A GOLDEN WINDOW IN THE DARK TARIFF CLOUD
Trade Tussle Presents Opportunity for Puerto Rico to Shine
The age-old adage—”when the United States catches a cold, Puerto Rico gets pneumonia”—is back in a geopolitical gameboard thanks to a barrage of tariffs being levied by U.S. President Donald Trump on the nation’s trade partners. On this occasion, however, the immediate fear sending markets aquiver did not lead to conventional wisdom of a falling sky at the helm of Puerto Rico’s government and private sector.
This time the trade tirade has put Puerto Rico on high alert as the administration of Gov. Jennifer González is trying to get out in front of the challenges of running a government already under the fiscal crimp of the Financial Oversight and Management Board (FOMB). Here’s the rub: How does an island still shackled by the bankruptcy of the Puerto Rico Electric Power Authority (Prepa) attract companies (See related story, P. 10) to partake in this business climate? The answer is being sought by capitalizing on the foundational elements of manufacturing
ecosystems that continue to produce hightech, medical devices, pharmaceuticals and aerospace components in Puerto Rico. Those clusters employ an army of 84,000 skilled laborers, many of whom were recruited from world-class engineering programs at the University of Puerto Rico Mayagüez campus and other private universities. Importantly, Puerto Rico’s manufacturing brigades are all trained in programs that meet rigorous federal standards.
Special for The News Journal by Phlipe Schoene Roura
The existence of a manufacturing ecosystem featuring a talent pool from the UPR-Mayagüez, a legacy of skilled labor and manufacturing expertise were key elements that led former President Joe Biden to push for the selection of Puerto Rico as the location for the Lufthansa Technik Maintenance, Repair and Overhaul (MRO) plant during his days as vice president in 2014.
An Ode to Progress & Hope
“Puerto Rico has a highly qualified workforce, Puerto Rico has infrastructure, the island is interconnected from north to south and from east to west with good transportation routes; geographical location also makes it attractive as a destination for foreign investment in industrial development and the rule of law is touted as an important feature,” explained Dr. Angel Carrión Tavares, who is the director of research and public policy for the Institute of Labor Freedom (ILE, according to its Spanish acronym). Together with ILE Founder and CEO Jorge Rodríguez, the researcher lobbied Canada-based consultancy the Fraser Institue to include Puerto Rico in the organization’s annual national and subnational rankings, which measure the economic freedom in 93 provincial and state governments in Canada, the United States and Mexico. The island has finished at the bottom of the subnational list dating back to 2023 in many categories tied to the Ease of Doing Business.
The special publication you are reading is history in the making,anaffirmationinresponse to a business community in Puerto Rico starving for a new narrative—of progress and hope. The return to print of the News Journal has an emphasis on the W in the word “news,” as in the five foundational Ws of journalism—Who?; What?; Why?; When? and Where?
but ratheras a beginning of dialogue that leads to solutions.
Back to the drawing board
During an omnibus hearing on December 11, U.S. District Judge Laura Taylor Swain again called on all parties in stalled talks over a proposed debt settlement plan for the Puerto Rico Electric Power Authority (Prepa) to continue in the mediation process, despite pessimistic statements made by the mediation team in its latest report to the bankruptcy judge.
Our
The pressing concerns over the many loose ends—such as creditor constituents chomping at the bit in Puerto Rico’s energy transformation are discussed with precision. And if you want to understand challenges coming for the incoming administration of Governor-elect Jennifer González, who takes office with an agenda for progress together with Resident Commissioner-elect Pablo José Hernández Rivera, hell-bent on economic development, you will read about the devil in those details in this edition.
Judge Swain said that “I have to maintain hope, for the people of Puerto Rico, that a fair and efficient conclusion to this process will be achieved,” urging Puerto Rico’s Financial Oversight and Management Board (FOMB), the Puerto Rico government and utility creditors and bondholders in deadlocked negotiations to use their “imagination” to see beyond the position that they are the only ones with a reasonable position.
The report says that “the arrival of the new administration in Puerto Rico as well as the advancement of proceedings in the pending case before the Puerto Rico Energy Bureau relating to PREPA and LUMA’s liquidity and cash flows present additional challenges – and perhaps additional opportunities for progress.
“The first thing that we should address is the issue of permits; Puerto Rico has been very limiting in that aspect, thus hindering the island’s opportunities to become an industrial hub,” added Carrión Tavárez with a sense of urgency because he sees a critical juncture with the United States drive to reshore American manufacturing from Asia (See related story, P.10).
Reshoring Déjà Vu
We want to know Who is giving Puerto Rico reason to hope for jobs that drive our economic development, not with empty slogans, but with investments and action—putting money behind endeavors employing the many talented professionals across industries in Puerto Rico. Wewant to inform readers What makes our “empresarios” so special—is it their belief that new residential development would fit the needs of young families building a future? Repeatedly, we will report on “Why is it worth investing in Puerto Rico?”—because of our talented professionals,federal regulatory compliance, and attractive tax incentives. Admittedly, there is work to be done—on the permits front and so many other works in progress. Our solemn promise is to ask wise questions for essential answers.
solemn promise is to ask wise questions for essential answers.”
The governor has already said that Puerto Rico is a willing protagonist in one of the subplots of season two of the Make America Great Again (MAGA) series, the one featuring a campaign to reshore U.S. manufacturing operations to US soil.
That initiative to lure American companies to U.S. territory first gained a head of steam when a pressing shortage of Emergency Protective Gear (EPG) available to frontline medical workers was exposed during the pandemic in 2020. During that first iteration of Puerto Rico reshoring, the Trump administration sought a shot in the arm to produce medical equipment closer to home in addressing a national emergency.
One of our many sources on Capitol Hill with ties to the incoming Trump administration put it best with this: “The year 2025 will certainly be an exciting year to look into—you have new leadership in Puerto Rico,somebody who has said, “I am going to focus on young people, our grandparents, and trying to create as many jobs as possible—I don’t want to put words in [the Governor-elect’s] mouth, but that is my interpretation of what she has said. And, I think the Oversight board has an interest in that because it also has an interest in economic growth in Puerto Rico.”
