The Weekly Journal - October 23, 2019

Wednesday, October 23-29, 2019 - // no. 026

Puerto Rico and the Caribbean

www.theweeklyjournal.com

GOV’T EFFORT TO FOSTER HIGH-LEVEL, QUALITY JOBS P8

MEDICAL CANNABIS INDUSTRY BLOSSOMING P16

EXPORTS BACK ON TRACK After taking a plunge in the aftermath of Maria, the government anticipates sales of goods to foreign markets will bounce back this year

T Cynthia López Cabán

STK, A MODERN STEAKHOUSE, TEMPTS AT THE CONDADO VANDERBILT P22

clopez@wjournalpr.com

@cynthia_lope

he news didn’t make waves. A delegation of 13 Puerto Rican companies sealed a deal for $5.2 million in sales during a recent trade mission to Spain, coordinated by Puerto Rico Emprende, an initiative of the Puerto Rico Trade and Export Company.

It may not seem like a big event; after all, it competed with the headline revealing that the Walton heirs (the world’s wealthiest family) earn

$4 million per hour. But, in local terms, it’s an indicator that the export sector regained its footing after tumbling in the aftermath of Hurricane Maria.

“Spanish companies showed great interest in the offer of local products and services that we brought over,” Trade and Export Executive Director Ricardo Llerandi said. “Twelve years had passed since we last visited Spain. We have plans to return next May.” Previous trade missions had buckled investments of over $15 million this year. One GO TO PAGE 4

>Archive

CALL FOR OPPORTUNITY ZONE PROJECTS BEYOND SAN JUAN AREA P10

The Weekly Journal > Wednesday, October 23, 2019 >

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SI CUANDO VIENE UN HURACÁN, ENCUENTRAS LAS GÓNDOLAS VACÍAS... #LACULPAESDETUALCALDE

Cuando nos amenaza el paso de un huracán, las góndolas se vacían en cuestión de horas.

Si ocurriera un terremoto o cualquier otro desastre que no avisa, no hay abastos suficientes en la Isla para pasar la emengencia.

A dos años de María, y a pesar de que todos los expertos coinciden en que el impuesto al inventario es una amenaza para todos, algunos alcaldes mantienen un tranque contra la derogación de este impuesto que nos perjudica a todos. Reclámale a tu alcalde.

Movimiento

“NO IMPUESTOS AL INVENTARIO”

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A WEEK IN REVIEW AEROSPACE SECTOR CONTINUES TO EXPAND

>Photos Archive

The German aerospace company, Lufthansa Technik Puerto Rico, with facilities in Aguadilla, announced that its contract with Allegiant Airlines for the maintenance, repair and overhaul of its aircrafts has been extended for an additional period of five years, which represents $100 million for the firm.

“This agreement that we have reached comes after working together on smaller-scale projects during the past 15 months. This represents the confidence that the industry has in Lufthansa Puerto Rico and is allied with our desire to make the island a benchmark within the aircraft maintenance industry, “said the CEO of Lufthansa Technik’s local operations, Pat Foley.

As previously reported by THE WEEKLY JOURNAL, the Aguadilla facilities were inaugurated in 2015 and the company currently employees more than 400 people in Puerto Rico.

UNEMPLOYMENT, TOTAL EMPLOYEES AND THE WORKFORCE ARE DOWN Puerto Rico’s unemployment rate fell again in September, dropping slightly from 7.7 percent in August to 7.6 percent, which marks the sixth consecutive month of decreases.

According to the U.S. Labor Bureau, in September, there were 82,009 unemployed people on the island and in August, there were 83,402 registered.

However, employment figures also dropped. In September, the total number of people employed was 1,001,914. In August, there were 1,003,320. This means that in August, there were 1,406 more employees than in September.

The island’s total workforce was also reduced in September when 1,083,923 people were registered. In August, there were 1,086,722 people in the labor force.

The unemployment rate in Puerto Rico has seen a drop in the two years after Hurricane Maria, as the reconstruction efforts have generated thousands of new jobs on the island. However, many of those who were unemployed have also migrated to the mainland U.S.

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LOWER COST OF LIVING IN PUERTO RICO FOR MODERATELY AFFLUENT PEOPLE The cost of living in Puerto Rico—on average—for moderately affluent people is lower than that registered in the United States, but in the categories of supermarket items and public services, it is higher, by 19.6 percent and 51.8 percent, respectively.

Healthcare and transportation costs were also lower in Puerto Rico than those same services stateside.

The data was gleaned from the most recent Cost of Living Index carried out by the Puerto Rico Statistics Institute, which carried out a survey on 297 households with moderately affluent professionals and managers in the different urban areas of the municipalities of San Juan, Carolina and Caguas.

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CONTINUED FROM PAGE 1 This year, however, the arrow seems to peer by the federal State Trade and Export upward.

Promotion program of the U.S. Small Business exchange alone with the Dominican Republic “We are projecting exports to exceed the Administration, and two paid by the office,” he secured $7 million. $77 billion mark,” Llerandi told THE WEEKLY explained.

Sitting in his office at the headquarters of JOURNAL. “Our numbers, in 2019, With Llerandi the Trade and Export Company in Hato Rey, should be in the $70 billion range as at the helm since the former representative from Arecibo thinks we reclaim the position we had prior to 2017, the Trade and about the agency’s mission to promote the Maria.”

Export Company development of small to midsize enterprises To reach that goal, the chief of has coordinated 24 (SMEs) in the midst of a decade-long economic staff of former Gov. Ricardo Rosselló commercial missions slump and a $70 billion-plus debt load.

Total Registered implemented a combination of to countries like the The road has been challenging.

Exports (In billions) strategies that range from coordinating Dominican Republic, After taking a nosedive in fiscal year 2012, commercial exchanges to facilitating the Jamaica, Aruba, Puerto Rico exported goods worth about $62.3 2012 - $58.352 warehouse space for a fulfillment center, Curaçao, Chile and billion over the next two years, inching its 2013 - $62.361 and organizing workshops to equip Trinidad and Tobago, way up to $71.7 billion in 2016 and keeping 2014 - $62.309 new and old among others. Some the same pace in 2015 - $69.463 entrepreneurs 427 executives of fiscal year 2017, 2016 - $71.742 with the tools small and midsize according to data to succeed businesses traveled 2017 - $71.091 from the Planning in the global to promote and sell 2018 - $60.674 Board. Then Maria and digitalized their goods and plowed into Puerto Source: Planning Board economy. services abroad.

Rico causing almost “We are The top-five 3,000 deaths and trying to be products in demand more than $100 more aggressive are chemicals, billion in damages.

-Ricardo Llerandi, with commercial pharmaceuticals, medicines, miscellaneous Exports dropped to executive director of the Trade missions. Fourteen manufacturing, medical equipment and $60.7 billion in 2018, and Export Company are scheduled for next supplies, computer and electronic products. the lowest point in year, 12 subsidized Food occupies the seventh position in the six years.

In fact...

Our numbers, in 2019, should be in the $70 billion range as we reclaim the position we had prior to Maria.

/ Wednesday, October 23, 2019

ranking. The United States remains the main buyer of locally produced goods and merchandise, followed by the Dominican Republic, Costa Rica and Panama.

“We are setting eyes on the Caribbean. It presents a good opportunity for the export of beverages, foods and services,” Llerandi indicated.

It should be noted that tourism, which is hitting record numbers, is also considered an export of services, as the vast majority of visitors are from outside Puerto Rico. Based on 2017 figures from the World Travel and Tourism Council, the total contribution of tourism (direct and indirect) to the island’s economy was $7 billion, or roughly 7 percent of gross domestic product (GDP).

Aside from the commercial trip and—in part—due to budgetary constraints, this year, the agency started a virtual meeting program using the PR Emprende B2B platform to introduce local vendors to prospective buyers and coordinate business exchanges. So far, four virtual meetings connected local entrepreneurs with buyers from Dubai, Qatar, Spain, the United States and the Caribbean.

In an attempt to address some of the demands of the virtual ecosystem, a partnership between the Trade and Export Company with Brands of Puerto Rico offers micro, small and midsize enterprises an e-commerce platform and fulfillment center to ease the order of processing, packing and shipping of merchandise.

“More local businesses are selling online, through social media or websites like Amazon and Etsy,” Llerandi noted.

The agency also offers strategic business advisory and workshops on a wide range of subjects like marketing trends or intellectual property and copyrights. The program “Puerto Rico Emprende Conmigo,” a joint initiative with the Labor Department, gives an opportunity for a new breed of entrepreneurs to develop and start a business on wheels, after competing for one of the 360 government street-vending carts.

Before and After Maria

Nobody denies the importance of the SME sector. In 2015, a report from the Trade and Export Company revealed that small and midsize enterprises accounted for 95 percent of the businesses on the island and added 13 percent to the overall GDP. Not only do they contribute to the island’s economic development, but these enterprises also adapt quickly to economic changes and offer a fast mechanism to generate employment in moments of distress. Eight months after the storm devastated the island, the Trade and Export Company certified 1,680 small and midsize enterprises, 732 of which were new businesses.

“Women are reinventing themselves. They are more willing than men to enter into the business world,” Llerandi mentioned.

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The historic juncture also encouraged business transformation to help cope with the inevitable shifts in the economic environment.

