The Weekly Journal - Wednesday, July 28, 2021

Wednesday, July 28 - August 3, 2021 - // no. 118

Puerto Rico and the Caribbean

www.theweeklyjournal.com

Banks’ Solid Economic Recovery P6/7 Private Sector Lambasts Gov’t Deal With Truckers P8 Labor Conflict at San Juan Ports P9

T-Mobile District:

San Juan’s Top New Venue

Despite opening gradually, the entertainment hub has dazzled locals and travelers

A

>Courtesy Airbnb

Giovanna Garofalo

Home Design Apps for Inspiration P14

ggarofalo@wjournalpr.com

@giopgarofalo

fter being delayed over the COVID-19 pandemic, the T-Mobile District’s gradual opening has quickly placed it high in the public consciousness, becoming the top destination for a multisensorial experience unlike any presented in Puerto Rico and the

Caribbean.

Located in the Convention District, in the heart of San Juan, the T-Mobile District is a behemoth of entertainment,

featuring concert and media venues, gastronomic diversity, bars, an urban zipline park, a hotel, a VIP movie theater by Caribbean Cinemas, and a plaza with a digitized stage system comprised of over 14,000 square feet of LED displays to show interactive content, among others.

This new hub of activity required an investment of roughly $185 million, according to Federico “Friedel” Stubbe Jr., CEO of PRISA Group, which is the developer and chief investor for the T-Mobile District.

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The Weekly Journal > Wednesday, July 28, 2021 >

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a week in review Treasury Reports $74M in Extra Net Income for the General Fund

Moody’s Withdraws Puerto Rico’s GO and Related Ratings for Business Reasons

Moody’s Investors Service has withdrawn the general obligation (GOs) and related ratings of the Commonwealth of Puerto Rico, including all ratings on the Puerto Rico Aqueduct & Sewer Authority, the Puerto Rico Electric Power Authority and the University of Puerto Rico, among others.

At the time of the withdrawal, Puerto Rico’s GO rating was Ca and the outlook was negative.

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

President Salvador Hasbún shasbun@elvocero.com Vp of Marketing and Business Operations Michelle Pérez Miperez@elvocero.com

>Josian E. Bruno Gómez

>Ricardo Domínguez

>Archive

Puerto Rico Treasury Secretary Francisco Parés Alicea reported that the General Fund’s net revenue in April 2021 totaled $1.1 billion.

This represents an increase of $74 million from estimates in the government’s Certified Fiscal Plan. “The Fiscal Plan establishes that mainly, said increase responds to the positive effect on the collections of the multiple rounds of federal economic incentive programs, which have contributed to an accelerated economic recovery at the local and federal levels,” he said.

Gov’t Launches Offer to Refinance PRASA’s Debt The executive director of the Fiscal Agency and Financial Advisory Authority, Omar Marrero, reported that the Puerto Rico Aqueduct and Sewer Authority (PRASA) launched an offer in the market to refinance its senior bonds’ balance. He explained that the transaction seeks to take advantage of historically low interest rates and, in turn, the high level of interest in the capital markets for municipal bonds in general.

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CONTINUED FROM PAGE 1 The goal of this center, he said, is to showcase before the world Puerto Rico’s cultural richness, while supporting local entrepreneurs and encouraging audiences to rethink the island as a premier tourism destination. “Everything that has been done there has many tasks, many details, and it is that all the concepts are made by Puerto Ricans for the Puerto Rico market, and destined to reflect the best of our culture, music, flavor, art in a very authentic place. Authenticity has defined and guided and inspired us in creating this collection of experiences that we are offering in the T-Mobile District,” Stubbe told THE WEEKLY JOURNAL. “Rather than saying the number of businesses, I call it a collection of experiences. Everything we have done here is an experience for the people who visit us, for people to celebrate to the max, celebrate life, celebrate triumphs, connect in realtime and space - not virtually - and enjoy it to the fullest,” he added.

Stubbe explained that the idea originated a few years ago, after years of working in the tourism industry and developing several hotels in the San Juan area. According to the CEO, Puerto Rico, as a tourism destination, was lacking in elevating the visitor experience and optimize overnight stays. He observed that while the average stay for travelers in Puerto Rico is 2.6 nights, in other comparable countries and jurisdictions visitors stay for “four,

ToroVerde Urban Park features two ziplines, an arcade, a culinary area, rock climbing, and a maze with games and obstacles. >Courtesy of ToroVerde

five and even six nights on average.”

By creating a unique entertainment center, he and his business partners hope to incentivize domestic tourism and encourage travelers to prolong their stay on the island “with a world-class project that reflects the best of us and our culture.”

Asked if the T-Mobile District will offer package deals in collaboration with hotels, tour guides or tourism-focused entities, he said that they are still finessing the details ahead of the District’s complete opening in August. However, he acknowledged that his team is “working on curated experiences for those who visit us,” particularly in light of the highly anticipated return of cruises to the San Juan Bay, just minutes away from the District.

“We have to think big, we have to collaborate with all the parties and the entire private sector.

It is an example that when we think big and collaborate, we can do great things in Puerto Rico because we have the talent, we have the wherewithal… we are a great society. Sometimes our daily challenges drain us, but I hope it inspires others to continue to develop new structures into the future and showcase our best on a global level. Puerto Rico as a destination and as a place is a global player; we can do great things when we dare,” he affirmed. “That site is full every day… We are very grateful for the reception that the project has had in its pre-opening stage and we are very enthusiastic.”

