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Wednesday, November 11-17, 2020 — // no. 081

Tight Race for San Juan, Recount Starts P6 Continuing Push for Domestic Tourism P7

>Courtesy of Condado Ocean Club Hotel

>Carlos Rivera Giusti

Strong Revenue Numbers for Triple-S P10

Pierluisi Bets on Federal Funds, Statehood Puerto Rico’s governor-elect must take the reins on economic recovery

N Giovanna Garofalo

New Hotel Brand in Condado P15

ggarofalo@wjournalpr.com

@giopgarofalo

ow that Pedro Pierluisi has been certified to be Puerto Rico’s governorelect, one of the main battles he will have to fight throughout his administration will be to boost the island’s battered economy, the severity of which has been exacerbated by natural disasters and the COVID-19 pandemic, while also convincing the 67.35 percent of voters who didn’t pick him that he will work diligently and transparently.

Pierluisi, of the pro-statehood New Progressive Party (NPP), outlined his economic agenda on his campaign website and in the weeks before the Nov. 3 elections. Unlike other contenders who ran for the gubernatorial race, his model emphasizes federal recovery funds and statehood as the principal means to improve the island’s infrastructure and foster economic development. “The recovery and reconstruction of Puerto Rico is, in the short term, the first priority for our development and resilience. To achieve the GO TO PAGE 4

The Weekly Journal > Wednesday, November 11, 2020 > 2

/ Wednesday, November 11, 2020

a week in review Puerto Rico Manufacturing Reports Uptick

YouTube Originals Launches Series Filmed in Puerto Rico

Economic Development Secretary Manuel Laboy announced that the Film Industry Development Program received a grant to produce “Bravas,” a YouTube Originals series produced by Cinema Giants, which was fully developed in Puerto Rico. The project had a budget of over $6.5 million, with 222 locals working in the production.

>Archive

After the fall in manufacturing registered in August, the Purchasing Management Index (PMI) rebounded in September, reaching 51.7 — above the 50 threshold — which represents the expansion of manufacturing activity in Puerto Rico compared to the previous month. Some 1,730 manufacturing companies operate on the island.

Grijalva: Energy Transformation Essential for Puerto Rico

To help ensure the efficient transformation of Puerto Rico’s electricity system, Democratic Congressman Raúl Grijalva submitted to Congress a bill that seeks to establish a federal office on the island that aims to manage, plan, deliver and conserve electricity. The Puerto Rico Energy Public Policy Act of 2019 promulgates the generation of 40 percent renewable energy by 2025, 60 percent by 2040 and 100 percent by 2050. Currently, Puerto Rico only produces about 4 percent in renewable energy.

/ Wednesday, November 11, 2020

Pierluisi affirmed that he and Resident Commissioner Jenniffer González, right, will work to ensure fund parity and equality for Puerto Rico. >Carlos Rivera Giusti

CONTINUED FROM PAGE 1 reconstruction of our island, we must streamline and maximize the more than $50 billion of direct funds from FEMA’s public assistance and mitigation programs and the CDBG-DR program, in addition to the billions of dollars approved under the CARES Act and other federal COVID-19 stimulus funds. With this, we will aggressively address the challenges of the pandemic, earthquakes and hurricanes, and achieve an immediate injection into our economy while modernizing our infrastructure,” his government agenda underscores.

These are the times to unite wills and purposes. — Pedro Pierluisi, Puerto Rico’s Gov.-elect

Several days before being confirmed as governor-elect, he told THE WEEKLY JOURNAL, “the first thing is that I want to declare as a critical project all construction projects related to hurricanes or earthquakes, including also

the pandemic. Any construction project that is using federal funds must be expedited and made possible as soon as possible because I know that the people want to see that work.” Other initiatives proposed to financially overcome the pandemic are simplifying the process to obtain permits and to incentivize small and mid-size enterprises (SMEs), startups, manufacturing, agriculture and e-commerce, among others.

Gaze Set on Statehood

As part of his arguments in favor of statehood, he has listed equal access to government programs that will aid low-income residents and boost economic development. He swiftly congratulated President-elect Joe Biden and Vice President-elect Kamala Harris last Saturday, Nov. 7, after securing the Electoral College votes needed to win. “American democracy triumphed once again by electing Joe Biden as President, an experienced and committed public servant who will lead our Nation forward and unite the people for our causes,” wrote Pierluisi, a fellow Democrat. “In the name of the 3.2 million U.S. citizens in Puerto Rico, I want to express my most sincere congratulations and I will work closely with him and Vice President Kamala Harris for the benefit of all Puerto Ricans in their fight for progress and equality. Biden had said that he would favor statehood if that were the

will of the people. Pierluisi and other fellow advocates for statehood hope that the next administration will streamline a decolonization process for Puerto Rico. “Resident Commissioner Jenniffer González [who was reelected] and I have a mandate from the people that favored statehood with more than 52 percent of the votes, and we will fight together for that will to be respected. Biden has already said that he favors statehood for Puerto Rico because, like me, he is convinced that Puerto Ricans deserve the equal rights that we are entitled to as American citizens. We will have an ally of statehood and Puerto Rico in the White House,” he affirmed after Biden’s confirmation.

