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COU NTRY
PROF ILE
PUERTO RICO
COUNTRY OVERVIEW
BASIC DATA
Capital City: San Juan
Land Area:
8,876 sq km
Population:
3.99M (as of July 2011)
Main Towns: San Juan (capital) 395
Bayamón 208
Carolina 178
Ponce 166
Caguas 143
Guaynabo 97
Arecibo 96
Mayagüez 89
Climate:
Tropical marine, mild; Little seasonal temperature variation.
Language:
Spanish, English
Measures:
UK (imperial) and US systems
Currency:
US Dollar
Time:
4 hours behind GMT
Government: Governor
Secretary of State
Agriculture
Consumer Affairs
Economic Development &
Commerce
Education
Health
Housing
Labor & Human Resources
Natural Resources
Planning Board
Treasury
Source: The Economist Intelligence Unit as of February 2012
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PUERTO RICO
Luis Fortuño
Kenneth McKlintock
Javier Rivera Aquino
Luis Gerardo Rivera
José R. Pérez Riera
Edward Moreno
Lorenzo González
Feliciano
Yesef Cordero
Miguel Romero
Daniel Galán
Rubén Flores Marzán
Jesús Méndez Rodríguez
COUNTRY OVERVIEW
A. POLITICAL STRUCTURE
Official Name
Commonwealth of Puerto Rico
Form of Government
US-style representative system
Head of State
Elected governor, currently Luis Fortuño (PNP), who took office on January 2nd 2008 for
a four-year term; the next election is due in November 2012
The Executive
A governor is elected every four years, and appoints departmental secretaries to administer executive power with the approval of the Legislative Assembly
National Legislature
Bicameral Legislative Assembly, the Senate (the upper house) normally has 27 members,
two for each of the eight districts, and 11 from the Commonwealth as a whole; an additional member from the opposition party is added if the ruling party has an overwhelming
majority; the House of Representatives (the lower house) has 51 members, elections for
both the upper and lower houses: November 2012.
Legal System
US-style court system, but based on the Napoleonic Code and operation within the Commonwealth; the island also functions as a US district, with justices appointed by the US
president.
National Elections
November 4th 2008; the next general election is due November 2012.
National Government
The Partido Nuevo Progresista (PNP) holds 22 of 27 seats in the upper house and 37 of 51
seats in the lower house. The Partido Popular Democrático (PPD) holds 14 seats in the
lower house and five seats in the upper house.
Main Political Organizations
Government: Partido Nuevo Progresista (PNP)
Opposition: Partido Popular Democrático (PPD)
Extra-parliamentary opposition: Partido Independentista Puertorriqueño (PIP); Movimiento
Independentista Nacional Hostosiano (MINH); Partido Puertorriqueños por Puerto Rico (PPR)
Source: The Economist Intelligence Unit as of February 2012
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COUNTRY OVERVIEW
B. POLITICAL OUTLOOK 2012 - 2013
Amid a very weak economic recovery the governor, Luis Fortuño, of the prostate hood
Partido Nuevo Progresista (PNP), faces a daunting array of policy challenges that
include high unemployment, rising crime and the threat of further debt downgrades by
the international ratings agencies (October 2011, Economic policy). In a move to improve
his re-election chances as campaigning kicks off for the 2012 general election, Mr.
Fortuño will attempt to shift the focus away from a severe austerity programme to a
policy emphasizing stimulus spending and tax cuts. However, his efforts will be hampered by the need to avoid undermining his administration’s progress in improving
Puerto Rico’s sovereign credit rating as well as its limited access to funds. Although the
administration has brought in a number of tax reforms and has put the public finances
on a healthier footing, continued weak domestic conditions and rising public disenchantment with Mr. Fortuño’s hardline stance on fiscal policy risk eroding support for other
key reforms in the PNP-dominated legislature. Political tensions are set to rise in the
outlook period, as Mr. Fortuño suffers from a loss of credibility owing partly to a mounting number of corruption scandals involving PNP legislators that have tarnished his
party’s image. In addition, challenges on policy issues from within Mr. Fortuño’s own
party will raise doubts about his ability to control the PNP rank and file. Despite promises
from the government, efforts to improve the security situation will remain ineffective,
owing in part to a lack of fiscal resources. The number of murders passed the 1,000 mark
in November 2011 and the Economist Intelligence Unit expects the incidence and severity of violent crime to increase in 2012-13. This, along with dissatisfaction among public
employees and students over austerity measures, will heighten risks of social unrest.
