Wednesday, July 6-12, 2022 - // no. 167
Medical debt to be erased P6 Tourism grows amid inflation P8 Conflicting reports on cannabis P9
Puerto Rico and the Caribbean
www.theweeklyjournal.com
Cost of Living
increase
hits all-time high Both consumers and the government see earnings affected
“A kiss is just a kiss…” P15
S
Istra Pacheco, The Weekly Journal
ince Monday, the cost of energy and potable water services increased to levels never seen before in Puerto Rico. These, along with the increasing prices in gas, food and several other products will impact not only the consumer’s pocket but will also affect government collections, according to economy and policy analysts. Economist José Caraballo Cueto anticipated that living in Puerto Rico will become more expensive. He said these increases come at the worst moment because the island
is experiencing “the highest inflation in over a decade.” The increase in the base rate the Puerto Rico Aqueduct and Sewers Authority (PRASA) charges customers is 4.95%. Also, the Puerto Rico Energy Bureau (PREB) approved last week a 4.6 cents per kilowatt/hour (kWh) increase to the electricity bill. This is the seventh consecutive increase approved by the Energy Bureau, and places the kilowatt hour price for residential customers at 33.4 cents, a historical figure in the price of energy in Puerto Rico. GO TO PAGE 4
2 The Weekly Journal > Wednesday, July 6, 2022 >
Exclusivo para clientes de negocios
AUMENTA LA PRODUCTIVIDAD DE LA FLOTA DE TU EMPRESA Llévate el
GeoTab GO9 Fleet Tracker
GRATIS
Vía 24 créditos mensuales a tu factura cuando añades una línea nueva de servicio de internet móvil elegible (2GB o más). Para clientes con buena clasificación crediticia. + Impuestos.
Mane el Maneja cump cumplimiento de tus choferes ch
Mejo la seguridad Mejora de tu tus empleados y tus veh vehículos
Obté Obtén infor información útil casi en tiempo t real
$
Ahorr dinero Ahorra controlar al con
el consum consumo de gasolina
Déjanos tu información para que uno de nuestros expertos te guíe en cada parte del proceso Si cancelas el servicio móvil antes de recibir los 24 créditos mensuales a tu factura, los créditos se detendrán y deberás pagar el saldo restante de tu equipo a precio regular (Geotab G09 Fleet Tracker: $84). Impuestos sobre el precio del equipo antes de los créditos se pagan al momento de la compra. Oferta por tiempo limitado, sujeta a cambios. Válida hasta el 15 de julio de 2022. Requiere crédito, cuenta de negocios y línea nueva de servicio móvil elegible (2GB o más). Si cancelaste líneas de internet móvil en los pasados 90 días, deberás de reactivarlas primero. En tiendas o llamadas de servicio al cliente, puede requerirse un cargo por asistencia en la actualización de $35. Hasta $84 vía créditos mensuales a tu factura. Debes estar activo y al día para recibir los créditos; pueden demorar hasta 2 ciclos de facturación. Puede no ser combinable con otras ofertas o descuentos. Planes de Pago a Plazos (EIP): Disponibilidad de oferta y monto de los pagos a plazos estarán sujetos a aprobación de crédito. Requiere pago del IVU, pago inicial (de aplicar) y pago de la parte no aplazada al momento de la compra. El saldo se cancela en pagos mensuales. Ejemplos reflejan pago inicial y pagos mensuales para clientes con crédito excelente; cantidades pueden variar para otros clientes. Pago por equipo es adicional al pago mensual de servicios. Se pueden aplicar impuestos y cargos por pago tardío o por falta de pago. Control de la red: el servicio puede ponerse lento, suspenderse, cancelarse o restringirse por mal uso, uso anormal, interferencia con nuestra red, o con nuestra capacidad para brindar un servicio de calidad a otros usuarios, o por uso inmoderado de roaming. Durante congestión, clientes que usen >50 GB/mes pueden notar velocidades reducidas hasta el próximo ciclo de facturación debido a priorización. Uso en el equipo tiene mayor prioridad que el uso mediante enlace, lo cual puede resultar en velocidades mayores para la data usada en el equipo. Consulta T-Mobile.com/OpenInternet para conocer detalles sobre administración de data. Sujeto a los Términos y Condiciones (incluyendo cláusula de arbitraje) de T-Mobile®, disponibles en www.t-mobilepr.com. Las imágenes de los equipos y pantallas son simuladas. T-Mobile, el logotipo de la T, Magenta y el color magenta son marcas comerciales registradas federalmente de Deutsche Telekom AG. ©2022 T-Mobile Puerto Rico, LLC.
3
/ Wednesday, July 6, 2022
a week in review Evertec expands relation with Popular As part of the Popular Transaction, Evertec modified and extended the main commercial agreements with Banco Popular of Puerto Rico (“BPPR”) and its parent, Popular, Inc. As previously disclosed, the new agreement includes a 10-year extension of the Merchant Acquiring Independent Sales Organization Agreement (the “ISO Agreement”), a 5-year extension of the ATH Network Participation Agreement and a 3-year extension of the Master Services Agreement (”MSA”). The ISO Agreement, which sets the terms of the merchant acquiring relationship with Popular, will now include a revenue sharing provision with Popular. Evertec also completed the acquisition of 100% of the outstanding shares of BBR for an aggregate purchase price of CLP 48,600 million, approximately $53 million.