FOMB Executive Director Robert F. Mujica, Jr. said during a press conference on Dec. 11 that despite the mediation team’s pessimistic report the oversight board was “hopeful that we can complete the process in 2025,” and that “we will go back into mediation and do what the court asks us to. At the end of the day, as the chairman mentioned, we need a plan that’s feasible and we need a plan that makes sure that Prepa can continue to fund the operations, repair a system that had lack of investment for decades…”
“Puerto Rico has a highly qualified workforce, infrastructure, good transportation routes, and an attractive geographical location… the rule of law is touted as an important feature.”
— Dr. Ángel Carrión Tavares Institute of Economic Liberty
Readers who want to know when meaningful measures are coming down the legislative pike will want to read the News Journal; so, will investors who want to know where to put their money behind the next big thing. In this return to a printedition—a momentous occasion in itself—you will read about an exodus of talented physicians who are leaving the island because of the Health Department’s tardiness in paying residents and paltry compensation. The story is not meantas a fireandbrimstoneindictment,
During the Covid-19 emergency, the Trump trade brigades had serious designs on Puerto Rico’s robust pharmaceutical and medical device industrial base as an alternative to reestablish manufacturing
At this writing, it seems the Financial Oversight and Management Board is focused on finalizing Puerto Rico’s debt restructuring with PREPA and securing disciplinein achievingstructurally balanced budgets. However, without much-needed job creation, we will not achieve the economic development that was stripped from this island’s progress. We believe in the foot soldiers of economic development set to thrive in this new era. The possibilities are endless; this W Journal aims to make them a reality.
of critical healthcare products by U.S. companies overseas. Although the island is a foreign jurisdiction for tax purposes—U.S. multinationals are registered as controlled foreign corporations on the island—industry here is wholly governed by federal regulations. Thus, the U.S. territory qualifies for national security treatment.
In those days, pharmaceutical and medical device manufacturing drew most of the Trump
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administration’s attention. Now, in 2025, “because there is so much uncertainty surrounding tariffs that might apply to other jurisdictions, Puerto Rico, as a U.S. territory [under Federal regulations and rule of law], will have a competitive advantage in the drive to reshore companies. But we have work hard at strengthening four dimensions that we have identified as key drivers of manufacturing growth: Reliable energy, swift permitting, incentives, and touting skilled labor,” Puerto Rico Manufacturers Association President Rafael Vélez Dominguez told The News Journal during a recent interview. “We need to provide reliable and cost-efficient energy to convince manufacturing companies that it is worth setting up shop in Puerto Rico. The issue of swift permitting will also help move decisions in the island’s favor; if it takes three years, they will start looking at other jurisdictions. We also must revisit incentives that can help American companies choose Puerto Rico over other locations across the continental United States and the last dimension builds on the human capital that is already in place.”
Puerto Rico’s electricity is overburdened by regulation. It will take serious work on the legislative front to start our way back to energy transformation.”
— An expert source with knowledge on energy affairs
The PRMA president believes Puerto Rico should be touting the existing human capital by nurturing the existing manufacturing ecosystems with professionals and engineers as was the case
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Puerto Rico’s advanced manufacturing sector, including automated systems for high-tech assembly, positions the island as a key player in the U.S. reshoring strategy.
Judge Laura Taylor Swain
with the wealth of talent recruited from the UPR Mayagüez to work with Lufthansa Technic. “We have to make certain that our universities continue to produce graduates that can provide the skilled labor needed by these global companies,” Velez Dominguez added. “But everything else—the permitting, the construction, ordering equipment— takes time.”
Ease on Down the Road
The lessons learned from that first go ‘round in the reshore sweepstakes, during which Puerto Rico came away without two nickels, have prompted Gov. González to move on the Ease of Doing Business front. During the first 100 days of her term, the governor signed Executive Orders promiting job creation, among which were: EO003—To expedite permits for emergency works; EO-004—Declaring a state of emergency for transportation infrastrucutre; EO-006—To establish a task force for the transforrmation of energy in Puerto Rico; EO-009—To revise government systems to modernize and simplify procedures, rules, regulations and other administrative provisions; EO-012—To establish a task force for reshoring and the promoting of investment in manufacturing on the island; EO-015—Eliminating the requisite for proponents of construction works of government entities to sign labor agreements, among several other orders signed.
On the energy front, Prepa has entered into Operating Management Agreements (OMA) with private companies: Genera, to manage generation assets and LUMA Energy to manage Transmission and Distribution. Both companies are under
3 Key Data Points
WorldClass Local Talent
Much of the workforce is trained locally, especially at the University of Puerto Rico –Mayagüez, known for its high-quality engineering and technical programs aligned with federal standards.
supplemental agreements, not starting their full contracts until Prepa exits bankruptcy-like proceedings under Title III of Promesa.
If anything, the most recent hurdle to Puerto Rico’s economic development—reacting to external locus of control—will serve to showcase a skilled labor force trained under rigorous federal standards tracing back to the heyday of the island’s industrialization during Operation Bootstrap begun in the 1940s.
Most observers of the next “Great-Great Game” believe China is eating the United States’ candy in the Theater of Trade. “They are learning from us and then implementing technological innovation at breakneck speed,” New York Times columnist Thomas Friedman told his colleague Ezra Klein during an episode of the Ezra Klein Show. Friedman says the economic development prize is in the jobs and knowledge driving ecosystems behind new technology and innovation.
Incentives Lose Luster
Seemingly, Puerto Rico has a golden opportunity to pull itself up by the bootstraps in 2025; the government is banking on touting skilled labor that rivals jurisdictions in Asia. The answer is no longer in tax incentives, say observers of Puerto Rico’s economic rise and fall who put significant work into the language in the Puerto Rico Oversight Management and Economic Stability Act (Promesa).
“The institutional view of U.S. Treasury is that economic incentives such as Section 936 are inefficient and do not produce as much societal benefit as they do to the individual beneficiaries of the tax incentives,” one source with ties to U.S.
4 Pillars to Attract Investment
84,000 Jobs in Manufacturing
Puerto Rico maintains a robust manufacturing ecosystem with 84,000 skilled workers in industries such as medical devices, pharmaceuticals, and aerospace components.
Bottom of Economic Freedom Index
Puerto Rico has ranked at the bottom of the Fraser Institute’s subnational economic freedom index since 2023, mostly due to excessive permitting hurdles and regulatory burdens.