“There was a change in attitude. Companies that had shied away before were enrolling in trade missions. The hurricane was the catalyst that made them dare to try,” he said.

Two months after Maria, a commercial mission arrived in Chile.

Half of the participants had never been on a commercial exchange.

According to Llerandi, the sales secured during the trip helped companies like Gascó Industrial Corp. and Nosotras Boutique mitigate the losses caused by the storm and generate profits. “Both lost clients on the island, but were able to offset the losses with new clients in Chile.”

A Trade Barrier

While it uncovered business adaptability and creativity, the hurricane exposed the negative side of the inventory tax, which discourages businesses from keeping large inventories to avoid paying the levy on items stored over a month. The shortage of food, water and supplies for basic repairs prompted an ongoing debate over the need to repeal the tax.

The levy has also had other unintended consequences: it has Trade and Export Company Executive Director Ricardo Llerandi recognizes that become a trade barrier. the inventory tax hurts startups. >Carlos Rivera Giusti “It affects exports. I can’t say the contrary,” The Agency’s Merger Llerandi recognized. “It certainly affects small The storm was not the only test that the businesses. The startups and the ones growing, Trade and Export Company has been juggling. they have a greater challenge.”

Its budget decreased from $20.5 million in fiscal A solution to this dilemma, he pointed out, 2017 to $14.5 million this year. While dealing are the free-trade zones. However, there aren’t with the cut, the agency began its merger with enough tax-free havens. For instance, the the Department of Economic Development and agency’s free-trade zone warehouse is packed Commerce, which should be completed next to capacity. year.

“We need to expand the free-trade areas and “We have fewer resources, 30 percent fewer that is what we are doing. We are requesting people and 30 percent less money. That is also that our warehouses in the port of Ponce a challenge,” said Llerandi. become a free-trade zone,” Llerandi said.

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Consumer Spending Shrinks, While Business Investment on the Island Grows

The government of Puerto Rico and the Bureau of Economic Analysis partner to gather economic data for calendar years 2012 to 2017

C Cynthia López Cabán

clopez@wjournalpr.com

@cynthia_lope

onsumer spending for Puerto Rico contracted at an average annual rate of 1.8 percent from 2012 to 2017, hitting the lowest point before the government’s bankruptcy, according to prototype statistics released by the Bureau of Economic Analysis (BEA).

The numbers published last week for public comment and feedback revealed that the largest decreases occurred in 2014 when three major credit-rating agencies downgraded Puerto Rico’s debt to junk status and in 2017, the year Hurricane Maria struck the island, causing more than $100 billion in damages.

“In 2014, as wages dropped and consumer prices continued to increase, residents reduced their spending on both goods and services. The declines within goods were widespread. The largest decreases were for motor vehicles and ‘other’ nondurable goods, which includes items such as medicine and clothing,” indicated the report of preliminary findings of the drop that almost reached 3 percent.

“In 2007, Hurricanes Irma and Maria caused catastrophic damage that restricted residents’ access to many goods and services. The decreases

in healthcare, housing and utilities, and ‘other’ The analysis also showed a positive balance services (including education services) were when comparing exports and imports. The surplus especially large,” added the briefing compiled with ranged from $12.4 billion in 2012 to $28.6 billion information provided by the local Planning Board, in 2015. Exports grew from 2012 to 2015, with Statistics Institute and the Treasury Department. the highest rise reported in 2014, and then a 14.4 Under the category of private fixed investment, percent drop in 2017, due to the storms’ effect which measures spending by private businesses, on the manufacturing sector. The majority of the nonprofit institutions and households on exported goods, 74 percent, were pharmaceuticals fixed assets, BEA classified the spending into and organic chemicals. structures, equipment and intellectual property Also, petroleum products accounted for around products.

12 percent of imports, while food and beverages After decreasing in 2013, business investment accounted for approximately 10 percent. Most increased steadily by 3.2 percent for four petroleum and food for domestic consumption is consecutive years. The growth responded to a imported. surge in equipment spending and intellectual During a press conference at La Fortaleza, property products, including research and after meeting with Gov. Wanda Vázquez, development.

Manuel A. Laboy, Spending in the secretary of Economic repair of commercial Development, and properties also Brian C. Moyer, bloomed, while director of BEA, investments in explained that the residential homes estimates laid down dwindled. the basis for the “In 2017, spending eventual publication on nonresidential of the gross domestic structures increased, product (GDP) next reflecting the year. rebuilding of The government commercial properties of Puerto Rico and - Report by the Bureau of in the months the federal agency Economic Analysis following Hurricanes partnered to gather Irma and Maria. In economic data contrast, spending at the request of on residential structures decreased, reflecting the the Congressional Task Force on Economic continued drop in demand for homes consistent Growth in Puerto Rico, the U.S. Government with the downward trend in the population, Accountability Office and the Financial Oversight coupled with an even further decline after the and Management Board. hurricanes,” noted the report.

As part of this first phase, BEA published

In 2017, spending on nonresidential structures increased, reflecting the rebuilding of commercial properties in the months following Hurricanes Irma and Maria.

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statistics for consumer spending, business investment and exports and imports of goods, three of the six components it needs to calculate the GDP. The data covers the period from 2012 to 2017. The remaining components, inventory change, government spending and import and export of services, along with an update of these findings are scheduled for release at the end of 2020.

Laboy and Moyer indicated the statistics were compiled following federal and international guidelines, unlike the numbers gathered by the Planning Board, which uses a different methodology and are used for local purposes.

These numbers, assured Laboy, help “plan the best social and economic public policies for Puerto Rico.”

“It is not about a set of numbers being right and a set of numbers being wrong. That is not the story... we are using internationally accepted standards for preparing those measures, which means that the resulting GDP and GNP [gross national product] measures for Puerto Rico can be used and compared to other island nations, to the 50 states, other countries around the world. That is the main difference,” Moyer said in response to a question about the reliability of the statistics produced by local agencies.

Manuel A. Laboy, secretary of Economic Development (center), and Brian C. Moyer, director of BEA (right), explain that the estimates laid down the basis for the eventual publication of the GDP next year. >Courtesy Department of Economic Development

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Multiple Measures in Place to Retain High-Level Jobs

professional positions. The secretary outlined what the government deems as “strategic sectors,” which are the focus of these programs.

“To us, strategic sectors are those that fuel productivity: production of added value; creativity, innovation and technology—which are also tied to exportation and in some cases to the replacement of imports. If you promote those strategic sectors, the rest of the sectors will benefit directly and indirectly because it increases people’s capacity to spend. Thus, you also increase consumption,” he ggarofalo@wjournalpr.com Giovanna Garofalo @giopgarofalo said.

Other strategic sectors include the life ecretary of the Department of sciences industry, which encompasses Economic Development and biochemistry, pharmaceuticals and neuroscience; Commerce (DDEC by its Spanish manufacturing; aerospace engineering; arts, acronym) Manuel A. Laboy, affirmed music and entertainment, including eSports and that the government of Puerto Rico fantasy leagues; startups and tech companies; is implementing a series of measures the blue economy, associated with the ocean to retain and create high-level jobs, and renewable resources; the export of services, to deter this sector of the labor participation such as call centers and consulting services; and market from emigrating in the hopes of better tourism, which the secretary highlighted as one of career opportunities. the most important areas.

Earlier this year, the U.S. Census Bureau One of the government’s strategies to boost reported that Puerto Rico’s population declined these sectors takes the shape of the Special by 4 percent since Hurricane Maria made landfall Economic Development Fund (SEDF) of the Puerto in 2017, devastating virtually every sector of the Rico Industrial Development Co. (Pridco), which island. Nearly 130,000 people migrated—primarily is included under the Puerto Rico Agricultural to the continental United States—because their Incentives Act of 2018, but is “migrating toward homes were destroyed, their jobs were closed the Incentives Code,” Laboy indicated. It is also or they sought the included in the professional fulfillment Economic Incentives that they otherwise Act of 2008, which deemed impossible to was amended in 2017 achieve on the island, so that 10 percent among other reasons. of the money in the THE WEEKLY SEDF would be used JOURNAL talked with to market special several people in the incentives that labor force about promote investment in how they regarded several industries. employment and career “With that law, we growth opportunities encourage several key -DDEC Secretary Manuel A. Laboy on the island, and industries through that the consensus was a special fund. For perception that the only jobs available were partexample, we promote everything that is both local time, seasonal and/or paid minimum wage, despite and foreign manufacturing. There, we promote requirements such as previous work experience everything from medical devices, aerospace, and an academic degree. technology, biopharma, to biotechnology, food and To address this concern, your correspondent beverage manufacturing, electronics—all of that conversed with Laboy, who discussed in detail falls under that special fund,” he asserted. These the different programs that are already in place funds may also apply to projects that already to incentivize business establishments that receive the tax incentives established in the Act to will, in turn, generate higher-paying jobs and Promote the Export of Services of 2012.

As Puerto Ricans continue to migrate in search of career opportunities, the government aims to foster job creation in key industries

S

If you promote those strategic sectors, the rest of the sectors will benefit directly and indirectly because it increases people’s capacity to spend.

Initiatives include programs funded by the Special Economic Development Fund such as incentives for entrepreneurs, tax exemptions for professions of difficult recruitment and work programs for the island’s youth. >File photo

According to Laboy, from Jan. 2017 to July 2019, the government has been able to “commit” nearly 25,000 new direct, full-time jobs in the aforementioned sectors, thanks to the SDEF. The secretary added that in that timeframe, the government assured a “commitment” of $1.3 billion in capital investments and roughly $1 billion worth of payroll with these incentives.