Marvel leads expansion of the Bronx Museum Architectural firm Marvel will be leading the expansion of the southern wing of the Bronx Museum, scheduled to break ground in the spring of 2023. The project will feature a restaurant, a boutique and new public spaces. Marvel has an extensive and diverse portfolio of Bronx-based commissions, including the upcoming renovation of the Orchard Beach Pavilion, a comprehensive master plan for Mill Pond Park and Bronx Point, a current project. “Not only do we understand the spirit of the Bronx, but we understand the need for the Museum to be connected to its communities, to project and engage with that diversity,” stated Jonathan Marvel, founding partner. The firm, with offices in New York City, San Juan, Puerto Rico and Richmond, Virginia, is a large employer of architects and minority designers in the Tri-State area.
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
Hornofino opens new venue Hornofino announced the opening of its new concept, Hornofino PanCafé-Vino, which integrates three gastronomic offerings in one location. Located in Bayamón, this innovative establishment focuses on providing diners with a complete and nontraditional experience by combining the offerings of a bakery, a coffee shop, and the fine dining restaurant known as Hornofino Fine Restaurant. Its menu includes everything from its traditional 27-inch quesito and six types of coffee from various Puerto Rican farms, to filet mignon with the Chef’s special sauce. Focused on elevating the dining experience, Hornofino Fine Restaurant’s menu includes a suggested wine pairing for each dish they offer.
President Salvador Hasbún shasbun@elvocero.com
VP of Accounting Félix A. Rosa frosa@elvocero.com
Human Resources Director Arlene Rolón, PHR arolon@elvocero.com
Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com
VP of Production Eligio Dekony edekony@elvocero.com
VP of Editorial Content Juan Miguel Muñiz Guzmán jmuniz@elvocero.com
Multi-Platform Graphic and Technology Director Héctor L. Vázquez hvazquez@elvocero.com
Phone: 787-622-2300, 787-721-2300
Multi-Plataform Digital Director María Arce marce@elvocero.com
Customer Service: 787-622-7480
4
/ Wednesday, July 6, 2022
CONTINUED FROM PAGE 1
and some sectors of the economy —such as retailers—will be hit harder. He pointed out that “it is important for the government to keep this in “Typically, what many people do is change mind”, since it is possible that their consumption patterns projected tax revenue may whenever they have these decrease if purchase levels are spikes in the cost of living. reduced. If they used to spend more With fewer people on entertainment and meals consuming goods or outside, now they begin to eat encouraging businesses, like The transferring at home more often and, in movie theaters or restaurants, of federal funds the case of people who benefit the economy is in recession, for reconstruction from the Nutritional Assistance the economist argued. works after Program (PAN, for its Spanish According to Caraballo Hurricanes Irma and acronym), they may have to Cueto, the transferring of Maria in 2017, and reduce the amount of food they federal funds for reconstruction earthquakes of 2020, buy or the quality of it. They works after Hurricanes is important, but it may even limit their portions Irma and Maria in 2017, won’t necessarily and instead of eating three and earthquakes of 2020, produce a balance meals a day, they would eat is important, but it won’t [in the economy]… two, as it was found to be the necessarily produce a balance case for almost a third of the [in the economy], although population in 2015”, Caraballo benefits will be seen after Cueto recalled. bridges, roads and service The economist, who is also buildings start to be repaired. a university professor, added that these increases “For the construction sector, those funds might would have a chain-effect on public health
In fact,
Typically, what many people do is change their consumption patterns whenever they have these spikes in the cost of living. José Caraballo Cueto, economist
have a big impact, but they will be distributed to a limited group of people. It does not have an effect on a larger group, while increases in the cost of living do affect a much larger number of people,” he said.
Challenges of the educational sector
The education sector will also be affected, said Wanda Ayala, president of the Private Education Association. Ayala denounced not all the funds from the federal Restart Program, which were supposed to help educational institutions public and private to return to work after Hurricane
5
/ Wednesday, July 6, 2022
Maria, have yet been disbursed. could reduce the Sales and Use Tax (IVU, for its Five years after the hurricanes, schools are still Spanish acronym) while inflation starts to ease. waiting for these funds, some after having invested Although revenue from the IVU is already from their own resources, thus leaving other needs obligated for the payment of the government’s unattended. debt, the economist pointed that so is the gas tax In the case of private schools, –the so called “crudita”– and Ayala considers there is not a a 45-day moratorium is being decrease in enrollment that considered. could attributed to more According to Caraballo students entering public Cueto, the possibility of schools. Nevertheless she reducing taxes to certain admitted the current economic economic sectors is currently The economic situation is pushing families to being considered, which situation has also move off the island. leads him to believe that the caused the exodus She added that a study possibility of lowering the IVU of many teachers commissioned to Jaime should be discussed. from public and Calderón, head of planning and “Another option is to fix the private schools, thus statistics at the Department price of oil, so that when it creating a pressing of Education, concluded there goes above a certain price, the need for teachers for has a been a 33% decrease in government would subsidize it. the coming school enrollment in the last 11 years And when it drops below that year. in both public and private price it becomes a tax. This schools. would allow to recover from the According to Ayala, the subsidized period. This way, at economic situation has also least people would know it is caused the exodus of many fixed [the price],” he proposed. teachers from public and private schools, thus Caraballo Cueto pointed out that, although it creating a pressing need for teachers for the is a medium-term solution, the discussion about coming school year. the transition to renewable power sources must “You need to prepare today’s youth. That is the continue. most important thing if you want to pull the country out of this situation and offer it a promising future,” New Source Of Income she said. Financial consultant and economics professor Juan Carlos Quiles argued it is important for each Lowering The IVU person to work with a budget and evaluate his/ Caraballo Cueto argued that the government her expenses and income to determine the areas
In fact,
where cuts can be made. His main recommendation to people is to get a second job or learn new skills. Quiles understands that doing so would allow the person to have a second income to pay for the increase in the cost of living, and when inflation goes down it can be a source of savings to travel or for retirement. “Perhaps some sacrifices have to be made, but the important thing is that this is not going to last a lifetime. You have to understand that, within a period of time, things will go back to normal,” said Quiles. According to the most recent report of the Consumer Price Index (CPI) prepared by the Department of Labor, the purchasing power of the consumer dollar remained at 78 cents from April to May 2022, when compared to its value of 100 cents in December 2006. Among the sectors that reflected an increase in price are: transportation, 0.9%; food and beverage, 0.6%; other articles and services, 0.5%; entertainment, 0.5% and housing, 0.2%. The CPI does not include the cost of energy.