Treasury who helped draft Promesa told this journal on the condition of anonymity. “The line of thinking at the end of the 10-year phaseout of Section 936 that commenced in 1996 happened to coincide with the beginning of Puerto Rico’s economic and fiscal problems. Treasury is skeptical of that view.”
The source went on to add that: “the institutional view is that there were much larger reasons for Puerto Rico’s decline—globalization, the change in the pharma industry, overall trade, many factors contributed to Puerto Rico’s economic problems and those economic problems certainly contributed to the fiscal problems. But, also Puerto Rico’s failure to address its fiscal imbalance was clearly a problem.”
The brain trust at the Institute of Economic Liberty believes in leveling the playing field for businesses to become more competitive will help to build healthier ecosystems. In that sense, Carrión Tavares does not believe the private sector should be looking to the government for answers. “What hinders growth is the paternalism, the central planning of the government, big government is what hinders, not the lack of incentives,” added the statistical analyst. “People expect the government to step in with tax breaks.”
The Puerto Rico Manufacturers Association identified four critical factors to attract U.S. reshoring projects: • Reliable energy • Streamlined permitting • Clear incentives • Skilled labor force
Puerto Rico caught the eye of the Internal Revenue Service (IRS) well before the Biden administration came into office in 2021 because many high wealth individuals were moving to the island drawn by tax incentives tied to the Individual Investors (formerly known as Act 22) and the Act to Promote the Export of Services (formerly known as Act 20). Both tax incentives, which are now part of the Puerto Rico Incentives Code Act (Act 60 of 2019) came under the eye of the IRS brigades in Jan. 2021 Although Act 20/22 (now Law 60) benefits were signed into law by the Puerto Rico legislative assembly in 2012, those laws continue to draw the interest of the Internal Revenue Service (IRS) because some high-wealth individuals shelter nearly 100 percent of their income from taxes without complying with the pre-requisite number of days [183]they must live on the island and because of
With a highly skilled workforce trained under federal standards, Puerto Rico continues to support critical industries like aerospace, pharmaceuticals, and medical devices.
-Jaime Toro, General Manager of Puerto Rico Medical Transport
rhetoric on the Hill suggesting that millionaires continue to use the laws as subterfuge to avoid paying federal taxes on income that does not qualify for those breaks.
Those tax decrees first came under assault when members of U.S. Congress sounded the alarm because millionaires contributing to some states were eroding their tax bases. Sen Chuck Schumer (D.-N.Y.) remains a vocal critic of Act 22 on the Hill.
Washington Touts Ease of Doing Business
“The United States of America is a blue-collar country; from doctors to garbage collectors—you show up for work, you work X number of hours, for X amount of pay. Before, we thought that a white-collar worker was the guy that went to college and worked in the office; but that has changed,” one Republican source with close ties to the Trump administration told The News Journal. “It is not that it is wrong, it is just that it has changed. So, think of the United States as a blue-collar country with blue-collar representatives in Congress.”
Trump administration has said this and I have heard it from my friends in the administration: ‘The Trump administration has really been focused on reducing that friction with permits, the EPA and others. So, is anybody doing something? Yeah, the governor is doing something: she is trying to make it easy to have a job. This is good news. The question is how to get that hockey stick effect of creating jobs in Puerto Rico?”
That question was asked hundreds of times during the heyday of Puerto Rico’s industrial development when Operation Bootstrap became a model for industrialization studied the world over. It did not happen overnight.
In fact,
Puerto Rico manufactures medical and pharmaceutical products under strict U.S. federal regulations, making it a strategic reshoring destination.
Today, the legacy of industrial development is on display in a manufacturing industry that continues to employ 35 percent of Puerto Rico’s workforce. The idea behind the crusade to “free permits” and tamp down excessive regulation is to help all businesses thrive.
The source used that explanation of Trump nation’s mindset to set the table for the legislative possibilities of measures that would create more tax incentives for Puerto Rico. “So, there is no mechanism that I am aware of easily enable the kind of economic development that drives 300; 400 or 500,000 jobs created to give growth that hockey stick curve. Instead, I think the governor, by changing the permitting process is trying to be helpful. She is saying: ‘hey, you know, let’s just keep the ability, let’s make it easy for someone to start a business and get to work.’ The permitting makes it hard, the employment conditions make it hard hard—labor laws, you know” .
“So, arguably they are doing things in Puerto Rico to make it easier for folks to create opportunity. The
“We should be seeking companies belonging to the manufacturing ecosystems already established on the island—we have the know-how and the track record— while we nurture and support the suppliers in that chain at the local level,” the PRMA president said. “There are also other opportunities such as data mining, now that we are seeing such exponential growth in the fourth revolution with AI; I believe we have the skill set for that. After all, we had a Microsoft data center in Puerto Rico where updates were made to software. I believe that is on a second horizon.”
Puerto Rico’s governor has said she intends to push measures to release the shackles of bureaucratic red tape and excessive regulations holding job creation hostage. This is music to the ears of federal policy wonks in Washington D.C., statistical analysts and the members of the PRMA as they continue to work in lockstep on the economic development front.
Anticipatory Anxiety Shrouds Retail Sector in Uncertainty
By Enrique Muchacho, Special for TWJ
When the announcement was made on April 2 that the United States would place reciprocal tariffs above 10% on imports from various nations, including China and countries belonging to European Union, the global market shuddered. The anticipatory sticker price anxiety pushed auto sales in Puerto Rico into the stratosphere—to get ahead of the coming price hikes—while other categories in retail remain in a steady holding pattern say industry leaders interviewed by the News Journal.
According to a recent survey published by Intelligent Economics, new car sales in Puerto Rico skyrocketed in March 2025, reaching 12,072 units, a significant increase compared to 9,000 units in February and 8,595 in January.
With this figure, March 2025 becomes the month with the highest sales since May 2021 (12,686 units). The Intelligent Economics research brigades attribute this uptick to the urgency of many consumers to acquire a vehicle before the entry into force of a new 25% tariff on imported vehicles, set to commence in the next quarter. “It is anticipated that some models could face price increases of up to $10,000 if dealers decide to pass the full cost of the tariff on to the consumer. “
The tariff, pushed by the Trump administration as part of its protectionist agenda, seeks to strengthen domestic auto production. However, it has generated concern among consumers and dealers, since less than 20% of new cars sold in the first quarter of 2025 in Puerto Rico were U.S. manufactured according to the Intelligent Economics report.