An Atypical Election

As Pierluisi outlined his economic plans for Puerto Rico, the island’s residents were bracing for an unorthodox electoral race. Because of the pandemic, polling stations had to enact health protocols to mitigate the spread of the virus, such as ensuring — or attempting to ensure — that voters upheld social distancing measures and disinfected their hands. This contributed to long lines that forced the State Election Commission (CEE by its Spanish acronym) to extend the time allowed to vote on Election Day; originally, polling stations were supposed to close at 5 p.m. According to the data shared by the CEE’s

/ Wednesday, November 11, 2020

general elections portal, there were 2,355,894 registered voters, with 1,244,841 ballots cast, for a turnout rate of 52.84 percent. Despite early reports that remarked on high voter turnout, the percentage is actually lower than the number reported in 2016, in which 55.45 percent of voters cast their ballots.

Warning Sign for Bipartisanship

As with the winner of the gubernatorial race in 2016, NPP candidate Ricardo Rosselló, Pierluisi claimed victory with fewer than 34 percent of votes. Akin to 2016, this election saw six hopefuls for La Fortaleza. But this year, 35.52 percent of people cast their votes for candidates outside the two main parties that have been on hold of Puerto Rico’s politics for nearly 70 years: the NPP and the pro-Commonwealth Popular Democratic Party (PDP). Pierluisi obtained 406,380 votes (32.93 percent), while his closest rival — PDP candidate Carlos Delgado Altieri — obtained 389,896 votes (31.56 percent). Although Pierluisi remained at the lead throughout the counting process, the other candidates refused to concede as preliminary results came pouring in. The latest to acknowledge his defeat was Delgado Altieri, who congratulated Pierluisi after all votes had been counted. “I congratulate the governor-elect of Puerto Rico, Pedro Pierluisi. I wish you every success in your new assignment. The country needs consensus, dialogue and convergence so that we can face great challenges for the future,” Delgado Altieri wrote on social media. But Pierluisi’s win has been marred by some controversy. Delgado Altieri denounced throughout the week that there were multiple pallets with ballots that hadn’t been counted. For his part, CEE President Francisco Rosado Colomer assured that those were 12 pallets containing

Pierluisi is set to become Puerto Rico’s new governor in January 2021. >Carlos Rivera Giusti

roughly 1,500 early ballots that were sent by local commissions with representatives from every party. “It is very important for me that regarding the briefcases that appeared, you know that these briefcases come from local commissions where all

In a crowded field, Pierluisi received 32.93 percent of the votes cast, or roughly one-third. >Carlos Rivera Giusti

the parties have representatives... I have always said that we are working with transparency and that the distrust of the parties is what gives us confidence in the process,” Rosado Colomer told THE WEEKLY JOURNAL. Moreover, others have attempted to discredit the declaration of Pierluisi’s victory, claiming that many citizens faced irregularities. Olvin Valentín, the electoral commissioner of the Citizen Victory Movement (MVC by its Spanish acronym), asserted that there were more than 1,200 complaints filed on Nov. 3 by voters, whose ballots were rejected by the counting machines. The MVC’s own gubernatorial candidate, Alexandra Lúgaro — who came in third place — reportedly faced that same problem when she tried casting her vote at the Abraham Lincoln School in San Juan. “Thousands of ballots are still missing... the will of thousands of voters is being ignored with preliminary certifications indicating that all the schools have been reported, when this is clearly a lie,” Valentín stated. In a message delivered mere hours after the election from Vivo Beach Club in Isla Verde, Pierluisi proclaimed himself as governor-elect and urged the other candidates to “set politics aside and focus on the common causes we should have as a People,” such as economic development and natural disaster recovery. “I know that the other candidates... share my enormous desire of facing those challenges and lift Puerto Rico. So, make no mistake, I prevailed because democracy works that way and whoever has the most votes prevails,” he added. — Reporters Yaritza Rivera Clemente and Juan Hernández contributed to this story.

/ Wednesday, November 11, 2020

Miguel Romero Claims Victory Amid Alleged ‘Irregularities’

