact our Admissions Office || [email protected] || 787.796.0440 ext. 221 || tasisdorado.com || Follow us @tasisdorado Licensed by the Consejo de Educación de PR. Accredited by the Middle States Association

38 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |Cranking up Brain Training With IQRx BY MARISOL ROBLES in an allotted time with muscle; this is high fre- reasonable accommoda- VELÁZQUEZ variations of speed and quency and you can’t fail tion by attacking the source intensity. at skipping training ses- from an early start.If a window of oppor- sions,” she added. tunity appeared that Much like hitting the gym “We want all our students could potentially help on a routine basis, IQRx A market primarily tar- to surpass their reasonable your children maxi- Brain Enhancement re- geted toward children, accommodations, surpass mize their cognitive abili- quires a minimum of three this brain-training center their symptoms. They need ties and redevelop their five visits per week, five hours also extends its services to be able to compete and senses through brain train- or more weekly, to restore to adults who may have be perseverant in the work ing, would you seize it? brain plasticity adequately suffered a stroke, elderly environment by working and better facilitate the re- people with memory loss, faster and with better cog- IQRx Brain Enhance- covery of motor functions. traumatic injuries or even nitive skills,” de Varona ment actively challenges war veterans with post- Vega ensured, explaining the connections between “First, we give an exam traumatic stress disorder that the center attends brain cells through forti- [to the client] to measure (PTSD). Training sessions to all diagnostics, includ- fying exercises that target the level of his or her mo- are provided after school or ing dyslexia, dyscalculia, visual processing, critical tor skills and senses,” work to accommodate each autism, attention deficit reasoning and logic, short- explained Marlene de individual’s daily responsi- disorder (ADD), Asperg- and long-term memory Varona Vega, director of bilities and needs. er’s syndrome and Down and sensorial recovery, IQRx Brain Enhancement. syndrome. and brain regeneration. “Then, based on the test, IQRx Brain Enhance- These include but are not we recommend packets [of ment, stationed in the Having a background in limited to auditory and vi- training sessions] such as municipality of San Juan engineering, mathematics sual patterns, sequences 60 or 90 hours. But it isn’t in the San Francisco com- and working with pharma- and puzzles completed like going to the gym, when munity, plans for a brighter ceutical company Pfizer you miss hours, you lose future for students, with for 10 years, de Varona Vega took a leap of faith in bringing a first-ever brain- Marlene de Varona, diector of IQRx Brain Enhancement Center training center to Puerto Rico in 2013. Since then, programming and tradi- neuropsychology, an em- de Varona has counted on a tional robotics by using ployee who studied Man- dedicated team of about 20 K’Nex building toys. darin Chinese (a language talented people to help cli- soon to be taught through ents through occupational Certified in brain train- tutoring) and another em- therapies, cognitive skill ing, de Varona provides ployee who teaches litera- and emotional intelligence consultations for diagnos- ture for journalism. training, individual and tics and uses neuroscience group tutoring, summer methodologies to identify “The tutors change their camps and the use of STEM and attack the application style of teaching; they adapt (Science, Technology, Engi- and repetition of an error, to the needs of the child neering & Math) robotics & whether through behavior because there is a ‘gap’ in coding. or a mere document, and learning,” de Varona said. helps remediate the cause, Students can partake in and redesign the process, Brain IQRx has more than College Board preparatory behavior or document to 60 centers internationally courses, algebra and pre- prevent future recurrences and about 100 centers in algebra reviews, French of an error. the United States under classes, journalism and the cognitive support fran- story writing workshops, Among her staff, she has chise Learning Rx, founded emotional intelligence the help of her mother by doctor and entrepreneur workshops (to increase and mother-in-law who Ken Gibson. self-esteem and security), double as university math art and music therapies professors, an employee De Varona aspires to (to combat stress), mem- with a master’s degree in open another brain-train- ory workshops with seven ing facility in Puerto Rico. n primary techniques for studying for tests, improv- ing time management and taking efficient notes. Ad- ditionally, children can ex- ercise their creativity, dive into basic science and tech- nology, and learn computer