As pertains to retail sales in general, malls and shopping centers have not seen a mad dash for the cash register to get ahead of anything as Trump suspended his global tariff assault for 90-days. What deals he ultimately strikes are yet unclear.
U.S. Treasury Secretary Scott Bessent claimed the tariffs were a “negotiation strategy” on April 9, the same day President Trump issued a 90-day pause
on all tariffs, except for China, which saw a major increase (up to 125%) in taxes on their products sold in the United States.
the changes in consumption caused by the tariffs depends on the magnitude of tax spikes and the gamut of nations striking deals.
Despite the 90-day pause imposed on the tariffs, China has seen a major increase in its tariffs, going as high as 125%. Luis Pizarro Otero, president of the Chamber of Commerce of Puerto Rico, says that while there is a hold, there is still an impact in the uncertainty. “It’s very difficult for our chamber of commerce members. Not knowing exactly how this is going to be handled is where it affects the market the most. That’s what I could indicate as the greatest risk regarding that,” Otero claimed.
President and CEO of the New York Fed John C.Williams, who spoke before the Puerto Rico Chamber of Commerce, shed some light on the uncertainty to which Otero refers. “Measures of policy uncertainty have increased sharply in recent months. For example, between October of last year and this March, the Economic Policy Uncertainty Index has nearly tripled, reaching the highest level recorded over the past 40 years, outside of 2020,” he said while delivering his message.
It is not yet known what will happen over the next 90 days. Agreements are being reached with some countries, so there should not be a significant or long-term change. If that were not the case, there will be an effect that forces the retail industry to reinvent itself,
Adolfo González, president of
Empresas Caparra
“So far, our traffic has remained on the rise, with the same [upward] trend,” says Adolfo “Tito” González, president of Empresas Caparra, who sees little change in local shopping patterns, despite the fear of a brewing trade war. “The traffic of people visiting our commercial properties, San Patricio Plaza, San Patricio Gallery has followed the trend it had. It hasn’t had a negative effect. But in sales it is yet to be seen in the coming days.”
The Waiting Game
José “Pepe” González, president of the Puerto Rico Retail Trade Association (ACDET, according to its Spanish acronym), agrees that it is too early to assess the impact on the island’s consumer behavior.
“It is not yet known what will happen over the next 90 days. Agreements are being reached with some countries, so there should not be a significant or long-term change. If that were not the case, there will be an effect that forces the retail industry to reinvent itself,” said ACDET’s González, while adding
Williams was direct in letting the audience know that uncertainty often has a chilling effect on consumer behavior. “Shifts in sentiment can occur for a multitude of reasons, so understanding their source is key. While uncertainty about the economic outlook reflects many factors, the effects of tariffs and trade policy on the economy are certainly at the top of the list. For example, my business and financial market contacts highlighted that this has made it more difficult to plan for investments and hiring.”
“This gives us insight into the reality that businesses and consumers are faced with, many of whom speak of taking a wait-and-see approach. It’s a concept economists call the “option value of waiting.” At times of great uncertainty, consumers may put off making big decisions like buying a home or car, and businesses may delay investing until they have a better sense of what the future holds.”
Opportunity Knocks
Despite the coming increase in tariffs, Empresas Caparra’s González mentioned that a diversification of the supply chain that had already begun during the pandemic can help calm market jitters.
“Many brands began to accelerate their [decoupling] from China, and that can be positive if those agreements with China between other countries are reached. We don’t know how the fight with China will end, but it provides some peace of mind to know that there are talks on the way or about to begin with the rest of the countries that trade with the United States,” González added. While the future of the reciprocal tariffs and the ongoing trade war between the U.S. and China is yet to be defined, González remains hopeful for the future. He is hopeful that the current government can help promote economic development through tax reform and measures to foster the ease of doing business while the tariff game plays out. “We hope that this will be resolved in the next two or three months,” he said in closing.
>WEDNESDAY, APRIL 30,
Puerto Rico’s Strategic Edge in Reshoring and Nearshoring
By Stephanie L. López @stephanieelyy
Initiatives to reshore and nearshore manufacturing operations to U.S. soil are back in the crosshairs of U.S. President Donald J. Trump at a critical juncture in a fledgling trade war that presents Puerto Rico with a second turn at the industrialization bat. Not five years have passed since Puerto Rico was being touted as a capable partner in the drive to bring back U.S. manufacturing operations that had fled for destinations with attractive tax incentives and cheaper labor.
Back in 2020, the location of manufacturing operations became a national security issue for Washington, as the COVID-19 pandemic exposed the weakness of the medical supply chain, much of which was being manufactured by American firms in Asian Countries.
In those fragile pandemic times, Gov. Jenniffer González, who was Puerto Rico’s Resident Commissioner in Congress at the time, made it a central mission to reshore manufacturing back to U.S. territory. Expert sources interviewed for this special report believe the drive to boost manufacturing on U.S. soil could present a significant opportunity for Puerto Rico— despite the many challenges.
Reshoring is the process of bringing back manufacturing or other business operations to a company’s home country, while nearshoring involves relocating operations to a nearby or neighboring country. Both strategies aim to reduce supply chain risks and potentially lower costs by moving production closer to the point of sale or the company’s main location.
“Certainly, the fact of the tariffs, which have been an issue because the president (Donald Trump) announces them, then he pauses them—over and over; this really creates instability as we don’t know the final impact [tariffs] will have. But, I think it is going
to be a good opportunity for Puerto Rico, because when you compare us with other jurisdictions—for instance, the Dominican Republic, Costa Rica and Panama—in the Caribbean, certainly that risk of imposing tariffs or other mechanisms does not exist in the case of Puerto Rico; we can use that as an advantage when we compare Puerto Rico with other jurisdictions outside the United States”, said Rafael Vélez Domínguez, president of the Puerto Rico Manufacturers Association (PRMA) in an interview with The News Journal.