Perhaps some sacrifices have to be made, but the important thing is that this is not going to last a lifetime. Juan Carlos Quiles, financial consultant
6
/ Wednesday, July 6, 2022
Some medical debt is being removed from U.S. credit reports Also, unpaid medical debt under at least $500 will not be reported
S
Tom Murphy – The Associated Press
tarting last Friday, the three major U.S. credit reporting companies will stop counting paid medical debt on the reports that banks, potential landlords and others use to judge creditworthiness. The companies also will start giving people a year to resolve delinquent medical debt that has been sent to collections before reporting it — up from six months previously. Next year, the companies also will stop counting unpaid medical debt under at least $500. The companies say these moves will wipe out nearly 70% of the medical debt listed on consumer credit reports. Patient advocates call that a huge advance. But The federal Consumer Financial Protection they question whether medical debt should be Bureau has said its research shows mortgages and on credit reports at all, given that many see it as a credit cards are better predictors than medical bills poor indicator of whether someone is trustworthy of whether someone will repay a debt. for a loan or rent. The agency, which monitors banks, lenders and “These aren’t people who bought shoes they other financial institutions, has noted that people couldn’t afford,” said Amanda Dunker, of the often don’t have time to shop nonprofit Community Service for the best price when they Society of New York. “They went seek care and may have little to a doctor because they were control over the progress of a sick or needed help with an serious illness. injury.” The agency said earlier this Brooke Davis had about year it estimates that 58% of $1,300 in medical debt from The companies say the debt in collections and on a breast cancer scare that these moves will credit records is from medical lingered for years on her credit wipe out nearly 70% bills, and past-due medical debt report. of the medical debt is more prevalent among Black The 48-year-old McDonough, listed on consumer and Hispanic people. Georgia, resident said that credit reports. The bureau is trying to made it difficult to rent an determine whether unpaid apartment, and she needed a medical bills should be included co-signer for a car loan. on credit reports. “You can’t get anything, you John McNamara, an assistant director with the can’t even get a credit card if you have bad credit,” bureau, declined to estimate when the agency she said. might make a decision. After hearing from all sides The non-profit RIP Medical Debt relieved Davis’s on the issue, it could propose a rule that would debt last fall. But more health problems and the end the practice. loss of a job have pushed Davis back into debt. Credit reporting companies also are considering She’s currently stuck with a swollen knee for which whether medical debt should remain on the she can’t see her doctor. reports, said Justin Hakes, a vice president with the “I don’t have the money to really go for my knee Consumer Data Industry Association. right now, so I’ve just been suffering with it,” she The three national credit reporting agencies — said.
In fact,
These aren’t people who bought shoes they couldn’t afford. They went to a doctor because they were sick or needed help with an injury. Amanda Dunker, the Community Service Society of New York.
Experian, Equifax and TransUnion — announced the medical debt changes in March, after the bureau said it would hold those companies accountable for the accuracy of their reports. Patient advocates said those changes will help a lot of people. The wait in reporting delinquent debt will give patients time to figure out how to resolve a bill, noted Chi Chi Wu, an attorney with the National Consumer Law Center. “It gives more breathing room to deal with the insurance company or your provider,” Wu said. “Everybody has a story about that.” Medical billing errors can wind up on credit reports. And patients are sometimes unsure about what they owe or whether an insurer will eventually pay it.
7
/ Wednesday, July 6, 2022
Entrepreneurial at Any Age
over 60 to launch business ideas from conceptualization to implementation. The program was designed by Ana G. Mendez University (UAGM, for its Spanish acronym) and supported by the MCS Foundation, whose mission is to promote Zoe Landi Fontana, The Weekly Journal education and economic development. Almost two years in the making, these 18 new entrepreneurs took to the streets this past June after successfully aripaz Rodríguez is a 63 completing the program. year old San Juan resident, “Our desire is to launch this challenge, and that retired, but with more than more people over 60 dare to accept it, showing 25 years of experience in the world and themselves that it’s never too late to designing distance learning venture into the business world,” said Elba Rivera, courses. For many years, Executive Director of the MCS Foundation. she had pushed aside the The projects are divided into five phases. The notion that she could pursue her own business. first phase works with the motivational aspect of After all, Rodríguez already had a job that kept her starting a business. Participants attend lectures occupied from 9:00 a.m. to 7:00 p.m. everyday. and conferences, learning how Three years after her they can do business with limited retirement, however, her son resources. Then, they investigate inspired her to remember the cost-effectiveness of their that dream. With decades of ideas. Once the business plan experience, guided by love, and Step-Up is a is drafted, it is revised. They through participating in the Stepprogram developed explore alternative sources of Up business training program, for people over financing and support and identify Rodríguez not only pursued her 60 to launch the different opportunities and dream, but also manifested it. business ideas from resources that exist in Puerto Rico. Her business, Ascender, offers conceptualization to The fourth step is to create online courses giving guidance to implementation. and promote a brand image. This families with autistic children – an phase teaches the participants experience close to Rodríguez’s how to use social networks to heart. market their product or service as Ascender, which includes well. Finally, these entrepreneurs downloadable courses, formally pitch and present their business. It’s a audiobooks, and online forums to support parents, very practical program that focuses on the real caregivers, and therapists working with those world more than on business theory. with severe autism, is just one of 18 businesses Programs like these also play into MCS incubated and launched by the Step-Up business Foundation’s commitment to improve the training program. social determinants of health within the elderly Step-Up is a program developed for people
Seniors get support to develop their own businesses
M
In fact,
Our desire is to launch this challenge, and that more people over 60 dare to accept it, showing the world and themselves that it’s never too late to venture into the business world. Elba Rivera, Executive Director MCS Foundation.