Unique Venues for Everyone Aloft San Juan is the brand’s first in Puerto Rico and the Caribbean, located in the T-Mobile Distrit. >Courtesy of Aloft

The T-Mobile District stands out from other destinations in that it hosts a variety of venues and centers for people of all ages. One of the most

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We have to think big, we have to collaborate with all the parties and the entire private sector. It is an example that when we think big and collaborate, we can do great things in Puerto Rico because we have the talent, we have the wherewithal… we are a great society.

- Federico Stubbe Jr.

popular assets in the District is the ToroVerde Urban Park, which adapts the iconic zipline from the Adventure Park in the mountains of Orocovis to a cosmopolitan setting.

Jorge Flores, CEO of ToroVerde, explained that the Urban Park consists of an arcade, a maze with games and challenges, a play area for children, virtual reality experiences, the Verbena Food Fair - where guests can enjoy typical Puerto Rican food generally sold at kiosks - and two urban ziplines.

Regarding the latter, the Blazing Bull carries the visitor over to the Convention Center and back, while the Sky Bull takes people through the District itself, right above other guests.

He informed that this one-of-a-kind attraction was made possible through an investment of approximately $8 million and has generated over 200 jobs. “The reception of the people who have visited us has been something spectacular. The experience that people have had - either in family groups or in couples as they have come - has been very attractive,” Jorge stated.

Another top stop in the T-Mobile District is the Coca-Cola Music Hall, which will make its grand debut on Aug. 14 with an Ednita Nazario concert. Other artists and bands in the pipeline include Pedro Capó, Caramelos de Cianuro, El Gran Combo, Camilo and more. “Every week there are several events at the Coca-Cola Music Hall already scheduled and the billboard is filling up fast,” Stubbe asserted. Per the Music Hall’s official website, there are concerts scheduled up until December thus far, several of which have already sold out.

In addition, the District is home to the first Aloft hotel in Puerto Rico, with 177 rooms and a $50 million investment. The hotel offers approximately 3,500 sq. ft. of flexible meeting space and 40,000 sq. ft. of public areas such as bars, restaurants, pools and outdoor terraces that integrate innovative technology. “We are changing Puerto Rico’s hospitality landscape as the only hotel located within San Juan’s premier entertainment destination, El Distrito, and the first Aloft hotel on the island as well as in the Caribbean,” said Toni Stoeckl, global brand leader of Aloft Hotels.

La Central pays homage to Puerto Rico’s important agricultural past. >Courtesy of La Central

Meanwhile, Stubbe described Arena Medalla as a “sports bar on steroids where the triumphs of Puerto Rican athletes are celebrated. We recognize our most outstanding athletes, it has a [40-foot] screen to watch different games at the same time in Ultra HD.” It also features a game room for adults, including three karaoke rooms, as well as two tap walls with exclusively Puerto Rican beer, plus cocktails.

Diverse Culinary Offer

The District features an assorted selection of restaurants for different palettes and budgets.

One of these is La Central, by renowned chef Mario Pagán. Speaking to THE WEEKLY JOURNAL, Pagán explained that the idea behind his most recent fine dining establishment was to present a nostalgic view of Puerto Rico’s industrial past - such as sugar and tobacco farms, and rum distilleries - but in a contemporary atmosphere. Apart from enjoying Pagán’s culinary creativity, guests may also unwind in the restaurant’s cigar room.

“My style of food has characterized me, thanks to my mentor, Alfredo Ayala. For all the chefs in Puerto Rico that I know, Alfredo is the father of modern Puerto Rican cuisine. Having that framework that I had of creative cuisine... it is very important for me that the elements are from here in the country, that the history of the menu also has a Puerto Rican touch, but modernizing it a bit. When you go to the restaurant, it brings you nostalgia, but it is a modern environment,” he said.

With an investment of more than $4 million, La Central has generated roughly 60 jobs.

Likewise, Sazón Cocina Criolla prioritizes Puerto

Rican culture through typical dishes, such as stuffed mofongos, paella jíbara, Caribbean lobster and other delicacies. “Sazón represents, in a modernized way, the essence of the Puerto Rican environment. We have an outdoor patio and a bar with the best view of the main stage of the T-Mobile District and the multi-sensory experience that is the Central Plaza. We have located Sazón in this space because we want to reaffirm that Puerto Ricans are the heart of this project,” said architect Hans MollStubbe, managing partner of PRISA Group.

On the other hand, La Burguesía satirizes the “bourgeoisie” through its gastronomic offer and design, since its operators assure that by taking a universal dish and raising it in terms of quality, they deliver a “bourgeois” product at affordable prices. La Burguesía has its own butcher and bakery where they give their unique touch to their craft burgers. Other restaurants include Lupe Reyes, which serves authentic Mexican cuisine; Barulla Taberna Española, specializing in Spanish gastronomy and offering various culinary areas; Dulcinea, which sells ice cream and churros, and the newly opened Pudge’s Pizza.

“We all feed on each of the different concepts.

There is a very balanced variety, extremely well thought out, but the most interesting thing about all this is that... the vision of the Stubbe family was not only to make the best of entertainment that Puerto Rico has in the future, but that the managers of those restaurants were Puerto Rican, that they were not chains from the United States, that the concepts were created here in Puerto Rico and worked with Puerto Rican hands,” Pagán affirmed.

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Popular Sees Big Jump in Auto Loans, Mortgage Originations

Dollar value of credit and debit card sales also continues to trend higher

P Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

opular Inc. reported another quarter of strong results, reflecting the continued rebound in Puerto Rico’s economic activity and the unprecedented level of federal stimulus that the island has received.