“I think the approach would be to try to expand the sectors that are already in Puerto Rico, before attracting new sectors, because we already have that track record and we have companies that are established in Puerto Rico such as pharmaceuticals, medical equipment and aerospace,” he added.
The statistics support the PRMA president’s claim. According to Statista, the projected revenue in the Medical Devices market in Puerto Rico is estimated to reach $323.62 Million by the year 2025.
In a separate interview, Ramon Vega Alejandro, the executive director for Puerto Rico Manufacturing Extension (Primex), said that they have gathered data evidencing the competencies and capacity of the local supply chain through their program Supply Chain Optimization and Intelligence Network (SCOIN).
“In an initial study, we found that 68 % of the packaging materials [used in] the Medical Devices industry—one of the most important industries in Puerto Rico—is purchased outside of the island”, said Vega Alejandro, while clarifying that this was an initiative conducted through a survey of eight pharmaceutical companies that reported purchases totaling $100 million in these materials annually.
We’ve seen companies come here in a matter of nine months. And we’ve also seen companies that take three years. And so, what I think we’d like everybody to understand is that we are being very intentional about being able, to not only do that outreach, but be able to accelerate the process of having them establish or expand in Puerto Rico
Ela Woger Nieves, CEO Invest PR
“So, we are talking about $68 million dollars of packaging materials, which are also made in Puerto Rico. For example: labels, plastic bags, folding cartons, inserts, etc. So, why aren’t they being made and bought here?”
Vega Alejandro asked rhetorically.
The Primex chief clarified that this specific [which;
Groundwork is being laid for long-term success of manufacturing initiative
packaging?] program is scheduled to operate until May 31,which is the deadline for reapportionment of the $400,000 in federal funding assigned two years ago. Recognizing that a second assignment is far from the priorities of the federal government, the executive director told they are asking the local government for support.
“I understand that the Department of Economic Development and Commerce (DDEC) can identify appropriate funds to keep this program afloat, which will be of great benefit to the local supply chain ecosystem and to the manufacturing industry in Puerto Rico,” said Vega Alejandro.
Regarding this, Sebastián Negrón Reichard, the secretary of DDEC, told The News Journal that “we will do whatever [is necessary] to be helpful in the reshoring strategy.”
The DDEC secretary pointed to Gov. González’s Executive Order 2025-012, a measure that formalizes efforts to encourage the return of manufacturing to Puerto Rico by promoting on the island as a key destination for production and exports within the United States.
The Executive Order establishes the creation of the Reshoring Task Force, led by the DDEC Secretary, and which includes other members of DDEC, Invest Puerto Rico, the Puerto Rico Industrial Development Company (PRIDCO), the Puerto Rico Federal Affairs Administration (PRFAA), the Puerto Rico Science, Technology & Research Trust and other key private sector entities, with the purpose of facilitating and accelerating strategic investment in the Island.
Results trickle down
During a recent press conference, Negrón Reichard revealed that the agency is holding talks with about 50 companies that have expressed an
The projected revenue in the Medical Devices market market in Puerto Rico is estimated to reach $323.62m by the year 2025. >Suministrada
>WEDNESDAY,
interest to invest in Puerto Rico.
While this remains a top priority for the government and local manufacturers, the secretary of economic development stressed that results would not come overnight.
“It takes time because these corporate decisions are not made from one day to another. And so, as we think about [closing deals], it takes a lot of time, and these companies will not announce anything until they are all fully set. So, you must be very careful with that as well. Sometimes it will take time for us to be prudent with the companies,” said the secretary.
For example, Stryker, a U.S. medical device company, which inaugurated its second manufacturing plant on the island, with an investment of $16.5 million in February, took six months of fine-tuning a deal that was struck in October 2024.
Invest Puerto Rico CEO Ela Woger Nieves, who heads the organization in charge of attracting new business and capital to the island, reiterated that these decisions are made at the highest corporate levels.
“We’ve seen companies come here in a matter of nine months. And, we’ve also seen companies that take three years. So, we’d like everybody to understand that we are being very intentional about doing that outreach, while being able to accelerate the process of having them establish or expand in Puerto Rico,” emphasized Woger Nieves.
However, Wolger Nieves confirmed, companies have been expressing their interest to come to the Island, specifically because of the tariff policy the president has been implementing.
When The News Journal asked Wolger Nieves if InvestPR had data to quantify how successful these efforts had been in the past, the InvestPR CEO clarified that they don’t have statistics to literally show how many companies have been established on the Island, specifically because of reshoring and nearshoring initiatives. This much is known: Over 626 businesses were created during the fiscal year, generating commitments to create 4,900 jobs and $733 million in investment, which is 76.2% more than the $416 million invested the previous year. Cumulatively, since the start of its operations in 2018, InvestPR has reached commitments of approximately 25,000 jobs and exceeded $2 billion in investments.
Reliable Energy Remains a Concern
Despite the attributes touted by the reshoring task force, a lingering challenge remains in the generation of reliable energy. At this writing, the Puerto Rico Electric Power Authority (Prepa) has entered into Operating Management Agreements with private companies: Genera to run generation assets and LUMA Energy to run the Transmission and Distribution. Those companies are under supplemental contracts while Prepa remains in bankruptcy-like proceedings under Title III of the Puerto Rico Oversight, Management and Economic Stability (Promesa).
“The ideal thing would be to convince them that Puerto Rico has a solution. Obviously to establish a manufacturing plant here takes years. Just like re-establishing the electrical system and setting up a power plant, the ability to fix the transmission and distribution system also takes time. The idea would be to convince them that we as a [nation] are taking the necessary initiatives to fix that, by the time they set up and are up and running,” said PRMA’s Vélez Domínguez.
In 2024, Puerto Rico experienced an 18% increase in power outages, with an average of 1,432 annual outage minutes per customer, according to the Puerto Rico Bureau of Energy (NEPR, by its Spanish acronym) reliability metrics report. This increase translates to more minutes without electric service compared to the previous year, and exceeds the historical average metric of 1,243 outage minutes. In addition, there was a general outage in late December that left nearly 90% of customers without power.
It is important to establish that, even small interruptions in manufacturing industries could represent thousands and millions of dollars in losses. “We are not pretending that that’s not an issue, because our sense is that these companies prefer you being upfront and truthful about where we are,” said the secretary.