Romero is confident that the ballot scrutiny will confirm his win

W Giovanna Garofalo

ggarofalo@wjournalpr.com

@giopgarofalo

ith accusations of irregularities in the votecounting process, Puerto Rico Sen. Miguel Romero has already embraced his apparent victory for San Juan City Hall, hoping to unite those who question the legitimacy of his status as mayor-elect of the capital city. Romero, the candidate for the pro-statehood New Progressive Party (NPP), claimed his triumph over his closest contender, P.R. Rep. Manuel Natal, of the Citizen Victory Movement (MVC by its Spanish initials). At one point in the ballot counting, preliminary results placed Natal at the top of the race. Romero is poised to become San Juan’s first NPP leader in eight years, since Jorge Santini stepped down in January 2021 following his defeat to the incumbent Carmen Yulín Cruz Soto, of the Popular Democratic Party (PDP). However, both Natal and some officials have denounced that there are a myriad of ballot boxes that have not been accounted for. Roberto Iván Aponte, the electoral commissioner of the Puerto Rican Independence Party (PIP), said that after a meeting on Monday evening, he learned that there were roughly 150 ballot boxes that hadn’t been counted, even though the State Elections Commission (CEE by its Spanish acronym), had informed on Nov. 7 that all votes had been included in its final tally. “Election operations staff will now take care of organizing the entire vault and organizing the [ballot] briefcases per municipality and it will take a while,” Aponte told THE WEEKLY JOURNAL. For his part, Romero is confident that the ballot scrutiny will confirm his win, despite the alleged missing ballot boxes. Speaking at a news conference on Nov. 9, the apparent victor acknowledged the need for a recount to uphold democracy, but essentially treated it as a formality, reiterating that he is certain he will prevail after the scrutiny, which is slated to begin today, Nov. 11. “This is a preliminary certification of the result of the general election. The transition processes are not passed while there is scrutiny because the scrutiny is a review and accounting of minutes.

Miguel Romero affirms that he was elected to lead San Juan under the New Progressive Party. >Carlos Rivera Giusti

There is no count. The law establishes when the process begins after the elections,” Romero stated. “I have no doubt about the result of the election.” In that same news conference, he asserted that he and his team are ready to set forth the transition process with Cruz Soto, who lost the PDP primaries for the gubernatorial race. “We are now ready, and I am very confident that the mayor will communicate with me at the time that she deems appropriate,” Romero said.

Call for Dialogue

Moreover, he extended an invitation to Natal to set aside their differences and share proposals on how to boost Puerto Rico’s capital. “The doors are open. I do not dismiss dialogue with Rep. Natal; it can be formal, informal,” he said. “Well, today (Monday) I said that we are all open to talk and I am. To Rep. Manuel Natal, I am more than available to meet, sit down, have a

drink, whatever, and talk about the processes that again, [earned votes for] all those who competed in San Juan. Those votes were won because a job was done by them and those people who voted for them believed in their proposals and in their vision. I have to respect that and I am going to do it,” the official said. Romero also announced the 11 members of his transition team, to be headed by Manuel Díaz Saldaña. As of press time, Romero was the top contender for San Juan’s mayoralty, with 44,313 votes (36.22 percent). He was followed by Natal, with 42,081 votes (34.40 percent); PDP candidate Rossana López, with 28,146 votes (23.01 percent); PIP candidate Adrián González Costa, with 4,021 votes (3.29 percent); and Nelson Rosario González (Dignity Project), with 3,722 votes (3.08 percent). — Reporter Yaritza Rivera Clemente contributed to this story.

/ Wednesday, November 11, 2020 El Yunque >Courtesy of Discover Puerto Rico

Discover Puerto Rico and Airbnb Launch New Website to Promote Domestic Tourism Passenger traffic at LMM Airport still well below normal

A Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

irbnb, one of the world’s largest marketplaces for places to stay and things to do, and Discover Puerto Rico, the island’s destination marketing organization (DMO), announced the launch of a new website as a part of their strategic alliance to promote safe and sustainable tourism on the island. The website will promote local destinations that comply with safety and cleaning protocols as mandated by the local government and provide information about hosts and experiences. In addition to the website, Discover Puerto Rico will have access to valuable insights, including Airbnb search and reservation trends to help inform the DMO’s marketing strategy and overall promotion of the destination. Both the platform and the island’s tourism promotion organization are adapting to current travel trends, with many travelers planning their winter vacations and opting for nearby destinations. “Puerto Rico has implemented extensive precautionary measures since COVID-19 began, allowing us to welcome visitors with confidence. Our priority continues to be the safety of our residents and guests and their new needs compared to pre-COVID travel. Cleanliness, health

on a year-over-year basis, passenger traffic was checks, outdoor spaces, and natural attractions down by 41.5 percent in San Juan for the month of have become fundamental aspects in the decision October. process of a trip. ASUR also operates airports in Mexico and “Puerto Rico is a leading destination in these Colombia, which also reported decreases in new protocols and has one of the largest dry passenger traffic for October by 44.9 percent and forests in the world, the only rainforest in the U.S. 67.8 percent, respectively. The National Forest system, impressive company reported that overall, pink salt flats, underground the facilities that it operates caves, waterfalls, three of the has been impacted by severe five bioluminescent bays in the downturns in business and world, the longest zip line in the leisure travel stemming from the Americas and more than 300 Grupo COVID-19 pandemic. miles of breathtaking coastline Aeroportuario del among other natural settings that Sureste, the company travelers crave,” said Brad Dean, New Cleaning Protocols that manages CEO of Discover Puerto Rico. Earlier this year, Airbnb the LMM Airport, “Thanks to technology, we can introduced an overarching reported that on a identify what people are looking cleaning and sanitization year-over-year basis, for and, above all, identify travel guidelines in the home sharing passenger traffic was trends. As we have seen in other industry and evolved its down by 41.5 percent countries in the recovery process, health and safety practices to in San Juan for the tourism to nearby places will be help ensure Airbnb hosts are month of October. the new way of traveling. We are providing the best and safest pleased to be able to work hand in stays possible. hand with Discover Puerto Rico to Last month, that company promote economic development announced that hosts and through tourism safely and sustainably,” said guests must agree to follow Airbnb’s COVID-19 Carlos Muñoz, Airbnb’s Public Policy manager for Safety Practices, which include wearing masks, Central America and the Caribbean. practicing social distancing, and, for hosts and their The continuing need to promote domestic teams, abiding by a five-step enhanced cleaning tourism was underscored by the latest report on process. passenger movement at the Luis Muñoz Marín According to internal Airbnb guest review data, (LMM) International Airport that serves San Juan. 95 percent of all Airbnb reviews show that guests Grupo Aeroportuario del Sureste (ASUR), the are satisfied with cleaning, scoring it at four or five company that manages the airport, reported that stars (out of five stars) after their stays.