“The commitment is that those jobs will be created over time and then once they are created, the disbursement of incentives will be managed; it works through reimbursement,” he explained.

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< The Weekly Journal > Wednesday, October 23, 2019

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Mayors: Look Beyond Metro Area for

Opportunity-Zone Investments Focus on reviving urban centers, promoting tourism activities

W Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

hile the focus on investments in Opportunity Zones have been generally focused on real-estate and urban areas, several island mayors said there are

more prospects beyond the San Juan metro area, which would help spur economic development and create jobs.

During a forum hosted by the Puerto Rico Chamber of Commerce (CoC), a common theme emerged from several mayors who attended the activity. They are calling on investors to promote the rebirth of urban centers, many of which have empty buildings, and continue stimulating the booming tourism industry by opening hotels, restaurants and other businesses located near the island’s many beaches.

“Not everything has to be focused on the metro area. I invite all investors to look at the whole island as opportunities for investment. Look at all the beauty that we have,” said José Sánchez

González, the mayor of Manatí.

He noted that his town, located on the north coast, is a 45-minute drive from San Juan and among its attractions are several well-known beaches, such as Playa Mar Chiquita, Playa La Cueva de las Golondrinas and Playa Los Tubos.

In fact, he said he would like to turn this coastal corridor, of some 34,000 acres, into a popular ecotourism area with “green” activities such as camping areas and paths for pedestrians and bikers.

Another tourism-related investment opportunity would be opening small hotels, Sánchez indicated. To that end, there is a building available in the urban center that could be converted into a “bed and breakfast”

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establishment, with an estimated investment of that these businesses would be on the verboten $6 million. The building is near several medical list. centers and hospitals, as he noted that Manatí is For his part, Aguadilla Mayor Carlos Méndez also home to seven manufacturing companies.

Martínez emphasized his business focus as the Opportunity Zones CEO of his town. “I have become the want jobs, jobs, jobs,” buzzwords in Puerto he said, as he touted Rico in recent months.

Aguadilla’s strengths, The federal program including the provides tax benefits increasing passenger for those investing traffic at the Rafael in distressed, lowHernández Airport, the income communities presence of a number nationwide. Puerto of aerospace-related Rico has also enacted companies, such as its own Opportunity Lufthansa Technik, Zone law; hence, and several tourist investors can benefit attractions, including from the tax incentive Crashboat Beach, a -José Sánchez González, at both the federal waterpark and an ice the mayor of Manatí and commonwealth rink. levels. About 98 “I want to turn percent of Puerto Rico the airport into an has been designated by the federal government as aerotroplis, a city within an airport with shops and eligible for Opportunity Zone investments. restaurants,” he said.

Eligible projects include multi-family housing, Méndez also said there were several properties including student dorms; tourism-related that already have the necessary permits to begin businesses; educational and health facilities; tech construction as multi-family units or hotels, with incubators; and other types of commerce. While one complex named Ocean Dreams Apartments. the focus of the Opportunity Zones initiative is to “One building could be for 40 apartments… promote economic development and job creation, another for 56 apartments. We have the plans, we not all businesses qualify. For example, liquor have the permits and we have the land already. shops and smoking shops are not on the eligible All you have to do is come and begin construction list. It is unclear whether the cannabis industry, tomorrow,” he said to investors. such as medical marijuana shops in Puerto Rico, “The municipality of Aguadilla is a business. I is eligible, but since marijuana is still considered am not the mayor, I am the CEO,” he said, as he illegal under federal law, common sense dictates sometimes switched to speaking in English.

Not everything has to be focused on the metro area.

I invite all investors to look at the whole island as opportunities for investment.

Look at all the beauty that we have.

Almost all of Puerto Rico has been designated eligible for Opportunity Zone investments. >Photos Archive

Carolina Mayor José Carlos Aponte Dalmau said his administration has focused its economic development plan on reviving the city’s urban center and improving the tourist zone of Isla Verde. The urban center counts on a hospital and Pueblo supermarket as “anchors” for the local population.

Opportunity Zones as P3 Projects

Aponte also said there is no reason why an Opportunity Zone project could not also be a public-private partnership (P3). He highlighted the case of Vivo Beach Club, where the CoC event was held, as essentially a P3 facility. The city owns the land and building, while a private investor manages and runs the property, which features meeting rooms, a restaurant and a local brewery.

The private-sector partner invested $6 million and created 100 jobs at Vivo Beach Club, Aponte said.

The project not only helped revive the area between Isla Verde and Piñones, but also spurred other hotels in the area to upgrade their own facilities, the Carolina mayor said.

There are several municipal properties in Carolina’s urban area that are available to investors, all of which are near medical facilities and Highway 3, and are located in “high population” areas: one that sits on 4.2 acres of land and another on 8.2 acres. A third property, near Plaza Carolina, is located on a 7.3-acre lot.

In fact, there are many government-owned buildings around the island that are empty and these “assets” could be converted into Opportunity Zone and P3 projects, indicated Omar Marrero, who heads the Fiscal Agency & Financial Advisory Authority.

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Shareholders Versus Stakeholders:

The Case of

Nutella How sustainable is your chocolate?

S

Rosario Fajardo

“

rfajardo@wjournalpr.com

@RosarioWJournal

ocial progress and business success are compatible.”

A number of years ago, that statement by Georgetown University School of Business Professor Ricardo Ernst may not have been accepted by many business leaders, who have often been criticized for their unflagging focus on “money, money, money.”

The debate on which is paramount— shareholders or stakeholders—continues today, but, in these times, which some have called turbulent, more and more corporate executives are making a fundamental shift toward their responsibilities to their local communities and the wider world.

Ernst outlined this important change in outlook during a recent presentation before the Puerto Rico Chapter of the Latin America Business Council (CEAL by its Spanish acronym).

While shareholders are considered primary stakeholders in any corporate endeavor, today’s business leaders also need to consider other stakeholders who have their own valid interests, he indicated. These include employees, customers and their local communities—civil society in general—and the environment.

Ernst highlighted the case of Nutella, the world-famous hazelnut chocolate spread, which is a product of globalization, as are the vast majority of the items in our homes. Nutella is

so popular that shoppers in Paris went on a Ivory Coast and Ghana,” Santoul said. rampage last year when it went on sale. However, He also noted that since 2014, 100 percent of Nutella’s manufacturer, the Ferrero Group, has the palm oil used in the company’s products is been criticized for using ingredients—primarily certified as sustainable. chocolate, hazelnuts and palm oil—that are not Nutella is just one of the many cases in which sustainable. companies today have been forced to respond to “We have much responsibility, both societal calls for greater social responsibility. and environmental,” said Jean-Baptiste Santoul, However, Ernst indicated that in the case of the General Manager of Ferrero France, at the chocolate industry, there is still a long way 2018 Salon du Chocolat in Paris, as to go. While the worldwide chocolate reported by Novethics, a “sustainable market is estimated at more than transformation accelerator” based in $100 billion, cacao farmers— the City of Lights. many of them living in “Company confidence has developing countries such as been undermined, and we face the Ivory Coast, Ghana and new challenges. At Ferrero, we Indonesia—only receive 5 believe in widening the scope percent of that figure. of responsibility, from the The Georgetown design of our products to final professor also spoke consumption by our customers, about the synergies which requires the involvement among globalization, of all stakeholders,” competitiveness and Santoul added. governance, and >Gabriel López Albarrán To secure its how the effect of supply and support these three forces responsible sectors are defining global in its supply chain, business today.

Ferrero has launched a “Globalization and -Georgetown University plan to encourage and competitiveness are School of Business Professor train Turkish hazelnut what economists Ricardo Ernst farmers to enable traditionally call the “better access to invisible hand, and Georgetown University School of Business sustainable agricultural governability would be Professor Ricardo Ernst >Gabriel Albarpractices.” Nutella consumes 30 percent of the the visible López hand,” Ernst said. rán worldwide production of hazelnuts, with Turkey as Globalization and competitiveness are governed the world’s largest producer. essentially by market forces, while governments As for the chocolate sector, the Ferrero and the private sector are the active and visible Group has “signed a collective commitment with actors in terms of the economy, politics and other cocoa and chocolate companies to stop society. “Globalization is here to stay. We are all deforestation within the sector, focusing on the global,” he said.

Globalization is here to stay. We are all global.

13 < The Weekly Journal > Wednesday, October 23, 2019

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Government Incentives Not Enough to Ensure Growth in the Real Estate Market Head of Seacastle PR discusses challenges in this sector

T Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

he president of real estate giant Seacastle PR LLC, Edward L. Stutz, affirmed to THE WEEKLY JOURNAL that Puerto Rico’s real estate market remains virtually stagnant despite government incentives for investors.

Earlier this year, the government incorporated the federal Opportunity Zones program into the Puerto Rico Incentives Code, which offers tax exemptions and other benefits to investors

who develop projects in distressed communities.

Meanwhile, under Acts 20 and 22, grantees can receive thousands or even millions of dollars in tax breaks to incentivize investment.