He explained that their approach involves highlighting the plan across different timeframes. In the short term, the priority is securing temporary generation to get through the summer. In the mid-term, the focus shifts to adding new generation capacity and transforming aging plants to ensure Puerto Rico has sufficient energy supply.
Stretching Dollars in Consumer Prep for Trump’s Trade Tiff
Experts suggest savings, consumption strategies to weather the tariff storm
By Victoria Carolina Méndez Delgado
Although excise taxes and levies have long weighed heavy on prices at island cash registers, Puerto Rico’s consumers must brace for further ripple effects in their daily lives —particularly in their wallets. The bite will likely be felt when acquiring essential goods due to trade tariffs imposed on products imported from China, Mexico, and Canada, as part of president Donald Trump’s trade war.
Puerto Rico is particularly vulnerable to added costs on imports because 85 percent of products purchased arrive by air or sea. The News Journal reported that in 2023, $647 million worth of goods were imported from Canada and $1.2 billion from Mexico, totaling $1.8 billion according to a Foreign Trade Statistics report by the Puerto Rico Planning Board. Those stats do not include products imported from Mexico and Canada by way of the United States.
A recent report by Intelligent Economics, obtained by this journal, highlights the Island’s trade deficit with its main trade partners in 2024. Imports from Canada totaled $818.3 million, while exports were only $213.4 million. With China, imports reached $920.7 million compared to $568.8 million in exports, and with Mexico, imports amounted to $971.7 million, contrasting with $624.4 million in exports.
Experts consulted warn that the expected rise in the cost of goods will have a chain reaction. Primarily, the working class, the poor, people on fixed incomes and merchants will suffer the effects of Trumps trade tariffs.
Economist and lawyer Chantal Benet Arbona stressed that consumers can implement strategies for financial adjustment and planning by reducing or eliminating “unnecessary expenses,” typically including cutting back on dining out and entertainment-related expenses, such as going to the movies or concerts.
According to data from the Bureau of Economic Analysis (BEA), the savings rate in Puerto Rico of 4.6 percent in January 2025, saw a slight uptick from 3.5 percent in December 2024.
Likewise, she noted that some people have stopped purchasing certain products, which has led to a shift in consumption patterns, noticeably in the food basket.
“Consumers will try to cut costs wherever they can, and when they go to the supermarket, they also [cut back]; for example, instead of buying steak, they buy sausage, and instead of salmon, they buy chicken,” she explained.
Benet Arbona further explained that some consumers forgo buying ‘high-end’ products, referring to those of high quality such as organic or grass-fed, or premium brands, in favor of more accessible and economical products.
“All products with a higher price tag will be affected, and people will look for what is affordable within the brand they like. Probably, private-label brands, for example, will benefit in this situation, as well as stores known for selling at lower prices, who will become more competitive with their prices, with price caps to attract customers because they know people are looking to economize and make their dollar go further,” she added.
Meanwhile, financial advisor and CEO of Go Fit
Wallet, Myrna Vázquez Hernández, emphasized the importance of analyzing needs in purchasing decisions to avoid “temptations” or excessive consumption.
“Committed budgets should be reviewed and adjusted to specific, realistic goals for household priorities: housing, food, health, utilities, and transportation,” she stated.
Because the purchasing power of the dollar for consumers has remained constant at 74 cents between January and February 2024, compared to its value of 100 cents in December 2006, Vázquez Hernández proposes evaluating alternative food purchasing methods such as digital platforms, as these allow for a total purchase amount to be seen while products are being selected.
“You can better manage your shopping without exceeding the budget, knowing that the dollar will likely stretch less now,” added the head of Go Fit Wallet.
On the other hand, the advisor stressed that it is crucial to establish an emergency fund, which should range between $500 and $1,000, or a contingency fund covering three to six months of expenses.
Furthermore, sociologist Emilio Pantojas García, who is a professor at the University of Puerto Rico (UPR) Río Piedras campus, predicts that along with decreased consumption, people will lean towards the secondary market, especially in the automobile industry.
“Flea markets increase, people start reselling and becoming more frugal,” he pointed out, while adding the caveat that second-hand consumption could also face price increases due to demand.
“The tariffs have created an indirect effect: in the stock market, pension funds, 401Ks... Life is going to become more expensive... This comes alongside federal layoffs, and what can be anticipated to be a recessionary effect on the economy. Puerto Rico, which has been in a contracting economy for 14 years, is going to continue to shrink,” Pantojas García concluded.
Tools for the trade
Invest Puerto Rico connects you to the tools, talent, and opportunities to grow in the island’s dynamic market.
Learn more at investpr.org
Connect with companies looking for service providers in Puerto Rico.
List your business and raise capital by connecting with active investors.
Access real-time data on Puerto Rico’s entrepreneurial ecosystem.
Dive into talent availability and salary trends to support your hiring strategies.
Housing Shortage
Puts Real Estate Sector in Check
Although many people are eager to fulfill
“the dream”
of owning their first home, experts consulted by The News Journal assert that the outlook remains discouraging for the working class in Puerto
Rico.
By Elián Flores García @elianflorestv
The lack of new housing developments, rising interest rates, construction delays, and a shortage of inventory are among the factors that continue to strain the real estate industry across the island. Nearly a decade after the devastating impact of Hurricane Maria, the industry is still grappling with building code and market challenges that existed long before the emergency and that now appear even more entrenched. Experts consulted by The News Journal stated that the sector has been burdened for years by those persistent issues, which keeps many potential buyers from purchasing homes.
“The real estate market shifts over time, but there hasn’t been a specific [upturn] in the market since before Hurricane Maria,” explained Irma Colón, president of the Puerto Rico Association of Realtors Association (PRAR). “We used to be in a buyer’s market, meaning there were many properties and few buyers. Now, eight years after the hurricane, we’re in a seller’s market—few properties and many buyers.”