Puerto Rico’s biggest commercial bank reported net income of $218.1 million for the quarter ended June 30, 2021, compared to net income of $262.6 million for the quarter ended March 31, 2021.

During the quarter, Popular also continued to return capital to its shareholders. In late April, the bank entered into a $350 million accelerated share repurchase program, and on July 1, Popular paid a dividend of $0.45 per common share, an increase of $0.05.

“We are extremely pleased with the results for the second quarter. We continue to be very optimistic about the economic recovery, but we remain attentive to how the evolving health situation may impact the economic outlook,” said Ignacio Álvarez, the bank’s president and CEO. During the earnings conference call, he reported that Banco Popular’s customer base in Puerto Rico continues to grow, increasing by 17,000 in the second quarter and by nearly 30,000 year-to-date to reach more than 1.9 million unique customers.

“Within Popular’s clientele, the dollar value of credit and debit card sales have continued to trend higher, increasing by 17 percent compared to last quarter and by 45 percent compared to the second quarter of 2019. Auto loan and lease originations at Banco Popular increased by 8 percent in the second quarter compared to the first quarter and by 32 percent compared to the second quarter of 2019.

“Similarly, we have continued to see strength

Ignacio Álvarez, president and CEO of Popular >Archive

in the housing market. The dollar volume of mortgage originations at Banco Popular increased by 6 percent compared to last quarter and by 63 percent compared to the second quarter of 2019,” he added. Álvarez also noted that year-to-date, auto sales have more than doubled compared to the first six months of 2020 and are up 31 percent from the same period in 2019.

“There’s no doubt that the stimulus payments had a big effect. I mean, a lot of money came directly into people’s accounts and they didn’t spend it all. I also think that for a while, people didn’t have the ability to really spend their money.

They couldn’t travel. They couldn’t do other things.

They weren’t commuting, so they saved on gas. So there was a number of things that people, I think, were building up liquidity.

“So, I would expect that going forward, that liquidity buildup is not going to continue because

this was a special period. But there’s still a lot of money in the bank to actually to my surprise. You hear a lot of stories about people buying cars and refrigerators and, by the way, we know they’re doing that, but they still have money in the banks,” he said.

With Puerto Rico’s strong vaccination rates against COVID-19 and a decrease in the number of confirmed cases, many of Popular’s staff will soon return to their offices.

“Given progress in the vaccination process, a general improvement in health conditions and sound safety protocols in our facilities, we will begin to bring back to the office our colleagues that are still working remotely. Managers and supervisors will be returning in mid-August and the remainder of our workforce will return after Labor Day. We will, however, be offering eligible employees a hybrid work arrangement,” Álvarez explained.

Around 1.9 million, or 66 percent, of the local population over 12 years old have been vaccinated and 2.2 million, or 76 percent, of the population over 12 years old have received at least one dose, according to recent numbers for Puerto Rico in the Centers for Disease Control and Prevention’s website

Financial Highlights

For the second quarter of 2021, the corporation recorded net income of $218.1 million, compared to a net income of $262.6 million for the previous quarter.

The second quarter’s results include a release of the allowance for credit losses of $17.0 million driven by improving credit quality and the improved macroeconomic outlook.

Net Interest income was $487.8 million, an increase of $8.7 million compared to the previous quarter, mainly due to additional funds invested from the increase in deposits. The net interest margin decreased 16 basis points to 2.91 percent.

Total assets grew by $5.8 billion from the previous quarter, reflecting an increase in deposits across various sectors, principally from the Puerto Rico public sector.

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Aurelio Alemán, president and CEO of First BanCorp >Archive

Solid Second Quarter 2021 for FirstBank, Oriental

Still buoyed by massive liquidity due to stimulus funds

F Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

irst BanCorp, the bank holding company for FirstBank Puerto Rico, reported a solid second quarter (Q2) 2021, generating $70.6 million in net income or $0.33 per share, compared to $61 million last quarter.

“Definitely the improving macro-economic trends are a contributor, driving a reserve release of $26 million this quarter. But on the other hand, the core earnings, pre-tax pre-provision income increased over $10 million to a new high of $96.6 million,” said Aurelio Alemán, president and CEO of First BanCorp.

During the earnings conference call, he reported that a significant amount of stimulus continue to strengthen customer liquidity. The bank’s deposits, excluding government, grew $558 million or 4 percent during this quarter.

“One the macro front, pandemic relief funds continues to play a very important buffer for economic activity on the island and all our three regions. Macro indicators continue to show monthover-month improvements. [Airport] passenger movement outside San Juan in Puerto Rico is above per-pandemic levels since April, and despite a recent and slight increase in reported [COVID-19] cases as of June, vaccination rates on the island are quite over 60 percent now.