However, Stutz observed that the overall condition of the island’s economy—which has been in recession since 2006—is having a “significant impact” on the absorption of existing inventories, which includes commercial and residential spaces. He warned that without a strong economic footing, there isn’t considerable enticement for individuals or companies to relocate to Puerto Rico right now.

“There simply is not a strong enough footing in the existing economy to help bolster all of the segments of real estate that need to have a focus and need to have an absorption of the existing inventories on island so that pricing can stabilize, pricing can start to come back and rise up again, and property value can start to increase,” Stutz

said.

Moreover, he added that “the government needs to stabilize the finances of Puerto Rico and needs to give investors, consumers and residents a reason to be optimistic about the economy moving forward… Until there is some stability in that regard, I don’t think that you’re going to see stability in the real estate market.”

His view contrasts with others in the real estate industry, as well as the construction sector, who have said in recent months that the island’s real estate market is moving in the right direction, not just in areas like Condado and Old San Juan, but also in other neighborhoods.

When asked if measures such as the Opportunity Zone program would encourage a boom in the real estate market, Stutz stated that the majority of investors or real estate professionals don’t have the financial means to reap the benefits of this and other

/ Wednesday, October 23, 2019

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public programs, given that they cater to a “very specific” group of businesses and investors. He noted that these incentives are generally geared toward larger acquisitions as opposed to small investments.

“Yes, these programs are a wonderful enticement for investment and they are a wonderful vehicle for people to be able to invest in Puerto Rico. However, you can offer all the effective incentives that you want, but there has to be a marriage between those investments and the underlying economy for those projects to be successful at the end of the day,” he affirmed.

Regarding desirable qualities in Puerto Rico’s real estate market, Stutz highlighted that the overall pricing on the island is “extremely enticing” to investors, but the underlying fundamentals of the economy need to be addressed to ensure growth in this sector.

San Juan Holds Crown in Real Estate

Seacastle’s president noted that the fastestgrowing area in the local real-estate market is commercial spaces. He pointed out that neither the commercial or residential sectors are excelling at a high rate, but residential will always be Stutz praises Ciudadela as a real estate success story in Santurce, which he affirms is growing due to small second to commercial because it has the greatest investments. >File photo inventory on the island.

Although San Juan is developing several Prepa an “Impediment” in Real Estate seen an upsurge of businesses and real estate residential projects, Stutz stated that these are developments in recent years, particularly in Investment on the higher end of the market and appeal to a Santurce.

Apart from the island’s economic and different kind of investor, which is why he wouldn’t “Santurce is a wonderful template for how infrastructural challenges, Stutz stressed that the consider those projects to be part of the island’s the rest of Puerto Rico should look at Puerto Rico Electric Power Authority (Prepa) poses macrostate. real estate development,” he said, the greatest threat to real estate investment, due Regardless, he praised San Juan and praising real estate developer to its “high” electricity rates and management. the metropolitan region as being Nicholas Prouty for revitalizing The public corporation owes nearly $13 billion to Puerto Rico’s most desirable real the area and encouraging bondholders and pensioners despite being Puerto estate haven with the most businesses with the Rico’s only entity authorized to distribute power on potential for improvement, Ciudadela project on Ponce the island. stating that the island’s capital de León Avenue. Santurce’s While the central government has begun to take has all the elements that people momentum, he said, is measures toward establishing a public-private “need and want” in terms of mainly attributed to small partnership (P3) to take over its transmission and investment and where they investments and real distribution system, its ongoing debt restructuring want to live. estate acquisitions. process and rising rates could deter potential “Your infrastructure is the “I think the measured investors, Stutz warned. most comprehensive fashion in which “I can tell you with 100 percent certainty that in those areas, your people are making out of everything we’ve talked about this morning, highway access—north, these investmentsnone of it has had as derogatory an impact on the south, east, west—is small, concentrated success and traction of new businesses to Puerto superior in the metro investments Rico than Prepa and their absolute inability and/ San Juan area, and I that should have or lack of desire to structure electricity rates at think that those are the immediate successa rate that would enable companies to afford areas, if you’re looking is the only way to relocating to Puerto Rico,” he said. at large-scale projects, do it at this point, to According to Seacastle’s president, he is that you’re going to be as conservative personally aware of at least half-a-million square have to identify,” he as possible, let your feet of industrial projects that were terminated said. business take hold, because companies were unable to reach a rate Stutz clarified that let your business agreement with Prepa. He also noted that the energy Puerto Rico’s diversity adjust to the existing powerhouse requires new companies setting foot on offers opportunities economy right now, the island to have an entirely self-sufficient electrical islandwide but, in and grow how it’s production facility, so when those companies factor -Edward L. Stutz, terms of investment permitted to within the cost of building that upon their settlement, they criteria, San Juan and president of Seacastle PR the constraints of the opt for less pricey jurisdictions. other metropolitan economy. But we have “It is the most nonsensical thing I’ve seen in municipalities are to get the economy my time here. Prepa really is the most significant more suited to support stabilized here before a lot of these types of impediment to the expansion of business in Puerto large-scale investments and they have the greatest projects can really start to take route,” Stutz Rico and the attraction of business to Puerto Rico,” inventory available. Furthermore, San Juan has stated.

Stutz asserted.

There simply is not a strong enough footing in the existing economy to help bolster all of the segments of real estate that need to have a focus and need to have an absorption of the existing inventories on the island...

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/ Wednesday, October 23, 2019

The Blooming Medical Cannabis Industry With the therapeutic weed program on track, attention is now shifting to hemp initiatives

A Cynthia López Cabán

clopez@wjournalpr.com

@cynthia_lope

lmost three years after the first medical marijuana dispensary opened in Puerto Rico, the medical cannabis industry is blossoming into a fertile enterprise, generating a monthly average of $4 million in sales, despite a few setbacks.

Since its inception until last August, sales and services reported to the government amount to $128 million, with businesses paying $13.9 million for the sales and use tax (IVU by its Spanish acronym), according to the Treasury Department.

So far this year, tax revenues from medical marijuana have increased by 127.5 percent.

“It’s definitely a good time for the industry,” President of Puerto Rico Legal Marijuana Goodwin Aldarondo said. “The industry has matured and is growing exponentially. Each month we’re adding close to 10,000 new patients and that is a

Cannabis legalization is a worldwide trend. >Carlos Rivera Giusti

conservative number.”

Up-to-date statistics from the Medicinal Cannabis Office show that 101 dispensaries across the island serve a population of 112,363 registered cannabis patients, concentrated mostly in the northeast section of the island.

“Dispensaries that have been around for one year or longer are generating sales between $100,000 to $300,000 a month,” noted

Businesses have paid $13.9 million to the government through the sales and use tax since the medical cannabis program started in 2017. >Carlos Rivera Giusti

Aldarondo, whose firm specializes in cannabis law and education. “Each operation needs at least five to eight employees, and that is only taking into account dispensaries, cultivators and manufacturers. The industry creates thousands of direct jobs.”

Teresita Santiago Lebrón, president of the Chamber of Commerce Cannabis and Hemp Committee told THE WEEKLY JOURNAL that the medical cannabis sector on the island compares head-to-head with similar initiatives in the United States.

“We had an advantage. Puerto Rico had a robust manufacturing and pharma industry, so having all these professionals and that structure helped us establish the program,” indicated Santiago, founder and CEO of El Morro Technologies.

It’s not just Puerto Rico that’s in the midst of a weed craze. Cannabis legalization is a worldwide trend. Last year, New Zealand passed a law to make medical marijuana widely available and next year it will vote on legalizing recreational cannabis. Jamaica, Uruguay and Canada embraced recreational cannabis, while Argentina, Chile, Switzerland, Greece and Italy liberalized their laws to adopt medical marijuana programs.

Legal cannabis is also the fastest-growing trend in the United States. Thirty-three states approved laws for the use of marijuana as a physicianrecommended therapy for treating certain health conditions and symptoms. Another 11 states -like

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Medical cannabis in Puerto Rico generates a monthly average of $4 million in sales. >Archive

Colorado, Oregon and California- made it legal for recreational purposes.

In the U.S., sales of medical cannabis are expected to grow at an 11.8 percent rate, from $5.1 billion in 2017 to an estimated $12.5 billion in 2025, according to industry analytics firm New Frontier Data. Recreational sales, on the other hand, are expected to spring up at 18.4 percent, from $3.2 billion to $12.5 billion in 2025.

“The cannabis industry can be a positive contributing factor to growth at a time of decline,” stated Santiago of an enterprise that could pour much-needed revenue into government coffers.

Hemp Programs Germinate

as Jan. 2020.”

While marijuana and hemp are in the same family, both plants have different properties. Hemp is a variety of cannabis that contains 0.3 percent or less THC (tetrahydrocannabinol), the main intoxicating ingredient in the plant. Hemp seed can be eaten raw or turned into milk. The stem can be transformed into fiber, clothing, building material, plastic and composite materials, jewelry, animal bedding and even biofuels. After the legalization of commercial hemp production in 2018, which is expected to generate $1.9 billion by 2022, over 40 states have established commercial or pilot hemp cultivation programs.

“Among farmers, I see more openness towards working with hemp. The government is looking at the model implemented in Kentucky as a >Agustin Santiago possibility,” commented Santiago.

