The Weekly Journal January 29 - February 4, 2020

Wednesday, January 29- February 4, 2020 / no. 040

Puerto Rico and the Caribbean

www.theweeklyjournal.com

FOMB Considers Legal Action Against Gov’t Over Emergency Bids P16 Local Tourism Improving After Earthquakes Hit Puerto Rico P6

Bankruptcy Filings

Switching an apartment or home to renewable energy P14

>Josian Bruno Gómez

Decrease in Puerto Rico Personal bankruptcy filing rates began to drop in the last decade, while corporate filings have decreased in the last three years

F

>Courtesy

Cynthia López Cabán

Puerto Rican Ángel Manuel Soto Hopes to Conquer Sundance P20

clopez@wjournalpr.com

@cynthia_lope

ewer people are walking down the corridors at the U.S. Bankruptcy Court for the District of Puerto Rico, in Old San Juan, these days.

Personal bankruptcy filing rates have been dipping for a decade, hitting the lowest point three years ago, while corporate filings have decreased in the last three years, revealed recent court statistics.

In 2017, the year Hurricane Maria wreaked havoc in

the island, 7,604 bankruptcy petitions were filed in comparison to 10,221 in 2016 and 12,380 in 2010.

Contrary to the gloomy forecast analysts that anticipated an avalanche of cases after the deadly storm, 7,698 cases were filed in 2018, or 94 more petitions.

A year later, the downward trend returned. In 2019, 7,670 cases were filed, which constitutes a decrease of 0.3 percent and the second-lowest mark of the decade after the 25.6 percent plunge in 2017.

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The Weekly Journal > Wednesday, January 29, 2020 > 2

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/ Wednesday, January 29, 2020

a week in review InterContinental San Juan Reopens The resort offers 398 guest rooms and suites, more than 24,000 square feet of meeting and event space, an outdoor lagoon pool with a swim-up bar, seven restaurants and bars serving up a variety of exquisite cuisines, and a full-service spa. Designed by Boston-based Parker-Torres Design, all guestrooms, suites, and club rooms have been updated with a crisp blue and white palette combined with soft wood tones that echo the island’s pristine beaches and bright waters. >Courtesy Intercontinental

Iberia Will Increase Its Seat Offering to Puerto Rico by Over 55 Percent

Carla Campos, the executive director of the Puerto Rico Tourism Company (PRTC), and Luis Gallego, the president of Iberia Airlines, have signed an agreement to promote the island in the more than 100 destinations that the Spanish airline services throughout Europe and Asia.

Gallego also announced that, for 2020, the airline will increase its seat offering to Puerto Rico by over 55 percent, providing more than 128,000 seats. In 2019, Iberia reported a passenger growth increase of nearly 28 percent, when compared to to 2018.

Iberia’s plan for this year is to gradually increase the amount of flights between Puerto Rico and Spain. In keeping with their goal, they will offer daily flights between Madrid and San Juan during the month of July. >Courtesy PRTC

Powered BY El Vocero de Puerto Rico, 1064 Ave Ponce de León 2nd floor San Juan, PR Postal Address: PO Box 15074, San Juan, PR 00902

Bahía Beach Golf Club Crowned Best Golf Course in Puerto Rico

The certified Silver Signature Sanctuary golf course located in Bahia Beach Resort and Golf Club in Río Grande was crowned the best golf course in Puerto Rico by Golfweek’s Ultimate Guide, the premier magazine in the sport.

The announcement was made in the magazine’s list of the Top 50 Best Courses of the Caribbean and Mexico. Every year, Golfweek’s elite team of course raters, which currently boasts more than 850 evaluators, survey more than 3,600 courses – grading each nominated course based on Golfweek’s 10 strict standards of evaluation. Collectively, these knowledgeable raters have turned in more than 75,000 votes to compile Golfweek’s Best Courses lists. >Courtesy Bahia Beach Resort

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CONTINUED FROM PAGE 1 That slide in bankruptcy petitions coincides with the experience in the U.S., where cases also have been decreasing in the last decade. Last year, 749,654 petitions were filed across the 50 states and Washington D.C., a dive from the 1,538,033 bankruptcy petitions filed in 2010, following the period known as the Great Recession.

There are varied reasons for the light caseloads and the empty court hallways. Financial lawyers and experts on bankruptcy consulted by THE WEEKLY JOURNAL concurred that the tendency will continue and explained that the drop-off in petitions responds to a federal legislative overhaul that made the process burdensome, economic uncertainty, lack of access to credit, changes in consumer behavior and migration.

Federal courts have exclusive jurisdiction over bankruptcy cases in Puerto Rico. This means that a bankruptcy case cannot be filed in local court. The procedure is covered under Title 11 of the United States Code or the Bankruptcy Code. The majority of cases are filed under three main chapters: 7, 11 and 13. In a Chapter 7 bankruptcy proceeding, the debtor liquidates all assets to pay off lenders, whereas, in Chapters 11 and 13, the debtor negotiates with creditors to reorganize and change the terms of the debt without having to sell off assets.

“Many of these bankruptcies, at least 30 percent, are directly associated with mortgage foreclosure proceedings. Bankruptcy is the last recourse after the other options of the loss mitigation program fail,” indicated Rafael Ferreira, a partner in the firm The Financial Attorneys.

“Consumers are more educated and are opting for mediation or direct approaches to banks and lenders. A lot of these bankruptcies amass one or two past due accounts, where there are alternatives to rehabilitate and reach an agreement with the creditor,” he added.

Mortgage foreclosures peaked at the highest level in 2016, when 5,554 homeowners lost their properties, according to data from the Office of the Commissioner of Financial Institutions. In 2017, banks foreclosed on 4,639 homes, 3,135 in 2018 and 3,765 from the beginning of 2019 until last November.

Still, bankruptcies rates are lofty for Ferreira, who warned that the elevated number of properties in process of foreclosure (13,608 until last November) could turn into a “time bomb”.

“It is a significant figure (bankruptcy rate) taking

Federal courts have exclusive jurisdiction over bankruptcy cases in Puerto Rico. > Courtesy U.S. Bankruptcy Court

into consideration the exodus of population and the reduced labor force participation,” stated Ferreira. “I see people celebrating, but I don’t see many reasons to celebrate.”

A Change of Rules

Wilbert López Moreno, president of the Bankruptcy Commission of the P.R. Bar Association and president of the P.R. Bankruptcy Bar Association, noted that the decrease in filings began after the administration of George W. Bush enacted the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005.

“The bankruptcy process became more rigorous. The purpose of the legislation was to avoid fraud and prevent petitions under Chapter 7 because in the U.S. more people were choosing this course of action. Unlike the U.S., in Puerto Rico people treat credit with a sort of religious respect, preferring to reorganize and pay creditors than default and take the liquidation road,” López added.

The process didn’t only become more complex, it also became more costly.

“At the Legal Aid Clinic of the University of Puerto Rico’s School of Law, I saw how people have a difficult time coming up with the $335 for the filing expenses. In my private practice, I have clients that I interviewed in September and October that are showing up now,” López said.

Filing a petition under Chapter 7 costs $335, under Chapter 13 it costs $310 and under Chapter 11, $1776. Attorney fees, according to court guides cited by López, are set at a minimum of $4,000 for a Chapter 13 case and between $1,000 and $1,500 for a Chapter 7 case. The costs can increase depending on the complexity of the case.

“Petitions decreased in Puerto Rico and the

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Wilbert López Moreno, president of the Bankruptcy Commission of the P.R. Bar Association and president of the P.R. Bankruptcy Bar Association, noted that the decrease in filings began after George W. Bush enacted the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. > Josian Bruno Gómez

U.S. while we adjusted to the changes,” said the attorney with over three decades of experience in bankruptcy proceedings.

When the housing bubble burst in 2008, followed by the closing of flexible mortgage lending banks like RG Bank, Eurobank and Doral, and consumer finance companies that offered personal loans at high-interest rates disappeared, “What remained were rigorous banks so access to credit waned,” López stated.

The lack of access to credit affected property sales. The government bankruptcy and Hurricane Maria created more instability, halting investment and affecting requests for credit.

“More than 200,000 people migrated and left behind were the poor and rich, that middle class that depends on credit began to disappear, thus resulting in decreased bankruptcy filings,” stated the president of the Bankruptcy Commission.

“But foreclosures increased because people abandoned houses that had already depreciated at the beginning of the decade. Some left the island. Others surrendered their properties and moved into rented homes.”

At the same time, the consumer profile began to change. “Millennials are a conservative generation when it comes to credit. They don’t buy houses. They rent or still live with their parents.

That also disrupted the credit,” the attorney said.

So, who is filing bankruptcy petitions? According to López, single mothers and the elderly, who are victims of family exploitation in some cases.

During the same period, all petitions -personal and corporate- filed under Chapter 7 decreased, while petitions under Chapter 13 increased.

García’s analysis showed that petitions to reorganize and pay creditors surged 9.1 percent A Look at Business Bankruptcies and requests to liquidate fell 11.9 percent.

Humberto García, director of El Boletín de “Some people say that Puerto Rico, a publication bankruptcies moved to dedicated to the subject of Orlando since Puerto Ricans bankruptcy, pointed out that are migrating.

But I think commercial bankruptcies the main factors for the have declined significantly in decrease are the island’s the last three years.

2010 - 12,380 economic uncertainty and Until Oct. 2019, corporate 2011 - 11,265 the departure of major filings were down 6.9 percent, 2012 - 10,362 international banks,” he said. with 349 petitions filed until 2013 - 11,040 Like López and Ferreira, then, the lowest mark in the 2014 - 10,716 García expects the downward last decade if the numbers 2015 - 10,469 trend to continue. He don’t change. Restaurants 2016 - 10,221 noted that up until Jan. 23, top the list of companies with 2017 - 7,604 there had only been 242 the most petitions, followed 2018 - 7,698 cases filed, compared with by coffee shops, construction 2019 - 7,760 266 for the same period last companies, agricultureyear.