community. The six determinants, according to the US Department of Health and Human Services, are as follows: Neighborhood and built environment, social and community context, economic stability, education access and quality, and healthcare access and quality. The Step-Up business training program promotes social and community connections, provides education, and gives participants a little more economic stability by showing them how to support themselves with the experience and skills they’ve been developing throughout their lives. A group of entrepreneurs including Carmen Hernández Arcay, Carmen T. López Santiago. Daisy Treviño Otero, Damary Pagan Cabrera, Elsa Robles Hernández, and Erwin Crespo Bermúdez, among many others, also participate in the program, presenting businesses as diverse as providing technology services to elderly people, to an atelier crafting Afro-Caribbean clothes and accessories.
8
/ Wednesday, July 6, 2022
Tourism Continues to Grow in the Midst of Economic Crisis
Puerto Rico’s image shifts for various audiences
T
Zoe Landi Fontana, The Weekly Journal
oday’s forecast is sunny with clear skies. Tomorrow’s forecast is also sunny with clear skies. And the day after that…well, you get it. But are there clouds on the horizon for Puerto Rico’s tourism industry? Travel research group Tourism Economics conservatively estimates that in 2022, non-resident visitor spending will increase by at least 21% compared to figures from 2021. These would be some of the highest in the island’s history. Unlike many other Caribbean destinations, Puerto Rico saw improvements in the tourism industry despite the pandemic. The US Travel Association found that while traveler spending in the US is 5% below 2019 figures, it is 10% higher for Puerto Rico. “[Yet] despite the strong start to this year, the outlook for tourism is mixed with a few encouraging signs, offset by some very worrisome trends. Despite such strong labor numbers, most businesses report they simply cannot hire enough help. Airline enplanements have exceeded prior years, yet airlines are having to cut capacity due to pilot shortages and drastic increases in the price of fuel. Demand for travel is high, yet inflation is prompting many travelers to reconsider travel or scale back on their travel plans. Interest in our island by meeting planners is growing, but the need periods of our local hotel partners have changed significantly”, said Brad Dean, Chief Executive
Officer of Discover Puerto Rico. Covid is no longer the biggest concern for potential travelers, as economic issues flare up. With inflation at its highest levels since 1980 coupled with increased interest rates, consumers’ desire to partake in leisure travel has sharply declined. The June edition of the American Travel Sentiment Survey by Longwoods International showed that consumers are rethinking their leisure plans. 41% of consumers cited record-high gas prices will impact their decision to travel in the next six months. Another 36% reported that higher fuel costs and ticket prices are reducing the likelihood of booking any air travel for the rest of 2022. Fortunately, as of July 1 hotel RevPAR (revenue per-available-room) is at a record of $209, an increase of 56.9% from the previous year. Independent rentals have increased RevPAR by 7.3%, year to date. “This shows the growth we are seeing in the industry. Despite the economic challenges, the income from accommodations so far this year is 56% above 2021, which is the record year. We are seeing that all regions are experiencing the economic benefits that our visitors bring, driving economic development around the entire island,” Dean added.
Local And International Image
Sunny days on the beach and cinematic nights in Old San Juan set the scene for Discover Puerto Rico’s newest international campaign “Live Boricua”. This new brand campaign launched in May 2022 to enhance Puerto Rico’s image as a destination, focusing not only on what the island has to offer travelers, but who Puerto Rico is and how they can make it their own. According to Discover Puerto Rico, “Live Boricua”
Demand for travel is high, yet inflation is prompting many travelers to reconsider travel or scale back on their travel plans. Brad Dean, CEO Discover Puerto Rico.
is an “immersive feeling and frame of mind that is at the DNA of the Puerto Rico experience and lifestyle”. The campaign helps visitors picture themselves on the island by highlighting iconic destinations and landmarks around the island, connecting the viewer to a tangible experience. Additionally, it brings consumers past the expected experience into a projected reality of connecting with locals and Puerto Rican culture. Domestic tourism takes another route. “Isla Aventura” encourages people to get out and explore the island’s unique natural attractions such as the beaches, forest, rivers, and mountains by highlighting the diversity of experiences and their proximity. Following Governor Pierluisi’s announcement last year on the allocation of $120 million in American Rescue Plan funds to strengthen the island’s internal and external promotion as a tourist destination, the “Isla Aventura” initiative, driven by the Puerto Rico Tourism Company (PRTC), aims to position Puerto Rico as the best and largest theme park in the Americas, not only featuring its natural attractions, but active tourism activities like snorkeling, kayaking, zip lining, hiking, horseback riding , and water parks as well.