| Thursday, SEPTEMBER 1, 2016 special FEATURE | EDUCATION special advertising section 39New President at SUAGM aspirations, from ob-Committed to Growth, Progress taining a university degree to improving BY CB STAFF mission, vision and values. recognition, which has dis- Throughout its 67-year their language skills. José F. Méndez Méndez, Méndez Méndez is a pro- tinguished the institution history, SUAGM has trans- SUAGM new presidentSistema Universi- locally and internationally formed thousands of lives Méndez Méndez will tario Ana G. Mé- active leader, respected for for more than six decades. through its four main in- continue to strength- committed to continue ndez (SUAGM) being a professional com- stitutions and 14 university en SUAGM’s interna- strengthening what has starts off the aca- mitted to SUAGM’s mis- Méndez Méndez, who centers in Puerto Rico, and tionalization, not only characterized the successdemic semester with a new sion. With support from has worked for 28 years at its four stateside campuses, through its continen- of SUAGM’s institutions,president, José F. Méndez a team of chancellors and SUAGM, began his career which include the Metro tal U.S. campuses, but which is a focus on inno-Méndez. With his adminis- vice presidents, the new as administrative assis- Orlando Campus, Tampa also by positioning the vation within its academictrative experience and tra- president will ensure that tant at the then-Channel Bay Campus and South institution in different programs, as well as a con-jectory, Méndez Méndez SUAGM’s institutions— 40, now known as Sistema Florida Campus in Flori- markets to attract in- stant evaluation of the aca-will be an agent of change, Universidad del Turabo TV. Since 2002, he has dis- da; Capital Area Campus ternational students demic programs so they ad-promoting a culture of con- (UT), Universidad del Este tinguished himself in the in Maryland; and Dallas to pursue or complete dress the needs of Puertotinuous innovation, and (UNE), Universidad Met- office of the president as Area Campus in Texas, all their university studies in Rico’s and the world’s labormaintaining academic de- ropolitana (UMET), the associate vice president of of which provide a varied Puerto Rico. SUAGM’s in- markets. nvelopment, international recently launched Univer- corporate & international academic offering with the stitutions have programsrelations, support for the sidad Ana G. Méndez On- affairs, interim vice presi- unique characteristic that with the highest accredita-community, and focusing line and Sistema TV (the dent of administrative af- they are all bilingual pro- tions but with a lower coston technology and research Ana G. Méndez University fairs, executive vice presi- grams. This has resulted in than other universitiesas well. He will also provide Channel)—continue their dent and, in recent months, a successful approach and in the United States. Fur-continuity to the objec- standards of quality, and as interim president. interaction with Hispanic thermore, Ana G. Méndeztives, goals and strategic focused on satisfying the communities in the U.S., University Online, whichplans that fulfill SUAGM’s ever-changing academic, SUAGM is the leading allowing its members to is the newest institution in student and labor demands private, superior educa- pursue and achieve their the system and provides all to maintain SUAGM’s tion institution in Puerto academic offerings 100% Rico, with 45,000 students. online, has received its cor- responding accreditations. Méndez Méndez is also AHORA SÍ PUEDES REQUISITOS MÁS FLEXIBLES VOLVER A ESTUDIAR Y TENER TIEMPO • Mínimo 21 años de edad PARA TU FAMILIA • Experiencia laboral previa • 12 créditos intentados SERÁS EL PROFESIONAL QUE QUIERES SER Resuelve tus días con el Programa AHORA y acelera tu carrera universitaria mientras estudias con adultos profesionales como tú.BACHILLERATOS MAESTRÍAS TE OFRECEMOS MÁS BENEFICIOS: Clases comienzan Educación 25 de septiembre • Educación Temprana (K-III) Administración de Empresas • Clases se reúnen una vez por semana • Educación Elemental (IV-VI) • Recursos Humanos • 5 - 8 semanas de clases MATRCÚALATE YA • Educación Prescolar y Primaria (K-III) • Mercadeo • Clases nocturnas y fines de semana • Educación Prescolar • Gerencia y Liderazgo Estratégico • Tus conocimientos y experiencia 1-800-58-AHORA( 2 4 6 7 2) • Educación Elemental en Inglés • Contabilidad programaahora.com • Finanzas laboral cuentan Administración de Empresas • Gerencia de Proyectos • Aprueba cursos a través de exámenes • Mercadeo • Administración de Oficinas Educación