In fact,

/ Wednesday, November 11, 2020

Liberty Puerto Rico: Solid Revenue and Subscriber Growth for Q3 2020 Begins to integrate AT&T’s operations in Puerto Rico and the USVI rfajardo@wjournalpr.com

@RosarioWJournal

t’s no secret that the coronavirus pandemic has been a boost for certain sectors and a bust for others. With so many people continuing to work and study from home, one booming sector continues to be telecommunications. Liberty Puerto Rico reported solid revenue and subscriber growth for the third quarter of the year (Q3 2020), as the company began integrating AT&T’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands (USVI) into its own. Liberty added 42,700 revenue generating units (RGU) this quarter, driven by its growth in high-speed data (HSD) subscribers. Revenue for Liberty’s Q3 2020 stands at $114 million, which represents a 5 percent increase from Q2 2020 and a 10 percent increase compared to Q3 2019. “These numbers show that we are in a solid position as we move into our expansion into mobile services,” said Naji Khoury, president and CEO of Liberty Puerto Rico. “We have been working hard in expanding and upgrading our network to handle a larger number of customers who are currently demanding much more broadband, versus the pre-pandemic months. We have faced challenges with our services, customer care and installations due to the record number of new customers and data usage due to the [pandemic] situation, but we have been working diligently in all of these issues and we have seen improvement.” Liberty Puerto Rico has continued to expand and upgrade its infrastructure to accommodate the growing use of fixed Internet on the island during Q3 2020. Fixed Internet penetration has increased during the pandemic and even more with the recent subsidy program of $400 that the government established. Since March, the company has increased network capacity by 35 percent to accommodate increases in user data consumption. Liberty has also continued expanding its service footprint by adding 18,000 new homes as of Sept. 30, with its fiber to the home connections, which gives these homes speeds of up to 1 Gbps (billions of bits per second). Liberty is focused on integrating the recently acquired wireless and wireline operations in Puerto Rico and the USVI from AT&T. Under the terms

>Courtesy of Liberty

Rosario Fajardo

of the agreement, AT&T will support Liberty for a began to recover from the impacts of COVID-19,” period of up to 36 months, enabling the efficient said Liberty Latin America CEO Balan Nair. transition of services. The combined company “We saw strong demand for our high-speed has a workforce of over 2,200 broadband-led propositions and employees and offers services in achieved record quarterly fixed all 78 municipalities across Puerto RGU additions in each of C&W Rico and in the USVI. [cable & wireless] and Puerto During Q3 2020, Liberty Puerto Rico, with over 100,000 new Liberty Puerto Rico also focused its efforts on subscribers across both reporting Rico added 42,700 helping students and customers segments. Our C&W markets also revenue generating facing financial hardships retain swung back to mobile subscriber units (RGU) this access to the Internet. “We have growth following declines during quarter, driven by helped approximately 11,000 Q2, and we will build on this its growth in highhouseholds that were facing momentum through the rest of speed data (HSD) economic problems related to the year,” he added. subscribers. the pandemic, with free service,” “We see a compelling Khoury said. opportunity to drive stakeholder value through our disciplined inorganic growth strategy and we Positive Numbers for Latin are pleased that we completed America the acquisition of AT&T’s assets in Puerto Rico As reported by THE WEEKLY JOURNAL, Liberty and the USVI. We believe that the combination Latin America (LLA) also reported strong revenue of these assets with our high-performing Puerto growth for Q3 2020, driven in large part by new Rico operations, will create a leading integrated consumer behavior due to the coronavirus communications player capable of providing pandemic. enhanced value to customers, generating “Following a challenging second quarter, we significant synergies, and bolstering LLA’s adjusted delivered improved financial and operating free cash flow,” Nair said. performance in Q3, as the majority of our markets