Relations with the US will be dominated by the island’s political status issue, economic
ties and, increasingly, by the US government’s interest in combating drug-trafficking
activities. A task force on Puerto Rico created by the US president, Barack Obama,
recommended (in March 2011) a two-stage plebiscite on Puerto Rico’s status to be completed before the November 2012 election. Voters would first be asked if they are in
favor of maintaining the present territorial status. If the current territorial status is
rejected, they would then vote on a choice between statehood, independence or commonwealth. The exact date on which the plebiscite would take place and what form it
would take is currently under discussion. Mr. Fortuño, whose PNP party favors statehood
for Puerto Rico, wants to schedule both parts of a two-stage plebiscite on the same day
as the next general election in November 2012, but is facing resistance from the opposition, who accuse him of using the status issue to boost his chances of re-election.
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PUERTO RICO
COUNTRY OVERVIEW
Even if the plebiscite takes place, the PNP’s efforts are unlikely to gain much traction, as
formal proposals for full US statehood are likely to meet obstacles in the US Congress. Mr.
Obama stated in September that unless there is a strong majority in favour of a change in
status, Congress will be unlikely to act on the matter in the near term. Furthermore, with
US elections approaching, the status issue is likely to slip further down the political
agenda. On economic issues, bilateral relations with the US will focus on corporate taxes,
particularly the effects of the imminent expiry of key patents, and the petition from the
Puerto Rico government and private sector for the enactment of US legislation to provide
new tax benefits for US companies on the island. Although the US Internal Revenue Service recently announced that US manufacturing firms will be allowed to credit Mr.
Fortuño’s new excise tax on manufacturing transactions against US taxes, several manufacturing firms, including large pharmaceutical companies, have already halted plans to
invest or expand on the island. This trend is likely to continue in the short term, hindering
Puerto Rico’s economic recovery.
C. THE DOMESTIC ECONOMY
Headline inflation continued a downward trend, falling to 2.9% in October (it reached
over 4% in September), as a result of easing energy prices. Puerto Rico is particularly
exposed to fluctuations in oil prices, as it is dependent on oil for around 70% of its
energy needs. On a month-on-month basis consumer prices fell by 0.6% in October. In
the context of weak domestic demand and easing prices for energy and other commodities, the Economist Intelligence Unit expects inflationary pressures to remain mild in the
forecast period.
The most recent data published by the US Department of Labor show that unemployment remained stubbornly high in October 2011. After falling to 14.7% in December 2010,
the unemployment rate picked up again in 2011, peaking at 16.8% in March, dropping
only marginally to 16.3% by October. In absolute terms, the number of people in employment in October was 17,000 down on a year earlier, while the number of unemployed
rose 2% year on year, to 209,000. In addition to redundancies in the public sector that
are part of the Government’s efforts to rein in public spending, two of the larger pharmaceutical companies operating in Puerto Rico, Pfizer and Abbot (both USbased),
announced downsizing plans in 2010, which included job losses. The pharmaceutical
industry, which is the single largest employer in the manufacturing sector and the largest source of export earnings, is facing the expiration of a number of patents of highlyprofitable drugs that are produced in Puerto Rico, which will erode profitability.
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COUNTRY OVERVIEW
After declining by 2.8% over the 2010/11 fiscal year, the index of Economic Activity published by the Government Development Bank continued to decline in the first four months
of the 2011/12 fiscal year, showing the still-weak state of the Puerto Rican economy. The
index was 0.9% down year on year in October, and the average for the fiscal year to date
(July-October) was 1.3% down on a year earlier. However, the rate of contraction has been
steadily falling and we expect the index to begin to move into positive territory in the
second half of the fiscal year, leading to a modest gain in activity for the year as whole. For
the 2011/12 fiscal year we expect a slight improvement in economic conditions although
real GNP growth will be weak at just 0.5%, as the uneven recovery in the US and increasingly pessimistic outlook for the global economy have a negative impact on Puerto Rico.