de reto y portafolio • Secretarial Administrativo • Administración y Supervisión • Contabilidad • Cursos ONLINE • Gerencia en Tecnología de Oficinas Educativa • Cursos HÍBRIDOS • Finanzas y Economía NUEVO • Educación de Adultos • Empresarismo NUEVO • Educacíon Bilingüe (presencial y a distancia) • Gerencia • Currículo y Enseñanza • Asistencia económica • Sistemas de Información • Diseño Instruccional e Integración • Préstamos estudiantiles a un interés bajo Computadorizados Tecnológica con E-learning SISTEMA UNIVERSIARIO ANA G. MÉNDEZ • Sistemas de Información Gerencial Asuntos Públicos Ciencias Sociales • Política Pública • Trabajo Social • Justicia Criminal • Justicia Criminal • Ciencias Forenses NUEVO • Psicología • Enseñanza de inglés como segundo idioma • Criminología Administración de Servicios de Salud Salud Pública • Gerencia de Servicios de Salud • Gerencia de Servicios de Salud Comunicaciones Turismo Estratégico NUEVO • Gerencia de Medios NUEVO • Turismo Deportivo

40 special advertising section special FEATTURE | EDUCATION hursday, SEPTEMBER 1, 2016 |Dreyfous & Associates’D-Genius Revolutionizes Education By Richard Colón minds of children are still D-Genius platform. in development. While she pointed outToday’s educa- tion consists of D-Genius does not limit that it is great that students more than just itself to only multisensory nowadays come to the books, pencils experiences, however, as it classes with vast knowl-and exams. Many students allows for children’s minds edge they receive from thenowadays carry with them to expand through the use internet, she believes it istablets and smartphones of lesson reflections, by us- important for educators towith quick access to infor- ing a program whereby stu- control these channels ofmation that would once dents ponder on what they information so as to avoidhave taken hours to find in learned throughout the day. misinformation.such traditional places as Its curriculum also openslibraries. Searching for a up to more investigation “It’s important to teachway to fuse technology and children and temper theeducation, Dreyfous & As-sociates has dedicated its It is very important to teachresources as an education children the balanced use ofand innovation company electronics to further developto develop and promote their knowledge while enjoyingtechnology and projects tohelp students learn how to their daily lives.better engage technologyand teachers to expand new “We focus on bringing “We asked ourselves how alternative ways to use and experiences, and pro- lessons to their skills andways to educate. solutions to the challeng- we could work so our digi- technology and at the same motes the child’s participa- interests,” Linares added. es the educational world tal natives could use tech- time, learn about its uses. tion in the classroom. Dreyfous & Associates faces,” said Michelle Lin- nology, but in an inten- The project already has With its educational ser-was founded back in 1993 ares, manager of Digital tional and balanced man- been taken up by 40 schools “Our motto is ‘Inten- vices, Dreyfous & Associ-by educator and inventor Learning at Dreyfous & ner without leaving their around Puerto Rico. tional Technology,’” Lin- ates seeks to address theseRicardo Dreyfous. In its Associates. development on the side,” ares said, explaining that it issues, through its tools andbeginnings the company Linares recalled about the “We are using the tech- is very important to teach systems, which are usedspecialized in new methods Currently, the group is beginnings of D-Genius. nology in favor of the chil- children the balanced use by many different clients,of teaching math in school. expanding their market dren so they can explore of electronics to further mostly private institutionsWhen the internet started, to preschool and kinder According to the Drey- new ways in which to uti- develop their knowledge, in the island Even today,however, the company to 12th grade, which they fous & Associates manager, lize new tools,” Linares but at the same time be the company continues todedicated its resources to have begun taking on D-Genius revolutionizes added, emphasizing that able to enjoy their daily expand beyond the coasts ofintegrate technology in the through their newest proj- the early education indus- D-Genius’ use of music and lives, which is the main Puerto Rico, throughout allclassroom. ect, D-Genius. try by offering children other arts to stimulate the idea behind the use of the of Latin America. n