previously announced $300 million repurchase “The significant amount of stimulus continues program,” Alemán said. to strengthen our customers, driving growth in deposits and also softening loan demand in the near term. The economy in Puerto Rico and Florida Oriental’s Q2 2021 Results continues to show strong signs of recovery with OFG Bancorp also reported another strong the economic activity approaching pre-pandemic quarter. “The economy is clearly benefiting from levels,” he told analysts. a massive amount of federal Alemán explained that reconstruction and COVID increased consumer activity stimulus, which are more is evident in many sectors. meaningful here compared to “Obviously, we have seen mainland states given the size improved consumer confidence, of our economy as it relates to FirstBank’s evidenced by increasing retail reconstruction funds and the size deposits, excluding sales, credit card activity, debit of stimulus payments compared government, grew card activity, auto sales, and in to average income levels,” said $558 million or 4 addition in the case of Puerto José Rafael Fernández, the percent during this Rico, hotel occupancy and ADRs Oriental’s CEO. quarter. (average daily rates) are now at “We saw the effects of all this pre-pandemic levels. Government across all our businesses. New collections were also on the loan origination increased 27.7 rise, continuing to showing percent from Q1 2021, with improvement of economic gains in all major categories, activity. We have also seen in parallel the progress led by commercial and auto lending. Interest the Fiscal Board is making on the government debt income grew 2.2 percent from Q1 2021 as average restructuring, which is, I think, a positive for the loan balances expanded 1.3 percent, excluding macro in Puerto Rico,” he said. residential mortgage. Banking and financial However, strong growth in deposits for the services revenues rose 5.4 percent,” he added. second quarter, continues to have an adverse For the quarter, total core revenues were $133.3 effect on loan growth. “Our originations, including million compared to $127.7 million in Q1 2021 and refinancings, were healthy at $1.2 billion, but $128.2 million in Q2 2020. Net interest margin was the overall portfolio declined primarily due to 4.22 percent compared to 4.26 percent in Q1 2021 commercial payoffs, including PPP [Paycheck and 4.78 percent in Q2 2020.

Protection Program] loans repaid during the New Loan Originations totaled $673.6 million second quarter,” he said. compared to $527.6 million in Q1 2021 and On the capital front, FirstBank’s capital ratios $506.0 million in Q2 2020. The number for Q2 are very strong and improving, he added. “During 2021 increased 27.7 percent from the previous the second quarter, we repurchased 7.96 million quarter, due to gains in all major categories, led by shares for approximately $100 million under the commercial and auto lending.

In fact,

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The truckers’ strike had an effect on the supply distribution chain on the island. >Carlos Rivera Giusti

Retail Trade Association Lambasts Gov’t Agreement With Truckers

Affirms new ground freight rates will impact consumers

T

The Weekly Journal Staff

he president of the Retail Trade Association (Acdet by its Spanish acronym), Iván Báez, said he disapproves of the agreement between the government and the island’s truckers, following the latter’s strike in favor of increased ground freight rate.

According to Báez, “having yielded to pressure from the leaders of various transport groups, and formalizing a regulation that will further increase costs on the island, instead of enforcing law and order and the rule of law, places us in an alarming and vulnerable situation as a country.” He opined that “there was no negotiation here - they signed a ruling that has been defective since the beginning and the people will be the most affected.”

As reported by THE WEEKLY JOURNAL, a study commissioned by Acdet revealed that the new ground freight rates of an estimated 35 percent increase, decreed by the Bureau of Transportation and Other Public Services (NTSP by its Spanish initials) represent an additional $45 million a year

for households and businesses, and an immediate loss to society of roughly $2.4 million annually in terms of a “deadweight loss.”

Báez reported that before the meeting with truckers, La Fortaleza’s chief of staff, the president of the NTSP, and the secretaries of Agriculture, DACO and Economic Development met with leaders of the Chamber of Commerce, MIDA, Acdet and Made in Puerto Rico to discuss the support they needed from the government to deal with the impasse with truckers, work on an increase in rates that are fair for all, and respect the private contracts between companies, which for decades have governed the industry.

“Why regulate what does not need to be regulated? Why enter to control what the market and free enterprise manage more efficiently? Only in socialist countries does the government control the price and cost of everything in the private sector, and we live in a democracy, in a country of free enterprise and advancement. We are very concerned that the government’s decisions are based on threats and pressure and not on the well-being of the people,” he argued.

Báez added that what “transcended as an agreement was nothing new - it was to leave the same problem with the same proposal that there was, which is being challenged in court in several lawsuits, the [Financial Oversight and Management] Board has spoken out against it,

and therefore, does not solve the situation. In a negotiation there are two parties, and we, those who hire the services, have been left out of the negotiation, our claims have not been taken into account and the people of Puerto Rico will be the biggest loser.”

Meanwhile, complying with the agreement between the government and the truckers, the president of the NTSP, Jaime Lafuente, filed last Friday the third phase of the Code of Regulations at the State Department. “We are doing the right thing, highlighting above all the tranquility and stability of our citizens,” Lafuente stressed, stating that “once again, in the Government of Puerto Rico, we have put our people first.”

As reported by THE WEEKLY JOURNAL, after a two-day strike, many of Puerto Rico’s truckers reached a deal with La Fortaleza on the night of July 22, garnering the central government’s support. Truckers had gone on strike over proposed new rates and to whom they should apply. The new rates went into effect once the documents were filed with local authorities.

As part of the agreement, truckers ended their strike and if the Financial Oversight and Management Board (FOMB) files a lawsuit, then the central government would defend them. It is unclear what the FOMB’s reaction or next moves will be. As of press time, the Board had not issued any official comments.

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Inner Conflicts Keeping Int’l Merchandise Stranded in Ports Affecting the distribution chain of perishable foods, health products

T Ileanexis Vera Rosado

ivera@elvocero.com

@iverarosado

he labor-management conflict between the company Luis Ayala Colón, operator of the San Juan Port, and the Union of Workers of the docks - International Longshoremen’s Association (ILA Local 1740) - has kept 25 percent of the international merchandise that arrives at the island stranded since last Saturday, equivalent to 3,000 cargo wagons, mainly with supplies of pharmaceutical products and perishable foods.

The information offered by THE WEEKLY JOURNAL sources was confirmed by the parties,

and although the union assured that they are allowing the unloading of basic necessities, the commercial sector argues that “dislocation” is already being generated in the distribution chain.

