UNITED STATES DISTRICT COURT

DISTRICT OF PUERTO RICO 

In re:

THE FINANCIAL OVERSIGHT AND 

MANAGEMENT BOARD FOR PUERTO 

RICO,

as representative of

THE COMMONWEALTH OF PUERTO 

RICO, et al.,

Debtors.1

PROMESA

Title III

No. 17 BK 3283-LTS

(Jointly Administered)

Re: ECF No. 20467

DECLARATION OF RAFAEL ROMEU PURSUANT TO THE PUERTO RICO 

RECOVERY ACCURACY IN DISCLOSURES ACT (“PRRADA”)

I, Rafael Romeu, hereby declare under penalty of perjury that the following is true and correct to 

the best of my knowledge, information, and belief: 

1. I am the President & Chief Executive Officer of DevTech Systems, Inc. (“DevTech”), an

economic consulting firm with headquarters at 1700 North Moore Street, Suite 1720 in

Arlington, Virginia and other offices in Jakarta, Indonesia; Bishkek, Kyrgyzstan; Lusaka,

Zambia; and Rabat, Morocco.

2. This Declaration is based on my personal knowledge, and if called to testify, I could and

would testify competently to the written statements made in this Declaration.

1 The Debtors in these Title III cases, along with each Debtor’s respective Title III case number listed as a bankruptcy 

case number due to software limitations and the last four (4) digits of each Debtor’s federal tax identification number, 

as applicable, are the (i) Commonwealth of Puerto Rico (the “Commonwealth”) (Bankruptcy Case No. 17-BK-3283 

(LTS)) (Last Four Digits of Federal Tax ID: 3481), (ii) Employees Retirement System of the Government of the 

Commonwealth of Puerto Rico (“ERS”) (Bankruptcy Case No. 17-BK-3566 (LTS)) (Last Four Digits of Federal Tax 

ID: 9686), (iii) Puerto Rico Highways and Transportation Authority (“HTA”) (Bankruptcy Case No. 17-BK-3567 

(LTS)) (Last Four Digits of Federal Tax ID: 3808), (iv) Puerto Rico Sales Tax Financing Corporation (“COFINA”) 

(Bankruptcy Case No. 17-BK-3284 (LTS)) (Last Four Digits of Federal Tax ID: 8474), (v) Puerto Rico Electric 

Power Authority (“PREPA”) (Bankruptcy Case No. 17-BK-4780 (LTS)) (Last Four Digits of Federal Tax ID: 3747), 

and (vi) Puerto Rico Public Buildings Authority (“PBA”) (Bankruptcy Case No. 19-BK-5523 (LTS)) (Last Four 

Digits of Federal Tax ID: 3801).

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3. DevTech was retained by the Puerto Rico Fiscal Agency and Financial Advisory 

Authority in 2017 to provide macroeconomic technical assistance support services. The 

services provided include, inter alia, the following:

• Producing a quarterly Macroeconomic Indicators report 

• Continuous review and updating of the macroeconomic model

• General economic advising support to Commonwealth policymaking on an asneeded basis

4. DevTech maintains a database of past and current client engagements. DevTech’s clients 

are primarily public sector entities. In accordance with PRRADA, DevTech conducted a 

review comparing the names on the publicly filed list of material interested parties listed 

on the Amended List of Material Interested Parties Pursuant to Puerto Rico Recovery 

Accuracy in Disclosure Act [Docket No. 20458] (the “Amended MIP List”). DevTech 

compared the names of each of the parties on the Amended MIP List to names in its 

client database. 

5. Based on this review, DevTech has not performed within the last five (5) years, and is not 

currently performing, any services for any party listed in the Amended MIP List that 

constitute a conflict of interest in connection with the Title III case. However, DevTech 

has identified several past engagements with certain of the parties listed in the Amended 

MIP List, in matters unrelated to the Title III case, as set forth in Appendix A.

6. AAFAF is a separate public corporation from the Commonwealth and the other Debtors 

and is not one of the Debtors. DevTech did not have any claims against AAFAF that 

arose before the Commonwealth filed its Title III petition.

7. To the best of my knowledge, this Declaration discloses all connections between 

DevTech and the parties listed on the Amended MIP List known to DevTech as of 

today’s date. If DevTech discovers additional information that requires disclosure, 

DevTech will file supplemental disclosures with the Court. DevTech reserves all rights to 

amend and/or supplement its disclosures contained herein.

8. Based on my personal knowledge in my capacity as President & Chief Executive Officer 

of DevTech and my personal review of Amended MIP List to the best of my knowledge, 

information, and belief, DevTech is a “disinterested person” as that term is defined in 11 

U.S.C. § 101(14) relative to any entity or person on the Amended MIP List and that 

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DevTech does not hold or represent an adverse interest in connection with the Title III 

cases, and that there is no material conflict with the material interested persons listed in 

the Amended MIP List.

I declare under penalty of perjury that the foregoing is true and correct.

Executed this 21st day of September, 2022

/s/ Rafael Romeu

Rafael Romeu

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Appendix A

DevTech PRRADA Disclosures

Past Engagements

List of Material 

Interested Parties 

Category

Party

Debtors PUERTO RICO SALES TAX FINANCING CORPORATION

Retained Professional DELOITTE CONSULTING LLP

Retained Professional ERNST & YOUNG LLP

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