| Thursday, SEPTEMBER 1, 2016 special FEATURE | ARCHITECTure week special advertising section 41Functional Morphology:The Study of Santurce’s Structure, Form BY LUIS VALLDEJULI Neutra, Nechodoma and Georgetti mansion (demolished), an example of the Prairie School the building of hotels such from houses to buildings Toro-Ferrer y Terragosa, Style championed by Frank Lloyd Wright and built in 1923 by Antonin as the Caribe Hilton and La that have evolved duringSan Juan’s Santurce and built on lots following Concha as part of a govern- the past 50 years through district can best be a grid. Its streets are lined Nechodoma. Photo by P.R. Historic Buildings Drawings Society ment sponsorship program the injection of American described as the with shade streets and pri- under Operation Boot- utilitarianism. Squared-off area that runs be- marily houses middle- to Condado to the Old City is today’s Condado Vander- strap. One can still find the homes and buildings withtween the historic neigh- upper-class families, who is named Dos Hermanos. bilt Hotel. large Spanish-style homes flat roofs typify construc-borhood of Miramar, east enjoy Spanish-style gar- The Vanderbilts also built with tall arches and tiled tion throughout.through “la 15,” El Fanguito, dens and patios. Its rich ar- a home there in 1919, which During the 1950s-60s, a roofs from a bygone eraLa Central, midtown, Plaza chitectural legacy includes tourism boom began with nestled between the high- In 1946, after the burn-del Mercado, Loíza (not to several Prairie School ar- rise hotels, shops (Gucci, ing of Barrio Hoare—whichbe confused with the town) chitectural style buildings. Louis Vuitton, Cartier, etc.) many speculate was doneand Sagrado Corazón. and condominiums. intentionally to reorganize Condado began its pro- the area—space was made Miramar & Condado cess of urbanization in Santurce proper for industrial projects that Miramar was built at the 1908 by two U.S. industri- Apart from being the faced San Juan Bay. As the alists, Herman and Sos- most populated space in suburb of Santurce grewsource of spring water for thenes Behn. The Behn the San Juan-metropolitan in occupancy, especiallythe walled city of San Juan. Brothers also founded the area, Santurce is the re- through the waves of im-The houses in this residen- Puerto Rico Telephone Co. sult of 400 years of Span- migrants from Spain, Leba-tial neighborhood were de- and the old tramway that ish architectural influ- non, China and many othersigned by architects such ran from Old San Juan to ence, a whole spectrum of countries, many of theas Henry Klumb, Richard Ocean Park. In their honor, morphologic consistency the bridge that connects Continues on page 42 IF THESE WALLS COULD TALK Retail StoresRestaurants-Hotels Offices Residences They'd be bragging about the skillful artisans who carved their excellence. The people at RIAX Interior General Contractors. For over 40 years, RIAX has brought to life hundreds of projects, that uphold our commitment to first class details and finishes, transforming all of our undertakings into masterful works of art. CALL US. Let’s give them something to talk about. 787-754-6410 | riaxcontractors.com

42 special advertising section special FEATUTRE | ARCHITECTure week hursday, SEPTEMBER 1, 2016 |Continued from page 41 Art, popular nightlife at La the area into a cultural hub. Loíza Street in Santurce sustain the area’s growth. Placita and new restaurants It has been a struggle to Gabriel García Márquezoriginal families from Bar- run by acclaimed chefs have unite the past with the pres- its original purpose but which purchased Ciudad-rio Hoare were displaced opened the door to a rebirth ent, but since the area has products now promote ela, an apartment complex said, “The inventors ofto the new Residencial Luis never before imagined. begun to catch the atten- healthier, less chemically on Ponce de León Avenue, tales, who will believe any-Llorens Torres. tion of the artistic crowd, induced foods. At night, the bringing the development thing we feel entitled to, ‘La 15’ local pride has encouraged environment is more like out of bankruptcy in 2012. believe that it is not too late Teatro Lorraine, which What for years was long-time residents to par- an ongoing party that lasts Morgan Reed Group, based to undertake the creation ofused to show adult movies, viewed as an extension of ticipate in the evolution of until the sun comes up and in Miami Beach, Fla., has the opposite utopia...wherewas replaced by the Cosmo- the Dominican Republic this part of Santurce. the last partiers leave for also purchased some large- the races condemned topolitan, a modern, Miami- with its large concentra- their homes. ly vacant office buildings in 100 years of solitude havestyle high-rise condomin- tion of Dominicans resid- Calle Loíza & La theneighborhood.Forthese finally and forever a secondium. Close by, in what first ing in the area, has evolved Placita