/ Wednesday, July 6, 2022
Is Puerto Rico cannabis industry up in smoke?
9
Conflicting studies on the sector pose serious doubts
O
Madison Choudhry, Special to the Weekly Journal
nce taboo, entrepreneurs around the island have demonstrated they have a similar commodity on their mind. There are many names it is referred to –marijuana, weed, cannabis sativa– however, it seems the most common name used today is “opportunity.” The perceived method of growing cannabis is an alluring prospect to many. The thought behind is that it merely requires a wavering degree of sun, water, and soil which in turn produces a hefty profit. However contradictory studies point to an alternative narrative. In 2017, newly approved Act 42 stated, “a legal framework would be created for dealing with medical cannabis; establishing medical and scientific research within the federal regulatory framework.” increase in dispensaries has not implied an Proponents of Act 42 stressed the incentive of increase in the number of patients. Data from a 20% tax collection, a projected increase of the MiCaM reports an average of 432 clients per clinic labor force, and a claim for less compared to the ideal number illegal drug activity. In addition, which is estimated between there was the added stipulation 1,500 and 2,000 patients per of a, “regulatory board which clinic. would monitor the cultivation, In regard to the decreases manufacturing, dispensing, in illegal crime activity Police operating laboratories, and Commissioner, Antonio López From 2020 to 2021 transportation of medical Figueroa, recently announced dispensaries in Puerto the seizure of, “2,000 marijuana cannabis. With the internet to Rico increased by a plants, each six feet tall. In supervise the medical cannabis whopping 53%. addition, the raid also included industry in Puerto Rico.” 33-gallon bags of marijuana ready for distribution.” An Absent Board Figueroa went on to say, That was the promise made “the production of this greenhouse seemed to be in 2017. However, looking at the data today, “there has not been a single report published by the Board on an industrial scale. This operation is the largest hydroponic marijuana plantation seized by the in five years. Not since its inception in 2017. Which police in Puerto Rico.” is alarming considering the board is required to publish an annual report detailing the conditions of the medicinal cannabis market,” explained José Contradictory Studies Aleczer, President of Members of the Medicinal And yet, only recently a study published by Cannabis Industry (MICaM, for its Spanish acronym). Alliance for Responsible Regulation and Economic The consequence of this oversight has lead to a Development (ARRDE), which described itself as, “a staggering 277 dispensaries currently operating in non-profit organization with the main objective of Puerto Rico. From 2020 to 2021 alone the number advancing the discussion for the approval of the of dispensaries jumped from 169 to 259. To put adult use of cannabis and its decriminalization,” it in statistical terms, in one year the number reports that: of dispensaries in Puerto Rico increased by a “82% of Puerto Ricans agree that it would be whopping 53%. safer to buy medicinal cannabis. Unfortunately, fact of the matter is that the 61% agree that it will bring more jobs and bring
In fact,
There has not been a single report published by the Board in five years. Not since its inception in 2017. José Aleczer, President of MICaM
more funds to the government 57% agree that it will reduce drug trafficking 63% agree it will reduce opioid addiction 62% agree it will help police focus on major crimes 60% agree it will reduce the number of people in prison needlessly” Leaving many people to question, “well, which is it?” “Is Puerto Rico’s cannabis industry a viable business opportunity or is it another saturated business waiting to implode?” It seems the answer is, it depends. Mostly, on what study you read. For some entrepreneur the news is hardly comforting. To others the ambiguity leaves a space to ponder their future in the industry. With the uncertainty of the fiscal times, it begs the question, is the cannabis industry in Puerto Rico up in smoke? Or is there a chance for the smoke to still clear up?
10
/ Wednesday, July 6, 2022
Ricardo Álvarez-Díaz,
Licensed Architect and co-founder of the architectural firm Álvarez-Díaz & Villalón www.advfirm.com
T
CDBG-DR Gap LIHTC program: a solution for the affordable housing crisis
he reduction in adequate housing caused by informal construction and the destruction of the hurricanes, combined with a wave of displaced residents in need of housing, represents a major obstacle to Puerto Rico’s long-term recovery. The CDBG-DR Gap for Low Income Housing Tax Credits (LIHTC) Program was launched with the purpose of promoting the construction and rehabilitation of homes for families or elderly people on the island, and has since been crucial in the construction of thousands of housing units in Puerto Rico. The CDBG-DR Gap for LIHTC provides gap funding for properties being developed with low-income tax credits. It is financed with funds allocated by the U.S. Department of Housing and Urban Development (HUD), and distributes federal income tax credits to affordable housing developers through state housing agencies. The developers sell the tax credits to investors to get funding for their projects. For each dollar invested on tax credits, investors save one dollar in taxes. The LIHTC Program essentially works through three different entities. The first entity is the Puerto Rico Department of Housing (PRDOH). They are responsible for managing the CDBG-DR funds assigned to the island for the recovery of the
disasters caused by Hurricanes Irma and María in 2017. The second is the Puerto Rico Housing Finance Authority (PRHFA), which manages CDGBDR funds to encourage affordable multi-family and/or senior rental housing construction through LIHTC project developer financing. And finally, the last entity is the developers who rehabilitate, redevelop, and manage the projects themselves.