Source: Federal Court Statistics related businesses, mini “This is good news for markets, beauty salons and financial institutions because doctors. it means fewer losses.

The cities with the highest For me, personally, what number of petitions filed it denotes is a lack of economic growth on the include Bayamón, Carolina, Guaynabo, Mayaguez, island,” García indicated.

Ponce and San Juan.

Total Bankruptcies

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A majestic view of Old San Juan’s El Morro citadel >Josian E. Bruno Gomez

MOST Events AND NO Cruises Affected by Recent Earthquakes There were more than 7,000 hotel cancellations across the island, representing over $3 million in losses

“P Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

uerto Rico is open for business.” That is the message that the Puerto Rico Tourism Company (PRTC), Discover Puerto Rico, the island’s destination marketing organization (DMO), and the Puerto Rico Hotels and Tourism Association (PRHTA) have been spreading far and wide since

Hurricane Maria of 2017, and now again with the earthquakes of Jan. 6 and 7.

“We’ve held quite a few meetings since the earthquakes. We’ve communicated with our key business partners. Web pages have been updated… We’re networking on social media.

This is a coordinated effort,” said Clarisa Jiménez, president and CEO of PRHTA, who told THE WEEKLY JOURNAL that she was satisfied with the work done by her tourism industry partners.

“People need to understand that the first few days after the earthquakes were very different from a hurricane’s passage. There were aftershocks… There needs to be a balance on how and when to communicate. We all need to get the word out that airports are operating normally and the majority of hotels and tourism offerings are open,” she said.

The message was clear: the majority of properties and tourism offerings were not affected, as the earthquakes were centered in

the south. Airports and sea ports were operating normally, including the cruise ports in Old San Juan.

Jiménez said in that the first week or so after the earthquakes, there were more than 7,000 hotel cancellations across the island, representing over $3 million in losses. The PRHTA is currently doing a survey, as they are continuing to receive reports of cancellations. “We believe the number is now between 10,000 and 15,000 cancellations,” she said.

Regardless, the cancellations have slowed down and demand is inching back up, according to Jiménez and Carla Campos, PRTC’s executive director.

“We are in the middle of high season, which officially ends on Easter Sunday,” Jiménez said.

“The first quarter of 2020 is definitely not going to be as good as it started. It was looking very good before the earthquakes… Hotels are doing everything in their power to keep the groups they

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have, as well as the leisure travelers.”

Campos told THE WEEKLY JOURNAL that the drop in air travel demand has halved in the past couple of weeks—good news for the tourism industry. “Tourism is vital for Puerto Rico’s economic recovery. We are confident that with our efforts and those of our partners, Discover Puerto Rico, hotels, airlines, cruises and other industry partners, that we can reverse the trend [of cancellations] in the next few weeks,” she said.

“Demand was significantly down after the earthquakes, but the data shows that it is picking up,” she added.

Out of 160 hotels endorsed by the PRTC throughout the island, only the Copamarina Beach Resort in Guánica and the Costa Bahía Hotel in Guayanilla are working on repairing damages; all others are hosting visitors, said Brad Dean, CEO of Discover Puerto Rico.

“We are encouraging people to show their support by traveling to the island for their vacations, work trips, meetings, conferences and events. With offerings for every type of traveler, we urge visitors to enjoy the island’s eclectic culture, gastronomy and unbeatable attractions,” he said, while his team has been attending various tourism conferences in the Bahamas, Madrid and New York.

There have been “ two significant successful

We’ve held quite a few meetings since the earthquakes. We’ve communicated with our key business partners. Web pages have been updated… We’re networking on social media.

This is a coordinated effort.

-Clarisa Jiménez, president and CEO of the Puerto Rico Hotels and Tourism Association

outcomes” in terms of the tourism industry’s efforts, Campos noted: no cruises have been canceled and all major events remain on schedule.

“There were no cruise cancellations, which is a significant milestone,” she said. In fact, in the days following the earthquakes, Puerto Rico welcomed over 56,000 cruise passengers at its ports in Old San Juan and Ponce, Dean noted.

Campos, who was in Madrid during the recent International Tourism Fair, also highlighted the newly signed agreement with Iberia Airlines to promote Puerto Rico and increase its seat offerings to the island by more than 55 percent.

have an economic impact of $10 million for the metro area.

The Puerto Rico Open, a professional golf tournament on the PGA Tour, will be held between Feb. 23 and 23 at the Coco Beach Golf and Country Club in Río Grande. The event is touted as “the most fun and tropical tournament in the PGA Tour.”

The 2020 Ironman 70.3 Puerto Rico, celebrating its 10th anniversary, will be held on March 15.

“The event takes place in some of Puerto Rico’s most emblematic sites, taking competitors through a course filled with breathtaking views.

The race starts with a swim in the warm waters of the Condado Lagoon, followed by a bike route along Dorado’s sunny coast and ends with a 13.1 mile run through Old San Juan’s colonial architecture,” according to sponsor Discover Puerto Rico.

Major League Baseball (MLB) is coming to San Juan between April 28 and 30, when the New York Mets and the Miami Marlins will have a three-game series, to take place at the Hiram Bithorn Stadium.

This will be the second time within the past three seasons that MLB will play games in Puerto Rico.

Meanwhile, four major events in the coming months remain on track:

The Santurce Cangrejeros will represent Puerto Rico in the upcoming Serie del Caribe in San Juan. >Carlos Rivera Giusti

The Serie del Caribe, a tournament for the best professional baseball teams in Latin America, will be held in San Juan between Feb. 1 and 7. This year, the competing teams will represent Puerto Rico, the Dominican Republic, Colombia, Mexico, Panama and Venezuela. The games will be held at the Hiram Bithorn Stadium, with a capacity of over 18,000 seats. The baseball world is calling on visitors to come to Puerto Rico, not only to support their respective teams, but also to help support the island as it recovers from the recent earthquakes. San Juan Mayor Carmen Yulín Cruz has said that the week-long event is expected to

No cruises were cancelled in Puerto Rico after the earthquakes. >Archive

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SUVs Are The Clear Favorite Among Puerto Ricans 100k in sales is the magic number for car dealers in 2020

T Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

he good news for car dealers in Puerto Rico was that for the second year in a row, sales of new vehicles topped 100,000 in 2019.

However, total sales reflected a drop of 1.2 percent when compared with the previous year.

There were 106,606 new car sales in Puerto Rico in 2019, compared with the 107,941 units sold in 2018, according to the United Automobile Importers Group (GUIA by its Spanish acronym).

Retail sales to individuals remained steady at 88 percent of sales, with fleet sales representing the remaining 12 percent.

Consistent with trends in the mainland United States, there was another year of increases for SUV sales at 7.5 percent, while sales for midsize sedans continued to drop by a whopping 46 percent. Compact sedans also saw a big drop of 27 In the new year, the percent. recent earthquakes “We are pleased to have have already had an Ricardo García, president of GUIA >Carlos Rivera Giusti reached 100,000 units [sold] for impact on car sales, the second consecutive year, especially in the funds that remained stuck around 105,000 units. exceeding our expectations at southern region, near in Washington, D.C., and the The figures were released during a GUIA event the beginning of the year. Since the epicenter of the massive protests in July that in Isla Verde, which focused on the importance of 2012-2013, we haven’t had two seismic activities. It led to the resignation of former mass media in advertisements for car dealers and consecutive years exceeding also remains to be Gov. Ricardo Rosselló, according brands. that figure,” said Ricardo García, seen how quickly—or to economist Gustavo Vélez.

Puerto Rico’s car trends mirror those of the president of GUIA. not—the $8.2 billion In the new year, the recent mainland U.S. In 2019, new car sales in the U.S. “However, the reality is there in disaster aid would earthquakes have already had topped 17.1 million, about 1.2 percent down was a decline in 2018 and another be released by the an impact on car sales, especially compared with 2018, according to Automotive [decline] is expected for 2020, so federal government, News. The downward trend reflects more people in the southern region, near a year full of challenges is what and whether the moving to urban areas, where a car may no longer the epicenter of the seismic awaits us. I am confident in the island’s emigration be a necessity for transportation, as well as the activities. Vélez said the affected resiliency of the industry, and pattern continues. popularity of ride sharing services. There is also municipalities in the south the usual support of government the issue of rising car prices, due in part to the represent about 13 percent of entities and financial institutions tariff wars between the U.S. and China. new and used car sales in Puerto to continue facilitating the Meanwhile, demand for SUVs continued to Rico. For 2020, it also remains economic development of the increase, while those for sedans dropped again. As to be seen how quickly—or not—the $8.2 billion country through an industry that impacts more a result, several car makers announced that some in disaster aid would be released by the federal than 30,000 jobs,” he said. sedans will be phased out or discontinued in 2019, government, and whether the island’s emigration The car industry in Puerto Rico saw a slight such as the Ford Fiesta and Taurus, the Chevrolet pattern continues. drop in new car sales in Puerto Rico, with The forecast for 2020 would be a further drop of Cruze and Volt, and the beloved Volkswagen unforeseen events affecting the local economy: 1.5 percent in new car sales, with expected sales of Beetle. the $8.2 billion in federal disaster-recovery

In fact,

9 < The Weekly Journal > Wednesday, January 29, 2020

Todos los principales medios de comunicación se unen, en un gran esfuerzo, a la Fundación #yonomequito y otras organizaciones y empresas del país

para crear el #yonomequito Earthquake Relief Fund con el propósito de atender las necesidades de los afectados por los recientes terremotos en la Isla.

• El 100% de los fondos serán utilizados para brindar ayuda a los damnificados.

• Serán administrados por la Fundación #yonomequito.