According to one source, due to the labor dispute, international cargo ships are not being unloaded and “there were already several ships that were to arrive in Puerto Rico last week, but didn’t even come due to this issue.” They explained that the dock is hosting Northern Diplomat freighters since July 17, which is partially unloaded, and the MV Fouma, since July 20, which has not been touched.

Furthermore, GH Pampero —which was supposed to arrive on the island on July 24— did not come, and JPO Scorpius, which was due to arrive last Monday, has been detained for a week in Caucedo, in the Dominican Republic. The source indicated that the ships Vega Vela and the Aldebaran, which were supposed to arrive between Monday and Tuesday, did not come either.

In Puerto Rico, international merchandise

represents 30 percent of total imports. The remaining 70 percent comes from the U.S. mainland.

Mediation Efforts

Labor Secretary Carlos Rivera Santiago reported that a mediator from the agency has been working on the situation. “Both parties met at the Labor Department on Friday and Saturday. We continue to work on the controversy where some issues have been resolved. On Wednesday, work will resume addressing pending issues,” he stated.

Hernán F. Ayala, executive VP of the company Luis A. Ayala Colón Sucrs. Inc. pointed out that on Saturday, July 17, the leaders of the ILA 1740 Union ordered its members to stop stowage operations of the ship Northern Diplomat, for which charges were filed against the union before the National Labor Relations Board.

“The union’s determination to bring its members to a strike that we consider illegal comes in disregard of the proactive efforts made by the company and the willingness to find solutions that we have supported. It has been our intention to find alternatives to attend to and resolve their concerns. However, they have decided to suspend the work despite the disaster that this may imply in the supply haulage chain,” Ayala said.

CELEBRATING DIVERSITY Popular announces a new campaign focused on reinforcing commitment to diverse clients and communities.

P

opular believes, embraces, and promotes diversity in all its dimensions. It has continuously implemented policies and practices that reinforce its commitment to help strengthen the social and financial well-being of the diverse communities and clients it serves, through financial solutions that improve their lives in simple ways.

For this reason, it announced the new advertising initiative launched on July 23, under the slogan “Count on Us.” The campaign consists of two phases.

The first is to provoke a “call” to highlight the diversity of Puerto Rico, its people, communities, landscapes, music, sports, businesses, ideas and aspirations. The second focuses on the diversity of products and

services offered by the institution.

The creative development was in charge of the advertising agency RosadoToledo & and was filmed by the production company Metrópolis.

The filming took place around the island, in Loíza, Canóvanas, Vega Baja, Utuado and San Juan.

More than 25 talents were part of the production, authentically representing the diversity of people and communities. “Puerto Rico is one of the most diverse places in our hemisphere, and we wanted to present that variety authentically and humanly. We resorted to a nontraditional way of identifying talent and we went all over the island looking for people who were not play a character, but who were really dedicated to the professions and

trades we were going to present.

Likewise, the same dynamic was carried out with all the communities that we see represented in the commercial, which shows people who are the pride and example of the diversity that the country has”, said Jaime Rosado, president and creative director by RosadoToledo &. In addition, the musical part is a sample of the diversity in the music of Puerto Rico and is a composition and arrangement by Ángel “Cucco”

For more details on the campaign, visit Popular - YouTube.

Peña. The advertising campaign will be presented through scheduled executions on television, radio, billboards, and the press, as well as in digital media.

Given recent events at the local and global level, this new campaign contributes to the rethinking of life and reaffirms the commitment to diversity as the engine that can help the country’s progress.

PAID AD

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Economy Impacted by Holidays for Public Workers

Benefits tourism, but affects other sectors and general productivity

T

Brenda A. Vázquez Colón

bvazquez@elvocero.com

he fact that a large number of public workers are on vacation this week will have a positive effect for some economic segments, such as the tourism sector, but for those that offer services to government offices during work hours, such as dining establishments and material suppliers, their revenues will be affected. The same would be true for Puerto Rico’s general productivity.

This is the mixed panorama that is expected after Acting Gov. Omar Marrero reported that, due to the celebration of local holidays on Monday, July 26, and Tuesday, July 27, public employees will be able to take Wednesday, July 28, Thursday, July 29 and Friday, July 30, off with holiday leave. The government’s decision will not apply to essential services and it will be at the discretion of each agency to determine which departments will continue to provide the services.

Economist Heidi Calero questioned the need for more vacation for public workers, noting sarcastically that “they work so hard.” During a televised show, she also emphasized that for Puerto Rico to move forward, there must be a stronger work ethic among the population. Others were not so critical.

“Businesses that serve [government] offices will be affected, but many professionals such as doctors also take advantage of this free week of vacation. Shopping centers are affected a lot because what people are looking for is to rest and not go shopping. Many businesses in the island’s towns benefit; Above all, business on the coasts is favorably impacted,” said Jesús Vázquez, president of the United Retailers Association.

The flow of local and off-island tourists was quickly felt after the announcement of the days off for public workers, which is reflected in the island’s hotel and inn reservations.

“We were already having high numbers in reservations and during the next week we hope to reach 90 percent of reservations. Restaurants and casinos located within hotels also benefit,” said Joaquín Bolívar, president of the Board of the

More people are expected to participate in domestic tourism this week as the government gives public sector workers more holidays. >Josian E. Bruno Gómez

Puerto Rico Hotel and Tourism Association.

He was echoed by Jesús Ramos, president of the Puerto Rico Paradores Association, who expects that locals will fill inns islandwide. “The weekend is already full, there are some rooms for the days of the week. We hope to reach 98 percent occupancy at inns. The response has been excellent - many calls and reservations, and there will be a lot of movement in restaurants,” he commented, adding that companies that give tourist tours will also reap the benefits, such as coffee farms in central Puerto Rico.

