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The following is a list of presidents of the Puerto Rico Government Development Bank , which until 2017 was the Commonwealth's main financial and economic development agency along with the Puerto Rico Department of Treasury and the Puerto Rico Department of Economic Development and Commerce. [1]
Puerto Rico, officially the Commonwealth of Puerto Rico, is a Caribbean island and unincorporated territory of the United States. It is located in the northeast Caribbean Sea, approximately 1,000 miles (1,600 km) southeast of Miami, Florida, between the Dominican Republic and the U.S. Virgin Islands, and includes the eponymous main island and several smaller islands, such as Mona, Culebra, and Vieques. It has roughly 3.2 million residents, and its capital and most populous city is San Juan. Spanish and English are the official languages of the executive branch of government, though Spanish predominates.
Sila María Calderón Serra is a Puerto Rican politician, businesswoman, and philanthropist who was the governor of Puerto Rico from 2001 to 2005. She is the first woman elected to that office. Prior to her term as governor, Calderón held various positions in the government of Puerto Rico, including the 12th Secretary of State of Puerto Rico from 1988 to 1989, and Chief of Staff to Governor Rafael Hernández Colón. She was also mayor of San Juan, the capital of Puerto Rico, from 1997 to 2001.
An hacienda is an estate, similar to a Roman latifundium, in Spain and the former Spanish Empire. With origins in Andalusia, haciendas were variously plantations, mines or factories, with many haciendas combining these activities. The word is derived from Spanish hacer and haciendo (making), referring to productive business enterprises.
Territories of the United States are sub-national administrative divisions overseen by the Federal government of the United States. The various American territories differ from the U.S. states and Native American tribes in that they are not sovereign entities. In contrast, each state has a sovereignty separate from that of the federal government and each federally recognized Native American tribe possesses limited tribal sovereignty as a "dependent sovereign nation". Territories are classified by incorporation and whether they have an "organized" government through an organic act passed by the Congress. American territories are under American sovereignty and, consequently, may be treated as part of the United States proper in some ways and not others. Unincorporated territories in particular are not considered to be integral parts of the United States, and the Constitution of the United States applies only partially in those territories.
The currencies of Puerto Rico closely follow the historic development of Puerto Rico. As a Province of Spain and a territory of the United States, Puerto Rico was granted the use of both foreign and provincial currencies. Following the Spanish colonization in 1502, Puerto Rico became an important port, with its own supply of gold. However, as the mineral reserves ran empty within the century, the archipelago's economy suffered. The Spanish Crown issued the Situado Mexicano, which meant that a semi-regular shipment of gold from the Viceroyalty of New Spain would be sent to the island, as a way to provide economic support. Between 1636 and 1637, Philip IV of Spain imposed a tax which had to be paid using a revenue stamp. Inspired by this, Puerto Rico began producing banknotes in 1766, becoming the first Overseas Province to print 8-real banknotes in the Spanish Empire and which in the Spanish government's approval of subsequent issues.
The Government Development Bank for Puerto Rico (GDB) —Spanish: Banco Gubernamental de Fomento para Puerto Rico (BGF)— is the government bond issuer, intragovernmental bank, fiscal agent, and financial advisor of the government of Puerto Rico. The bank, along with its subsidiaries and affiliates, serves as the principal entity through which Puerto Rico channels its issuance of bonds. As an overview, the different executive agencies of the government of Puerto Rico and its government-owned corporations either issue bonds with the bank as a proxy, or owe debt to the bank itself.
Alfredo Salazar is an economist by education and a banker by profession. He is currently retired. He entered into public service and ran for an elected position affiliated with the Popular Democratic Party of Puerto Rico (PDP). He ran for the office of Resident Commissioner of Puerto Rico in the United States Congress in the 2008 elections. Prior to running for Congress, he served as Chairman and President of the Puerto Rico Government Development Bank (GDB) and financial advisor to the then governor of Puerto Rico, Aníbal Acevedo Vilá. He had previously served as President of the Puerto Rico Industrial Development Company and GDB president during the first administration of Gov. Rafael Hernández Colón in the mid seventies and Head of the Economic Development Administration during Hernández Colón third administration.
The Puerto Rico Industrial Development Company (PRIDCO) —Spanish: Compañía de Fomento Industrial de Puerto Rico — is a government-owned corporation of Puerto Rico authorized and empowered to induce private capital into Puerto Rico in order to establish trade, cooperatives, and industrial operations in Puerto Rico. As its primary function, PRIDCO is known for providing incentives to both native and foreign companies that either manufacture in Puerto Rico or export from Puerto Rico.