With the therapeutic weed in bloom, the Puerto Rico government is already planting the seeds for another cannabis-related industry: hemp. Eight months after former Gov. Ricardo Rosselló signed an executive order to promote this Medicinal Cannabis sector, following the Hurdles federal approval of Despite the growing the Farm Bill last year, acceptance of legalized and highlighted its marijuana, the potential for economic possession and sale development, the of marijuana remain -Shadiff Repullo, president of Free Juana local Department of illegal under local and Foundation Agriculture issued the federal laws, forcing first licenses, while banks to shy away it works on the state from doing business plan it must to submit to the federal government in with legal marijuana enterprises for fear of December. prosecution or government interference.

“Once the state plan is approved, we have To address this issue, last month, the U.S. House the green light to start growing hemp,” Santiago of Representatives passed the Safe Banking bill indicated. “Thirteen licenses for research and with bipartisan support, now awaiting debate in the development and three for the manufacturing were Senate. already issued. We could begin cultivating as soon Meanwhile, on the island, one credit union, Tu

Revenues from medical cannabis would be enough to curtail the deficit in the Health Department’s budget, improve health services and avoid hospital closings.

Coop, offers limited banking services. For now, the medicinal cannabis industry runs basically as a cash-only business. Companies are still grappling with the implications of medicinal marijuana in the workplace, drug-testing policies and labor protections for cannabis patients like the one approved by the Municipality of San Juan that prohibits retaliation or discrimination against cannabis patients.

Amidst these stumbles, lawyer and cannabis activist Shadiff Repullo denounced the revocation of Free Juana’s six licenses by the Medical Cannabis Regulatory Board, which allegedly occurred without a proper investigation. The foundation is the only organization offering the weekly courses needed to work in the industry.

“It is not just about money. We have a responsibility to our clients, who need these courses to renew their licenses; if not, they can be fined anywhere from $5,000 to $20,000,” insisted Repullo, president of the foundation.

“The ultimate goal should be to correct mistakes and not to close down businesses, since no one benefits from a punitive policy that hinders the industry’s growth instead of promoting its development,” argued Repullo, whose lawyer filed an injunction in an attempt to stop the resolution that shut down Free Juana.

But she is not alone. Repullo mentioned that Natural Adventure in Caguas also ceased operations a couple of months ago and another client was forced to close down, while the agency holds hearings to investigate an apparent delay in renewing the license.

As a result, an online petition on change.org is seeking 200 signatures to request Gov. Wanda Vázquez to remove Denise Maldonado from her post as director of the Medicinal Cannabis Office.

Maldonado did not respond to a request for comment from THE WEEKLY JOURNAL. “Revenues from medical cannabis would be enough to curtail the deficit in the Health Department’s budget, improve health services and avoid hospital closings,” Repullo said.

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Puerto Rico Tourism Company to Add Certified Tourism Ambassador Program

The two-week course is designed for any professional within the value chain of the tourism sector on the island, and is aimed at promoting tourism by enhancing the visitor experience

P

Claudia Guerrero Negrón

cguerrero@wjournalpr.com

@cguerreronegron

uerto Rico Tourism Company (PRTC) Executive Director Carla Campos has announced the incorporation of the Certified Tourism Ambassador (CTA) Program, designed to train and prepare individuals within the tourism sector in customer service skills.

According to the director, there is ample room for improvement in this particular area of tourism on the island.

In the 30 destinations that have installed the CTA program, over 50,000 individuals have been certified as Tourism Ambassadors. >Archive

Installed in over 30 U.S. destinations, the CTA program’s goal is to increase tourism by enhancing the visitor experience, providing future ambassadors with the tools to have a profound knowledge of the destination, including its history.

The idea is to involve as many figures within the value chain of the tourism sector on the island, including municipal governments, tourism entrepreneurs, tour guides, museum staff, chauffeurs and Uber and taxi drivers, so that the visitor’s experience is improved on all fronts.

“The tourism culture in Puerto Rico has to be that we understand how important the tourism sector is for our economy and that even though we may not be direct providers of goods and services within the tourism sector, we all have a role to play when it comes to providing visitors with an excellent experience,” said Campos.

In the 30 destinations that have installed the CTA program, over 50,000 individuals have been certified as Tourism Ambassadors. A curriculum will be developed within the next six months and ideally, the workshops should be ready -Carla Campos, between March and February, with PRTC executive director hopes of certifying 400 individuals in 2020.

As part of the Experience Dedicated Destination (EDD) Program, a data-gathering program designed to collect visitors’ feedback, the CTA workshops will be offered using this data and

individuals will be trained on the specific needs that tourists have indicated in the minute-long, five-question surveys. This data will be reported every three months.

The first EDD workshop was already hosted by the PRTC in the Puerto Rico Convention Center earlier this month, teaching individuals how this data can be used to improve areas that visitors indicate are weaker than others.

In the course of two weeks, the curriculum is divided into three modules: the first, Puerto Rican history; the second, tourist attractions; and the third, customer service, which is organized and divided into a 157-page manual. During a four-hour, dynamic class, students will be able to go in-depth into these topics. This is also a great way for professionals to network, as Mickey Shaefer, founder and CEO of The Experience Institute, said this is one of the main advantages when taking these courses.

An exam, which is open book, is taken at the end of the course, and once passed, the certification is delivered. The course is also designed for students to continue studying once they have finished the course.

“To maintain the certification, individuals will have to report annually on the eligible activities they have undertaken in order to accumulate the required 50 points. Those eligible activities could be going to a tourist attraction, which are identified by a specific list, or going to a workshop,” said Campos.

The course has a cost of $50 and individuals interested can register via email.

The tourism culture in Puerto Rico has to be that we understand how important the tourism sector is for our economy and that even though we may not be direct providers of goods and services within the tourism sector, we all have a role to play when it comes to providing visitors with an excellent experience.

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/ Wednesday, October 23, 2019

Inteligencia Económica

Manuel Cidre

Entrepreneur and Founder of Los Cidrines

O

A Plethora of Opportunities in Puerto Rico

nce again, Puerto Rico has the opportunity to diversify its economy.

As recently as Aug. 19, 2019, the guidelines for the Opportunity Zones were completed.

The Opportunity Zones are a tax benefit granted to foreign and local investors who invest in projects of infrastructure, construction, manufacturing and housing, among other initiatives, that are located in economically depressed areas in the United States.

No fear whatsoever, as Puerto Rico’s infrastructure before and after Hurricane Maria, its unemployment rates, high energy cost and emigration, among others, resulted in that almost the entire island is an Opportunity Zone.

The government, under the leadership of the governor, must address this with the highest priority. It is important to include all the players, including universities, the private, public, financial and nonprofit sectors, to complete a “map” of opportunities, instead of waiting for the investors, and go for them with a well-prepared menu of opportunities. This effort can represent an investment of over $50 billions in Puerto Rico, representing thousands of jobs and developing hundreds of local industries to afford the projects’ demand.

Another great opportunity is in the music sector. In the 1970s, Puerto Rico was the bridge through this part of the world for many artists like Raphael, Julio Iglesias and José

Luis Rodríguez. However, we didn’t take advantage of the opportunity and Miami took it, and nowadays, Miami is the principal market for launching important artists in their international careers.

Like it or not, urban music is no longer just trendy, it is a genre. What started out as an underground movement is now a global movement comprised of artists from South America, Central America, the Caribbean and Europe, not just Puerto Rico.

We are not alone anymore.

Every day, millions of dollars are invested in that music genre. Recently, an international record company signed an agreement for five years, worth $80 million, to a local exponent of the Puerto Rican genre.

Before another country takes advantage of this opportunity, the Department of Economic Development in Puerto Rico must extend the actual benefits to the film companies and the filmmakers to the music industry.

Doing this, Puerto Rico can become the center of productions, contents, events and recordings of the world, creating hundreds of jobs, exporting our services and creating wealth since the proceeds of the profits return to our country. We have a great opportunity to be the music center of the world!

Times require agility, anticipation and creativity; otherwise, it will always open the door to someone else who is looking and thinking about how to take a piece of what we have.

L

The Elimination of the Foreign Corporations & Partnerships Tax and its Economic Impact

ast month, the U.S Treasury Department informed Gov. Wanda Vázquez that the local government needs to work on a plan to eliminate Act 154 of 2010, or the Foreign Corporations & Partnerships Tax. This tax was implemented by former Gov. Luis Fortuño’s administration in the midst of a fiscal crisis and as part of the economic reforms undertaken during that time.

Through this tax, the government hoped to finance the tax reform that was implemented in 2011 and provide the liquidity needed to address the large deficit of the time. The tax reform managed to reduce the tax rate to individuals and corporations and fed the private sector with $1 billion.

This, in combination with $7 billion in ARRA funds, were essential to the moderate economic upswing experimented between 2011 and 2012.

$1.8 Billion Gives Liquidity to the System

The new tax, which was controversial at the time due to the speed with which it was adopted and the repercussions on foreign corporations, allowed the government to access more revenue in order to finance the reform.

Over 50 companies had to start paying a 4 percent tax on their transactions between the parent company and its local affiliates.

The tax also allowed North American companies on the island to claim a 100 percent credit on monies paid to the government, which neutralized the consequences of the levies.

Act 154 of 2010 stipulated that the 4 percent tax would be gradually

reduced until its elimination on 2016. However, from 2012 on, every government administration has modified the law in order to keep the tax steady at 4 percent.