A PRAR study conducted in 2024 revealed that the primary reason people purchase a home varies significantly by age. Overall, 26% of all buyers did so out of a desire to simply own a home; this reason was most prominent among younger buyers: 49% of those aged 25 to 33 and 35% of those aged 34 to 43. In contrast, among those aged 59 and older, the main motivation was the desire to be closer to family and friends—18% of those aged 59 to 68, 31% of those aged 69 to 77, and 28% of those aged 78 to 98. Other key motivations included retirement, the desire for a better neighborhood, or family
changes such as marriage or childbirth. Only a small percentage cited affordability or weather conditions as their primary reasons for buying a home. However, in many cases, these secondary motivations run into broader economic constraints.
Colón viewed positively the efforts by some municipalities to recover housing in the town centers, as such strategies could provide access to properties for buyers who often wait months in their search. “Right now, we’re seeing some municipal legislation aimed at rehabilitating urban centers. Many commercial properties are being converted for residential use—that’s a trend we are observing,” Colón explained. These efforts, although still in early stages, could relieve some of the inventory pressures in particular regions.
According to U.S. Census data, as of April 1, 2020, Puerto Rico had 1,376,531 occupied housing units. Of these, approximately 29.8% were renteroccupied, totaling around 410,000 households. This indicates a trend in which the majority of housing units on the island (70.2%) are owner-occupied. However, factors such as the rise in short-term rentals—particularly in tourist-heavy municipalities such as San Juan, Vieques, and Rincón—have reduced the availability of long-term rental housing. This has contributed to higher rental prices and hindered access to affordable housing for many residents who are either priced out or forced into precarious living arrangements.
When asked whether people are increasingly
desperate to move out of rentals and purchase their own homes, Colón responded: “Yes, we’re seeing that a lot; especially now that incentives are being offered to buyers. Some can receive up to $55,000 in assistance for a home purchase through government programs.” These subsidies are often targeted at public employees such as teachers, police officers, and healthcare workers, but also extend to low-tomiddle income families meeting certain criteria.
Foreign Buyers Dominate Market Profile
When asked about the current profile of homebuyers in Puerto Rico, Colón emphasized that many local residents are now having the opportunity to purchase, as they qualify for these new incentive programs. “Public sector employees—such as police officers, nurses, and teachers—are more likely to qualify for these incentives,” she said. At the same time, foreign buyers are also coming to the island in growing numbers, purchasing homes as second residences or investment properties, often in cash and at above-market rates. These buyers are attracted by government tax incentives included in laws under Act 60, which offer benefits to investors and entrepreneurs relocating to Puerto Rico. Currently, a bulk of home prices range between $180,000 and $250,000, according to Colón. However, in certain metro or coastal areas, prices can exceed $400,000 depending on location and demand. This sharp contrast in pricing is part of what makes the market particularly difficult to
navigate for first-time local buyers.
In some high end areas the cost of a house has reached dozens of million, mainly due to the arrival of law 60 beneficiaries since they have to invest in real state as part of the requirements.
Concerns Over Tariffs and Construction Costs
Colón also expressed concern over tariff-related taxes, which are bound to affect many property sellers across the island, adding financial costs when marketing homes to new buyers. “Of course, it worries us, because this drives up the cost of certain services, potentially making it harder for people to maintain homeownership or cover closing costs. It increases the total cost of purchasing or renovating a home, including furniture, fixtures, and appliances,” she stated.
Additionally, global supply chain issues and the rising cost of building materials like cement and steel have caused delays in new construction and increased project costs for developers and contractors. These external factors further constrain the pace at which the housing supply can grow to meet local demand.
Strong Appetite for Mortgage Lending
In an interview with The News Journal, mortgage banker José “Peter” Torres asserted that the banking sector in Puerto Rico is “solid and ready” to provide
mortgage loans, and that there is strong “appetite” to help residents become homeowners.
“The main challenge right now is the volume of transactions, which isn’t what it used to be. These lower volumes can be attributed to many reasons: a declining population, people moving away, and a shortage of housing inventory. That’s the main issue. But do we want to lend? Absolutely. Is now the right time? It is…,” said Torres.
7,394
homes sold in the first 9 months of 2024 — down 9.7% from 2023
Only 530 of those were new homes
The mortgage expert also shared several tips for first-time homebuyers, including avoiding purchases that quickly lose value, limiting credit card usage, maintaining a healthy credit score, and saving as much as possible to better cover closing costs when the time comes.
During the first nine months of 2024, a total of 7,394 homes were sold in Puerto Rico—a 9.7% decrease compared to the same period in the
Up to $55,000 in homebuyer incentives available 70.2% of homes are owneroccupied (vs. 29.8% rented)
What the long view reveals that others won’t tell you
By Francisco Rodríguez-Castro president & CEO Birling Capital
In the past few months, the headlines have been dominated by a familiar Trump tool and favorite word: “tariffs.” For starters, I must share this quote from The Oracle of Omaha: Warren Buffet, who says: “The most important quality for an investor is temperament, not intellect.”
Buffett believes the key to successful investing isn’t brainpower— it is emotional discipline.
Markets rise and fall. Fear dominates during downturns. Greed takes over during rallies. The investors who succeed aren’t necessarily the smartest, but those who stay calm, patient, and consistent through it all.
Buffett’s point is clear: Intelligence can help you find opportunities, but temperament is what allows you to capture them.
What history tells us about markets and tariffs
As the global economic landscape becomes more fragmented and as the United States reassesses its trade relationships with allies and competitors, investors and business leaders ask the same questions:
• Will tariffs derail economic growth?
• Are we on the brink of a trade war-induced recession?
• Should we retreat from the markets?
The answer is far more nuanced
As a believer in the power of long-term perspective—especially in uncertain times—the data, the history, and the patterns are clear: markets have endured and even thrived in the face of tariff regimes. The real risk lies in policy shifts and emotional responses to them.
Tariffs are not new
From the Smoot-Hawley Tariff Act of 1930 to the steel tariffs of 2002 and the China-focused tariffs of 2018, the United States has long used tariffs for industrial protection, economic
leverage, and political signaling. While the tone and targets of these tariffs have varied, their immediate impact has often been misunderstood—or overstated.
In 2002, under President George W. Bush, the U.S. imposed temporary tariffs on imported steel to protect domestic manufacturers. Market reaction was mixed in the short term, with uncertainty-driven volatility. Yet, over time, markets stabilized and resumed their upward trajectory. The short-term pain did not override the long-term trend: investors who stayed the course were rewarded.