Local Hotels and Lodgings Nearly Full

The Puerto Rico Tourism Company (PRTC) expected a 94 percent occupancy rate. “The convergence between holidays, together with the domestic tourism promotional campaign: ‘One Island, 78 Destinations,’ during the traditional summer vacation season, represents a key element so that, to this day, a robust hotel occupancy of about 94 percent in PRTC-endorsed lodgings is expected,” according to PRTC Executive Director Carlos Mercado.

Many families will crowd local tourist places and hotels, while a large number of people will

leave the island to visit the mainland U.S. and other parts of the Caribbean. “The negative is that many people will decide to travel and that is an economy that leaves Puerto Rico, it does not stay here. Although we also receive a lot of [off-island] tourists,” Vázquez added.

The tendency to travel for a week with several holidays is felt in travel agencies that have experienced a notable increase in vacation packages and air ticket sales.

“Practically this week, flights are full, we are having an economic boost that was already seen in the past months. People call and tell us ‘I want to go next week.’ They are traveling to Disney World, the Dominican Republic and Cancún, Mexico, in that order. For Orlando, they are paying tickets up to $600 [each] and for Punta Cana, up to $500,” said Manuel Franceschini, president of the Puerto Rican Association of Travel Agencies.

Iván Báez, president of the Retail Trade Association, said that the commercial sector expects essential government workers to continue working during holidays so that everything flows normally, and food deliveries would not be as impacted.

-Journalist Rosario Fajardo contributed to this story.

11 < The Weekly Journal > Wednesday, July 28, 2021

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/ Wednesday, July 28, 2021

Iván Montoto Martínez

Head of Engagement an Xandr, an AT&T Company

S

How the Television Consumer has Evolved in Recent Decades

ince its invention in the late 1920s and early 1930s, television has been gaining ground to become an essential device in people’s daily lives. But its beginnings were not easy.

In the 1930s it was still considered a novelty, while radio continued to occupy the forefront, broadcasting the audience’s favorite programs.

This made the adoption of television very progressive, due to its technology and not all households had one.

It was not until the 1950s that this format took off, due to the movement of many radio programs to television. It didn’t take long for consumers to stick to screens, with the TV becoming a “way of life” and a dominant form of entertainment.

Such was the change that many large brands transferred their advertising spending to this format to connect with an audience, which was growing more and more, through specific messages or the promotion of a single product.

online advertising experience in exchange for their attention. How can advertisers do it?

With the emergence of new channels, viewers suddenly had a universe of program options, responding to diverse interests, cultures and desires. Access to them was expanded, and with it consumer preferences, as they had more control over what they saw and when they saw it. But this is nothing new, if we look back.

Back then, video cassette recorders or VCRs were the first devices that allowed consumers the flexibility to view any content on their TVs whenever they wanted. Even record shows before digital video recorders (DVRs) came along.

This paved the way for other devices, especially the video on demand (VOD) and subscription-ondemand (SVOD) channels that we enjoy today. This phenomenon has made digital video consumers more in control of their experience of what they see.

programmatic; a movement accelerated by uses and consumer preferences. With consumers willing to accept traditional television advertising, connected TV provides the “best of both worlds” for marketers. It combines the scale of attention we see on traditional TV with the precision and flexibility of digital.

On the other hand, due to the increasing number of ad-free ondemand content services, more and more connected television (CTV) viewers say that they would be happy to watch ad-supported content, to reduce the cost of their subscriptions. This makes it a perfect new ground for advertising. When combined with powerful targeting methods and programmatic automation, consumer attention is the default. This makes viewers, who actively choose what they want to see, lead to a longer dwell time of advertising.

Arrival of the Internet and New Demands by Consumers

What Does it Mean for Advertisers?

Traditional and digital television, which were previously two different worlds, have collided, transforming the future, not just for viewers, but also for media owners, advertisers and media agencies.

However, and although it is still relevant, a decline in the way of watching television the traditional way is beginning to be observed.

A factor strongly influenced by the popularity of video on demand, subscription on demand and the various viewing devices connected to the internet.

This leads to increased opportunities for advertisers operating in the new digital video landscape and who have understood the components of this new world locally.

Brands, eager to reach the right audience, have already begun to orient their TV strategies towards

According to Xandr’s 2020 Global Relevance Report, at least half of advertisers around the world are

Over time, television diversified as networks competed to attract consumer attention to new cable, premium and independent channels.

In addition, the rapid adoption of the internet brought even more changes, as consumers watched content online, allowing them to view their favorite TV programs anytime, anywhere.

Today, the disappearance of analog television has already been a reality since the early 2000s. In the last 10 years, digital transmission has suddenly reached everyone’s hands.

In fact, it is estimated that across Europe, there are 8.9 connected devices per capita, which is more data than ever and more individual points of contact.

With accessible content, consumers demand a more relevant

The Future Relies on Advertising

using a specific strategy to serve better video ads. The New Television Horizon has a programmatic philosophy of optimized and sustainable markets for television commercials, transaction models, ad delivery methods and metrics, regardless of device, to drive an ecosystem built on the relevance.

To capitalize on growth, advertisers must continue to train in CTV and audience-based buying value. Not only in that, but also in the ways in which their technology partners can help them overcome the challenges of the industry and unlock the full opportunity of connected television, as the viewing habits of their consumers evolve.

