Puerto Rico Fiscal Agency and Financial Advisory Authority
On October 14, 2016, the Puerto Rico Fiscal Agency and Financial Advisory Authority ("FAFAA" or “AAFAF”, in Spanish) presented the Commonwealth of Puerto Rico Fiscal Plan to the Puerto Rico Fiscal Oversight Board (the “FOB”). On November 18, 2016, AAFAF also submitted to the FOB the report Commonwealth of Puerto Rico Current Liquidity Situation and Implications prepared by the firm Conway MacKenzie.
For more financial information regarding the Commonwealth of Puerto Rico, visit the website of the Fiscal Agency and Financial Advisory Authority.
José M. Berrocal Institute for Economics and Finance
The José M. Berrocal Institute for Economics and Finance is a GDB subsidiary created to complement the Bank's mission of promoting economic development by providing specialized training on the theory and practice of public finances and economics to talented young professionals in order to attract them to join the public service. An eight-week Summer Internship Program is the Berrocal Institute’s main initiative towards this goal. To find out more about the Berrocal Institute and its Summer Internship Program, visit the Institute’s webpage.
The Municipal Finance Corporation, known by its Spanish acronym COFIM, is a newly created public corporation and instrumentality of the Commonwealth of Puerto Rico, attached to the Government Development Bank. COFIM is authorized to issue bonds and use other financing mechanisms to pay or refinance, directly or indirectly, in whole or in part, the debts of the municipalities of the Commonwealth payable or backed by the 1% municipal sales and use tax.
COFIM was created pursuant to Act 19 of January 24, 2014, which contemplates a new collection method for the 1% municipal SUT that will become effective on September 1, 2014. COFIM will be responsible for running the development of an integrated collection structure that will guarantee funds are received and provide detailed information about such funds. As part of this effort, a group of municipalities will form part of a pilot program for filing new municipal SUT returns and paying the municipal SUT.
Read a Fact Sheet about COFIM and the new collection structure.
For more information on the Municipal Finance Corporation as an entity attached to the GDB, visit the COFIM webpage in the GDB website.
Merchants, you may file the Municipal SUT return and make payments through COFIM's new website at www.cofim.pr.gov.
Press Release: COFIM Extends Due Date to File and Pay the Municipal SUT for 32 Municipalities Integrated to COFIM's New Collection Structure (in Spanish)
Important notice about COFIM