Beyond the companies, it is important opportunity on earth.”used to be a prison and later as the urban bubble ex- horizon that a favorable investmenta girls’ orphanage, is now panded. The area around Of course, with this new climate and simpler per- There is a battle betweenthe Conservatorio de Músi- “La 15” still shows signs of life, the area also attracted Part of Santurce’s re- mitting system be estab- memory and desire, whereca. The area around Stop wear and tear from years new clubs and restaurants birth is owed to invest- lished so property owners what is referred to as au-18, which used to be mostly of being forgotten, but the that add to the region’s ment firms such as Put- can obtain the permits to tochthonous nostalgia (in-populated by streetwalkers, area has some surprises sense of urbanity. Calle nam Bridge Funding LLC, digenous rather than de-now houses the largest con- within as well. Loíza, which runs from scended from migrants orcentration of gay clubs and Not long ago, the streets Condado to Ocean Park, is colonists) stands in the waybars on the island. would have been populated now a long strip of new res- of what is desired. A return at night only by streetwalk- taurants serving food from to a utopia that can only be Outside the affluent ar- ers, drunks and homeless around the world. achieved by the creationeas, the vacuum has created people. Thanks to com- of a new reality. Architec-an interesting opportu- munity efforts, projects La Placita, at Stop 20, ture born of history mustnity for a younger, hipster like Santurce es Ley have has turned from being the be respected but also al-crowd in the past few years. brought cultural attention place where produce was lowed a chance to fulfill itsAffordable housing, art gal- to the area. Writers and purchased into a center for true purpose, providingleries such as Petrus, the painters have transformed fine dining and an organic relentless and continualMuseum of Contemporary products market. During structure and form for theArt, the P.R. Museum of the day, the market serves people it serves. n

| Thursday, SEPTEMBER 1, 2016 special advertising section 43special FEATURE | ARCHITECTure weekPolitécnica’s School ofArchitecture at Vanguardof Academic InnovationBY MARIO BELAVAL DÍAZ it aims to make students environment, which [email protected] “aware of what surrounds students to reflect on situ- them.” ations related to the city,At Universidad but also have repercussion Politécnica de “[This makes students] throughout the island. Puerto Rico aware of their community, (Politécnica), culture and history and “We are a compact urbanstudents are in the busi- the important role they campus with this reposi-ness of architecture from will have in creating and tory of knowledge where,day one. improving, for example, in a creative manner, we shared or common places, are shaping competent “Politécnica’s School of making them more pro- professionals with a practi-Architecture is an example ductive and competitive,” cal, technological and en-of our position at the van- Vázquez-Barquet said. trepreneurial profile thatguard of education with “Students are exposed to will allow them to join thea five-year program that intellectual, creative, hu- profession’s labor marketimmerses students in ar- manistic and technological and add to such fields aschitectural studies from advances, integrating cre- manufacturing, industrythe first year,” said Ernesto ativity and artistic resourc- and construction,” Betan-Vázquez-Barquet, Politéc- es with analysis and other court Llambías said.nica president. “This dif- problem-solving skills.”fers from other institutions As part of Politécnica’swhere students first have The School of Architec- and the School of Archi-to complete a bachelor’s ture at Politécnica also tecture’s commitment todegree in art and then go offers the only master’s constant evolution, meet-on to two years of study in degree in Landscape Ar- ing both the needs of thearchitecture.” chitecture in the Carib- market and the commu- bean, with two options for nity, in the near future the Thus, not only does Poli- obtaining the degree. First, university will begin to of-técnica’s bachelor’s degree there is the professional fer a master’s degree in Ar-in architecture provide degree aimed at students chitectural Conservation &the theoretical aspects of who come from areas other Rehabilitation to studentsthe profession but also the than landscape architec- who want to delve into thetechnical, practical, histor- ture. Then, there is the cultural patrimony thatical and cultural criteria of post-professional degree surrounds them.the field, with a balanced, for students who alreadyflexible curriculum. Fur- have a professional