In conclusion, while the biggest changes and regulations in television have taken years to occur, for the first time people working in the digital advertising industry have a vested interest in rapidly improving the advertising experiences of viewers, thanks to technology. Taking advantage of the site, the sound and the movement to inform, entertain and build trust between brands and the public is something we can all relate to.

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It’s very important that parents stay in touch with teachers and schools to learn about the health and safety protocols that will be implemented. >Courtesy

How to Return to Classrooms Successfully Psychologists share tips for parents and caregivers

A Melissa M. Cruz

mcruz@elvocero.com

@mmcruzrios

fter a year and a half without stepping into classrooms due to the COVID-19 pandemic, both children and parents may feel anxious when faced with a new adjustment process as classes return to school rooms this

academic year.

As per orders of the Puerto Rico government, COVID vaccinations will be required for all students ages 12 and up, and masks will be mandatory at all schools.

Héctor Coca, a clinical psychologist, explained to THE WEEKLY JOURNAL that it is important not to underestimate the impact that this change will have, and to see through the eyes of students.

“Studying from home has been a bit chaotic and many children want to fully rejoin school. However, even if there is such excitement about going back to the classroom, change is change, good or bad. So, parents should help their children in the process,” said Coca, who is a behavioral specialist with more than 20 years of experience.

To prepare them, he suggested emphasizing everything that will be gained at this stage. “Tell them ‘It’s good that you’re getting out of the house!

You’ll see all your friends and the teachers again!’

Those are comments that will make them feel confident. Children are like a canvas because they absorb what is happening around them. If mom and dad are happy with the return, the youngest will be too. On the other hand, if caregivers - who are the ones who provide their sense of security transmit fear and anxiety, this is what the children will reflect,” Coca explained.

To date, many [children] are used to wearing masks and frequent hand washing, so to some extent, they have the information and are familiar with the topic of prevention.

-Kevia Calderón Jorge, president of the Puerto Rico Psychology Association He also recommended that parents involve children in preparing for the return. “All children are excited to buy new notebooks, bags, uniforms and shoes. They are filled with this back-to-school propaganda and that everything is going to be fine.

This is how we must approach them because they will need to be very encouraged in the process.

This will be achieved if the adults around them transmit this energy and optimism to them,” he added.

Anxiety Among Parents

Kevia Calderón Jorge, president of the Puerto Rico Psychology Association (ASPPR by its Spanish initials), advises parents to learn about the action plan of their children’s educational institution and compare that with the current reality so as not to create false expectations or anticipate events.

“It is highly important that parents stay in good communication with the school to learn about health safety and protocols. If parents are forewarned and know how the school is going to

handle it, they will certainly be calmer,” Calderón underscored.

The psychologist also urged parents to focus on managing what is within their reach.

“Parents need to feel reassured and confident that they are not putting their children at risk.

For this, they must understand that what is in their hands is to give the children the tools to face what is coming. This is accomplished by reviewing the family plan for staying healthy, teaching children about recommended hygiene measures, and discussing the school plan for the new year. Consulting your pediatrician about the particular condition of your child and the practical recommendations is another aspect that provides peace of mind and helps reduce anxiety,” she stated.

Training to reinforce the different measures to be followed can be done through play with puppets, dynamics or evaluating children’s interaction with their peers. “Sometimes we think that children —because they are small— will not have the necessary care. The reality is that they tend to respond better than adults think. To date, many are used to wearing masks and frequent hand washing, so to some extent, they have the information and are familiar with the topic of prevention,” she said.

Calderón added that parents should examine themselves and contemplate seeking help to work with their personal fears without transmitting them to their little ones.

“Being afraid is expected many times. But when it makes interaction with children difficult or causes more distress in them, it is necessary to seek help. Take time, evaluate how you feel and your concerns. Remember to focus on what you can control to be most effective in managing your emotions. It is also important that you be flexible.

Knowing that circumstances can change at any time avoids anxiety in the event of an eventuality,” she affirmed.

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Anyone Can Be an Interior Designer With These Home Design Apps Use these apps to find inspiration

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Home Sweet Home

>Courtesy Airbnb

ast year, many of us started spending a lot more time at home and maybe thinking about all the ways we’d like to refresh our home décor. This list of home design apps are the perfect way to get started on your redesigning ideas!

Use these apps to find inspiration, get all the right pieces for your style and the ambiance you want to create and feel like an interior design pro.

1. Carpetright Visualizer

The Carpetright Visualizer isn’t just for carpets-it’s an all-inclusive flooring visualizer. You can select from various example rooms in their app or upload a photo of your actual living space. The visualizer automatically detects the floor in your photo, then allows you to add and switch between possible rug, carpet, or flooring selections. Choose from carpet, rugs, laminate, vinyl tiles, vinyl and wood flooring, then save the image as a PDF for your reference.

2. Color911

Lauded by numerous home and design magazines, Color911 is the ultimate color palette app. Use it to discover designer-created color palettes and build a library of colors you want to incorporate into the various areas of your home.

You can create new palettes or edit existing palettes or colors and save, share or take notes for all your home projects.

3. Havenly

Havenly is a customized interior design service through a web app. This app links you with a reallife interior designer who helps you create a room design tailored to your style and budget. They build the initial design plan from your selections and preferences from dozens of example photos.

Then, you work collaboratively to refine the design into something you love. When everything is just right, you can order the design items directly from

Havenly, and they have them shipped to you!

4. HomeByMe

With HomeByMe, you can design, furnish and decorate your entire home and view it in 3D. If that sounds overwhelming, HomeByMe can also convert your floorplan into their 3D plan for you for a small fee. Then you can fill your space with furnishings from their extensive catalog of items or hire one of their designers to do it for you.