In fact,

>Josian E. Bruno Gómez

/ Wednesday, November 11, 2020

From the Statue of Liberty to Puerto Rico

improve this service, according to the highest For years, local residents and tourists alike standards, according to successful models in other have complained about chronic delays and spotty jurisdictions.” service of the ferries to Vieques and Culebra. While HMS Ferries is a world-class shipping company residents of the two island municipalities depend based in Washington State and is a subsidiary of on the essential service for travel to and from the HMS Global Maritime Inc., the largest passenger main island of Puerto Rico, thousands of local and car ferry operator in the U.S. mainland. The residents and tourists also use the ferry service Rosario Fajardo rfajardo@wjournalpr.com @RosarioWJournal company actually operates ferry services to the to vacation in Vieques and Culebra. Thus, the Statue of Liberty in New York Harbor, Niagara Falls livelihood of many tourist-related businesses also between the U.S. and Canada, among others. depends on this essential service. he executive director of the Among the responsibilities that will be In fact, the P3 announcement came after the Puerto Rico Public-Private transferred to HMS Ferries include: latest protest on the spotty service, Partnership Authority (P3A), • The administration of the when two Vieques residents Fermín Fontanés, announced that operations of the MTA’s ferry jumped in the water in the ferry HMS Ferries Inc. was selected to system between Ceiba and the terminal in Isabel Segunda, to try operate and maintain the assets island municipalities of Vieques and stop the ferry from leaving, of the Maritime Transportation and Culebra (Isla Service) and the as they complained that there has Authority (MTA) and operate the ferry service from For years, local Metro Service, which consists of only been one ferry in service in Ceiba to and from Vieques and Culebra, through a residents and the route between Old San Juan recent days. public-private partnership (P3) for 23 years. tourists alike have and Cataño. The ferry “Cayo Blanco” has As part of the contract, HMS Ferries will receive complained about • Maintenance of terminals and reportedly been out of service at least $31 million a year to operate the ferry chronic delays and vessels. since Oct. 30, resulting in long services. spotty service of the • Optimization of the ticket office delays, with some Vieques The selection of HMS Ferries was the result of a ferries to Vieques system. residents saying that they have “robust” bidding process that lasted more than two and Culebra. • The operation and had to wait up to eight hours at years, which fulfills the main objective of optimizing maintenance of the Isla Grande time for the lone ferry in service, the operation of the maritime transport service Maintenance Base facility in San “Isleño,” so that they can go home. offered by the MTA to the residents of Puerto Rico, Juan. “As we all know, for years the [MTA] has lacked especially to those living in the island municipalities It is estimated that this public-private the ability to provide a consistent and reliable level of Vieques and Culebra, as well as the government’s partnership will result in savings of approximately of service for its passengers, and more importantly, objective of modernizing government functions to $337 million for the government of Puerto Rico, for the residents of the islands of the municipality provide better and more efficient services to the at the end of Phase II of the project, Fontanés of Vieques and Culebra, who need this essential people of Puerto Rico, Fontanés indicated. indicated. Likewise, a more efficient, reliable and service for day-to-day survival. A little less than Moreover, he said that the P3 agreement “is attractive service will promote visits by tourists a year ago, I made a commitment with these the adequate mechanism to finally achieve that and visitors to the island municipalities, creating a residents to work to achieve the service to which both the islands of Vieques and Culebra, as well as potential environment for investment and business they are entitled and deserve. With this agreement, Cataño, have an efficient, reliable and consistent development that in turn will contribute to the we are moving in the right direction to achieve it,” maritime transport system. We are convinced economic development of Vieques and Culebra. that the selection of HMS Ferries will serve to said outgoing Gov. Wanda Vázquez.

HMS Ferries chosen to operate ferries to and from Vieques and Culebra

In fact,

/ Wednesday, November 11, 2020

>Brandon Cruz González

Triple-S Reports Third Quarter 2020 Results

Utilization rates remain low due to COVID-19

T Rosario Fajardo

rfajardo@wjournalpr.com

@RosarioWJournal

riple-S Management Corp., a leading health care care company in Puerto Rico, announced its third quarter (Q3) 2020 results, which included strong revenue numbers and continuing lower utilization by

members. “Total operating revenue for the quarter was $942.9 million, a 13 percent increase from the prior year period driven by solid increases in Medicare premiums and a significant rise in Medicaid membership and average premium rates. We recorded adjusted net income of $12.1 million, or $0.61 per diluted share a 15 percent improvement from the third quarter of 2019,” reported Roberto García Rodríguez, president and CEO of Triple-S during the earnings conference call. “We continue to experience overall lower utilization with MLR [medical loss ratio] decreasing 170 basis points year-over-year to 84.7 percent for the quarter. Since September, we’ve been seeing utilization approach its historic baseline as Puerto

Rico residents, undergo deferred procedures. We are of course closely tracking the spread of COVID-19 and any potential impact it may have up or down on utilization going forward,” he added. García indicated that the company’s strong Q3 performance reflects ongoing, improved performance resulting from their operational focus and enhanced organizational capabilities. “This has led to sustained membership momentum and premium growth in a difficult environment, particularly in the government markets sector. Continuing this momentum, we are delivering a very competitive Medicare Advantage product for this year’s open enrollment period. Like most of our peer managed-care companies, we have also experienced lower than planned utilization due to the impact of the ongoing pandemic,” he explained.