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PUERTO RICO
COUNTRY OVERVIEW
The 2010/11 fiscal year was the best in terms of revenue growth for the Treasury department since the start of the 2006 recession, owing largely to the introduction of the new
4% excise tax on shipments by US companies to corporations on the mainland. Revenue
grew by just over 6% compared to fiscal year 2009/10. This trend continued into the first
four months of the 2011/12 fiscal year (July-October 2011), as revenue increased by 7%
(US$150m) year on year, led by growth in income from the special excise tax. In contrast,
tax revenue from individuals and corporations continued to decline (down 25% and
20%, respectively, year on year) owing to the phasing in of lower tax rates and to the
persistent effects of the ongoing recession on employment and corporate income.
D. ECONOMIC FORECAST
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COUNTRY OVERVIEW
Economic Growth
GNP is used in preference to GDP as a measure of growth in the local economy, as it nets
out the large outflow of profits from US firms operating in Puerto Rico. After an estimated official contraction of 3.8% of GNP in the 2009/10 fiscal year (July-June), we estimate a further contraction of 1.7% in the 2010/11 fiscal year. We expect the economy to
return to growth in fiscal year 2011/12, although the expansion will be extremely weak
(just 0.5%), as a result of the uneven recovery in the US and our forecast for a recession
in the euro zone, which could be coupled with continued market turbulence. More substantial growth is expected in the medium term (we expect the economy to grow by 1.4%
in fiscal year 2012/13), supported by an improvement in domestic credit conditions and
as tourism and construction pick up gradually. However, the economy remains afflicted
by high unemployment (which stood at above 16% in October 2011) and high, albeit
easing, fuel costs. Our baseline scenario is that Mr. Fortuño’s tax relief policies will have
only a limited effect on growth, as any boost to private consumption will be mostly
offset by rising imports, highlighting Puerto Rico’s structural imbalances.
On the demand side, we estimate a contraction in domestic demand in 2010/11, but
expect conditions to pick up slightly during the remainder of the outlook period in line
with further improvements in credit conditions. However, growth in private consumption
will be limited by high unemployment. Mr. Fortuño’s success in advancing the implementation of PPPs will have only a limited effect in the outlook period, as these projects will
take time to implement. Gross fixed investment will also suffer, as US pharmaceutical
companies, the island’s largest export sector, transfer their operations outside Puerto
Rico, largely in response to the expiry of key patents, which will erode profitability.
Export and import levels will, on the whole, follow US growth patterns, which have weakened over the past quarter. On the supply side, weaker US growth will dampen growth in
the tourism, services and retail sectors, while construction will continue to suffer the
consequences of a contraction that began in 2007, and will grow only moderately.
Inflation
Inflation will remain mild in the outlook period, restrained by weak domestic demand,
but high international prices for fuel and food will place upward pressure on the consumer price index in 2012. After declining to 1.1% at the end of 2010, year-on-year inflation was 2.9% in October, driven predominantly by higher energy and food costs. This
was down from a high of over 4% a month earlier. We estimate average inflation in 2011
of 3.6%, owing in part to a low base of comparison in the year-earlier period, and we
expect average inflation to remain at around the same level in 2012-13, as lower oil prices
offset modest gains in demand-side pressures.
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PUERTO RICO
COUNTRY OVERVIEW
External Sector
After narrowing in 2009-10, Puerto Rico’s traditionally large trade deficit will widen in the
outlook period, as a gradual pick-up in domestic demand leads to a rise in import spending.
Although very weak private consumption will reduce some pressure on the external
accounts, high oil prices and the gradual recovery of import-dependent sectors (such as
retail) will lead to smaller trade surpluses in 2012-13. On the export side, growth will remain
sluggish until the stuttering US recovery strengthens, and will also be hindered by problems in the manufacturing sector. The large services deficit will be partly offset by the positive transfers balance, which will benefit from continued (albeit decreasing as fiscal stimulus measures come to an end) transfers from the US federal government. Remittances
inflows are insignificant, averaging less than US$500m per year.