HAZ TU APORTACIÓN Cuenta

6609215547

prearthquakerelief@yonomequitopr.org

1-939-639-4004

Click “DONATE” /YonomequitoEarthquakeFund

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Banco Popular Ends 2019 With Positive Numbers Net income of $166.8 million for Q4 2019; non-performing loans decreased by $30 million

B Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

anco Popular’s top executive said Tuesday that 2019 was an “outstanding year” for the financial institution, as it ended fourth quarter (Q4) 2019 a net income of $166.8 million, compared to a net income of $165.3 million in Q3 2019. Its non-performing loans (NPL) portfolio also

decreased by $30 million with and NPLs to loans ratio at 1.9 percent, compared to 2.1 percent in Q3 2019.

“2019 was an outstanding year during which we achieved record core earnings. During the year, we increased EPS [express payment system] and TBV [tangible book value] by 14 percent and 17 percent, respectively, and grew our customer base in Puerto Rico by 45,000 [clients], reflecting the strength of our franchise, “said Ignacio Alvarez, president and CEO of Banco Popular.

“While we exhibited strong performance throughout the year, the results for the fourth quarter reflected the cumulative impact of the three recent interest rate cuts. The reduction in rates negatively impacted our net interest income and margin for the quarter. However, the fundamentals

of our business remained solid with fee income demonstrating continued strength and achieving loan growth in both Puerto Rico and the U.S. “We continue to pursue opportunities for expense management and operational efficiencies as we implement additional investments in our people, technology and businesses to position the institution for strong and sustainable long-term results. We are proud of our accomplishments during 2019 and optimistic about our prospects for 2020,” Alvarez added.

For the coming year, the Banco Popular chief said he expects mortgage loans to go down, but those of commercial and autos to go up.

The bank’s planned capital actions for 2020 include: an increase in its quarterly common stock dividend from $0.30 per share to $0.40 per share,

>Gabriel López Albarrán

/ Wednesday, January 29, 2020

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commencing with the dividend payable in the second thank God, the electricity came back very quickly. quarter of 2020, subject to the approval of its board People realized how vulnerable we still are,” he of directors; and common stock repurchases of up to added. $500 million.

Still, Alvarez noted that the island’s economic In the short term, Alvarez acknowledged that developed should not be hampered by natural the recent earthquakes in Puerto disasters. Chile, Mexico, California, Rico will have an impact on the Japan and Texas also experience island’s economic performance, earthquakes, storms, tornadoes particularly in the areas of tourism and wildfires—and yet these places and hospitality. “Tourism was doing do not seem to lack investment. really well before the earthquakes.

“People need to see that our Obviously, there has been an structures, our infrastructure is Banco Popular’s impact from the tremors, but this is stable and that their investment planned capital not like Maria,” he said. won’t be lost,” he said. “The actions for 2020 In the long term, it is important [earthquake] damages are localized include: an increase for the Puerto Rico government and in 16 municipalities in the south, in its quarterly the island’s private sector to instill a not the whole island. This is not common stock message of confidence that Puerto Maria.” dividend from Rico is up and running. “There He indicated that the $0.30 per share to is an issue of risk with investors. psychological and emotional fear of $0.40 per share, First Hurricane Maria and now the another earthquake is a big issue, commencing earthquakes,” he said during a as he knows of Banco Popular with the dividend round-table discussion with several employees in the affected region payable in the reporters. who are still afraid to sleep in their second quarter of The bank executive said he would homes.

2020, subject to like the Puerto Rico government to “Fortunately, none of our the approval of its send a clear message to investors employees suffered physical board of directors; that the island is open for business. harm and our facilities are in and common stock This includes talking to the CEOs sound condition.

We resumed repurchases of up to and CFOs of major international operations on the day following $500 million. corporations and “asking them the earthquake and have provided ‘what do you look for when you uninterrupted service since then. want to invest’ and ‘what do you While the impact on our operations need to come to Puerto Rico?’” he explained. For was limited, many residents in the south suffered those companies that are already here, important significant damages to their homes, many public questions to ask would be ‘what do we need to do schools remain closed and the ensuing aftershocks for you to stay here?’ have made it difficult for people in the region to “The damages are not like those of Maria… They regain a sense of normalcy,” Alvarez said. are concentrated in the south… But if people see an increased risk in Puerto Rico because of hurricanes Other earnings highlights and earthquakes, there could be an impact,” he said.

Net interest income for Q4 was $467.4 million, “Our electricity infrastructure is still vulnerable, but compared to $477.0 million for the previous quarter.

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In fact,

Ignacio Alvarez, president and CEO of Banco Popular, gives his insights on the financial institution’s performance for 2019. >Carlos Rivera Giusti

>Courtesy BPPR

The decrease of $9.6 million in net interest income is mostly related to the decrease in interest rates that occurred during the third and fourth quarters of 2019. Net interest margin was 3.83 percent for the quarter, compared to 4.00 percent in the previous quarter.

Operating expenses for Q4 2019 totaled $390.6 million, an increase of $14.1 million when compared to the third quarter of 2019. The increase in operating expenses was driven primarily by such factors as higher commissions, an increase in headcount and higher professional fees. The bank also had $1.0 million in higher credit and debit card processing volume, interchange and other expenses.

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Setting New Goals to Transform the Economy

Suggestions that may help the economy get back on track

C

Ileanexis Vera Rosado

ivera@elvocero.com

@iverarosado

oncerned with the fact that in Puerto Rico initiatives are praised more than actual results, Birling Capital decided to put forth a list of aggressive goals that may help transform the island’s economy.

Birling Capital outlined several goals for Puerto Rico, which are: transforming Puerto Rico into a nation with robust economic development and a four percent sustained growth within the next two years; the creation of 300,000 new jobs in the private sector within the next six years; raising the labor participation rate to 55 percent; and reducing the unemployment rate to five percent in six years.

They went on to add that it was necessary to have a reduction in government by outsourcing to private sector entities the management of public corporations such as the Puerto Rico Electric Power Authority’s, the Puerto Rico Aqueduct and Sewer Authority’s and the State Insurance Fund Corporation’s.

Birling Capital also mentioned that it was necessary to reform the education system into one that’s focused on entrepreneurship, jobs and transformation so that the island’s economy may be measured using international indicators such as the World Bank’s Ease of Doing Business.

Many of the goals mentioned by Birling Capital’s president, Francisco Rodríguez-Castro, have been proposed by countless governments to no avail.

Rodríguez-Castro added that in order for these to come to fruition, it is imperative to establish adequate guidelines and processes.

“All of this rests on identifying the sectors that can successfully lead a transformation. Usually, when a reform is needed, it is the market that pinpoints which these leading sectors are. However, in this case, in order to be successful, we have to identify and target those specific sectors, they cannot be left up to chance. In Singapore, they identified communications and technology as key to their reform; in the case of Florida, Enterprise Florida, a company that manages the state’s promotions, identified aerospace, photonics, marine sciences, nanotechnology and biotechnology as those industries that had to be promoted. In the case of

Puerto Rico, there have already been industries we must fine tune our model so that it is effective,” identified,” said Rodríguez-Castro. added Rodríguez-Castro.

Rodríguez-Castro went on to add that, aside from According to Rodríguez-Castro, Puerto Rico lacks identifying key industries to promote, the way in a global strategy when it comes to promotions and which these promotions are carried out is vital. Law exports.

73-2008 states that it is “A good example important to take note of this is the fact that of the manufacture Puerto Rico does not sector’s value and to have a presence in Asia, create local supply a part of the world that has experienced one of chains. the fastest growths. The “These two things center of gravity has are intricately related moved to the Pacific to the cluster concept and Puerto Rico still has within promotions.

-Francisco Rodríguez Castro, Birling an Atlantic vision. It is This requires a Capital president and CEO change in the efforts imperative to realize to promote Puerto that becoming part of Rico as an investment the world economy is destination,” added Rodríguez-Castro. about more than exporting, it’s about understanding its technology and commercial characteristics.”

This requires “a change in the efforts to promote Puerto Rico as an investment destination.”

The Private Sector

It has become clear that the private sector must assume a greater responsibility in promoting Puerto Rico. According to Birling Capital, the model developed by Enterprise Florida is the one best suited to Puerto Rico. This entity is a public-private partnership paid for by both, the public and private sectors.

“Puerto Rico must move in that direction. The state’s governor is president of the board of directors. In Puerto Rico, we have Invest Puerto Rico;

Positive Streak for U.S. Stock Market Value Rodríguez-Castro explained that so far this month, the consumer price index, the production price index, retail sales and residential sales have experienced record growth while unemployment continues to decline in the U.S. mainland. He said that consumers are expected to continue contributing to this economic expansion.

The reporter Christian Ramos contributed to this story.

Birling Capital said that the island must strive for lower unemployment, greater labor market participation, and more jobs in the private sector. >Archive

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Secretary of the Treasury Francisco Parés held a roundtable to discuss amendments included in the Tax Reform of 2018. >Courtesy

Taxpayers Could Receive Up To

$2,000 on Work Credit

Secretary of the Treasury Francisco Parés outlines the specifics of the new work

P Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

uerto Rico Secretary of the Treasury Francisco Parés announced that thousands of local taxpayers could claim a credit in their tax filing and outlined the necessary requisites to obtain this benefit, which may be applied for in tax filings pertaining to 2019.

Parés explained that the Tax Reform, as amended in 2018, includes changes that will go into effect this year. One such change is the inclusion of the work credit, through which middle- and working-class taxpayers can claim up to $2,000 when filing their taxes. According to Parés, the government has a budget of roughly $204 million destined for this credit, which is projected to be distributed among some 399,000 taxpayers.

“As established in the Tax Reform, in their next income tax return, individuals can claim a work credit ranging between $300 and $2,000, depending on their income, civil status and the number of dependents. This is one of the main changes to the Internal Revenue Code introduced

under Act 257 of 2018,” the secretary said at a roundtable on Jan. 27.

The work credit will be distributed to individual residents on the island, both married and single, who comply with certain income requirements and are between 27 and 64 years old. Dependents include the taxpayer’s and/or their spouse’s children who are 18 years old or younger. In the case of full-time students, these cannot be older than 25 to be considered dependents.