degree Founded in 1966, Politéc-thermore, the uniqueness in architecture. Architect nica is celebrating its 50thof Politécnica’s School of Carlos Betancourt Llam- anniversary by continu-Architecture includes the bías, dean of the school, ing its mission of shapingonly conservation labora- explained that this pro- professionals in the engi-tory in an educational in- gram is located in an urban neering and architecturalstitution in Puerto Rico, fields. nwhich adds to the universi-ty’s commitment to main-tain a close collaborationwith the communities itserves, adding to students’experience through realpractice. The School of Ar-chitecture also features abachelor’s degree in Interi-or Design, which is the onlysuch degree in Puerto Ricowith an architectural focus,and Vázquez-Barquet said

44 Thursday, september 1, 2016 |LIFE GUIDENew Music to Listen to this FallA 90’s Pop Icon, Trio of Latin Stars Return to FormBY DENNIS COSTA the album is that it keeps artist When it comes to [email protected] collaborations to a minimum— collaborations, few are as un- only rapper G-Eazy makes an ap- likely as the mastermind behind Britney Spears pearance on its lead single. This is the ambassadors of Staten Island Glory a far cry from her previous album, gangsta rap joining forces with It’s been almost three years which had high-profile acts such the lead vocalist of a rock groupsince Britney Spears began a four- as Sia, David Guetta and will.i.am that sounds like the second com-year residency show in Las Vegas lending a hand. ing of Joy Division. But that isand common logic would dictate precisely what RZA, rapper andthat the constant performing of Banks & Steelz producer behind some of the Wu-her tried-and-true hits would lead Anything but Words Tang Clan’s biggest hits, did whenthe pop superstar into a sense ofconformity, musically speaking. unrequited lust. center of attention in some parts. However, judging by her recent- But although the album often It’s as if her regular performingly released ninth album, “Glory,” schedule in Vegas, far from mak-such is not the case. On the con- mines into the same sonic and ing her complacent, has madetrary, her newest production has lyrical vein as in previous re- her want to experiment more ingarnered the most positive re- cords, Glory remains one of the terms of her vocals.views in almost a decade, mostly pop star’s most self-assured offer-due to a desire to stretch her ings, with her singing becoming a Another point of departure formusical muscles to a sound moregeared toward electronic dancemusic and adult contemporary. Her previous 2013 album,“Britney Jean,” received mixedreviews, with an overdependenceon ballads seen as a weak point bymany listeners. This time around,she has brought the party back,with a vast array of synth-soundsand bass drops that have becomesynonymous with the genre,alongside Spears’ usually steamylyrics about one-night-stands andcb Weekend Guide For more details, visit protagonist and featuring a 5K race, Puerto Rico Burger Culinary Fest https://www.facebook.com/ carnival parade and family activities Over 30 restaurants will be preparingBreadfruit Festival CentroCulturalDeMorovis/ Friday, Sept. 2, to Sunday, Sept. 5 burgers while serving up mojitos,Celebrate this beloved local delicacy Francisco Rosario Paoli Sports Complex, sangria, wine, beers and more, allwhile enjoying great food and live music. Festival Arepa VER Vieques Maunabo included in the entrance fee.Friday, Sept. 2 to Sunday, Sept. 4 A town festival in the island municipality For more information, visit Festi- Sunday, Sept. 4Barrio Mariana, Humacao of Vieques for a good cause; enjoy live Carnaval-Jueyero-de-Maunabo on Bahía Urbana & Amphitheatre, San JuanFor more details, visit https://www. music, artisans, a parade, a 5K race and Facebook For more information, visit Bahía Urbanafacebook.com/festivaldelapana/ other family activities while helping to &Amphitheatre on Facebook raise funds for cancer patients. Longaniza FestivalCuatristas & Trovadores Festival Saturday, Sept. 3 to Sunday, Sept. 4 Enjoy the best longaniza on the island Rubén Blades: Walking, Goodbye &Learn about these traditional forms of Public Plaza, Vieques while also taking advantage of a farmer’s Thank Youmusic from some of the best trovadores For more details, visit Vieques en market, artisans, farm animals and exotic The Panamanian legend’s farewell tourand cuatristas who will be performing Rescate Inc. on Facebook bird exhibits, health clinics and live music will cover his musical career with aand competing. performances. special emphasis on salsa.Sunday, Sept. 2 Festi-Carnival of the Crab Saturday, Sept. 3 and Sunday, Sept. 4 Saturday, Sept. 3, 8:30 pmPublic Plaza, Morovis Huge town party with local crabs as the Jesús “Tito” Colón Coliseum, Orocovis Puerto Rico Coliseum, San Juan