LIHTC Programs accelerate Puerto Rico’s recovery and allow for more people to have a safe and resilient home. Additionally, proposed projects that will be built under the LIHTC Program, take into consideration the use of materials and methods that promote the protection of the environment with the implementation of resiliency measures like EnergyStar® equipment, photovoltaic panels, emergency power generators, and security windows, among others. Furthermore, the LIHTC Program benefits the
regional economy by supporting projects in areas that are within a reasonable distance of businesses, medical facilities, pharmacies, post offices, supermarkets, public transport, and recreational areas of the municipalities. In our company, we’ve had the opportunity to help build affordable and resilient rental homes in Puerto Rico through the CDBG-DR Gap LIHTC Program. Our most recent project in Caguas, Emerald Vista, is a resilient community where everyone feels safe, connected, and proud. By working on this project, we have seen firsthand, how the LIHTC Program benefits people with low to moderate income living in the Island. The LIHTC Program was described by HUD as “… the most important resource for developing low-cost housing in the United States and Puerto Rico,” as it will benefit low to moderate income communities by increasing the number of affordable homes through new construction or rehabilitation projects. This promotes economic development, creates quality rental housing, and responds directly to the needs for housing by providing financing to viable construction projects. Fundamentally, LIHTC Programs accelerate Puerto Rico’s recovery and allow for more people to have a safe and resilient home increasing their access to economic opportunities. The author is a licensed architect and entrepreneur.
11
se olvidan de nosotros.
La verdad te necesita para reivindicar. La verdad no tiene precio.
< The Weekly Journal > Wednesday, July 6, 2022
La verdad
12
/ Wednesday, July 6, 2022
In fact, The honor is reserved for people who have made exemplary contributions to the prosperity, values or security of the United States.
The Presidential Medal of Freedom. >Courtesy, The White House.
Biden to award Medal of Freedom to Biles, McCain, Giffords Nurse who received the first COVID-19 vaccine dose will also be honored
W
Darlene Superville – The Associated Press
ASHINGTON — President Joe Biden will present the nation’s highest civilian honor, the Presidential Medal of Freedom, to 17 people, including actor Denzel Washington, gymnast Simone Biles and the late John McCain, the Arizona Republican with whom Biden served in the U.S. Senate. Biden will also recognize Sandra Lindsay, the New York City nurse who rolled up her sleeve on live television in December 2020 to receive the first COVID-19 vaccine dose that was pumped into an arm in the United States, announced the White House. Biden’s honors list, which the White House shared first with The Associated Press, includes both living and deceased honorees from the worlds of Hollywood, sports, politics, the military, academia, and civil rights and social justice advocacy. The honorees who’ll receive medals from Biden “have overcome significant obstacles to achieve impressive accomplishments in the arts and sciences, dedicated their lives to advocating for the most vulnerable among us, and acted with bravery to drive change in their communities, and across the world, while blazing trails for generations to come,” the White House said. The honor is reserved for people who have made exemplary contributions to the prosperity, values or security of the United States, world peace or other significant societal public or private endeavors, the White House said. Biles is the most decorated U.S. gymnast in history, winning 32 Olympic and World Championship medals. She is an outspoken advocate on issues that are very personal to her,
including athletes’ mental health, children in foster care and sexual assault victims. Lindsay became an advocate for COVID-19 vaccinations after receiving the first dose in the U.S. outside of clinical trials. McCain, who died of brain cancer in 2018, spent more than five years in captivity in Vietnam while serving in the U.S. Navy. He later represented Arizona in both houses of Congress and was the Republican presidential nominee in 2008. Biden said McCain was a “dear friend” and “a hero.” Washington is a double Oscar-winning actor, director and producer. He also has a Tony award, two Golden Globes and the Cecil B. DeMille Lifetime
Honorees “have overcome significant obstacles to achieve impressive accomplishments in the arts and sciences… and acted with bravery to drive change in their communities, and across the world… White House press release
Achievement Award. He is a longtime spokesperson for the Boys & Girls Clubs of America. The other 13 medal recipients are: — Sister Simone Campbell. Campbell is a member of the Sister of Social Service and a former executive director of NETWORK, a Catholic social justice organization. She is an advocate for economic justice, overhauling the U.S. immigration system and health care policy. — Julieta Garcia. A former president of the University of Texas at Brownsville, Garcia was the first Latina to become a college president, the White House said.
— Gabrielle Giffords. A former U.S. House member from Arizona, the Democrat founded Giffords, an organization dedicated to ending gun violence. — Fred Gray. Gray was one of the first Black members of the Alabama Legislature after Reconstruction. He was a prominent civil rights attorney who represented Rosa Parks, the NAACP and Martin Luther King Jr. — Steve Jobs. Jobs was the co-founder, chief executive and chair of Apple Inc. He died in 2011. — Father Alexander Karloutsos. Karloutsos is the assistant to Archbishop Demetrios of America. The White House said Karloutsos has counseled several U.S. presidents. — Khizr Khan. An immigrant from Pakistan, Khan’s Army officer son was killed in Iraq. Khan gained national prominence, and became a target of Donald Trump’s wrath, after speaking at the 2016 Democratic National Convention. — Diane Nash. A founding member of the Student Nonviolent Coordinating Committee, Nash organized some of the most important 20th century civil rights campaigns and worked with King. — Megan Rapinoe. The Olympic gold medalist and two-time Women’s World Cup soccer champion captains the OL Reign in the National Women’s Soccer League. She is a prominent advocate for gender pay equality, racial justice and LGBTQI+ rights who has appeared at Biden’s White House. — Alan Simpson. The retired U.S. senator from Wyoming served with Biden and has been a prominent advocate for campaign finance reform, responsible governance and marriage equality. — Richard Trumka. Trumka had been president of the 12.5 million-member AFL-CIO for more than a decade at the time of his August 2021 death. — Wilma Vaught. A brigadier general, Vaught is one of the most decorated women in U.S. military history, breaking gender barriers as she has risen through the ranks.. — Raúl Yzaguirre. A civil rights advocate, Yzaguirre was president and CEO of the National Council of La Raza for 30 years. The Democratic president will present the medals at the White House next week.