According to Parés, the concept of the work credit was introduced in the U.S. mainland in the 1990s to boost labor force participation. Puerto Rico’s labor participation rate fluctuates at around 40 percent. After evaluating the global data for 2019, Trading Economics found that Puerto Rico has the second-lowest labor force participation in the world, finishing off the year with 39.9 percent.

To calculate the credit, taxpayers who have no dependents will receive up to $300 if their 2019 salary ranged between $18,000 and $20,500. If they are married, the sum of the income must be between $18,000 and $21,750.

Taxpayers with one dependent can receive up to $900 if their salary was higher than $13,000, but less than $20,500. Married taxpayers with one dependent must have an income sum higher than $13,000 but that does not surpass $24,250.

If the taxpayer has two dependents, he or she can receive up to $1,500 if they earned between $16,000 and $28,500. If they are married, the sum of the income must range from $16,000 to $34,750.

Lastly, taxpayers with three or more dependents are entitled to the highest work credit of $2,000 when their salary throughout the tax year sits between $17,000 and $33,500. For married taxpayers, the sum of the income has to be greater than $17,000 and up to $42,000.

Moreover, taxpayers who earn an income by other means, such as dividends, rents, pension or asset sales, may also request the work credit as long as this added income did not exceed $2,200 during the 2019 tax year. However, independent contractors, married taxpayers who file their returns separately, and those who have claimed the senior credit, are not eligible.

The chief financial officer (CFO) of the local government and executive director of the Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym), Omar J. Marrero, stressed that this initiative will result in lower tax payments for thousands of workers, “which will be beneficial for the island’s economy.”

Meanwhile, Parés also highlighted that a 5 percent discount on normal returns will be available for all individuals, as stated in the 2018 Tax Reform. “All individuals, regardless of income, will receive a five-percent discount on the normal contribution, which implies a decrease in the contribution to pay,” he said.

The income tax return must be filed by April 15, known in the U.S. mainland as Tax Day. For more information, call the P.R. Department of the Treasury at (787) 622-0123 or visit http://hacienda. pr.gov.

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/ Wednesday, January 29, 2020

More Clients Shifting to Solar Energy As Prepa Concerns Grow

Experts discuss costs, transition process and options

W Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

hile the Puerto Rico Electric Power Authority (Prepa) continues to raise concerns over its capability to provide that primary service in the aftermath of natural disasters, more residents are choosing to get off-grid or reduce their dependency on this public corporation by switching to solar panels and battery storage systems.

The new decade kicked off with a series of seismic activities that devastated communities in the southwestern region of the island. On Jan. 7, a 6.4 magnitude earthquake and its aftershocks destroyed homes, schools and myriad other buildings, forcing residents of that region to seek shelter. Prepa’s automatic protection systems caused all power plants to shut down, resulting in an islandwide blackout that lasted between one and two days.

THE WEEKLY JOURNAL interviewed several leaders within the renewable energy industry who said that the combined trauma from the monthslong power interruption after Hurricane Maria in 2017, and the ongoing seisms, have resulted in a greater interest and consumer demand.

“After the hurricane, the market shifted to a service or technology that included energy storage because of [Prepa’s] weakened grid, all the needs that the people endured in Puerto Rico due to lack of power and the deaths that occurred over that lack of service. Puerto Ricans changed their way of thinking and have shown a much greater interest in having a much more efficient and stable power service that, unfortunately, Prepa’s grid doesn’t offer,” said Karla Zambrana, general manager at Sunnova Energy Corporation’s Puerto Rico division.

According to Zambrana, Sunnova PR has

Prepa’s Costa Sur power plant was closed after a 6.4 magnitude earthquake shook the island’s southern municipalities. >Josian E. Bruno Gómez

gained more than 2,500 clients since the category 4 storm damaged Prepa’s electric grid.

Jorge Hernández, marketing manager at Supermercado de Baterías, claims that after recent earthquakes his family business has seen a 50 percent increase in demand for energy storage devices or batteries. Meanwhile, West Power Solutions General Manager Ari Feliciano ventured that demand has risen by roughly 400 percent compared to previous months.

“I believe that after Maria, the earthquakes and Prepa’s high rates—those are the main reasons— the people have already decided to switch to solar energy because there is no other alternative,” Hernández said.

This growing inclination toward solar energy is also aligned with the United Nations’ 2030 Agenda for Sustainable Development, whose goals include clean and affordable energy, responsible consumption and production and climate action.

Likewise, the Puerto Rico Energy Public Policy Act (Act 17-2019) stipulates that the island must

draw 40 percent of its power from renewable sources by 2025, 60 percent by 2040, and 100 percent by 2050. Currently, less than 3 percent of Prepa clients have renewable storage systems.

Disconnecting from Prepa’s Grid

Given the growing discontent and uncertainty over Prepa’s services, as well as for environmental reasons, some residents have already opted to remain completely off-grid from the public corporation. Zambrana, for instance, urges clients to “cut the cord,” claiming that the option to sever ties with Prepa is up to the consumer. If the client decides to do so, he or she would only have to notify Prepa. Whether this move is feasible or costeffective is up to the client’s discretion.

Hernández indicated that the number and cost of equipment will vary depending on the client’s needs and usage.

“A very basic system of 6,000 watts can power practically an entire house and you can alternate equipment and even power an air conditioner.

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This is the most economical option and you can disconnect entirely from electric energy,” Hernández said. The cost of the equipment ranges between $7,000 to $8,500. Supermercado de Baterías, which offers a variety of brands, is located in Isabela.

Meanwhile, Sunnova PR provides a monthly service that includes the installment of equipment, management, maintenance and client support. As an example, Zambrana said that if a client regularly pays around $150 for Prepa’s service, they would pay roughly that amount with the added value of having a storage system.

In the case of West Power Solutions, located in Mayagüez, a typical solar panel of 260 watts costs roughly $250, while a kit of three panels and batteries costs $2,500, aside from $350 for the installation. These prices tend to go upward in accordance with the client’s needs. However, Feliciano stated that transitioning fully to solar energy would not be a practical financial decision.

“Economically, it doesn’t make much sense because if I want to be off-grid I need to have energy reserves that will cost me a lot of money to keep just in case… The cost of leaving the authority per kilowatt-hour (kWh) may be the same as remaining connected to the authority.

There is no cost difference, except that I would have to pay thousands of dollars at once, which doesn’t make much financial sense,” Feliciano opined.

In addition, Prepa’s restructuring support agreement (RSA) contemplates establishing a usage fee for clients who generate their own power—a highly-criticized initiative that has been described as a “solar tax”. If approved as is, this fee would go into effect sometime around Sept. 2020. The RSA was drafted last year and presented before the Financial Oversight and Management Board (FOMB), but the closure of Prepa’s Costa Sur facility after the 6.4 earthquake will inevitably prompt a revision of the entire document and a court hearing with Judge Taylor Swain, thus delaying the fee’s implementation.

Alas, there is an option for residents who wish to generate their own energy while remaining connected to Prepa’s electric grid. Prepa offers a net measurement program through which clients who generated an energy surplus can export it to the agency’s grid and receive a credit in their

monthly electricity bills. According to Hernández, the certification process takes about six months, on average.

Availability Limited in Condominiums

While some companies only offer their services to single households—such as Sunnova PR—both businesses and condominiums have different mechanisms available through other suppliers, though it would be more of a challenge in the latter’s case.

“In the meantime, there is no technology that we could say is condominium-friendly.

Not because it can’t be done, but because the Horizontal Property Act is slightly limited in terms of what kind of technology can be used in a condominium. However, because technology changes, I believe that we will reach a point where there will be technology to address that market,” Zambrana said.

THE WEEKLY JOURNAL asked Zambrana

[Solar power] is the best option, not just because of environmental issues… but also ensuring the continuity of people’s lives.

-Karla Zambrana, general manager at Sunnova PR

The solar panel market has seen an increase in clients after January’s seismic events. >Carlos Rivera Giusti

and efficiency will depend on the type of building.

For example, a walk-up type of structure would incorporate solar energy and battery storage more smoothly because it has larger terraces or roofs.

Meanwhile, traditional condominiums would require many more solar panels just to power certain areas or appliances. However, there is a portable storage system that residents can use individually in their apartments.

“They are essentially power inverters with solar panels. You can leave the power inverter in the balcony and place the panel during the daytime.

Because it is removable, the power inverter has its battery charge that will last between 10 to 12 hours and then you can connect a fridge and fan, for example… If you go home at night and you don’t have power, then you can connect it,” Hernández said.

More Options Underway

if, theoretically, a solar energy system could be implemented to power certain areas of a condominium if the residents reach a consensus.

“In that case, yes—for communal areas, elevators, cisterns or even to power any particular appliance in the apartment. Of course, this would entail an energy design that would be more challenging in regard to engineering design, but if everyone agrees to use it on communal areas, then that technology would be available,” she stated.

For his part, Hernández affirmed that availability

Clients can choose to remain off-grid or obtain a credit for their energy surplus. >Archive

Hernández went on to add that there are various technologies in the evaluation and production stages that could revolutionize the renewable energy industry. Regarding panels, some are being manufactured with a crystalline exterior, so its aesthetics can complement contemporary condominiums and buildings.

Others have greater flexibility and can be given a certain angle for aesthetics or practicality; while others are being developed with nanotechnology, resulting in smaller panels with the ability to produce greater power.

“There are many new technologies that are being evaluated and developed and I believe that they will be available in the market soon… A short while back we began the search for these new panel technologies and we have already found some new suppliers,” Hernández said, adding that finding a certified a supplier can take around six months.

Zambrana asserted that, as new technologies emerge and power concerns thicken, more Puerto Ricans will opt to transition to solar energy, which she deemed a better option than Prepa’s service.

“It is the best option, not just because of environmental issues… but also ensuring the continuity of people’s lives. Not just saving lives in the event of a natural disaster—such as Maria or the recent earthquakes—but also providing Puerto Ricans that guarantee that if another national disaster happens… they can continue their lives as normally as possible,” Zambrana said.