Third Quarter 2020 Highlights

• Net income of $23.6 million versus net income of $13.9 million in the prior-year period; • Adjusted net income of $14.2 million, a 17.4 percent increase versus adjusted net income of $12.1 million in the prior-year period; • Operating revenues of $942.9 million, a 12.8 percent increase from the prior-year period, primarily reflecting higher Managed Care net premiums earned; • Consolidated loss ratio of 82.5 percent, a 90

basis-point improvement from the third quarter of 2019, reflecting higher premium rates and lower utilization; • Medical loss ratio of 84.7 percent, an improvement of 170 basis points over the same period last year; • Consolidated operating income of $22.3 million, a 17.4 percent increase compared to $19.0 million in the prior-year period.

Property & Casualty Segment

Updated information related to Hurricane Maria as of Sept. 30, 2020: • The company’s Property & Casualty subsidiary has paid a cumulative amount of $767 million in claims and expenses related to Hurricane Maria, which hit Puerto Rico in Sept. 2017. Estimated gross losses remain unchanged at $967 million. • Triple-S Propiedad, a subsidiary, closed 75 claims during the third quarter of 2020, increasing the number of claims closed to 97.5 percent; 434 claims remain open. • The company has been served with process with respect to 322 of the 434 claims that remain open. “[W]e are helping our members handle their medical needs safely and partnering with our providers and community organizations to assist our seniors and most vulnerable members during this challenging time,” García said.

< The Weekly Journal > Wednesday, November 11, 2020

/ Wednesday, November 11, 2020

Will it be a ‘V’ or a ‘K’?

The many shapes of recessions and recoveries

William Hauk,

Economics Professor at the University of South Carolina

ecessions — typically defined as two consecutive quarters of declining economic output — are always painful in terms of how they affect our economic well-being. Like all bad things, fortunately, they eventually end and a recovery begins. But not all recoveries or recessions look the same. And economists have a tendency to compare their varying paths with letters of the alphabet. For example, during the current situation, you may have the heard the direction the recovery might take compared with a “V,” a “W” or even a “K.” As a macroeconomist, I know this alphabet soup can be confusing for a lay reader. So here’s a guide to some of the most commonly used letters.

‘V’ for victory

While recessions are never a good thing, the “V-shaped” recovery is deemed the best-case scenario. In a recession with a V shape, the decline is rapid, but so is the recovery. A good example of this type of recession took place in 1981 and 1982. That recession occurred after then-Federal Reserve Chair Paul Volcker rapidly raised interest rates beginning in 1979 in an effort to curb high inflation. This caused a sharp recession — leading to what was then the highest unemployment rate in the U.S. since the Great Depression. But outside of economic circles, this recession is little remembered. Why? Primarily because the recovery was so rapid. After Volcker began cutting interest rates in the second half of 1982, the economy entered a recovery as sharp as the recession.

‘U’ and a long bottom

Conversely, a “U-shaped” recession generally has a longer duration, both for the downturn and the recovery period. The 2001 recession that followed the dot-com bubble and the 9/11 attacks fits into this category. In some ways, the post-dot-com recession was a mild one. The fall in employment from the job market’s peak in February 2001 until the trough in August 2003 was only slightly less than 2%. Yet it took over two years of decline for the economy to bottom out, and it took another year and a half

for the number of jobs to exceed the prerecession peak. Furthermore, the amount of time spent near the bottom of the recession was relatively long.

The reclining ‘L’

The last U.S. recession, which coincided with the financial crisis of 2008, was especially brutal. Economists call it an “L-shaped” recession because there was an initial sharp downturn, but a very plodding recovery. To see the L, you need to imagine the letter sort of reclining backward on its end. The economy declined rapidly after the September 2008 failure of Lehman Brothers, and employment plunged about 6.3% from its

prerecession peak before reaching its low point. The pace of job creation in the recovery was very slow. It took almost 4½ years to recover all the jobs lost.

‘K’ and a two-track recovery

It may be hard to see how a K could be applied to data on a graph, but it’s the letter increasingly being used to describe the path of the current recession and eventual recovery. Fed Chair Jerome Powell didn’t call it a “K” but that’s basically what he meant when he discussed the current economic trajectory in a recent address. He expressed concerns that the U.S. will experience a “two-track recovery” in which things get better quickly for some people, while staying bad for others. Is that the kind of recession we’re in? It’s unclear. So far, looking at the whole economy, the U.S. has what has been called a “checkmark” or “swoosh” recession. It began to look something like a V, with a sharp drop in employment and then the beginnings of a rapid increase. But that recovery has begun to stall — though not for everyone. As Powell suggested, the recovery could look different to various groups. White-collar workers may see a “V,” as their jobs are more capable of being done remotely. Blue-collar workers are seeing something closer to a U or L. One analysis shows that medium- to high-wage workers have gained back virtually all the jobs lost during the shutdown earlier this near. Conversely, employment of lower-wage workers is still more than 20% below its pre-COVID-19 peak. Recessions are tough for anyone to live through. However, the shape of the recovery can make it more or less bearable. — This article is republished from The Conversation under a Creative Commons license.