/ Wednesday, July 6, 2022
13
Essence Fest is back in New Orleans after two-year hiatus
Thousands converged on the city for the in-person multiday event
N
Chevel Johnson – The Associated Press
EW ORLEANS (AP) — Black culture, in all its glory, was on display over the 4th of July holiday weekend in New Orleans as thousands converged on the city for the in-person return of the Essence Festival of Culture. The multiday event began with a Thursday performance by comedian Kevin Hart in the Smoothie King Center, followed by ticketed concerts at the Louisiana Superdome Friday through Sunday. First-time headliner, rapper Nicki Minaj, performed Friday along with another firsttimer, country singer Mickey Guyton. Music icon Janet Jackson, who took the stage in 2010 and 2018, was the featured artist on Saturday and fan favorite, 80s R&B group New Edition, closed the event on Sunday. Other artists included Jazmine Singer Janet Jackson was one of the performers at the Essence Festival of Culture in New Orleans along with Sullivan, City Girls, Summer Walker, The Roots, The headliners Kevin Hart, Nicki Minaj, Mickey Guyton and New Edition. (Photo by Vianney Le Caer/Invision/AP, File) Isley Brothers, Method Man, Tems, Patti LaBelle and Stephanie Mills. Me” and the 2022 festival was the brand’s first to In addition, free experiences were offered inside offer a live component and the option to connect the Ernest N. Morial Convention Center, including a virtually. tech summit, an opportunity for men called “In His “As the nation’s largest festival by per day Zone,” a marketplace highlighting local vendors, a attendance, the Essence Festival of Culture is a food and wine experience, a beauty carnival, and staple that celebrates community and empowers the ever-popular gospel celebration. equity,” Essence CEO Caroline Wanga said in a Organizers encouraged all participants — statement. “We are excited to welcome the family whether in-person or virtual — to download back to New Orleans and thrilled to connect with the festival’s app and register more of our diasporic family through EssenceFestival.com. In through new digital experiences.” addition, in-person participants Erika J. Bennett, chief marketing Caroline Wanga, were required to show proof officer for Essence Ventures, CEO Essence of a COVID-19 vaccination even was looking forward to what she The festival, though that requirement was described as a “reunion” that much like others the dropped in March by the city has attracted more than 500,000 of Essence magazine and was known as “a party city is known for, had since the pandemic had eased. visitors to its events in past years. with a purpose” with an original mission to give been on an in-person Festival organizers said “We know the festival is an back to the community through free seminars hiatus since 2020 “vaccination is for everyone’s opportunity for people, all over the designed to enrich women’s lives. It has since because of the virus protection” and proof of such world, to come together, to unite evolved into the world’s largest celebration of Black outbreak but was was needed for admission. a culture, whether that’s through women, culture and community, organizers said. held virtually in 2020 The festival, much like others fashion or music or food or all the Bennett said Essence Ventures, the parent and 2021. the city is known for, had been wonderful other ways we express company of Essence, supports economic equity for on an in-person hiatus since ourselves. Particularly after some people of color and works to ensure that through 2020 because of the virus really hard years of not being all of its brands as part of its purpose. outbreak but was held virtually together, our theme of Black joy, “It’s important for us to support and uplift a city in 2020 and 2021. Before really resonated,” Bennett said. that’s embraced us for so many years,” Bennett that, it had been held in New Orleans every year Bennett said their digital experience opened said. “Through our marketplace and through except in 2006 when it moved to Houston while access globally and attracted more than 100 Essence Eats, we have been able to generate a $2 the Superdome was being repaired following million online views. billion economic impact, over nearly 30 years, to Hurricane Katrina. Essence, in its 27th year, started in 1995 as a the City of New Orleans. And that is a bigger part, a This year’s theme was “It’s The Black Joy For one-time salute to celebrate the 25th anniversary deeper part of our overall mission.”
In fact,
“As the nation’s largest festival by per day attendance, the Essence Festival of Culture is a staple that celebrates community and empowers equity.” /
14
/ Wednesday, July 6, 2022
Gardening for corporate and individual wellness
Developing a corporate garden can improve employee morale
E
The Weekly Journal
gardening and health in corporate activities makes more and more sense. Especially if the focus of employers is to contribute to the life experience of their work team,” Curbelo said. The horticulturist is currently offering talks and doing programs like Garden Break, “Un tiesto a la vez” (One garden pot at a time), Cocktail Gardening, and “enTIERRA el estrés” (Bury stress). “If work is on remote mode, employers can motivate the employees to have a green space in their home to take a Garden Break,” said Curbelo, who is a certified in Horticultural Therapist from the Chicago Botanic Garden.