This has, in turn, allowed the General Fund to generate close to $1.8 billion annually since 2011 and allowed the coffers to receive $16.2 billion globally, which have gone to the U.S. Treasury.

At its essence, the tax has provided the government and Puerto Rico’s economy with $16.2 billion over the last decade. This has been essential to avoiding fiscal bankruptcy.

The U.S. Treasury recently informed the local government that the tax on foreign companies must be eliminated and that they will provide Puerto Rico with some time to come up with a strategy. The only viable option is to turn the tax into a levy on foreign company’s revenues under the scope of the new tax law enacted by President Trump in 2017.

This would mean that 80 percent of taxes paid to the local Treasury would be credited to companies operating on the island. In turn, this would have a 20 percent net tax impact, far from the current 100 percent credit.

Challenges and Opportunities At present, the elimination of the tax proves to be a monumental task due to the fiscal adjustments imposed under Promesa by the Oversight Board. Washington D.C.’s message is disheartening and the federal aid promised for the reconstruction of the island seems to be stuck.

Given this scenario, it is imperative that a creative solution is found that minimizes fiscal impact and doesn’t depend on incentives or outside mechanisms.

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Sofia Vergara

Now a Hard-Working Entrepreneur Much more than just an actress, Sofia Vergara embarks on a new adventure as an entrepreneur with Sofia Jeans

A Melissa M. Cruz

mcruz@elvocero.com

@mmcruzrios

fter being diagnosed with thyroid cancer at 28, healthy living became a priority for Sofia Vergara, the actress, comedienne, model and entrepreneur. Describing this chapter of her life as “dramatic,” the woman who plays Gloria Delgado on ABC’s TV show, “Modern Family,” now lives every moment to

its fullest while prioritizing her healthy lifestyle.

“It was all very dramatic for me. I was young and Manolo (her son) was very little,” said Vergara, who is now a spokesperson for AbbVie Pharmaceutical’s Follow the Script campaign.

“In my case, the doctors caught the disease early and I was able to get my thyroid removed successfully. However, I now have to take a pill every day to keep my hypothyroidism under control,” added Vergara, who also had to undergo chemotherapy as part of her treatment.

It is because of this experience that Toti, as some call her, tries to live as healthily as possible. It is through this lifestyle that she feels well enough to carry on with all the roles in her life: mother, wife, actress, model and now entrepreneur, as she is launching her own brand of clothes.

“If I do not take care of myself, go to the doctor and take my medication, everything gets more complicated. Within Hollywood, I am well known for veering off script and improvising,

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but this is not the approach I take when it comes to my health. I always make sure to ‘follow the script’ and do exactly as I am told by my doctor.

This is really important to me because life cannot be enjoyed without health,” added Vergara.

New Project

Sofia Margarita Vergara has been an actress for over 25 years and, in that time, she has been nominated for awards like the Emmys and the Screen Actors Guild.

This hard-working actress, originally from Colombia, has grown to become one of the most important Latin people in the entertainment industry.

Sofia has demonstrated that she has real talent and is much more than a pretty face with an incredible body.

Getting to where she is now has not happened on its own; it has taken work and sacrifice.

However, Sofia is always up for any new adventure and willing to take on risks, as she did when she became a single mother at a young age. She prizes and embodies the independent, hard-working, strong woman of today.

As a matter of fact, she sees these same great qualities of hers in other female family members and that was what inspired her to launch Sofia Jeans by Sofia Vergara, her most recent endeavor.

Her line, which is focused on women feeling confident about themselves and their body types, includes pants, skirts, jackets and tops in sizes that range from 0 to 3X. She wishes for women to celebrate their bodies while staying fashionable.

Notwithstanding, jeans are the main attraction of the line. To Vergara, jeans are “the most indispensable item in every woman’s closet” because of their versatility.

Among the available jean styles are the highwaisted and skinny Rosa Curvy; the straightlegged Veronica Straight; and the mid-rise ankle skinny known as the Sofia Skinny, which is Vergara’s favorite. The jeans are made with quality denim that adjusts to women’s curves without stretching out and bear the names of women in Sofia’s family.

The jeans are available in an assortment of washes and looks, from the very clean denim look to the distressed one that’s all the rage nowadays.

Sofia’s collection also includes skirts and an extensive array of jackets, tops and blouses.

Some of the styles bear the “third eye” motif, which Vergara believes to be a “symbol of strength, good luck and protection.”

“Designing this clothing line has been a dream come true. This collection is meant to make women look and feel great,” said Sofia.

The Sofia Jeans line will debut in Puerto Rico’s Walmart stores before the rest of the United States.

It is worth noting that this is not Vergara’s first entrepreneurial venture as she also has a perfume line, available at Walmart; she also designs lingerie, shoes and furniture.

Sofia on the Web

Also launching at the same time as the jean line will be Sofia’s website, SofiaVergara.com. The wife of fellow actor Joe Mangianello confesses that she is a fan of social media, favoring Instagram.

“I love to publish pictures and share my stories. I have been having a blast on social media and, for this reason, have decided to take it to the next level with my own website,” she added.

Vergara, recently recognized by Forbes as the highest paid actress in television and one of the top-earning actresses worldwide, invites everyone to visit the website, which she has designed to be a sort of journal or diary. In it she will share pictures, personal information and all the latest happenings of her life. She also hopes her fans will offer feedback on what they hope to see more of on the site, be they fashion tips, recipes or moments with her family.

Although Sofia admits that she doesn’t cook, she does admit to eating everything in moderation so she could share some of her favorite recipes. Ever conscious about all the changes that come with age, she also admits that she needs to work out a bit more in order to enjoy the sweets that she loves.

>Photos Courtesy

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/ Wednesday, October 23, 2019

STK Arrives in San Juan Restaurant Group

A new and innovative concept, STK features a vibrant and sociable atmosphere, serving a premium grade meatcentered menu and elaborate cocktail offerings.

T Claudia Guerrero Negrón

newsroom@wjournalpr.com

@cguerreronegron

he international restaurant group STK has arrived in San Juan, opening its doors in the Condado Vanderbilt Hotel, STK’s first home in the Caribbean. The unique concept is a modern steakhouse in an elegant yet urban lounge, situated in the lively neighborhood of Condado. It is the perfect dinner spot to start off a pleasurable night.

The setting offers the perfect atmosphere to

socialize while engaging in delicious, world-class serene atmosphere with faint lights; STK San Juan eatery. A beautiful, breaks conventions minimalistic, decorated highlighting an space, STK’s ambiance interactive vibe, is chic, modern happy hours, seasonal and vibrant. Dimly menus and dishes lit, popping white that are eminently florals all around instragrammable,” and big circular said Joel Peña, STK’s tables fill the space, general manager. giving an elegant yet With an extensive modern vibe. The trajectory in refined ambiance is hospitality, including complemented by a experience at 1919 resident DJ, providing Restaurant, also at dynamic and engaging the Vanderbilt, and music for guests.

Serafina Beach Hotel, -Joel Peña, With a $4 million Peña is bringing his STK San Juan general manager investment, the expertise to guide the restaurant features STK San Juan staff, culinary excellence which includes over of the highest caliber, with executive chef Lindell 100 direct employees.

Smith leading the kitchen and Nasha Fondeur On the menu, the Wagyu flat iron steak is leading the pastry section. cooked beautifully tender and goes great with “Traditional gastronomic presentations offer a any of the eight sauces that are available. Among

Traditional gastronomic presentations offer a serene atmosphere with faint lights; STK San Juan breaks conventions highlighting an interactive vibe, happy hours, seasonal menus and dishes that are eminently instragrammable.

A beautiful, minimalistic, decorated space, STK’s ambiance is chic, modern and vibrant. >Photos Courtesy Nelly Cruz

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them, Béarnaise, au poivre and chimichurri are great complements to the steak to personalize your choice of meat. Mostly a meat-centered menu, the varied portions fluctuate between 6 ounces to 34 ounces.

For starters, the tuna tartare is exceptional. Fresh tuna sits on a bed of avocado, topped off with crispy taro chips and surrounded by a soy honey emulsion.

It is the perfect appetizer to start off lightly, but deliciously. Another tartare is the beef tartare with capers and kimchi aioli.

A great way to start the evening just right is the shaved brussels sprouts salad with Granny Smith apples, pickled red onions, goat cheese, almonds and sherry elixir, drizzled with a red wine vinaigrette. The combination of these rich flavors is to die for.

The sides menu is a star on its own. Parmesan truffle fries, lobster mac and cheese, sweet corn pudding and jalapeño cheddar grits, to name a few.

These sides bring any main dish to the next level.

The menu also features a raw bar with oysters, ceviche and seafood platters, where you can choose the small, medium or large options and add various other seafood like mussels, calamari, clams, whole Maine lobster and Alaskan king crab.

As if the rich contents of the menu weren’t enough, the dessert menu features a delicious white-chocolate blueberry bread pudding that is topped with a ball of sweet and smooth corn ice cream. Caramel popcorn and lemon crème anglaise are poured over the top.

STK San Juan also has brunch and lunch menus.

STK San Juan’s braised short ribs.