| Thursday, september 1, 2016 LIFE 45MUSIC Pop these selections in for a listenhe got together with Paul Ghostface Killah and Meth- However, judging by theirBanks, of the band Interpol, od Man, and the result is strong sales out of the gate—to produce their first record one of the best records to having debuted at No. 1 onunder the Banks & Steelz come out this year. Billboard’s Top Latin Al-moniker. bum chart in the U.S. and Reik Puerto Rico as well as the Often, the marriage be- Des/Amor top spot in iTunes digitaltween hip-hop and rock re- Mexican pop trio Reik sales—it seems their gamblesults in a clumsy mish-mash has ruled the Latin Ameri- has paid off in spades. Asthat ends up not satisfying can charts for more than it stands, the album is be-listeners in either camp. a decade with their infec- ing frequently highlightedFortunately, “Anything but tious and hook-laden bal- as one of their strongest toWords” belongs in the other lads, mostly propelled by date, particularly for a bandcategory. This is because it the strong vocals of Jesús that is mostly known for itsdoes not try to achieve the Alberto Navarro and mostly singles.mix of rap and hard rock occupying the slower side ofthat characterized much of the tempo spectrum. Further underscoringthe nu-metal scene in the This time around, the their newfound interest inlate 1990s, a sound very few group has decided to mix urban rounds, the 11-trackbands have employed to things up somewhat and album closes with a remixtrue artistic potential. incorporate more urban version of its lead single “Ya sounds,amongthemcumbia Me Enteré” that features Instead, the record and reggaeton, in their first Nicky Jam as well as a radi-achieves a combination be- studio material in five years. cally different feel from itstween the rapid-fire rap- The synth-driven sound of slow-moving ballad origins.ping of East Coast hip-hop previous albums, such as The group even ventureswith the driving bass lines 2011’s “Peligro,” has been into English-speaking terri-and staccato drums of post- left behind, in what some tory with the appropriately-punk that bring to mind fans could consider a risky titled “Spanglish” and thesome of Interpol’s best move on the trio’s part. rocker “We Have Only To-work. RZA’s delivery is as night.” nfurious and on-point as in aWu-Tang release and Banksdownplays his best Ian Cur-tis impersonation to carve amore distinctive timbre ofvoice. Helping matters is thatboth collaborators are veryfar from being cloisteredin their specific musicalworlds: behind Banks’ rock-star persona is an avid hip-hop fan, with his previoussolo outings flirting with thegenre. Meanwhile, RZA hasbeen widely known as one ofthe most experimental pro-ducers in rap, a trend thathas only grown in recentyears. Throw in featuredappearances by the likes ofFlorence Welch, Kool Keithand Wu-Tang stalwarts

46 LIFE Thursday, september 1, 2016 | A taste of the ad life for students ADVERTISING Ad Calendar Advertising Agencies Wrap up Successful Now online! Summer Intern ProgramsNeed more frequency for your B2B campaign? BY MARIO BELAVAL DÍAZ where they would most fit with current issues in the have that hunger, that cu- Your directory listing and display ad on the [email protected] and the student is assigned industry,” Martínez said. riosity and take chances,”new CARIBBEANBUSINESS.PR website allows to that area.” “We also bring key people Sánchez said. “From dayyou to keep your product or service in front of They arrive wide eyed, in the industry for talks.” one, I tell them they have maybe a bit apprehensive These areas include ac- to be like sponges and ab- potential users but hungry for the adver- counts, creative and other This year, speakers in- sorb as much as they can tising experience. They departments that make cluded Rachid Molinary, from the experience.” 24 / 7 / 365. are the college students up an advertising agency. vice president of digital who answer the call of lo- Each student is assigned strategy at Banco Popular, That experience began If you’re advertising in this weekly print cal advertising agencies a mentor in that depart- and local filmmaker and with interns forming two edition, you’ll enjoy great “combo” rates! every summer for interns. ment, and at JWT, the director Kacho López. “advertising agencies” that While every agency has its interns are not rotated each week was given a proj-SEPTEMBER 8 own version or concept of among different depart- Planting the seed ect to work on and which internships, they all aim ments but get to interact At SGA (Sajo, Gracía & they had to present each BIOSCIENCE WEEK to give