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/ Wednesday, January 29, 2020

Government Disobeys Petition from the Oversight Board

The federal entity ponders its legal options

T Cynthia López Cabán

clopez@wjournalpr.com

@cynthia_

he Financial Oversight and Management Board (FOMB) is considering taking legal action against Gov. Wanda Vázquez after she refused to comply with a request of information that justified the need to issue an executive order to bypass competitive bids under the emergency declared amid ongoing seismic activity on the island.

“They didn’t submit the information. They insist the executive order is for the period of the emergency. The FOMB is evaluating legal options at this time,” responded the board’s spokesperson Edward Zayas to an inquiry by THE WEEKLY JOURNAL. Vázquez had until last Friday to submit the documentation.

On Jan. 17, the Governor issued an executive order purporting to exempt the executive branch from the requirements of government contracting processes to accelerate the recovery after a recent earthquake and subsequent tremors that have caused about $838 million in damages, according to a preliminary evaluation by the U.S. Geological Survey (USGS).

Five days later, the FOMB tried to halt its implementation and required information that justified the need for the exception.

In a letter to Vázquez, Executive Director of the FOMB Natalie Jaresko cited the sections of the Puerto Rico Oversight, Management, and Economic Stability Act (Promesa) that gave the board jurisdiction over this matter.

“Pursuant to section 204(b)(4) of Promesa, the oversight board established a policy to require prior oversight board approval of certain rules, regulations, administrative orders, and executive orders proposed to be issued by the governor (or the head of any department or agency) to ensure

Natalie Jaresko, executive director of the FOMB, warned Gov. Wanda Vázquez that the executive order was inconsistent with the approved fiscal plan. >Carlos Rivera Giusti

The executive order may run counter to Promesa’s requirement that a fiscal plan ‘improve fiscal governance, accountability and internal controls.

-Natalie Jaresko, executive director of the FOMB

that they ‘are not inconsistent with the approved Fiscal Plan,’ stated Jaresko.

Following a declaration of emergency in the aftermath of the 6.4 magnitude earthquake that rattled Puerto Rico on Jan. 7, Vázquez issued

Executive Order No. 2020-010 to authorize the agencies “to sign contracts without the documents and/or comply with any requirement established by law” for a period of 60 days.

Jaresko reminded the Governor that the order impacted the expenses in the approved fiscal plan and affected the government’s procurement process.

“In addition, by this exemption, the executive order may run counter to the requirement in Promesa that a fiscal plan ‘improve fiscal governance, accountability and internal controls’,” underscored the Board’s executive director.

Jaresko also said that the government had yet to provide documentation concerning the executive order, as required under the policy, for the oversight board to conduct its review.

“In addition, please do not implement the executive order until the oversight board has reviewed the executive order with the requested documentation and determined it is not inconsistent with the fiscal plan.

If the executive order fails to comply with the policies established by the oversight board, it may not be implemented and the oversight board may take action, including preventing its enforcement, under Promesa sections 204(b)(5) and 108(a)(2),” she cautioned.

After ascending to the governorship when her predecessor Ricardo Rosselló resigned last summer, Vázquez boasted about a new era of cooperation and harmony with the oversight board contrary to the strained relationship between Rosselló and the federal entity. Five months later, and after announcing her candidacy for 2020, her initial stance has shifted. This is her first confrontation with the FOMB, an entity imposed by the federal government to straighten the fiscal situation on the territory.

Despite several requests from THE WEEKLY JOURNAL, as of press time, the governor’s office had not responded to questions about her decision not to comply with the information request and about the number of contracts awarded in accordance with the executive order, a mechanism that some critics have warned could be used to favor political allies.

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/ Wednesday, January 29, 2020

Insurance commissioner Javier Rivera Ríos resigned citing personal reasons. >Archive

The Need For An Insurance Commissioner

Puerto Rico Insurance Commissioner Javier Rivera steps down of his post a week ago

T

Ileanexis Vera Rosado

ivera@elvocero.com

@iverarosado

he insurance industry is clamoring for the nomination of an insurance commissioner after Javier Rivera Ríos resigned citing personal reasons.

According to industry insiders, the recent earthquakes only highlight the need to fill the vacancy as soon as possible. Although the damage produced by the earthquakes is contained mostly in one region, and is not as severe as Hurricane Maria’s, Iraelia Pernas, executive director of the Association of Insurance

Companies of Puerto Rico, said that, aside from the earthquakes, there are other pending issues that require the immediate attention of an experienced person in this position.

One of the current pressing issues is the accounting of the catastrophe reserve. According to Rivera Ríos, this reserve must now be listed as passive income in financial statements, a move that will inevitably place insurance companies in a very vulnerable position when it comes to ratings.

“These moneys used to be considered a reserve, not a debt. It’s also necessary to handle the issue of the grace period that insurance companies offer during an emergency and the approval of new products. We hope that the government takes action soon because we also understand that a lot of people have left the insurance commission and we urgently need someone to work on these issues,” said Pernas.

Insurance Agencies React

Insurance providers also acknowledge the need for an insurance commissioner. In a written statement, MAPFRE said that “We understand

the importance of an insurance commissioner, as we always have, and are eagerly awaiting the appointment of a new commissioner to work with in strengthening the industry so that we may better serve our society.”

For their part, Triple-S said that “It is important to have a commissioner in light of recent events, although we are highly capable of managing things in the meantime.”

Puerto Rico Insurance Commissioner Javier Rivera steps down of his post last Wednesday.

“The reason for my resignation is strictly in response to personal reasons that I must address with my family and take my concentration away from my ministerial duties,” said Rivera in his letter of resignation.

La Fortaleza’s chief of staff Antonio Pabón said Gov. Wanda Vázquez accepted Rivera’s resignation and, “understanding that it’s a strictly family and personal situation, we will not issue another comment other than, wishing him and his family the best, while thanking him for his years of service to the people of Puerto Rico.”

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/ Wednesday, January 29, 2020

The Rising Entrepreneurs Program focuses on backing startups in early to mid-stage product development. In the picture, Orlando Bravo (center) shares a moment with the semifinalists. >Courtesy

Meet the First Class of the Rising Entrepreneurs Program

Bravo Family Foundation selected the 10 teams that will join the initiative and receive a $30,000 grant

M Cynthia López Cabán

clopez@wjournalpr.com

@cynthia_lope

athematically speaking 10 isn’t a perfect number, but it is for the10 innovative companies selected to participate in the Bravo Family Foundation’s Rising Entrepreneurs Program (REP).

The initiative focuses on backing startups in early to mid-stage product development.

After completing a rigorous process of interviews and presentations, BookSloth, CINCO Engineering, FiberWolf LLC, Insu Health Design Inc., Local Guest LLC, Pratian LLC, Raincoat, Skootel, Synchrolog and Momentum Creative Lab became the first class that will continue on with the intensive program that runs from February to May. The chosen teams, explained the Foundation in a press release, will receive a one-time seed grant of $30,000 to cover resources needed by the teams to run their operation, living expenses and relocation to the foundation’s headquarters in Mayagüez, Puerto Rico. The teams will work with committed mentors,

receive individualized attention from experts and have access to the Mayagüez-based office hub.

REP follows a model of working with small cohorts in a deep immersion experience to learn skills and solve primary challenges. The new entrepreneurs will learn strategies to help them design a marketable product, build a sales pipeline, create clear operations systems, use target marketing and establish and grow a solid customer base.

“We congratulate all the teams that participated in the presentations of their companies. We saw a lot of

Last May, Orlando Bravo pledged $100 million to the Bravo Family Foundation for the promotion of entrepreneurship and economic development in Puerto Rico, where he was raised, and his family still lives. >Courtesy

talent in the 32 teams that presented their innovative business ideas. We are very excited to start with the 10 selected teams that will take part in the complete program, which provides them with the necessary resources to strengthen their ideas and continue empowering their companies,” expressed Orlando Bravo, founder of the Bravo Family Foundation.

The program kicks off on Feb. 3 with the “Team Building and Agile Bootcamp”, and ends on May 7 with an award and closing ceremony.

At the beginning of last week, Bravo, described by Forbes as “Wall Street’s hottest dealmaker” and the first Puerto Rico-born billionaire, Eduardo Emanuelli, founder of EF Group, and Blanca Santos, CFO of Bravo Family Foundation, evaluated the participants’ pitches, selecting 32 semifinalists.

“We feel proud of all the entrepreneurs who presented their companies. We saw young people prepared and confident about showcasing their ideas. Puerto Rico has a huge pool of human talent with great potential and, through this program, we are committed to being an essential part of their future. Now, more than ever, we need to create this type of environment that provides knowledge, access and capital to help leaders move forward with their business ideas in Puerto Rico,” said Bravo when announcing the semifinalists.

The Rising Entrepreneurs Program started with an open call through the Bravo Family Foundation, in hopes of fostering business creation within recent graduates and young professionals of Puerto Rican heritage, living in or willing to move to Puerto Rico.

The program prioritizes companies that are currently developing technological and innovative ventures.

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/ Wednesday, January 29, 2020

By Ricardo Álvarez-Díaz, architect, husband and father of three girls

2019: The Puerto Rican “Gap Year”

W

hile most citizens learned the importance of positive disruption and saw the 2019 “gap year” experience as an opportunity for growth, it seems apparent that our leaders did not.

Nevertheless, all the way to Guánica, without fanfare in bumper to bumper traffic, WE the people did.

As I sat and pondered about 2019 and the year that was, I kept thinking in terms of a “gap year”. A “gap year” is an academic year, taken as a break by a student between

high school and college. It serves as an opportunity for the student to mature, learn to take responsibility and develop real life skills that can be useful for entering college. It forces them to be less dependent and more socially and politically aware. In short, a “gap year” is a positive disruption that leads to a mature positive outlook.