Eclectic Cocktails to Tempt You

To go along with its excellent food, a varied and artistically crafted cocktail menu and bar is available for guests to enjoy happy hour or while waiting as their tables are quickly prepared. In the beautiful bar area are highly knowledgeable mixologists waiting to serve you with the utmost care. On the extensive cocktail menu you can find STK’s take on the classics, like the Smoky Negroni, which has Montelobos mezcal, orange infused Campari, vermouth rosso and a chuleria en pote rim. Another twist on a classic is Not Your Daddy’s Old Fashioned, with Bulleit bourbon, brown sugar, angostura and vanilla bean, topped with an orange peel.

The Cucumber Stiletto is a soft and refreshing cocktail that goes well with any meal. The drink has Ketel One Citroen vodka, St. Germain liqueur, muddled cucumber and mint. There are over 13 different cocktails to choose from, and, of course, a wine list that the staff is more than happy to help you with when selecting the right pairing with your meal.

STK San Juan is truly an unforgettable experience. It is more than just dinner, it is an extravagant night out that includes great culinary experiences paired with great cocktails in a great atmosphere, and of course, great service. STK San Juan has space for over 188 guests and is also available for private events and group activities.

The venue is open for happy hour Tuesdays to Fridays, from 4 p.m. to 7 p.m.; for dinner Sundays to Thursdays from 6 p.m. to 11 p.m.; and Fridays and Saturdays from 6 p.m. to 12 a.m.

For reservations, call 787-722-2828 or contact reservations@stksj.com via email. You can also visit www.opentable.com and visit their social media pages on Facebook and Instagram.

The restaurant group currently has 29 different destinations in the mainland United States, Canada, Europe, Middle East and Mexico.

STK San Juan’s Smoky Negroni

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Spicy Colada

The Mobile and Online Boutique

/ Wednesday, October 23, 2019

Colorful, tropical outfits can be easily put together in this mobile store on wheels that comes to you, at your convenience

Y Claudia Guerrero Negrón

cguerrero@wjournalpr.com

@cguerreronegron

azmin Dorta left her steady, 9-to5 job at an auditing company when her side hustle started generating more income than her main hustle. Selling bikini pieces from the back of her car wasn’t ideal, so she took her dad’s advice and created Spicy Colada, the boutique on wheels that comes to you wherever you are in the San Juan metro area, at any time of the day.

Dorta upgraded from the trunk of her car to a van with a beautiful, hard-to-miss print on its exteriors. The rolling shop now has accessories, jewelry, bathing suits, tops and bottoms, and it is suited for the everyday woman who doesn’t have the time to hit the mall and spend hours looking for an outfit.

The idea is simple: You go on the Spicy Colada Instagram page or website and decide which piece you would like to shop. Then, you contact Dorta and see if she is close enough to come to you. You can also check what her routes are for the day, as she posts these regularly on the Spicy Colada website and social media platforms.

If she is nearby, you can have your pieces in no time. Whether you are in your house, at work or frustrated in the very mall you weren’t able to find clothing in, the Spicy Colada van will make its way to you.

Spicy Colada features pieces that are more tropical, casual, nothing too elegant. It is cute clothes to go out and have fun in. It is for the woman who doesn’t have a lot of time but still wants to look good.

-Yazmin Dorta, owner of Spicy Colada

Yazmin Dorta started her online boutique three years ago, keeping bikinis in the trunk of her car. Now, she runs and operates Spicy Colada, an all-you-need store in a van. >Photos Courtesy Yazmin Dorta

“I really try to answer as soon as possible; even if it is late at night, I always try to answer everyone,” said Dorta. The entrepreneur has even spent Christmas and New Year’s Eve doing deliveries, as she says it is important for her that all her clients look good and feel good on special

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Spicy Colada has jewelry, purses, hats and other accessories that allow you to build a unique outfit from scratch that stands out from the crowd.

occasions. If you spilled some coffee on that work dress and have a meeting in an hour, Spicy Colada is your solution. If you unexpectedly want to go out with some friends but don’t want to go home and change, Spicy Colada is your solution.

“Spicy Colada features pieces that are more tropical, casual, nothing too elegant. It is cute clothes to go out and have fun in. It is for the woman who doesn’t have a lot of time but still wants to look good,” said Dorta.

Vibrant floral patterns, chic and bold gold earrings, leopard print belts, fashionable jumpsuits and so much more are things that can be found in the store. You can build an outfit from scratch and find unique pieces that fit your style so you can stand out among the trendy waves. The store has everything from rompers, dresses, sets, maxi and short skirts, jean shorts, bikinis, one pieces, coverups and even active wear; there is something for everyone.

Unique pieces, like purses from Nicaragua and Morocco, bathing suits from Colombia, and of course, locally designed bathing suits are available in the shop, as Dorta’s goal is to offer her clients a different shopping experience—from the actual pieces she sells to the way she sells them.

Dorta manages the store on her own: She tends to customers, drives the van, keeps inventory and everything else. For six months, Dorta managed a double life, running an online store from an Instagram page. She would meet customers after her 9-to-5 job at PricewaterhouseCoopers and bring them their purchases. She soon realized this could be her opportunity to become her own boss.

“I realized that if I didn’t act quickly, I could miss an opportunity to build my own business, have that flexibility and do things on my own time,” said Dorta.

Dorta wakes up everyday in Arecibo, where she lives and commutes to San Juan to spend the entire day driving around the metro area to tend to her customers. She says she has had

loyal customers that have been with her since the beginning, but also some newcomers. The van has been delivering outfits now for a year and a half.

The van’s branding was something that was very important to Dorta, as she didn’t want a plain white van to be carrying around such colorful clothing. Mamposteao, a local marketing company, was contacted to do the branding. Now, the van features popping yellow and green prints that stand out in any location, making it easier for customers to spot.

Spicy Colada has expanded its offering after Hurricane Maria left shoppers with little to no

options when it came to shopping malls that were open. Dorta saw an opportunity to add clothing into the mix, as there a was a clear necessity and high demand for the products.

The clothing is not meant for a high-class vibe, as it is more casual clothing meant for adult women who are professionals and contemporary with their styles, according to Dorta. Ideal ages range from 28 to 55 years old and prices fluctuate, but mostly are mid-range.

If you would like to check out what’s in store, head over to spicycolada.com; orders can be made here as well.

The store has everything from rompers to dresses; sets to short skirts; and even activewear; there is something for everyone.

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/ Wednesday, October 23, 2019

Consider Caguas

for a Day Trip of Amazing Discoveries at its Many Museums

B Hallee Patterson

newsroom@wjournalpr.com

eing a new resident of Puerto Rico, my husband and I recently hired a guide to take us through the island.

We have gone on many day tours with Leo, and on one of these, he drove us through Caguas to show us the town square and tell us about the free—yes, free—museums that are all within easy walking distance of each other.

What we experienced was magical. Our first stop was at the Visitor’s Center. The center is open Mondays-Friday from 8 a.m.-5 p.m. and on Saturdays from 9 a.m.-5 p.m. Please note that the Visitor’s Center and all the museums close from 12 p.m.-1 p.m. for lunch.

The path for the self-guided tour is very simple.

The Visitor’s Center has maps and pamphlets of each of the stops and the sidewalks have arrows pointing the way. The museums are all small and each one has a guide to explain the artifacts and history that is displayed.

On the day we went, six of the 12 museums were open. Our first stop was the History Museum of Caguas. Our English-speaking guide walked us through the displays, explaining to us how people migrated here from all parts of the world.

We then walked to the Museo del Tabaco.

Here we learned about growing tobacco and how cigars are prepared. These is a small

demonstration area where the cigars are rolled. and how it came to be designed. Our guide On the same street was the educated us about the important Museo de Artes Populares, with singers that helped change the displays that change. On this day, musical style to reflect our island. there was a show of the Three The guide told interesting stories Kings. about the improvised structure I enjoyed the three Jibaro of the songs and played some kings the most. When I asked traditional music. We danced out The art of Edwin Báez is featured in the guide about these particular of this museum and walked to various museums Three Kings, she pointed out the next. in Caguas. He is a they were Jibaros (a term used to We learned the story of folk and traditional describe people who lived in the Carlos Manuel Rodríguez when artist who carves heart of the island.) Look closely. we visited Casa Rosada Museo. figures and scenes One holds a hoe; the middle king His pink house was a typical in wood. His has plantains; and the third is residence of the middle class in work is intricate carrying a machete.

Caguas around the 1940s. He and through his The art of Edwin Báez is was beatified by the Catholic dioramas, I was featured in various museums Church and is up for sainthood, able to see how in Caguas. He is a folk and but with only two miracles Puerto Rico looked during the Taino traditional artist who carves attributed to him thus far, it may past and the 1940s figures and scenes in wood. His not happen. to now. He has a work is intricate and through I would also like to mention the new exhibit at the his dioramas, I was able to see typical Puerto Rico town square.

History of Caguas how Puerto Rico looked during In Caguas, there is Plaza Santiago Museum that the Taino past and the 1940s to Palmer. It is framed by the old opened Sept. 23. now. He has a new exhibit at the Town Hall on one side and a History of Caguas Museum that beautiful Catholic church at the opened Sept. 23. other. Take time to walk through Following the arrows on the sidewalk, we walked it, as it is well kept with a merry-go-round; a huge to the Museo Casa Del Trovador, Luis Miranda “Pico aviary, where we saw two colorful parrots; a nonde Oro,” where we learned about Puerto Rico’s functioning clock that reminded us of a sun dial from favorite instrument, the cuatro string instrument, the past; and kiosks where vendors sold food.

