Stagnant economy with historic unemployment and an enormous fiscal disaster that fell upon the Island. It was urgent to work immediately with an unheard-of budget deficit, together with a Sales and Use Tax, called IVU locally.
Puerto Rico had not been able to collect sufficient income to cover its operational expenses and its financial obligations, which dated back to the 1980s. In other words, it had been operating in a notorious insolvency.
In 2012, Puerto Rico was warned by Standard & Poor’s about the possibility of degrading the bonds of the government with a negative perspective. It held that the budget deficit for 2013 was significantly higher that the government projected and that it would be very difficult that the island could attain a structural balance within the next two years.
As a result: a very high proportion crisis: bonds degraded to “junk”, and the imposition of a Fiscal Control Board under the Puerto Rico Financial Oversight & Management, and Economic Stability Act (Promesa), within a total stagnation environment.
In 2017, Puerto Rico faced the onslaught of Maria, the most impactful hurricane in more than 80 years. Its effects were catastrophic: 100% of the island in total darkness, 60% without water... it destroyed everything, and over 3 thousand died from its effects.
As of 2023, the Fiscal Control Board continues.
Even with the million-dollars funds to lift the country after María, no great progress has been made, mainly with electrical power.
The coronavirus 2019 (COVID) began to manifest itself in Asia and Europe, and at the beginning of 2020 the World Health Organization declared it a pandemic. It made the world stop. All governments paid special attention to control the health crisis, but by 2022, more than 6.3 million people had died.
In the United States and therefore in Puerto Rico, it was attacked on all fronts: vaccines, mandatory health guidelines, educational programs, monetary incentives... but it has been a hard blow that has changed the world in many aspects; still dealing with this.
Three governors, strikes and protests everywhere, forced resignations of political figures... earthquakes, collapse of the Arecibo Observatory, after almost 60 years of contributions to the study of space... have also been part of our lives in these ten years.
The decade closes with the commemoration of the 500 years of San Juan, the capital city.
Banco Popular
Even within these adverse conditions, diligent efforts have been made to mitigate losses, and the resolution and restructuring of loans.
The total loan portfolio increased, as well as the commercial loans portfolio. The initiatives for the financing of autos have been successful. Operations in the United States have made progress, with effective management of expenses and credit quality.
To further strengthen its capital, Popular sold an additional portion of its shares in EVERTEC, its former processing subsidiary. The transaction generated $413 million and Popular continued to be an important partner in the business.
Finally, in 2014 Popular repaid TARP funds. That same year, Ignacio Álvarez was named President and Chief Operating Officer of Popular.
In 2015, Popular assumed all deposits, as well as certain assets and branches of Doral Bank in Puerto Rico and the United States.
In 2017, Richard L. Carrión left the positions of President of the Board of Directors and Chief Executive Officer of Popular. In his place, he was named Executive President of the Board of Directors and Ignacio Álvarez replaced him in his previous positions.
As of 2019, Richard became non-executive Chairman of the institution's Board of Directors: “With the organization stronger than ever, supported by a talented team under the leadership of Ignacio, this is the appropriate time for me to transition to a non-executive role. “It is a privilege to continue my service as Chairman of the Board.”
Popular is solid and focused on collaborating with our country and promoting the sustained growth of the institution and its profitability in the immediate future. Focused on its trust in Puerto Rico, in May of this year the expansion of Popular Center in Hato Rey, Popular Plaza, began, part of the Popular Campus Project, with an investment of $300 million.
In its commitment to social responsibility, it continues with the efforts of the Banco Popular Foundation and the Echar Pa’lante Initiative.
Music
Urban music is increasing ever more and entering new genres. Recognized artists from other genres share stages and productions with the exponents of this music that it appears to have broken barriers.
Christmas tree
Elegant and glamorous trees. Use of spikes, and metal colors are incorporated into the ornaments.
The future awaits…
“I firmly believe in the potential and ability of my fellow citizens; there are plenty of reasons to feel optimistic in the efforts Puerto Rico is making; it is fair to recognize that we, Puerto Ricans, have put into practice our individual abilities and qualities that enable us to attain the highest achievements; and regarding personal initiative, character, assertiveness and effort, the sons of this country have projected convincing proof at all times.”
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Insurance products and services are offered by Popular Insurance LLC (“Popular Insurance”), a subsidiary of Popular, Inc. (“Popular”) and an affiliate of Banco Popular de Puerto Rico (“BPPR”).
Popular Insurance is a General Agency and Authorized Representative duly authorized by the Puerto Rico Insurance Commissioner’s Office to offer and sell life, variable life, variable annuities, disability, property and casualty, and title insurance and health related employee benefit services in Puerto Rico.
Insurance products are not deposits, are not insured by the FDIC or other Federal Government Agencies, and are not guaranteed by BPPR or any of its affiliates, including Popular.
Popular and BPPR do not offer, underwrite issue or sell insurance products.
If you acquire a travel insurance policy, the policy will be underwritten and issued by Chubb Insurance Company of Puerto Rico, a subsidiary of Chubb.
Chubb is not affiliated to Popular, Inc., Popular Insurance or BPPR.
Popular, Popular Insurance and/or BPPR are not responsible for the accuracy or content of the information contained in Chubb’s website and no guarantee is given that the information provided in such linked website is correct, complete, and up-to-date.
Popular, BPPR and Popular Insurance expressly disclaim all liability for damages of any kind, reference to, or reliance upon any information contained in the linked website.
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Credit Reporting Disputes You have the right to dispute the accuracy of the credit information we have reported by writing to us and describing the specific information that is inaccurate or in dispute, and the basis for any dispute with supporting documentation, to the address below.
Banco Popular de Puerto RicoPO Box 71589San Juan PR 00936
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