2019 was our Puerto Rican “gap year”. It was the year we found out that federal funding was not readily available and that we couldn’t depend on others, even if we thought we deserved it. It was a year to go outside of our comfort zone and learn the importance of

By Teresita Fuentes, CPA

I

The Tale of a Botched Tax Reform

n the past I have written about the 2018 Tax Reform and the botched legislative process that has led to an alphabet soup of technical amendments, and 2020 has started with yet another chapter of what seems like “abuelita’s telenovela”.

I have practiced tax administration and public accounting during all of my professional career and have never witnessed so much drama surrounding tax legislation.

Act 257 of 2018, the 2018 Tax Reform, established that in order to claim certain deductions, a taxpayer who makes payments for advertising, insurance premiums, telecommunications and internet service, among a long list of other payments, had to prepare an information statement (the 480 forms) to report such payments and

claim his right to deduct them.

Act 60 of 2019 was within the first round of changes and technical amendments which eliminated the need for the taxpayer to prepare an information statement in order to claim a deduction. Rather, the responsibility to prepare an information statement falls on the recipient of the payment. Therefore, Johnny Taxpayer, who paid his internet service, was no longer required to prepare an information statement to the internet service company if he wanted to claim a business deduction, but rather, the internet service company was responsible for preparing an information statement detailing all the payments they received from Johnny Taxpayer.

As a result of claims for undue burden from insurance companies, cable companies and

planning and the true meaning of resiliency. We also learned the power of democracy and what can happen when people in an organized society demonstrate peacefully to get desired results. The importance of transparency was highlighted as we learned about fear, citizenship, civility and our expectations within society. But most importantly, last year we learned that aside from being able to survive a physical storm, we could also survive a political or economic storm.

By the end of 2019, Puerto Rico, for the first time in years, saw its population grow and projects trickle in. There was reason to be cautiously optimistic about 2020. There was hope in the air. We had all seemingly learned and were ready to positively move forward.

Those hopes were put to the test and then shattered in the early morning hours of Jan. 7 when the unexpected happened. A 6.4 magnitude earthquake rocked the southern municipalities of our island. This wasn’t the first one or the last. We’ve been hit since late December with over two thousand

tremors. Nevertheless, this one hit us the hardest. As night became day, information started to filter, the earthquake was severe. Puerto Rico was hit again with a natural disaster not unlike what all of us experienced two and a half years ago. People lost power, they lost homes and schools. Uncertainty and fear began to overcome us again and emotionally we all went back to 2017. Still, we assumed that this time the emergency would be managed differently. Perhaps even better.

It was not.

The lack of transparency and accountability shown during this latest emergency has made the situation worse. Diverting attention did not work in 2019, and it will not work in 2020 either. People are watching and paying attention now.

The inexplicable mismanagement during the aftermath of the earthquakes forces us to ask ourselves the question: Did they learn anything from our forced “gap year”? Maybe they didn’t, but we, the people, did. All the way to Guánica, without fanfare in bumper to bumper traffic, we all did.

other businesses, the government drafted a second technical amendment bill, HB 2172, which was approved by the legislature and included, among other changes, a two year deferral on the preparation of information statements, but shifted back to Johnny Taxpayer the task of preparing these information statements during this two year period. Easy enough, right? I am still unsure of what a two year deferral was supposed to accomplish, except for the fact that politicians cannot make up their mind of what they want to do when the whole purpose is to please everyone who will either fund a campaign or cast a vote.

What was not seen by everyone was the poison pill included in HB 2172 which would allow any accountant who does not have a CPA license to “certify” an attest function, which only a CPA can do, as well as increase the threshold for audited financial statements to $10M from the current $3M threshold. This was a showstopper for the fiscal agency responsible for making sure revenues flow into the government’s coffers.

This very important detail, likely discussed behind closed quarters without all the relevant parties, was not clearly explained to the public but instead was politicized in a media tour featuring television personalities

unqualified to understand the technical arguments. This was a train crash in the making. The governor of Puerto Rico vetoed the bill. In the meantime, the Puerto Rico Department of the Treasury instructed taxpayers that while an amendment is considered, Johnny Taxpayer needs to issue information statements if he wants to claim an expense for the categories previously discussed. This action upset legislators and the House of Representatives sued the Secretary of the Treasury. The lawsuit claims that the secretary overstepped and is implementing a change that the legislature feels is its duty to approve. However, the legislature does not even recognize the possibility of the Puerto Rico Treasury Department essentially implementing what HB 2172 intended.

The unfortunate outcome of this circus is that our business community trust is eroded every time these things happen. Politicians need to stop and analyze the impact that their legislative revolutions have on businesses, large and small. Rather than the constant fighting, it would be a better use of taxpayer dollars to see a government that discusses corporate and business issues seriously, and takes action based on its social and economic impact, not on the impact of their campaign coffers.

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/ Wednesday, January 29, 2020

Charm City Kings is a coming-of-age film about three African-American youth from Baltimore who join a dirt bike group as a means of escapism. >Courtesy

From Santurce to Sundance:

A Puerto Rican’s Journey

Filmmaker Ángel Manuel Soto explains how his identity shaped his work

F

Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

rom an early age, Ángel Manuel Soto would admire a variety of films and create his own home movies, hoping to one day become a part of the filmmaking industry. Fast forward to the present, when his most recent motion picture, “Charm City Kings”, premiered at the prestigious Sundance Film Festival, the largest independent film festival in the United States.

Soto, who grew up in the Santurce sector of San Juan, recalled that his passion for the big screen began when he saw “Indiana Jones” in the

movie theater. The Puerto Rican director, writer and editor knew that someday he would have his own work available for the public to view and reflect on. He was particularly mesmerized by the works of Mexican director Alfonso Cuarón, who he praised as a major inspiration due to his versatility and impactful, award-winning cinematography.

“I was self-taught… the whole [filmmaking] process blew my mind. I would go to Border’s whenever I could and buy books about cinema so I could learn how to do it. I was fortunate enough to have school teachers who [the other students and I] let us create home movies instead of writing essays, so we made movies,” he told THE WEEKLY JOURNAL. Soto hoped to obtain a college degree in filmmaking so he could expand his social network while allowing himself an element of prestige.

Ultimately, however, he settled on architecture and advertising, which proved to be assets in his cinematic endeavors. Architecture, for example,

allowed him to develop a keen sense of space perception, and how an individual relates to that environment—essential when shooting a scene.

Moreover, advertising helped him understand consumer psychology.

“That art of persuasion or making people develop an interest in something… I wanted to know the consumers’ psychology and I did. […] Despite a lack of knowledge or a lack of connections, I believe that advertising helped me get into [movie] festivals,” he explained.

He hopes to make moviegoers challenge the status quo and think about how to create a more inclusive society that addresses the plights of marginalized communities. His 14 films and shorts share a common element of exposing corruption, ostracism, elitism and social inequality.

The geographical and political insularism of Puerto Rico has inspired his work. Soto acknowledges that he grew up in a “privileged” household, with access to higher education, but

/ Wednesday, January 29, 2020

21

“I intend to participate in the creation of a more empathic world where we can all have the same opportunities...”

-Ángel Manuel Soto claims the island’s sociopolitical relationship with the United States, and the corruption scandals within the local government, made him gain an understanding of the plight of those less fortunate.

“My parents were very frank with me early on and they didn’t allow my privileges to strip me of empathy. I intend to participate in the creation of a more empathic world where we can all have the same opportunities, or eliminate that alleged meritocracy that only benefits the ones on the top. I want to touch on those issues and bring attention to the situations and metaphors that are very intrinsic to us but that are also universal,” he stated.

“The Farm,” a film he released in 2015, deals with this issue. According to Soto, this piece was a metaphor for Puerto Rico’s insularism, the way in which we are globally perceived and the relationship between the locals with the federal and local government.

“Charm City Kings”, a Universal Experience

Soto’s concern with exposing perceived injustices is also visible in “Charm City Kings,” which premiered on Jan. 27. This coming-of-age story tells the tale of three African-American

Puerto Rican filmmaker Ángel Manuel Soto, center, premiered his latest movie on Jan. 27 at the Sundance Film Festival. >Courtesy

friends in Baltimore who decide to join the Midnight Clique, an infamous group of dirt bike riders. Soto explained that dirt bike riding offers an outlet to these youth—escapism from the harsh realities of their social standing.

“To them, that is their way out; those are their Michael Jordans, that is their sport. The movie offers an opportunity to see that world through the eyes of these three friends, over one summer.

Viewers will see how decisions can sometimes make you mature too early,” he elaborated.

Soto, right, said that his films seek to challenge the status quo and exhort viewers to contribute to the achievement of socioeconomic equality. >Courtesy

The film stars Donielle Tremaine Hansley, Teyonah Parris, Jahi Di’Allo Winston, Kezii Curtis, Will Catlett and rapper and activist Meek Mill. The screenplay was adapted by Sherman Payne from a story written by Kirk Sullivan, Chris Boyd and Barry Jenkins—the latter of which directed and co-wrote the critically acclaimed and Academy Awardwinning film “Moonlight.”

When asked about what captivated him about the story, Soto said that it allowed him to talk about topics that interest him.

“Although I would love to do a movie in Puerto Rico with Puerto Ricans, I felt that I could explore issues that are relevant to Puerto Rico like this as well. It is a story that you could do in Santurce and the only thing that would change is an idiosyncrasy here and there. Apart from that, it is a story that I believe is very universal in bringing up the conversation of what we are doing with our youth, the opportunities we are giving them and the things we are doing wrong,” he asserted.

The film also allowed him to collaborate with big names in the industry, such as James Lassiter and Jada Pinkett Smith, who served as executive producers. Soto stated that the entire experience has felt surreal and that he feels “thankful” and “blessed.”

“Who would have thought that a guy from Santurce would ever be at Sundance? I still can’t believe it… to be able to have the opportunity of following my dreams and goals, looking back at all the sacrifices I’ve made and all the things I’ve had to leave behind to follow those dreams… [Puerto Ricans] are capable of doing that and more. This is very overwhelming and it inspires me to continue,” Soto said.