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COUNTRY OVERVIEW
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PUERTO RICO
BANKING SYSTEM
A. BANKS IN PUERTO RICO
The financial services sector comprises of 8 commercial banks, 2 government owned development banks, and a state mortgage bank, as well as the overseas branches of a number of
Wall Street investment banks and brokerage houses. There are also several international
banking entities (IBEs), mostly attached to commercial banks, which have arisen under the
auspices of a government policy to stimulate the development of an international banking
system on the island. Accounting for 17% of GDP, the sector is relatively large and employs
around 50,000 people.
Banks in Puerto Rico include: First Bank, Banco Popular, Scotia Bank, Banco Santander,
Oriental Bank, BBVA, and Doral Bank
B. CITIBANK IN PUERTO RICO
Citibank Puerto Rico has been operating since 1918. Today there are 4 Citibank branches
throughout the country.
Location of branches
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San Juan
Bayamón
Caguas
Carolina
Our branch services are supported by an alliance with another financial institution, providing a network of 54 additional branches across the Island.
Services Offered to Citibank Clients
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Liquidity Management/Domestic & International Account Structures
Information Management
Payable s Management
Receivables Management
FX Management
Trade Services, Supply Chain Finance, Trade Finance, EAF
Regional Implementation
Customer Service
Commercial Cards Offering: Local Issuance Capabilities
Securities and Funds Services – Local Custody
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CLEARING SYSTEM
A. CLEARINGHOUSE
As a territory of the United States, Puerto Rico is a member of the second U.S. Federal
Reserve clearing district. Puerto Rico has a local compensation office that performs
clearings under the jurisdiction of the FED.
B. ELECTRONIC FUNDS TRANSFERS
Outgoing Funds Transfer / Book Transfer are available through CitiDirect Online Banking
(Global Electronic Banking Platform).
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PUERTO RICO
FOREIGN EXCHANGE CONTROLS
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FX Controls: No
Central bank provides the FX: No
Trade Transactions reported: No
Trade Obligations reported: No
Mandatory repatriation of export
proceeds: No
- Cash-deposit for import: No
- Import license: No
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Import restrictions: No
Off-shore accounts: Yes
Restrictions on hard currency transfers: No
Restrictions on income in investments: No
Operates under Aladi: No
Withholding Tax on Trade Finance paid
off-shore: No WHT
Foreign Banks
Banco Santander, BBVA
A. TAXES
Income Tax
The maximum effective corporate tax rate is 30.00%
The maximum effective personal income tax rate is 33.00%
Withholding Tax
Withholding taxes must be deducted from dividends, interest, rents, royalties, salaries,
annuities, compensation or other fixed or determinable, annual or periodic income paid to
non-resident individuals and non-Puerto Rican corporations or partnerships not engaged
in trade or business in Puerto Rico. No withholding is required from interest on bank deposits paid to such individuals, corporations and partnerships. Generally, the withholding rate
is 29%, except that the withholding rate is 20% for non-residents who are citizens of the
United States. The rate is 10% on dividends. Interest is not subject to withholding unless
the debtor and recipient are related persons. Payments made to resident individuals or
corporations engaged in trade or business in Puerto Rico for services rendered are subject
(with some exceptions) to a withholding rate of 7% unless the recipient secures a waiver
from the Secretary of the Treasury granting partial exemption from the withholding.
Other Taxes
Puerto Rico has Sales and Use Tax imposed at a rate of 5.5% at the state level and 1.5% at
the municipality level, resulting in a combined rate of 7%. The new sales and use tax (in
effect since 15 November 2006) generally applies to all retail sales, including mail orders,
sale of tangible personal property or services, admissions fees, storage, use or consumption in Puerto Rico. Limited exceptions include non-processed foods, prescription medicines, most rental of real property, and the following services: medical-hospital, professional, educational, financial, governmental, inter-business and insurance, among others.
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TRADE REGULATIONS
A. IMPORT AND EXPORT REGULATIONS
Puerto Rico follows the United States’ regulations.
Trade Flow
Export – U.S. $61,657 million
Import – U.S. $40,810 million
B. REGIONAL TRADING ASSOCIATIONS
ECLAC/CEPAL – Associate Member since 1990
The Economic Commission for Latin America and the Caribbean (ECLAC) –whose Spanish acronym is CEPAL and is headquartered in Santiago, Chile- is one of the five regional
commissions of the United Nations. Its objectives are contributing to the economic
development of Latin America, coordinating actions directed towards this end, reinforcing economic ties among countries and with other nations of the world and promoting
the region's social development.
