About

Learn about Government of Puerto Rico, including Featured News, Key Projects, The Team, and Debt Restructuring.

Population
3.264 Million
Economy
$106.5 billion GDP
General Fund Budget
$12.4 Billion

About Government of Puerto Rico

Puerto Rico is a territory of the United States, located in the Caribbean approximately 1,600 miles southeast of New York City. It has an area of approximately 3,500 square miles and a population estimated by the United States Census Bureau of approximately 3.26- million as of July 1, 2021.

Puerto Rico came under United States sovereignty pursuant to the Treaty of Paris of 1898. Puerto Ricans have been citizens of the United States since 1917. In 1950, the United States Congress authorized Puerto Rico to draft and approve a Constitution, which was drafted by a popularly elected constitutional convention, approved in a special referendum by the people of Puerto Rico, amended and ratified by the United States Congress, and subsequently approved by the President of the United States in 1952. The Constitution of Puerto Rico provides for the separation of powers of the executive, legislative and judicial branches of government.

The current Governor, Pedro R. Pierluisi, was sworn into office on January 2, 2021 for a term ending in January 2025. The Legislative Assembly consists of a Senate and a House of Representatives, the members of which are elected for four-year terms.

The people of Puerto Rico are citizens of the United States but do not vote in Presidential elections and are represented in Congress by a non-voting Resident Commissioner.

The economy of Puerto Rico is mainly driven by manufacturing goods, such as pharmaceuticals, textiles, petrochemicals, and electronics. The service industry is also a key contributor to the economy, and includes finance, insurance, and the tourism sector.

Key Projects

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The Team

Gov. Pedro Pierluisi

Governor of Puerto Rico

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Francisco Parés Alicea

Secretary of Treasury of Puerto Rico

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Juan Carlos Blanco

Executive Director of the Office of Management and Budget

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Debt Restructuring

On May 3, 2017, the Financial Oversight and Management Board for Puerto Rico (“FOMB”), at the request of then-Governor Rosselló Nevares, commenced a Title III case for the Commonwealth of Puerto Rico (the “Commonwealth”) by filing a petition for relief pursuant to Section 304(a) of PROMESA, 48 U.S.C. § 2164(a), in the United States District Court for the District of Puerto Rico.

On January 18, 2022, the Title III Court entered its Findings of Fact and Conclusions of Law and the order (the “Confirmation Order”) confirming the Plan of Adjustment (the “Plan”) for (i) the Commonwealth, (ii) the Employees Retirement System of the Government of the Commonwealth of Puerto Rico; and (iii) the Puerto Rico Public Buildings Authority. The Plan became effective on March 15, 2022 (the “Effective Date”).  As of the Effective Date, the Plan reduced the Commonwealth’s total funded debt obligations from approximately $34.3 billion of prepetition debt to approximately $7.4 billion, representing a total debt reduction of 78%. This debt reduction reduced the Commonwealth’s maximum annual debt service (inclusive of COFINA debt service) from approximately $4.2 billion to $1.15 billion, representing a total debt service reduction of 73%. Also as of the Effective Date, all of the legacy Commonwealth general obligation bonds, and all of the Commonwealth obligations and guarantees related thereto were discharged. In addition, all Commonwealth laws that required the transfer of funds from the Commonwealth to other entities are deemed preempted, and the Commonwealth has no obligation to transfer additional amounts pursuant to those laws. Importantly, effectuating the Plan provides a path for Puerto Rico to access the credit markets and develop balanced annual budgets. For a detailed overview of the Plan of Adjustment, here.

The docket of the Commonwealth’s Title III proceeding can be accessed for free by clicking here.

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