Fast forward to 2018, when the Trump administration initiated a sweeping tariff campaign targeting China. These actions sparked widespread fears of a trade war. Global headlines warned of economic collapse, disrupted supply chains, and inflationary pressures; while the S&P 500 ended the year nearly flat, it posted substantial gains in 2019, rising over 28%.
The market is resilient—and has the track record to prove it
Since 1950, the U.S. equity market has experienced numerous bull and bear cycles. Yet despite wars, inflation spikes, energy crises, financial meltdowns, pandemics, and yes—tariffs—the long-term arc of the market has remained upward.
Each bear market, on average, has lasted about 13 months and produced a median decline of roughly 33%. But each bull market that followed ran longer and soared higher. This pattern reveals a powerful truth: Volatility is the price of admission for long-term gains.
More importantly, these cycles have been immune to political cycles.
Staying invested is not just good advice—it is quantifiably powerful.
Let’s revisit two pivotal historical moments: the 2008 financial crisis and the 2020 Covid-19 market crash.
During the depths of the 2008 crisis, investors faced historic declines. The S&P 500 lost more than 50% from peak to trough. Many panicked, moving to cash and exiting
> WEDNESDAY, APRIL 30, 2025
the markets altogether. Yet, those who stayed, invested, recovered losses and realized gains that set the stage for over a decade of sustained growth.
Similarly, in early 2020, markets plunged as the world entered lockdowns. Within weeks, the S&P 500 lost 34%. But this crash was followed by one of the fastest recoveries in history. Investors who exited missed out on that rebound—and many never fully reentered at the right time.
The takeaway is critical: missing even a few months of market recovery can mean missing years of returns. According to multiple studies, missing the top 10 performing days in a decade can cut your longterm gains in half.
Emotional decisions have a price tag
Markets are complex systems, but human behavior is often predictably irrational. The temptation to “do something” during periods of uncertainty can be overwhelming. But history is unkind to those who act on fear.
$1,000,000+
es lo que podría perder un inversionista a largo plazo por salir del mercado en los peores momentos y perderse solo los 10 mejores días de rendimiento en una década.
-34%
Caída del S&P 500 en marzo de 2020 durante la pandemia.
+28.9%
Subida del S&P 500 en 2019 tras los temores por las tarifas de Trump a China.
Emotional decisionmaking consistently underperforms passive, disciplined strategies, whether selling during a downturn, chasing performance after a rally, or attempting to time the market.
In fact, according to DALBAR’s widely cited Quantitative Analysis of Investor Behavior, the average equity mutual fund investor has historically earned significantly lower returns than the market itself—mainly because of poorly timed entries and exits.
Our job as investment professionals is not merely to manage portfolios— it’s to manage behavior.
Can Puerto Rico Benefit from President Trump’s Tariff War?
By Ricardo Alvarez-Diaz, FAIA
As we all find our footing amid the uncertainties and apparent lack of clear direction in President Trump’s ongoing Tariff War, a pressing question arises: how might Puerto Rico be impacted?
Interestingly, Puerto Rico could benefit from Donald Trump’s approach to trade in several ways, particularly during his administration’s robust push for protectionism and the imposition of tariffs on imports from nations such as China.
Here’s a deeper look at the potential advantages for the island:
1.
Attracting Manufacturing Back to U.S. Soil
Puerto Rico as a Nearshoring Hub: Considering the recent tariffs imposed on goods imported from China and other nations, U.S. companies find it increasingly costly to manufacture abroad. Puerto Rico emerges as an enticing alternative, boasting U.S. jurisdiction, a skilled bilingual workforce, and attractive tax incentives through legislative initiatives like Act 60. This unique combination of factors makes Puerto Rico appealing for businesses looking to relocate or reshore their manufacturing operations, particularly in high-demand sectors such as pharmaceuticals, medical devices, and electronics.
Historical Precedent: Puerto Rico has a rich history as a prominent manufacturing and pharmaceutical center, previously flourishing under Section 936 of the IRS Code. The ongoing trade tensions have sparked renewed conversations about revitalizing this industrial backbone, highlighting Puerto Rico’s potential to reclaim its status in the manufacturing landscape.
2. Pharmaceutical and Medical Device Sectors
Resilience Strategy: The COVID-19 pandemic exposed significant vulnerabilities within the U.S. supply chain, particularly the heavy reliance on foreign nations like China and India for essential pharmaceuticals. In response, the Trump administration explored avenues to bring pharmaceutical production back to U.S. territories, with a particular focus on Puerto Rico,
recognizing its critical role in ensuring a robust supply chain.
Strategic Advantage: Puerto Rico is uniquely positioned with existing infrastructure, a qualified workforce, and a deep familiarity with regulatory compliance, including adherence to rigorous FDA standards. These attributes provide a solid foundation for the region’s pharmaceutical and medical device industries to flourish.
3. U.S. Federal Support and Policy Realignment
Federal Policy Incentives: To cushion the impact of tariffs on manufacturers, the Trump administration has considered implementing tax incentives and funding initiatives to bolster U.S. manufacturing efforts. This support would hopefully include U.S. territories like Puerto Rico, fostering an environment conducive to industrial growth.
Defense and Critical Supply Chains: In an era marked by geopolitical uncertainty, Puerto Rico is poised to serve as a secure and stable location for critical manufacturing operations. Its strategic position allows U.S. companies to distance their production capabilities from potential foreign adversaries, ensuring the integrity of vital supply chains.
4. Increased Export Opportunities
The imposition of U.S. tariffs on goods from China and Europe has the potential to trigger trade retaliation, prompting specific niche markets to seek alternative suppliers. Manufacturers based in Puerto Rico, operating under the U.S. flag, present a valuable opportunity to fill these gaps in U.S.-aligned trade networks, particularly across Latin America. By leveraging its unique position and capabilities, Puerto Rico can enhance its role as a key player in the evolving global marketplace.
Although Puerto Rico may encounter significant challenges, such as its reliance on imported components, high labor costs, and increasing energy expenses, President Trump’s tariff policies can also provide potential advantages. Examining these factors objectively can help the island refocus and enhance its export opportunities, ultimately expanding Puerto Rico’s presence in the US as a reshoring hub.
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