CARICOM – Observer
The Caribbean Community (CARICOM) is a community -established by the Revised
Treaty of Chaguaramas in 1973-, consisting of the following members: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, St. Kitts and Nevis, Saint Lucia, St. Vincent and the Grenadines, Suriname, Trinidad
and Tobago.
The objectives of the Community are: to improve standards of living and work; the full
employment of labor and other factors of production; accelerated, coordinated and sustained economic development and convergence; expansion of trade and economic relations with third States; enhanced levels of international competitiveness; organization
for increased production and productivity; achievement of a greater measure of economic leverage and effectiveness of Member States in dealing with third States, groups
of States and entities of any description and the enhanced co-ordination of Member
States’ foreign and foreign economic policies and enhanced functional co-operation.
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PUERTO RICO
INVESTMENT OPPORTUNITIES
Investment Products
Time Deposits, CD’s, Repos, Sweeps, Overnight Investments
A. NEGOTIABLE CERTIFICATES OF DEPOSIT
Available through our Treasury Dept. Client must contact desk for rates.
B. TIME DEPOSITS
Available through our Treasury Dept. Client must contact desk for rates.
C. OVERNIGHT INVESTMENT SWEEP
Agreement required, available for clients with DDA account and minimum of $100 million
to invest.
Custodial Services
Physical and book entries
Foreign Exchange
Available through our Treasury Dept. Client must contact desk for rates.
Worldlink
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PUERTO RICO
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CITI SOLUTIONS & SERVICES
A. GENERAL BUSINESS TERMS AND CONDITIONS
Global Account Documentation
Local Account Conditions
B. ACCOUNT SERVICES SOLUTIONS FOR PUERTO RICO
Demand Deposit Account (DDA)
Zero Balance Account
SWEEP Account
C. CITIBANK’S ACCOUNT SERVICES SOLUTIONS IN PUERTO RICO
Documentation and Regulation
Residents or Non-Resident U.S. Dollar
• Non-interest bearing
• Overdraft facility (Daylight & overnight)
• Minimum U.S. $10,000 to open account
Documentation Requirements
• Customer activation form
• Account application form
• Signature cards
• Contingency means of communication
• Certificate of corporate resolution
• Certificate of Incumbency
• Certificate of Incorporation
• General account conditions
• Local conditions for Puerto Rico
• Policy on availability of funds
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PUERTO RICO
CITI SOLUTIONS & SERVICES
D. CITIBANK’S PAYMENT SOLUTIONS IN PUERTO RICO
Local Payment Products
Local Funds Transfers, ACH, Debit Card, Paylink, Controlled Disbursement, Payroll
(Direct Deposit), Check Reconcilement (partial & full), EDI, Imaging ServicesDisbursement (Check Paid) Check truncation, International, WorldLink, Mass Payments,
Commercial Cards.
E. CITIBANK’S COLLECTIONS SOLUTIONS IN PUERTO RICO
Local Collections
Local Imaging Retail Lock Box Service, Wholesale Lock Box Service, ACH, Branch Services, Check/Currency Deposits, Remote Check Deposit.
F. DELIVERY SYSTEMS
Local Collections
Local Imaging Retail Lock Box Service, Wholesale Lock Box Service, ACH, Branch Services,
Check/Currency Deposits.
G. TRADE PRODUCTS AND SERVICES
Trade Services
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Letters of Credit
Documentary Collections
Guarantees
Bid & Performance Bonds
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PUERTO RICO
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CITI SOLUTIONS & SERVICES
Trade Finance
• Pre & Post Export Financing
• Import Financing
Concentration
Zero Balance / Concentration Account Structure
Electronic Information Products
CitiDirect Online Banking
Includes information & transaction initiation for accounts around the globe, including
on-line access to accounts in Latin America.