/ Wednesday, November 11, 2020

Five Tips To Move More Every Day This Holiday Season Make fitness part of your holiday traditions

of yoga poses to ease into movement and get the added benefit of stress relief and mindfulness. Once you’re warmed up, you’ll feel ready to take on whatever tasks and surprises your big day throws at you.

Active Aging

4. Use Holiday Music to Motivate Your Movement

he holidays are almost upon us, and with them, all the preparations, decorations, gatherings, and food! While these festive months are full of fun and family, they can also put us off our normal routines — and fitness is often the first thing we lose sight of. Here are a few tips to keep you moving this holiday season.

Whether you’re zipping around the house making sure everything is in order, or sitting around the living room with family, festive music will lift your mood and get you moving! Maybe you have a dance party with your teenagers or grandkids (even if it’s over Zoom, they’ll love seeing your moves! It’s time they learned our favorites anyway. Who ever said disco was dead?) This holiday season, it’s all about incorporating more movement into your everyday activities and being intentional about staying active.

1. Get in Some Pre-Holiday Training

Let’s face it, the holidays can be physically exhausting with all the food preparation, house cleaning, and decoration hanging. Prime yourself for all the preholiday activity with some focused training. Get ready to hang those lights by incorporating step-ups with an overhead reach into your workout. Stretch your hamstrings and strengthen your quads with squats to get you ready to pull decorations out of boxes. You can even do some “rowing” at home if you have an exercise band to loop around your feet when you sit with your legs outstretched. Pull back on the band and squeeze your shoulder blades together to get those arm and chest muscles ready to roll out cookies and pie crusts and lift young loved ones.

2. Make Your Fitness Festive

Holiday gatherings don’t have to be only about food. Whatever your normal fitness activities, invite your friends and add some socially-distant

5. Take After Dinner Walks

holiday flare this season. Why not enjoy a game of tennis dressed as turkeys, or Christmas trees? Or set up a holiday golf tournament with a prize white elephant gift for each range of possible scores. Or theme your dance class with holiday music and string lights. Whatever activity you do, do it in costume (masks included) or add decorations and music. That way, you don’t have to choose between celebrating with friends and staying active.

3. Get in Some Big Day Warm Ups

Before coordinating the oven schedule for each dish, setting up and decorating the tree, or measuring ingredients for your cookie baking marathon, make time for a little warm up. Jump in the pool and swim a few laps. Try a gentler series

Often the holidays mean a lot of sitting. It’s not only sitting down to a big family meal, we also sit to watch the parade or the game and sit around the fire for hours to chat with guests and family. This holiday season, institute “After Dinner Walks” and take the whole crew outside for a stroll to see how the neighbors have decked out their houses! A little fresh air and a stretch of the legs does the whole family good and gives you even more to talk about. Who knows, they might want to make decoration walks a new tradition! The holidays are always a busy time with distractions from our usual routines. This holiday season, try incorporating movement and fitness into the busy-ness and festivities instead of trying to carve time out of an already full schedule. With all this movement, you might not even need a New Year’s resolution!

/ Wednesday, November 11, 2020

Josué Rodríguez and Milton Brito began the project after Hurricane Maria in 2017. >Courtesy

History, Fiction and Female Empowerment ‘Insurrectas’ highlights the lives of 20 women from the 16th century to the present

W Jorge Rodriguez

jrodriguez@elvocero.com

ith the title of “Insurrectas,” writers Milton Brito and Josué Rodríguez, through a fictional narrative and the medium of biography, “rescue” the lives of 20 Puerto Rican women from the 16th century to the present, which include “cacicas” (Taíno leaders), slaves, freedwomen, patriots, working leaders, poets, politicians, singers and a “maipiola” (matchmaker), who have left their symbols of female empowerment over time. “We started this methodology after Hurricane Maria (in 2017) during the time without electricity and we sat down to write to see how many women we [could note]. We created a list of more than 50 to write stories from their gaze and from people who were present at that time. This is one of the fictional parts of the book and the other collects biographical information, readings, history, films and documentaries. We made the list in one sitting, dedicated to our mothers to honor them too, and it wasn’t that difficult,” Brito said. This anthology of insurrectionists is made up of María de Caguas, Celestina Cordero, Ana

María, Mariana Bracety, Ana Roqué de Duprey, Luisa Capetillo, Felisa Rincón de Gautier, Isabel Oppenheimer, Julia de Burgos, Isolina Ferré Aguayo, Rebekah Colberg Toro, Ruth Fernández, Rita Moreno, Sila María Calderón, Antonia Martínez Lagares, Iris Chacón, Sonia Sotomayor, Ednita Nazario, Mayra Santos Febres and Mónica Puig. “María de Caguas, one of the cacicas we chose, was already leading a group of Taínos by the age of nine. Her fight was against the Spaniards, although she was forced to marry one, and on the way to Spain, her ship wrecked. We do not know what happened, but we string together with fiction the horrible life she lived and what happened inside the ship. She challenged Juracán to get to the island and escape. Another story is that of the freed [slave] Celestina Cordero, sister of teacher Rafael Cordero, who from a young age became a teacher of slave and free girls. She was fighting the government to get her [teaching] title -and this is a true story- until she died,” added Brito, who works in transformative research projects, community empowerment and art dedicated to vulnerable populations.