“Charm City Kings” will be released in select cinemas on April 20.

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aMare

Celebrates Special Dinners in front the Atlantic Ocean

>Courtesy aMare

/ Wednesday, January 29, 2020

Chef Luis Guzmán will join well-known chef Davide Pugliese and sommelier Zoe Warrington

Y Yennifer Álvarez Jaimes

Chef Luis Guzmán fuses his Puerto Rican roots and Serafina Beach Hotel’s Italian origins. >Courtesy aMare

yalvarez@wjournalpr.com

@yalvarezjaimes

ou can watch the sun set over the sparkling Atlantic Ocean while enjoying dinner at aMare, Serafina Beach Hotel’s signature restaurant located in the heart of San Juan’s trendy Condado district.

Usually, chef Luis Guzmán fuses his Puerto Rican roots and Serafina Beach Hotel’s Italian origins but, on Jan. 30 and Feb. 3, he will join well-known chef Davide Pugliese and sommelier Zoe Warrington for two special dinners.

Jan. 30 Dinner Event During the evening with Pugliese, there will be a five-course dinner paired with Italian wines.

The dishes will bring together the best of Tuscan cuisine, where Pugliese was born and raised, with the flavors and textures of the Caribbean, a region that he has called home for more than 25 years. aMare will welcome diners with a sparkling Cuvée Aurora Banfi DOCG 2013, followed by a duo

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/ Wednesday, January 29, 2020

>Courtesy aMare

of cured gravlax salmon and goose liver torchon over a fried plantain with pickled mango mustard as an appetizer. The appetizer will be paired with Vermentino La Pettegola, Banfi, Tuscany.

The first course offers two options to choose from: European sea bass carpaccio and polenta crostino with mushroom ragout, paired with Verdicchio Classico Bucci 2016, from the Castelli di Jessi region; or an open ravioli with ricotta and squash, sage sauce, brown butter and Parmesan cheese shavings, paired with Pinot Grigio San Angelo 2018, also from Tuscany.

The third course also provides two options to select from: wild boar with agrodolce, chocolate spicy sauce, farot risotto and glazed dwarf carrots; or scallops in fennel and cumin crust, served with cioppino and braised fennel.

The main course will be paired with a robust ASKA Bolgheri Rosso DOC 2015, Banfi, Tuscany.

The dinner will end with a trio of desserts: Sicilian lemon cake, Florentine cenci and raspberry sorbet with mint foam. The desserts will be paired with a Moscadello di Montalcino Forus, Tuscany.

The Feb. 3 Dinner Event On Monday. Feb. 3rd, chef Luis Guzmán will join Zoe Warrington, a sommelier and ambassador for the centennial winery Penfolds located in South Australia.

Warrington began her career in the hospitality industry as an usher at the Penfolds winery. Her interest in the wine elaboration process turned into a passion and led her to become certified with the Grade 3 Advanced qualification of the world-renowned Wine and Spirit Education Trust.

The menu begins with an amuse bouche of salmon and cream cheese terrine with tomato and black truffles, served with Koonunga Hill Chardonnay.

For an appetizer, there are two options to

choose from: organic chicken roulade with zucchini, pure goat cheese and ginger and guava glaze; or hamichi fish fillet in sesame crust, with soba noodle salad and a sesame and tamarind vinaigrette. Both selections will be served with Bin 28 Kalimna Shiraz.

The second dish, pappardelle pasta with roasted soy duck, hoisin sauce and pear confit, is complemented by a Bin 389 Cabernet Shiraz.

For the main course there are also two options.

Diners may choose from a sautéed petit filet with Yukon Gold potatoes, Red Bliss potatoes, purple potatoes and spicy mustard sauce; or stirfried guaju fish fillet with golden raisins, shiitake mushrooms and Vidalia onion. The main course will be paired with a Bin 407 Cabernet Sauvignon.

For dessert there will be a ginger and lemongrass crème brûlée sitting next to a glass of Sambuca aniseed liquor. aMare delivers a modern take on traditional Italian seafood influenced by Puerto Rican flavors.

According to its chef , the name itself is a double entendre and can translate to love” and “to the sea” in both Italian and Spanish.

The restaurant serves breakfast, lunch and dinner and its menu celebrates fresh local ingredients and indigenous seasonings while offering family style dishes such as branzino al sale and seafood paella “di Antonio,” as well as Serafina pasta classics such as spaghetti caviar and spaghetti lobster. aMare features a sleek indoor-outdoor 100-seat dining room, and a beautiful alfresco terrace that provides a stunning ocean view.

The design ambiance of aMare encourages mingling and eye contact among guests in a casual yet luxurious dining setting.

For reservations you can call aMare: 787-6255900.

The dinner will bring together the best of Tuscan cuisine, where Chef Pugliese was born and raised, with the flavors and textures of the Caribbean, a region that he has called home for more than 25 years. >Courtesy aMare

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/ Wednesday, January 29, 2020

Paula Landrón hopes to empower and motivate women. >Josian Bruno Gómez

Living Deep with Paula Landrón

Paula Landrón’s young, vibrant energy is contagious

E Marimar Rosario

correccion@wjournalpr.com

intensity interval training, meditation and an assortment of props, Paula can get anyone off their feet.

“The Deep Method Workout is the name I give my method, but within that method there’s six different classes; Bootylicious, Deep Stretch, Deep

@Mmar1212

ight minutes into the workout and one can feel their heart racing.

Planks and deep plié squats are not for the faint of heart. Shaking your body to the music while you do it? An even harder thing to do and yet, somehow, Paula Landrón makes it look effortless...and fun!

This entrepreneurial 23-year-old is slowly making a name for herself within the fitness industry by promoting a workout of her own creation, The Deep Method. Combining high

Deep plié squats while swinging your hips to the music make for a fun workout. >Courtesy Gio Maldonado

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/ Wednesday, January 29, 2020

Bands, Deep Toning, Deep Workout and Bailalo,” said Landrón.

After getting certified by the Department of Sports and Recreation in 2018, Landrón, a lifelong fitness enthusiast, set out to make a name for herself while empowering women. To that effect, she begins every class encouraging each and every one of the participants to choose what their “intention” is, decide what they hope for the day, what they hope to do, let go off, what they need. She asks questions, makes you think a bit, concentrate on the good.

“After those first five minutes of meditating, we engage in 15 to 20 minutes of high intensity interval training and then we go back to breathing, consciously inhaling and exhaling. All the while I am talking to you, asking questions. My method is high intensity interval training with meditation.

I want people to use all that energy from the training, all that clarity gained to elevate their mental state, to answer the questions I make,” said Landrón.

As part of her endeavors she has created not only a class, but an event titled Bootylicious.

“Bootylicious is a workout I came up with.

The point of it is to feel empowered, for each participant to find their own flow, this has also become the main reason for the event,” she continued.

The next Bootylicious event will be held at Eco’s Sports Park on Feb. 27.

“We already have about 250 people signed up, we are hoping to get to 300. It will be the fourth edition of the event. I came up with the concept for this event because I am from Miami, I used to go to all these awesome fitness events where different brands and concepts were combined, and that’s what I hope to accomplish here. This event is going to be all about focusing, motivating, empowering. I am going to have life coaches on site, offer talks…People will stay to hang out, it

Paula Landrón’s energy is contagious. >Courtesy Gio Maldonado

will be a multi-format event. Every one of my Bootylicious events has a different theme,” said Landrón.

When asked about her own motivation, what empowers her and why she does this, Landrón is very clear.

“All my workouts, all I do, it’s all meant so that I can be the best I can be, everything is an expression of who I am, the different sides of me.

I am not going to limit myself. I want to empower

No studio? No problem! A workout on the beach by Paula Landrón is all you need. >Courtesy Harry Xavier Rodríguez

women, I want to get people to work out. I don’t want to die wondering ‘what if’,” she stated.

“It makes me feel empowered to see everything you can achieve once you set your mind on a specific goal or outcome,” she continued.

From College Student to YouTube

Paula Landrón, daughter of a teacher and a merchant marine, got her start while still at the University of Miami pursuing a degree in psychology.

“I initially set out to study exercise physiology but, instead, ended up doing psychology,” she commented.

For Landrón, working out was a part of everyday life and she soon began taping her workouts and posting them on YouTube for all to see.

“That’s when I started to gain traction as a fitness instructor. Social media has been a great help. My thing was to always keep moving. If I couldn’t find a studio in which to teach, then I’d make up a beach workout. It’s all about being in constant movement,” she said.

Talking to Landrón one can’t help but be moved by her eternal optimism and the smile that just will not leave her face. Young as though she may be, Landrón is clear that life is not always so perfect and is the first to admit that she too can go through sad times.

“My success is a combination of believing in my concept enough to put myself put there and just trusting that life is going to give me exactly what I need,” she went on to say.

“What distinguishes me is that I know tough times do not last forever,” she concluded.

For more information, Landrón can be reached over Instagram @thedeeplifestyle or through her website, http//thedeeplifestyle.com.

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The Importance Of Yearly Checkups

A Melissa M. Cruz

mcruz@elvocero.com

@mmcruzrios

lthough it should always top one’s list of New Year’s resolutions, “being healthy” rarely does. Once Christmas is over, one should make it a point to visit their primary care physician in order to ensure

optimum health.

Although it is very important for men and women over 50 to visit their doctors at least once a year to get tested for chronic diseases, Dr. José Ángel Marrero claims that sometimes people do not see a physician for years, unless they feel sick.

“The yearly physical, as well as those yearly tests are extremely important because it’s the perfect time to go over all the existing condition a patient has. During this visit we discuss lifestyle choices, diseases they have been stricken by and sex history. It is also a good time to get tested for STDs,” he said.

Dr. Marrero went on to say that it is essential for a patient to be completely honest with his doctor.