very time people explore different ways to save the Planet, such as gardening, they are unaware that these green activities have very positive effects not only on our planet, but also on our physical and Gardening and health at work The development and integration of “green” mental health. initiatives, such as gardening projects, contribute Through the digital project “30 días de to alleviate health problems verdura”, Perla Sofía Curbelo, that may have been affecting founder of Agrochic, continues employees long before the to educate corporations and pandemic, among them the individuals to further promote burnout syndrome, which the benefits of being in active refers to “chronic stress in the contact with nature and being workplace that has not been increasingly aware of the Developing “green” adequately managed.” environment. By incorporating initiatives, such as Some green activities that gardening into their lifestyle, gardening projects, you can integrate into the work each person can contribute contribute to environment to contribute to to the protection and alleviate health a culture of wellbeing in the preservation of planet Earth problems that may workplace are: throughout the year. have been affecting • Corporate Gardens This is precisely one of the employees. Investing in trees and goals of the annual “30 días de flowering plants to beautify the verdura” digital series, which facades and surroundings of consists of 30 articles related the company or business could to “green” activities. Now in its reduce employee absenteeism and boost their ninth edition, this digital series contains a wealth of morale. interesting information, such as Garden Break and • Orchard in the company Corporate Wellness, to mention some of the most The corporate garden has the potential to well-known topics. become a space where employees get free food, “Corporate wellness has become very common share in activities to celebrate the harvest, and learn in these high-stress times. The combination of
In fact,
Corporate wellness has become very common in these highstress times. The combination of gardening and health in corporate activities makes more and more sense. Perla Sofía Curbelo, horticultural therapist
better eating habits. • Breathing Room Surrounding ourselves with plants, even if it is to simulate that we are immersed in a garden or outdoor nature space, contributes to lowering our chronic alertness (negative stress) and helps us balance blood pressure. Our concentration improves and our mood receives an energy boost.
Tips from Perla Sofía
Take a Garden Break A Garden Break of 5, 15, or 30 minutes daily contributes to our physical, mental, and spiritual well-being. Also, science has validated that being in contact with nature contributes to our satisfaction, attention, productivity, and happiness. Add greenery to your space Greening every corner of your home or office space can transform your mood, promoting your wellbeing and even contributing to improve your quality of life. For more information about “30 días de verdura” digital series go to agrochic.com or visit its platforms on Facebook and Instagram.
15
/ Wednesday, July 6, 2022
Pucker up and celebrate
International Kissing Day Grab your partner and kiss away
T
Madison Choudhry, Special to The Weekly Journal
here are very few things that are as innocent, as salacious, and as romantic as a kiss. From the utterly terrifying moments of your first kiss, to the tender moment of Rhett Butler hearing, “you may now kiss the and bride,” a kiss seems to mark Scarlett a momentous occasion. A O’Hara kiss is an occasion in itself. So in Gone much so, that it deserved an with international day. the Todays’ society has embraced wind. the concept of the kiss as a symbol of affection. Here in Puerto Rico a kiss on the cheek is a common greeting. We give kissed with a savium kiss in public, a kiss as to say: “Hello, how are she could demand to be awarded full you?” All around the world a kiss marriage rights from the man,” Bryant is a reason to pause, pull you explained. in and recognize each other’s The popularity of kissing came to presence. a halt with the Great Plague of 1665 One merely needs to take Rick and Ilsa in Casablanca. (the bubonic plague). The greeting a moment to find a reference Pablo Neruda, Chilean poet was replaced instead with a bow, to kissing in our culture. From a curtsy or the tipping of one’s hat. classic movies, to song lyrics, or subject of study by German neuroscientist Onur The practice would make a slow and a poem written long ago. Kisses Güntürkün, who spent two years around airports, gradual come back in the 1760’s are described everywhere. That railway stations, parks and beaches, watching with the industrial revolution when being said, the history of the people kissing. In his observations he found there the quick kiss of the hand became kiss is clouded and the exact were 124 kinds of valid kisses, popular. origins are unknown. a far stretch from the three the It would be Vaughn Bryant an Romans recorded. 1896, before a anthropologist from Texas A&M Today’s society finds the kiss silent film called, University credits the people Lady and Tramp in Lady and to be welcoming and loving, and “The Kiss”, would of India with demonstrating the Tramp. something to be desired. As if it show for the first the practice to ancient Roman Roman soldiers, needed any more reasons, the time two actor soldiers, who in turn soon having learned added health benefits of the kiss repeatedly kissing became, “devote ‘kissing’ the kiss from cannot be ignored. The chemicals on screen. With a missionaries.” Having learned Indian people, a kiss induces –oxytocin, review from a local this new alluring act, the Roman soon became, dopamine and serotonin– flood newspaper saying, soldiers began to spread kisses “devoted ‘kissing’ the brain creating a sense of “The spectacle all around Europe and parts of missionaries.” euphoria, which encourages of the prolonged North Africa. feelings of affection and a strong pasturing on each For the Romans, there were sense of bonding with your other’s lips was different types of kisses, each partner. Not to mention the beastly enough in carrying their own assigned Jack and Rose in Titanic. life size on the stage, but magnified to lowering of the stress hormone cortisol. meaning. There was the If a kiss can say so much when words seem to gargantuan proportions and repeated osculum, a kiss of friendship fall short, perhaps Chilean poet Pablo Neruda put three times over –it is absolutely which was often given as a peck it best when he said: “In one kiss, you’ll know all I disgusting.” on the cheek. There was the basium, a slightly haven’t said.” It is the connection that we search The acceptance of the kiss has come a long more loving lips-to-lips kiss. And, finally, the for. And that is the connection we celebrate on way since then. Today, people merely blink an eye savium, a kiss of deep passion. So much passion at witnessing a kiss in public. It even became a was involved in a savium that, “if a virgin girl were July 6th.
In one kiss, you’ll know all I haven’t said.
In fact,
Constant updates online 24/7. TheWeeklyJournal.com
Visit us for updated content on our 24/7 platform.
WeeklyJournal
The