Inspiring stories for everyone

“Invited by the writer Yolanda Arroyo Pizarro, who holds the Ancestral Black Women chair, she gave us to read ‘La Gaceta de Puerto Rico’ (founded in 1806), where there was news of the time and we found the advertisement of a person who owned a slave he had freed. The ad is very short and it was from Vega Baja, our town. Based on the story in fiction, except for its name, we construct a story

of brown women who escaped the oppression of their masters with the complicity of the hacienda owner’s wife, where they lived. The story ends on Aug. 4, 1872, and in La Gaceta, it is announced that Doña Belén Torres returned freedom to her slave Ana María,” Rodríguez added. He underscored that as educators, their interest is to make these stories visible, especially to guide today’s youth, not only to learn about these illustrious lives but also to be inspired by these great women and invite them to find out and seek more information about their real lives. “Most of them are quite well known, but their stories are inspirational — like Ednita Nazario’s — and we narrate it from the perspective of empowering women to assume their sexuality, not accept abuse, inspire women to love their body, to be strong, in defense of the LGBTQ+, with a long and wide journey toward adulthood. As for Isabel Oppenheimer, ‘Isabel la Negra,’ we focus on her impact on the population of Ponce, where she had her brothel. With higher standards, she supports poor families in her city and wanted to be veiled in the Cathedral, but the bishop objected. Her funeral was attended by over 13,000 people,” Rodríguez told THE WEEKLY JOURNAL. For Julia de Burgos, they wove a different story in search of trying to be as poetic as possible. They tried to tell her art and her life as a poet in a short story as if death had fallen in love with her. “We also cover women from different historical moments to the present, of different professions, depending on the different paths of their lives,” Rodríguez said.

/ Wednesday, November 11, 2020

Condado Ocean Club Hotel

Opens

A New Brand in San Juan by Paulson Co.

The Weekly Journal Staff

ondado Ocean Club Hotel is the new brand established in Condado, located on Ashford Avenue in what was until last March, Serafina Beach Hotel. Condado Ocean Club Hotel, an exclusive ocean-inspired, adults only boutique hotel, officially opened its doors in early November. The hotel, owned by the Paulson Co., was developed with an original investment of over $40 million. “At Condado Ocean Club Hotel, each visitor is more than a guest, they are members and an integral part of our club, a place where we value the local life-style and culture, art, ambience, food and authentic experiences that make up our property. We are excited and ready to personalize each stay, with excellent service, with charm and charisma,” said Albert Charbonneau, general manager of the property. For her part, Betsy Mujica, director of Sales and Marketing, highlighted the freshness and tropical vogue of the new concept. “We have a privileged location facing the ocean, a modern oasis in the heart of a vibrant city. We offer our memberguests a boutique hotel experience, perfect for who seeks unforgettable adventures on our island, while also enjoying city life. In every detail, we consider the senses, both in the settings and different spaces, views, scents and flavors that will

>All photos courtesy of Condado Ocean Club Hotel

make their stay memorable.” Condado Ocean Club Hotel welcomes the public with an oceanfront lifestyle concept in San Juan. Its design provides a unique experience that emanates from its guest service and public spaces. The venue is contemporary with minimalist, fresh and tropical décor. Sea green, blue-turquoise tones with shades of gray and white complement the modern and spacious design of the rooms and common areas. The atrium-style lobby is characterized by dramatic ceilings, hanging chairs, murals by local artists, striking chandeliers and an elegant waterfall staircase. The venue also has nine seductive cabins located around the elegant infinity pool facing the sea. The hotel’s 96 rooms are decked out by dramatic floor-to-ceiling windows overlooking the Atlantic Ocean or the Condado Lagoon. Rooms are furnished in an elegant beachy style with clean lines, over soothing shades of white and gray, and

Malin + Goetz bathroom amenities. Each room was designed with today’s traveler in mind, combining sophistication and relaxation to provide the perfect stay as visitor explore the beautiful “Isla del Encanto.” The Condado Ocean Club Hotel also features several culinary spaces, which will operate according to the strictest health and safety protocols required in the face of the Covid-19 pandemic. SOCIAL will be the main restaurant of the Condado Ocean Club and will offer breakfast, lunch, dinner, brunch on Sundays and a Tapas Lounge. Its menu will be inspired by local Puerto Rican cuisine with global flair, and its opening is scheduled for the month of December. JADE is an intimate bar located in the hotel lobby serving refreshing cocktails, handcrafted by master mixologists. THE DECK, located in the infinity pool area, is where guests can sample a variety of homemade cocktails in front of the pool that overlooks the ocean.

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