5. Planner 5d

Planner 5d allows you to create and switch between 2D and 3D views of your floorplan. They have a user-generated library of over 5,000 items for you to use to furnish your virtual house. Once you’ve selected your items, you can also edit their color, finish or material with the click of a button!

Finally, visualize your decorated home in HD for the best idea of what it’ll look like in real life.

There’s even an automated furniture arrangement feature to inspire you with different possibilities for your space.

6. RoomScan Pro

RoomScan Pro allows you to create an exact floor plan using the camera on your phone. It’ll create the plan in 2D or 3D, and you can take notes directly on the image when it’s done. Fast

and precise, this app is great for bigger projects like remodels or when you want to know you have your measurements down to the centimeter.

7. Roomstyler

The drag and drop design of Roomstyler is userfriendly and fun. There are various room shapes and wall and flooring options, but you can also draw your own walls to modify the design to reflect your space. Add doors, windows and architectural items before adding paint, wallpaper, stone or tile to the walls. To furnish the space, browse by room or search for specific items in their catalog. When you’ve placed all your items, switch to the 3D view and save it in photo quality for future reference.

8. Roomy

Roomy’s app also allows you to design and decorate your space in 2D and 3D and then lets you shop big retailers like Pottery Barn, Wayfair and Amazon. The convenience of visualizing potential design items in your space and in 3D means you’ll know for sure if it’s the perfect accessory or if you need to keep looking. You can save and share your room designs and get inspiration from professionally designed rooms in their gallery.

Now that you’ve got the tools and the inspiration, all that’s left is to get started!

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Fighting Fatigue:

How to Sleep Better and Longer Sleeping recharges your body and brain

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Active Aging

etting a good night’s sleep plays a vital role in your overall health. Sleeping recharges your body and brain to help prepare and energize you for each new day. On the other hand, sleep deprivation can cause a slew of problems, including memory issues and an increased risk for car accidents.

According to the National Sleep Foundation, adults aged 26-64 need seven to nine hours of sleep each night, and those 65 and older need seven to eight hours. Unfortunately, many people don’t get proper rest. If persistent insomnia keeps you up all night and feels exhausting each morning, follow these tips to fall asleep faster and stay asleep longer.

Stick to a Consistent Bedtime

Your internal circadian rhythm regulates many bodily functions like mood, body temperature, hunger, digestion, sleeping and waking. Nodding off at different, irregular hours upsets this natural rhythm. To keep your internal clock in balance, set and stick to a consistent bedtime each night.

Keeping a regular schedule helps your brain naturally start to wind down before it’s time to go to sleep, enabling you to fall asleep and get better rest.

Follow a Pre-Bedtime Routine

An easy way to transition from a busy day to a peaceful night of rest is to follow a pre-bedtime

routine. You can start preparing to snooze as early as two hours or as soon as 30 minutes before your designated bedtime. Whatever steps you decide to take, set an alarm to begin physically and mentally winding down at the same time each night. To optimize sleep, try not to deviate from the schedule.

Cut Caffeine Around Midday

You’re not alone if you need a caffeine boost to kickstart the day - but the last thing you want to do is chug a soda or a cup of coffee right before you attempt to go to sleep. The caffeine in these enjoyable drinks stimulates your brain. To avoid staying wired and awake at night, stop caffeine intake at midday or right after lunch.

Eat Food That Promote Better Sleep

What you eat not only impacts your overall health but also affects the duration and quality of your sleep. For example, everyone feels sleepy after eating Thanksgiving turkey, right? That’s because the popular source of protein contains an amino acid called tryptophan – along with chicken, fish and some dairy products like milk and low-fat cheese. Ingesting tryptophan-bearing foods before bed can make you tired. One PubMed study shows that it can also increase sleep duration.

Other sleep-friendly foods include tart cherries and tart cherry juice. They both contain melatonin – which is a hormone that controls your sleepwake cycle. Certain carbs like white bread and pasta also promote sleep, along with serotoninrich dark chocolate, bananas, rice, kiwi, nuts and fatty fish.

Finally, to stave off uncomfortable sleep disruptors like acid reflux, limit alcoholic beverages, and don’t eat spicy foods less than three hours before bedtime. Remember to always

seek medical advice before making any dietary changes.

Keep Your Sleep Space Dark and Cool

Being too hot or bathed in the light will keep you awake. Dial down the thermostat and cover windows with heavy curtains or shades to create a dark, cool sleep haven. You can also take a lukewarm shower to cool down and relax before climbing into bed.

Turn Off Devices

So many of us are tethered to smartphones, tablets, TVs and other electronic devices. To get to sleep faster, don’t use any of these in the bedroom – especially after the bedtime routine alarm sounds. In general, turn off and tune out devices to make sure your sleeping quarters are a quiet, relaxing oasis.

Embrace Sleep Assistive Technology

If you can’t sleep, why not let Matthew McConaughey help you drift off to dreamland by telling you stories on mindfulness apps like Calm.

The Sleep Melodies and lots of other popular apps play ambient sounds to lull you to sleep. Alexa or Google Assistant will also play soothing sounds like rain, rolling waves, a snowstorm, and more at your command.

Read, Meditate or Write in Your Journal

Reading, meditating, or writing in a journal are quiet bedtime activities that can help you relax, reflect and reduce stress so you can get some rest.

Once your body is used to this routine every night, it’ll start to wind down on its own.

Overall, incorporating these suggestions into your nightly routine can help you sleep better and longer!