Puerto Rico coronavirus statistics for March 1

According to the Puerto Rico Health Department, 182,674 people are believed to have been infected with COVID-19, an increase of 5,244 since February 22, when the total was 177,430. This points to a sharp increase in the rate of new cases, as the increase between February 15 and February 22 was 4,078. The death toll is currently 2,037, with 54 of those registered in the last week. Comparatively, 63 people died from the virus between February 15 and February 22.

Beginning on November 7, the Health Department changed the way it recorded cases, splitting them between confirmed cases (as determined by molecular diagnostic testing), probable cases (as determined by antigen testing) and suspicious cases (as determined by serological, non-diagnostic testing). Viewed through that prism, Puerto Rico has had 92,708 confirmed cases, 7,876 probable cases, and 82,090 suspicious cases since the virus arrived on the Island.

There are currently 155 people hospitalized due to COVID, a decrease of 78 since last week. 

According to the Puerto Rico Health Department, roughly 15% of the Island ‘s residents have already received at least one dose of the vaccine. The Health Department has also begun making its plans on how to distribute the recently-approved-for-use Johnson & Johnson COVID-19 vaccine.

FOMB, creditors reach settlement on GO bonds

The Financial Oversight and Management Board (FOMB) and several of Puerto Rico’s chief creditors reached an agreement last week to modify the Island’s General Obligation (GO) bonds, as well as the debt owed by the Public Buildings Authority (AEP, in Spanish). The agreement would reduce the GO debt from $18.8 billion to $7.4 billion and would reduce annual payments to bondholders from $4 billion to $1.15 billion. In combination with the restructuring of the Puerto Rico Sales Tax Financing Corporation (COFINA, in Spanish), annual debt payments would be cut by 62%. 

The creditors that negotiated this agreement jointly owned about $8 billion in bonds. Soon after the agreement’s announcement, Assured Guarantee, which guarantees part of the debt, signed on to the deal. As a consequence of the agreement, the price of GO bonds increased by 3.3%, to around 78 cents on the dollar. 

Governor Pedro Pierluisi did not back the agreement; he acknowledged the settlement’s benefits but balked at the pension cuts implied by their passage. Before the agreement can go into effect, it must first be approved by federal judge Laura Taylor Swain. 

House passes PROMESA-related oversight bill

The House of Representatives voted unanimously last week to pass the Puerto Rico Recovery Accuracy in Disclosures Act of 2021 (PRRADA), which would require entities employed by the Financial Oversight and Management Board (FOMB) to disclose business and financial connections to creditors, bondholders, or the Board itself before receiving payment. If a conflict of interest is determined to exist, a judge can prevent the conflicted entity from getting paid. The bill was introduced by Rep. Nydia Velázquez (D-NY).

Although a previous version of PRRADA passed the House last year, it never passed the Senate. Given the current bill’s bipartisan support—in addition to the unanimous vote, Republican Andy Biggs of Arizona co-sponsored the House Bill and Senator Marco Rubio (R-FL) co-sponsored the Senate version—the new bill has a better chance of becoming law.

Identity scams and credit card fraud on the rise in Puerto Rico

Identity theft and credit card fraud are rising in Puerto Rico this year, El Nuevo Día reports. According to Sergeant Carlos Nieves of the Puerto Rico Police Department’s Bank Theft and Fraud Division, a total of $78,936 has been reported stolen so far this year, while the reported amount stolen in 2020 as a whole totaled $96,465.

Internet-based fraud is also on the rise, with the FBI reporting a 19% increase in victims from 2018 to 2019. In those cases, the amounts stolen are larger: $7.67 million was reported stolen in 2019. Often, these scams are performed from outside Puerto Rico, with the money ending up in countries like Mexico or the Dominican Republic. As a response to this uptick in thefts, the Puerto Rico Banks Association has developed a campaign, #PescaitoAlert—a reference to getting caught like fish—to try to teach people to identify scams.