The Puerto Rico Department of Economic Development and Commerce is the executive department of the government of Puerto Rico responsible for the economic development in the U.S. Commonwealth of Puerto Rico and all its commerce related matters.
The economy of Puerto Rico is classified as a high income economy by the World Bank and as the most competitive economy in Latin America by the World Economic Forum. The main drivers of Puerto Rico's economy are manufacturing, primarily pharmaceuticals, textiles, petrochemicals, and electronics; followed by the service industry, notably finance, insurance, real estate, and tourism. The geography of Puerto Rico and its political status are both determining factors on its economic prosperity, primarily due to its relatively small size as an island; its lack of natural resources used to produce raw materials, and, consequently, its dependence on imports; as well as its relationship with the United States federal government, which controls its foreign policies while exerting trading restrictions, particularly in its shipping industry.
The Puerto Rico Center for the New Economy (CNE) —Spanish: Centro para la Nueva Economía— is an economy-centered think tank that has emerged as an incubator for future economic public policy in that United States territory. Founded in 1998 and funded by the private sector, the CNE partnered with the Brookings Institution, a national think-tank, to produce Brookings' most recent benchmark economic study of Puerto Rico in 2006, "The Economy of Puerto Rico: Restoring Economic Growth".
As of 2012, the real estate industry in Puerto Rico constituted about 14.8% of the gross domestic product of Puerto Rico, about 1% of all of the employee compensation on the island and, together with finance and insurance (FIRE), about 3.7% of all the employment on the jurisdiction.
The executive branch of the government of Puerto Rico is responsible for executing the laws of Puerto Rico, as well as causing them to be executed. Article IV of the Constitution of Puerto Rico vests the executive power on the Governor—whom by its nature forms the executive branch.
The Office of the Chief of Staff of the Governor of Puerto Rico is the umbrella organization and government agency of the executive branch of the government of Puerto Rico that manages and oversees all the executive departments of the government of Puerto Rico and almost all executive agencies. The Office is headed by the Puerto Rico Chief of Staff and is composed by the Governor's Advisory Board and all other staff appointed by the chief of staff. The Office of the Chief of Staff is ascribed to the Office of the Governor.
The Secretary of Economic Development and Commerce of Puerto Rico heads the Puerto Rico Department of Economic Development and Commerce and is the chief economist of the government of Puerto Rico. The Secretary is responsible for the economic development of Puerto Rico and all its commerce related matters.
The Puerto Rico Urgent Interest Fund Corporation —Spanish: Corporación del Fondo de Interés Apremiante (COFINA)— is a government-owned corporation of Puerto Rico that issues government bonds and uses other financing mechanisms to pay and refinance the public debt of Puerto Rico. The Corporation is a subsidiary of the Government Development Bank and was created by Law No. 291 of 2006. Bonds issued by COFINA are called Puerto Rico Sales Tax Revenue Bonds.
The Puerto Rico fiscal agent and financing are a group of government-owned corporations of Puerto Rico that manage all aspects of financing for the executive branch of the government of Puerto Rico. These report to the Secretariat of Governance and the Chief of Staff, and do not constitute an agency by themselves but are referred as such in official documents, transcripts, expositions, and conversations.
The public debt of Puerto Rico is the money borrowed by the government of Puerto Rico through the issue of securities by the Government Development Bank and other government agencies.
Alberto Bacó Bagué is a lawyer, a certified public accountant (CPA), and a legal and commercial advisor that served as Director of the Puerto Rico Economic Development Bank from 1990 to 1993. Previous to that Bacó served as Executive Vice President of the Puerto Rico Government Development Bank from 1989 to 1990. He also served as General Counsel at the Office of the Commissioner of Financial Institutions from 1986 to 1989, and was a member of the Board of Trustees of the University of Puerto Rico from 2004 to 2006. In his private life Bacó served as president and chief executive officer (CEO) of Marvel International and Bohío International from 2005 to 2011.
The Economic Development Bank for Puerto Rico —Spanish: Banco de Desarrollo Económico para Puerto Rico (BDE)— is a government-owned corporation of Puerto Rico that provides loans, loan guarantees, and funds to private organizations whose economic activities have the effect of replacing imports in Puerto Rico. The Bank was established by Law No. 22 of 1985.