The yearly checkup should include bloodwork, to check on cholesterol and blood sugar levels, stool samples and prostate exams, among others.

Patients over 50 should also get a bone densitometry test every two years.

“What is surprising is the amount of people with high cholesterol. I see this daily, patients with a healthy lifestyle, balanced diet, a workout regimen… with their cholesterol out of control.

It is these types of situations that make it imperative to monitor one’s cholesterol level, as a preventative measure. Even if a person leads a healthy lifestyle they should get that checked yearly. High cholesterol levels that are not controlled can lead to heart attacks or strokes,” said Dr. Marrero.

He went on to say that stool samples are essential for an early diagnosis of colon cancer.

“Although this type of cancer is more common in men than women, everyone over 50 should get tested for it. It is also important to get a colonoscopy. Recent studies have shown that the use of aspirin at low doses can help fight off not only heart attacks, but colon cancer as well,” said Dr. Marrero, who has been practicing medicine for

10 years.

Dr. Marrero was emphatic in saying that men should get tested for prostate cancer annually.

“There are alternatives to a rectal exam, but these are not appropriate substitutes for the real thing. It is also recommended that these men start testosterone supplements because we are already seeing a lot of 50-year-old men with the testosterone levels of an 85-year-old. We still don’t know why, but we believe it may have something to do with eating habits and genetics,” stated Dr. Marrero.

He also added that, although both men and women over 50 need to maintain adequate levels of Vitamin D, in women it is a more pressing matter.

“By 50, women have gone through menopause, which causes a hormonal imbalance and a loss of bone density. This is why it’s extremely important for them to take 800mg of vitamin D and 1200mg of calcium daily, as well as to visit their doctor for a bone densitometry test every two years. Women must also remember to get their yearly PAP and mammography. Breast and cervical cancer detected early have a high survival rate.”

>Archive

/ Wednesday, January 29, 2020

/ Wednesday, January 29, 2020

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Do You Multitask Or Are You Just Lacking Focus?

M

By Alberto J. Nuñez González

anunez@albertonunez.com

uch has been said, studied and researched about multitasking and its effect on performance within various settings.

Many have an opinion based on articles read, personal experience or subjective evaluation.

What about we change focus for a minute, no pun intended? Instead of analyzing multitasking, why don’t we talk about focusing?

Restlessness is one of the behavior components assessed by the Birkman Method. Birkman describes restlessness as the way in which a person focuses his attention or chooses to change focus and seek varied activities. With Birkman, we assess usual and stress driven behavior, as well as the underlying needs that drive them. Let’s see why this is important.

You may have experience having a team member or colleague that excels and seems comfortable in taking longer to handle projects and tasks. On the other hand, you see yourself completing your tasks as soon as possible and going ahead to the next one. In this case, the colleague shows low levels of restlessness usual behavior, and you present higher levels. You may be more inclined to like a variety of tasks.

Take as another example the fact that it is common in hospitals for staff to rotate through departments. This may be beneficial for some, the ones that have an inclination for alternating tasks, because these employees like to learn new processes and are excited by new ideas and surroundings. For others, this may be a cause of stress. Some employees may like to have the opportunity to prepare for changes or give their input before changes are made. This is not an impediment or an obstacle in their performance; a heads up in the upcoming rotation, or providing feedback on the past and new assignment is all they need.

In the case of hospitals and other health service provider settings, the consequences of not knowing your employees’ restlessness and other behavioral component levels is very dangerous.

Stress behavior from an employee with low levels of restlessness needs may arise and affect a

patient’s healthcare because the employee may become demoralized or not willing to immediately adjust to a new supervisor or to new demands. On the other hand, a “bored” data entry official might make mistakes that can cost lives.

Effective supervision and professional development programs can help with this very sensitive topic, but really knowing your employees, knowing about their needs and behaviors, is the most fundamental and effective

way to achieve overall success. The use of a validated method that provides insightful information while taking into account our differences, and aiming to better understand and design workplace experiences that are beneficial to all, provides a sense of security.

The Birkman Method is now available in Puerto Rico for corporations and individuals. You can contact consultant Alberto Nuñez González if you want more information.

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/ Wednesday, January 29, 2020

An Afternoon in Puerto Rico’s Only Horse Racing Track The Hipódromo Camarero is located in Canóvanas

he Hipódromo Camarero in Canóvanas is Puerto Rico’s only horse racing track. This intimate track is a lovely way to spend an afternoon.

The track was formerly called El Nuevo Comandante. The name was changed when Camarero became the winner of 73 consecutive races including the Triple Crown of Thoroughbred Racing in Puerto Rico.

He became so famous that people flocked to the races to see him run. Camarero died in 1956 and is buried on the grounds.

Admission is free and the betting minimum is 35 cents. Upon arriving, our first stop was at the entrance where we were given the day’s racing program. We also decided to purchase the racing magazine, which costs $1.90, and is a key to understand how to bet. It provides information about the horses, jockeys, trainers and winning odds.

We soon learned that there are two types of wagers at this track. The straight wager and the exotic wager. The straight wager is a standard bet on first and/or second place. The Exotic wagers, named the Exacta, the Quinella, the Trifecta and the Superfecta, were so complicated that we just placed straight wagers.

There are two betting areas, one on the first floor and another in the refreshment area, as well as automated betting machines. However, we were told to use the tellers because the machines can be difficult.

Before each race, the jockeys parade the horses in an area in front of the bleachers. We learned that horses run in categories based on age and distance of race. Calculating the likelihood of a

>Courtesy Camarero

T

Hallee Patterson

horse winning is a combination of science and luck.

Once you decide on a horse, it is time to place your bet. We handed the teller our choices and told him how we were betting.

At this point, it is great to just relax, sit in your seat and enjoy the incredible of view of the track with the El Yunque Rainforest in the background.

As the bugle announces the beginning of the race and the horses are placed in the starting

stalls, the excitement is palpable.

Once the thoroughbreds are set free from the gate, you can scream your horse’s number out for everyone around you to hear.

Horse racing is the sport of kings, and after an afternoon at the track you you will understand why. You could watch the races on television, but why miss the excitement and pageantry of the moment?

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www.elvocero.com/revistas/mirame

< The Weekly Journal > Wednesday, January 29, 2020

It's your moment to shine.

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/ Wednesday, January 29, 2020

Serie del Caribe 2020 Panama, Dominican Republic, Venezuela, Mexico, Cuba and Puerto Rico will be vying for for the title of best baseball team in Latin America. They will play18 games in seven days.

When: Saturday, Feb. 1 to Friday, Feb. 7 Where: Hiram Bithorn Stadium, Franklin Delano Roosevelt, Avenue, Hato Rey

The Beatles: Tributo Sinfónico 2020 Puerto Rico’s Symphonic Orchestra will be rendering homage to The Beatles with a one-night-only tribute concert. The concert will feature the Jukebox Beatles, a tribute band that’s been delighting fans with their Beatlemania for over 18 years.

When: Saturday, Feb. 1 at 7 p.m.

Where: Luis A. Ferré Performing Arts Center, Santurce

Star Wars: Una Última Vez; Una Despedida This farewell concert hosted by the Puerto Rico Symphonic Orchestra pays homage to music from the Star Wars franchise. During the concert, attendees will venture in a musical journey to a galaxy far away, revisiting the scores from “The Phantom Menace,” “Atack of the Clones,” “The Empire Strikes Back,” “The Last Jedi,” and “The Force Awakens.”

When: Saturday, Feb. 1 at 7:30 p.m.

Where: Luis A. Ferré Performing Arts Center, Santurce

Movies Under the Stars

Come to a showing of The Lion King, the American animated film produced by Walt Disney Pictures.

When: Saturday, Feb. 1 at 7 p.m.

Where: 1110 Vieques St., Parque Jaime Benítez, Condado Lagoon, San Juan

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/ Wednesday, January 29, 2020

International Chamber Orchestra of Puerto Rico in San Juan Join the International Chamber Orchestra of Puerto Rico at the majestic courtyard of the San Cristobal Fort for a free concert featuring 40 international artists! Free Admission.

When: Friday, Jan. 31 at 7 p.m.

Where: Castillo San Cristobal, Old San Juan

San Blas Half Marathon

The San Blas Half Marathon is Puerto Rico’s premier running event. Around 1,500 athletes , both local and international, attend the competition. The half marathon has been held in the town of Coamo since 1965 and has been showcased in ESPN’s “Road Race of the Month.” San Blas has become a cultural experience not only for the runners, but also for the nearly 250,00 spectators that gather along the race route.

When: Sunday, Feb. 2 at 7 a.m.

Where: Town square, Coamo

OPEN: Contemporary Class

Take a contemporary dance class with Sofía Valentín. Valentín has a degree in choreography and interpretation of dance and specializes in contemporary dance.

She has belonged to the Young Chamber Ballet of Madrid and participated in various productions of classical ballet and contemporary dance. For tickets, log on to http:// estudio21pr.com.

When: Saturday, Feb. 1 at 6 p.m.

Where: Estudio 21, Fernández Juncos Ave., Santurce

Startup Job Fair

If you are interested in the fields of marketing, programming/computer science, graphic design, operations or business administration then this is your chance to acquire real professional experience with global startups. Come in, register and interview with startups looking for interns.

When: Thursday, Jan. 30 at 3:45 to 5 p.m.

Where: Parallel 18, 1250 Ponce de León Ave., San Juan

Speaker Series: Fireside Chat: How to design your business’s growth strategy Learn how to design a growth strategy that leads to the best results. Holly Chen is an award-winning growth advisor with over 15 years of experience in growth strategies, growth marketing, digital marketing, product-led growth, management consulting and connecting product and marketing teams at early-stage startups and large corporations. She has worked at Google, Gucci, Deloitte Consulting and A.T. Kearney.

When: Wednesday, Jan. 29 at 6:30 p.m.

Where: Piloto 151, 1250 Ponce de León Ave., San Juan