a taste of the with each other in what the Alcazar) advertising agen- Friday. They also had a final Caribbean Business provides exclusive coverage of Bioscience workings of the ad- Week 2016, which will be held Sept. 12-16. Celebrating its 13th vertising and public This year’s crop of interns at Sajo, García & Alcazar advertising agency project involving edition, the weeklong event will focus on “Creating Bioscience relations business one of the agency’s Knowledge for the World” and will address and discuss the latest and in turn, agen- company calls its Pioneer- cy, internships consist of real clients. This local and global trends in the biotechnology field, as well as the cies get a glimpse of ing Process, a company- what Patricia Sánchez, year’s project in- latest biotech product introductions in Puerto Rico, industry in- what the future gen- wide approach to working SGA’s experiential market- volved a campaign novations and new developments in coordination with the Science eration of advertis- in a more integrated and ing director & director of for the Christmas & Technology Trust. ers is all about. efficient manner. During the internship program, season for Med- COMPANIES IN MOTION the eight-week program, described as “six very in- alla beer. At SGA, Caribbean Business presents the local companies that have Far from con- interns have to carry out tensive weeks where we internships also increased the value of their businesses by discovering tools to demning interns to three practice projects and want to plant that seed of have an educational further their objectives, grow their market share and soar above weeks of fetching a final project, involving interest in advertising.” component in the the competition. Find out what winning strategies and fresh ap- coffee or photo- the agency’s clients. This The program is named sa- form of seminars on proaches they are using to continue moving forward. An ad in copying documents, year, 10 students took part jorINtership program, a industry-related is- this supplement is a salute to excellence. these advertising in- at the JWT intern program take on the nickname of sues that the interns CLOSING DATE SEPTEMBER 2 ternship programs from universities in the agency founder & presi- have to attend. are intense affairs U.S. and Puerto Rico. dent Sajo, which derivesSEPTEMBER 15 that demand total from the Spanish word sa- Both Martínez commitment from “The program also has a jorín, which may refer to a and Sánchez agreed SOCIETY OF HUMAN RESOURCES MANAGEMENT participants. From continuing education as- rambunctious child. that the experience (SHRM) CONVENTION the get-go, they im- pect whereby we discuss helps interns go be- Recruiting, training, team building, performance assessments, merse participants in readings that have to do “We want people who yond the theoreti- labor laws, security issues and many other topics will be dis- the working world. It usu- cal aspects that they cussed at this year’s convention and exposition, focusing on the ally begins when agencies receive as part of their “Awakening an Ongoing Business Evolution” theme. The conven- publish a notice on tradi- college studies. tion will be held Sept.15-16 at El Conquistador Resort in Fajardo. tional or social media, call- “Sometimes you see that This SHRM supplement is the ideal showcase to advertise prod- ing on students interested in some cases, they arrive ucts and services that cater to the human capital industry. in an internship to apply. with the traditional no- CLOSING DATE: SEPTEMBER 16 tion of what an advertising “They have to submit a campaign should be, evenSEPTEMBER 22 piece of writing stating the though they are from a gen- reason they would like to eration that carries digital TRANSPORTATION & WAREHOUSING participate and just like for in their veins,” Martínez Our island’s commercial transportation market—which includes a job, they come in for an said. “Here, they realize trucking, marine and air cargo—has enhanced Puerto Rico’s interview,” said Juan Mar- that the mold can be bro- presence as a critical hub in the Americas, allowing us to be on tínez, JWT’s VP account ken, that perhaps the solu- par with any other region in the world. Are your company’s prod- group director, who also tion isn’t a whole campaign ucts and/or services instrumental to the success of our trans- heads the internship pro- but an app; here they can portation and warehousing industry? Then you must advertise in gram at the agency. “From question things and learn, this special report. that, we get a feel for the and go back to their places CLOSING DATE: SEPTEMBER 9 student’s area of interest, of study with that experi- ence and knowledge.” n Call 787-728-8415 today!