In fact...

27

de

Crear

Calendart 2020

Las obras de la colección

Tiempo de Crear Calendart 2020

estarán en exhibición del 8 al 14 de Noviembre PLAZA LAS AMÉRICAS Segundo Nivel Pasillo del Atrio Central a JCPenney (local al lado de la tienda Lu) Artistas Participantes: Angélica Rivera, Bernardo Medina, Carlos Santiago, Eduardo Cabrer, Emmanuel Cruz "Lampón", Fulgen Sabatier, Jorge Blanco Plard, Mary Tere Pérez, Melissa Frontera Santiago, Radamés Rosado, Roberto Acevedo, y Waded Alvarado

< The Weekly Journal > Wednesday, October 23, 2019

Tiempo

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/ Wednesday, October 23, 2019

Get Ready to Celebrate

the British Virgin Islands FoodFête 2019

Month-long culinary festival kicks off on Nov. 7

T Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

he British Virgin Islands (BVI) proudly calls itself “nature’s little secrets.” Now, visitors can visit the famed islands and enjoy their culinary offerings at this year’s BVI Food Fête 2019, which will take place throughout the

British territory in November.

“We have been carrying out this event for the past six years to showcase the islands as an attractive destination for food lovers,” said Sharon Flax-Brutus, director of the BVI Tourist Board. “Each year, we have more new visitors who discover the experience, as well as fans who come every year. Our islands have more lodging options both on sea and land, which is why we expect the number of visitors will grow this year.”

Flax-Brutus encouraged the BVI’s many fans to take note of all the events at this year’s Food Fête:

BVI Gourmet Soirée

Thursday, Nov. 7, 2019 Scrub Island Resort, Spa & Marina, Autograph Collection This is the BVI Food Fête’s official inauguration, which will also mark the 50th anniversary of the BVI Tourist Board. The elegant affair will feature top chefs such as Lamar Moore (Chicago), Adrianne Calvo (Miami), Kerry Heffernan (New York) and Chloe St-Cyr (Scrub Island), who will delight guests with their culinary creations.

The evening will also bring decadent desserts, signature cocktails and lots of fun.

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Taste of Tortola

Saturday, Nov. 9, 2019 Queen Elizabeth II Park The BVI’s culinary stars join several international chefs for an evening full of good food and entertainment for the entire family. This fun “street style” festival will take place at Queen Elizabeth II Park in Tortola. In addition to the great food, there will local vendors, live entertainment, cooking demonstrations and much more.

Cooper Island Rum Festival

Saturday, Nov. 16, 2019 Cooper Island Beach Club This festival will take place at the Cooper Island Beach Club, a boutique hotel with a famous bar that boasts almost 300 different rums. This is a true paradise for rum connoisseurs.

Jost Pork & More Festival

Sunday, Nov. 17, 2019 Jost Van Dyke Jost Van Dyke is famous for its white sand beaches, turquoise waters and world-famous beach bars. On Nov. 17, the lovely island will become a food paradise.

Many of its The British Virgin restaurants, Islands has been from White ranked as the No. Bay to Great 1 Best Place to Visit Harbor, will in the Caribbean by offer a great U.S. News for three variety of consecutive years in pork, fish, 2017, 2018 and 2019. chicken, beef and vegetarian

In fact...

Fish with polenta, a typical BVI dish >Courtesy

Dishes prepared by the BVI’s Chef Kenneth Molyneaux.

dishes. Guests will savor cocktails, enjoy games and other interactive activities, in addition to live entertainment.

Taste of Virgin Gorda

Saturday Nov. 23, 2019 Toad Hall, Virgin Gorda Taste of Virgin Gorda is a unique culinary experience that showcases recipes prepared

by Virgin Gorda’s best-known chefs, alongside international culinary stars. Guests will enjoy cooking demonstrations, in addition to live music by local and international jazz and R&B artists, all with views to the island’s most famous attraction: the Baths.

Anegada Lobster Festival

Saturday, Nov. 30 and Sunday, Dec. 1 Anegada The Anegada Lobster Fest is already one of the most highly anticipated events in the BVI. Each year, thousands of residents and visitors arrive to Anegada to enjoy this delicious weekend dedicated to lobster cuisine. There will be live music, plus artisans, interactive experiences from sponsors, pristine beaches and of course, dishes featuring Anegada’s famous lobster.

BVI Food Fête Bar Crawls

These fun BVI bar crawls are part of the Food Fête’s roster. Guests will be able to visit participating bars in several islands throughout the BVI to enjoy the best cocktails at many venues.

Tickets for each one of these activities are available through Eventbrite. For more information, visit the BVI Food Fête website at www.bvifoodfete.com. On social media, visit Twitter @bvifoodfete and Facebook, under BVI Food Fête.

Known as a destination rich in undiscovered experiences, the BVI is an archipelago comprising 60 islands and cays located 60 miles east of Puerto Rico. The main islands of Tortola, Virgin Gorda, Anegada and Jost Van Dyke have attracted travelers globally with their cultural Caribbean authenticity. Located in Tortola, Road Town is the BVI’s capital.

Ranked as the No. 1 Best Place to Visit in the Caribbean by U.S. News for three consecutive years in 2017, 2018 and 2019, the BVI is where “nature’s best secrets” are kept with attractions featuring pristine beaches, azure seas, towering sage mountains and burnt-orange sunsets. It’s no wonder the BVI’s Virgin Gorda and Jost Van Dyke were also featured on the “Top Islands in the Caribbean, Bermuda and the Bahamas” list in Travel+Leisure’s World’s Best Awards 2017 and 2018.

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/ Wednesday, October 23, 2019

Al Son del Bolero Two of Puerto Rico’s most beloved singers, Andy Montañez and Ismael Miranda, will be taking over the University of Puerto Rico’s theater for a concert that promises to take attendees on a nostalgic journey through the history of bolero. Proceeds from the concert will benefit Radio Universidad, the university’s radio station.

When: Thursday, Oct. 24 at 8 p.m.

Where: University of Puerto Rico Theater, 6 Universidad Ave., Río Piedras

Detectives del Arte: Irene Delano, en su Centenario Tour the Irene Delgado exhibition, which celebrates the centenary of this pioneering woman in the fields of graphic design, serigraphy, or screen printing. During this guided tour, participants are encouraged to look for clues within the exhibit. It promises to be a fun and educational way to enjoy Delgado’s legacy and artwork.

When: Saturday, Oct. 26 at 3:30 p.m.

Where: La Casa del Libro, 255 Del Cristo St. Old San Juan

Build Your Empire Learn strategies from the most successful entrepreneurs in the game right now. This event is about having the right mindset, the right skillset, tactics and execution needed to help you create a life lived on your own. More info: www.eventbrite.com When: Thursday, Oct. 24 at 10 a.m.

Where: Piloto 151, 151 San Francisco St., Old San Juan

Halloween Concert The Orquesta Camerata Filarmónica is presenting a yearly favorite, its “Halloween Concert 2019.” The concert will feature your favorite Halloween songs from movies and video games. There will be prizes for the best costumes, a special participation from the children’s choir and the Coral Lírica de Puerto Rico, and more than 60 musicians on stage.

When: Sunday, October 27 at 5:00 p.m.

Where: Luis A. Ferré Performing Arts Center, 22 Ponce de León Ave., San Juan

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/ Wednesday, October 23, 2019

First Attack 2019 For many years, First Attack has been part of the Capcom Pro Tour Series. This year is no exception, but things have changed a bit. Join the biggest Fighting Game event in the Caribbean.

There will be a schedule full of games, exhibitions and after parties.

When: Saturday, Oct. 26 at 9 a.m.

Where: Puerto Rico Convention Center, 100 Convention Boulevard, San Juan

Ultra Cosmic Costume Party This party at a cool San Juan nightspot will feature stand-up comedians and live music. Of course, there will be prizes for the best costumes .

When: Friday, October 25 at 9 p.m.

Where: La Respuesta, 1600 Fernández Juncos

REO Speedwagon The legendary rock band continues to tour, with a lineup that hasn’t changed in 30 years. The band is known for such hit singles as “Keep on Loving You,” “Take it on the Run,” and “Can’t Fight this Feeling.”

When: Friday, Oct. 25 at 8 p.m.

Where: Coliseo de Puerto Rico José Miguel Agrelot, 500 Arterial B St., San Juan

Exploring San Cristóbal’s Tunnels Discover firsthand the myths and realities of this fort’s tunnel system and learn about their crucial role in San Cristóbal’s defensive strategies.

The program is offered in English and starts at the fort’s main plaza. While the event is free of charge, there is an entrance fee to the fort of $7.00 for adults aged 16 and over, with those aged 15 and younger getting free admittance.

When: Saturday, Oct. 26 at 10:30 a.m.

Where: 501 Norzagaray St., Old San Juan

Ballets de San Juan: Fall Season Ballets de San Juan is celebrating its 65th anniversary. Take in their fall season performances at Puerto Rico’s oldest theater— Teatro Alejandro Tapia y Rivera in Old San Juan.

When: Friday, Oct. 25 at 8 p.m.

Saturday, Oct. 26 at 8 p.m.

Sunday, Oct. 27 at 4 p.m.

Where: Alejandro Tapia y Rivera Theater, Fortaleza Street, Old San Juan