H. SECURITIES
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Securities Received/Delivered
Securities in Repo
Securities Clearing
Securities Registration
Securities Income Collection
New York Securities Received/Delivered
Bond/Coupon Collection Service
Mortgage Pools Safekeeping
Electronic Banking-Product Information, Transaction Initiation
PUERTO RICO
MARKET GUIDE FOR TREASURY
AllowedNo material
restrictions
AllowedStraightforward
regulations,
approval or
license
AllowedChallenging
regulatory
approval or
license
AllowedSubject to a
complex set
of rules
Strictly
Prohibited
Operating Accounts 1
Onshore local currency
Onshore foreign currency
Offshore local currency
Offshore foreign currency
Non-Residents
Residents
Overdrafts
Onshore local currency
Onshore foreign currency
Non-Residents
Residents
Interest-Bearing Accounts
Non-Residents
Onshore local currency operating accounts
Onshore foreign currency operatingaccounts
Residents
Time Deposits
Onshore local currency
Onshore foreign currency
Non-Residents
Residents
Domestic Notional Pooling
Onshore local currency
Onshore foreign currency
Non-Residents
Residents
Inter-Company Lending 2
Non-Resident to Resident Resident to Non-Resident
Local currency
Foreign currency
Non-Residents
Residents
Local currency
Foreign currency
FX Convertibility/Transferability
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Local Currency is freely convertible domestic and offshore.
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PUERTO RICO
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MARKET GUIDE FOR TREASURY
Tax and Transfer Pricing Considerations
• WHT applies to intercompany loans (29%).
• Interest isdeductible.
For more information, pleasevisitwww.transactionservices.citi.com.
Notes:
1 Local currency is USD.
2 Funds can be commingled in a Sweep account and client then has to program
to ensure correct distribution/allocation interest income.
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PUERTO RICO
CONTACT INFORMATION
Industry Sector Heads
Carolina Juan
Treasury and Trade Solutions Client Sales Management
Latin America & Mexico Head
Citi Transaction Services
Email: [email protected]
Cel: + 57 (316) 743 - 9347
Of. Phone: +57 (1) 639 - 4026
Brazil
Adoniro Cestari
Email: [email protected]
Cel: +55 (11) 7130 - 9447
Of. Phone: +55 (11) 4009 - 7838
Based: Sao Paulo, Brazil
Industrials Sector
Ines Vargas Barrera
Email: [email protected]
Cel: +52 (181) 8366 - 5190
Of. Phone: +52 (81) 1226 - 8525
Central America
Evelin Madrid
Email: [email protected]
Cel: + 506 8701 - 4529
Of. Phone: +506 2588 - 7541
Based: San Jose, Costa Rica
Branding, Consumer and Healthcare Sector
Oscar Mazza
Email: [email protected]
Cel: +1 (305) 588 - 9396
Of. Phone: +1 (305) 347 - 1336
Mexico
Miguel Ytuarte
Email: [email protected]
Cel: +52 (1) 55 4088 - 2284
Of. Phone: +5255 (1226) 8895
Based: Mexico DF, Mexico
Technology, Media and Telecom Sector
Gabriel Kirestian
Email: [email protected]
Cel: +54 (911) 3301 - 4826
Of. Phone: +54 (11) 4329 - 1516
Energy, Power and Chemicals Sector
Peter Langshaw
Email: [email protected]
Cel: +55 (11) 6183 - 6958
Of. Phone: +55 (11) 6183 - 6958
Public Sector
Jorg Paasche
Email: [email protected]
Cel: +52 (1) 55 5453 - 0103
Of. Phone: +52 (55) 2226 - 6020
Based: Mexico DF, Mexico
Sales Heads
Andean Region
Carolina Juan
Email: [email protected]
Cel: + 57 (316) 743 - 9347
Of. Phone: +57 (1) 639 - 4026
Based: Bogota, Colombia
Argentina
Adrian Scosceira
Email: [email protected]
Cel: +54 (911) 5674 - 6966
Of. Phone: +54 (11) 4329 - 1194
Based: Buenos Aires, Argentina
Non Bank FI Sector (NFBI)
Ricardo Dessy
Email: [email protected]
Cel: +54 (911) 6641 - 9752
Of. Phone: +54 (11) 4329 - 1471
Based: Buenos Aires, Argentina
Citi Transaction Services Latin America & Mexico
PUERTO RICO
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