EXHIBIT 9 

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INVESTOR PRESENTATION

Fiscal & Economic Progress Update

JP Morgan High Yield Conference

March 7, 2023

Omar J. Marrero

Secretary of State & Lt. Governor

Executive Director of AAFAF

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DISCLAIMER

The Puerto Rico Fiscal Agency and Financial Advisory Authority (“AAFAF”), the Government of Puerto Rico, its instrumentalities and agencies (the “Government”),

and each of their respective officers, directors, employees, agents, attorneys, advisors, members, partners or affiliates (collectively, with AAFAF and the Government,

the “Parties”) make no representation or warranty, express or implied, to any third party with respect to the information contained herein and all Parties expressly

disclaim any such representations or warranties. The Government has had to rely upon preliminary information and unaudited financials. As such, AAFAF and the

Government have made certain assumptions that may materially change once those financial statements are fully audited. The Parties do not owe or accept any duty

or responsibility to any reader or recipient of this presentation, whether in contract or tort, and shall not be liable for or in respect of any loss, damage (including

without limitation consequential damages or lost profits) or expense of whatsoever nature of such third party that may be caused by, or alleged to be caused by, the

use of this presentation or that is otherwise consequent upon the gaining of access to this document by such third party. The Parties do not undertake any duty to

update the information contained herein.

This document does not constitute an audit conducted in accordance with generally accepted auditing standards, an examination of internal controls or other

attestation or review services in accordance with standards established by the American Institute of Certified Public Accountants or any other organization.

Accordingly, the Parties do not express an opinion or any other form of assurance on the financial statements or any financial or other information or the internal

controls of the Government and the information contained herein. Any statements and assumptions contained in this document, whether forward-looking or historical,

are not guarantees of future performance and involve certain risks, uncertainties, estimates and other assumptions made in this document. The economic and

financial condition of the Government and its instrumentalities is affected by various legal, financial, social, economic, environmental, governmental and political

factors. These factors can be very complex, may vary from one fiscal year to the next and are frequently the result of actions taken or not taken, not only by the

Government, but also by Financial Oversight and Management Board for Puerto Rico and other third-party entities such as the government of the United States,

including without limitation actions by the Federal Emergency Management Agency, actions related to Medicaid or the Affordable Care Act and actions under the

Community Disaster Loans Program. Because of the uncertainty and unpredictability of these factors, their impact cannot be included in the assumptions contained in

this document.

Future events and actual results may differ materially from any estimates, projections, or statements contained herein. Nothing in this document should be considered

as an express or implied commitment to do or take, or to refrain from taking, any action by AAFAF, the Government, or any government instrumentality in the

Government or an admission of any fact or future event. By receiving this document, the recipient shall be deemed to have acknowledged and agreed to the terms of

these limitations. This document may contain capitalized terms that are not defined herein or may contain terms that are discussed in other documents or that are

commonly understood. You should make no assumptions about the meaning of capitalized terms that are not defined, and you should refer questions to AAFAF

should clarification be required.

This document does not constitute an offer to sell or the solicitation of an offer to buy or restructure any security, nor does it constitute an offer or commitment to lend,

syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to

participate in any trading strategies, and does not constitute legal, regulatory, accounting or tax advice to the recipient. Nothing in this document shall be considered a

solicitation, recommendation or advice to any person to participate, pursue or support a particular course of action or transaction, to purchase or sell any security, or

to make any investment decision.

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Table of Contents

Executive Summary 4

Achievements Since Last Market Update 6

Financial Performance 12

The Puerto Rico Economy 15

Public-Private Partnerships Progress 26

Federal Support 28

Governance 35

PREPA 39

Concluding Remarks 43

3

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Executive Summary 

Historical Perspective

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COFINA Effective 

Date

5

Executive Summary – Historical Perspective

Since 2017 Puerto Rico has endured unprecedented challenges and natural disasters but has shown resolve and resiliency in moving

forward, successfully implementing plans of adjustment for the Commonwealth (“CWPOA”) and HTA (“HTA POA”) in 2022 and exiting

bankruptcy.

March 15, 2022

Title III – The Oversight 

Board files for Title III 

protection for the 

Commonwealth, COFINA, 

HTA, ERS, and PREPA.

Spring/Summer 2017

Initial CWPOA

The Oversight Board files 

the first amended plan of 

adjustment based on Feb 

2020 PSA with creditors.

February 2020

Hurricanes

Hurricanes María and Irma 

inflict unprecedented 

damage on Puerto Rico 

and its infrastructure.

Fall 2017

Past Future

Q3 2023

Targeted Date 

to Restructure 

PREPA

Earthquakes

Puerto Rico suffers the 

most serious earthquakes 

in recent memory.

January 2020

CWPOA Effective 

Date1

2023

Finalize 

Remaining NonTitle III 

Restructurings

March 2020

COVID-19

Puerto Rico’s economics 

situation exacerbated by the 

COVID-19 pandemic, causing a 

reevaluation of February 2020 

PSA.

January 18, 2022

Eighth Amended 

CWPOA

Confirmation of the 

Commonwealth Plan of 

Adjustment to exit Title III.

December 6, 2022

HTA POA 

Effective Date

October 12, 2022

Fifth Amended 

HTA Plan of 

Adjustment

Confirmation of HTA 

Plan of Adjustment 

to exit Title III.

February 12, 2019

Notes: (1) Includes CCDA, ERS and PRIFA.

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Achievements Since Last Market Update

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7

Pension Reserve Trust 

Deposits

Contingent Value 

Instruments (CVI)

AFSCME Surplus 

Sharing Agreement

$1.4 billion

$361.8 million

$475 million

The pension reserve trust is forecast to receive $10 

billion in contributions from Commonwealth over the 

next 10 years, fully collateralizing PayGo liability by 

FY 2039.

CWPOA provides for additional payments to creditors if 

there is outperformance of certain financial metrics – in 

FY2022, outperformance was achieved. Importantly, 

the Commonwealth retained all outperformance on the 

4.5% SUT as well as PIT(1) and CIT(1), bolstering the 

TSA.

Amount of AFSCME Surplus Sharing Agreement is 

determined by independent Calculation Agent. FY2022 

surplus was paid out to Government employees in 

November 2022.

Provisions of the CWPOA that provided upside in the event outperformance occurred have proven effective tools in delivering additional 

value to creditors and Commonwealth employees.

Paid in 2022

Notes: (1) PIT stands for Personal Income Tax and CIT for Corporate Income Tax. 

Successful Emergence and Plan of Adjustment Compliance

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8

The HTA Plan of Adjustment (“HTA POA”) resulted in a 75% reduction of HTA’s debt with the issuance of $1.6 billion in new HTA bonds

(“New HTA Bonds”), including $1.245 billion in Senior Bonds (bondholder recovery) and $362 million of Subordinated Bonds

(Government loan to HTA)

Financial Highlights

o $1.245 billion in New HTA bonds supported by toll 

road revenues

o Final maturity in 2062

o $389 million in upfront cash payment

Rate Covenant

o 110% of Operating Expenses + Total Senior Lien 

Debt Service + $100,000 in Trust Expenses + 

Capital Expenses 

o 100% of Total Subordinate Lien Debt Service

P3 Transaction

o New HTA Bonds are payable at par in the event a 

future P3 transaction of remaining toll roads is 

consummated

Operational Restructuring:

o HTA POA contemplates an operational restructuring 

of HTA that requires separation of the Transit Assets 

from the Highway Assets

HTA Pre-PROMESA Debt Obligations

($ in millions)

HTA Post-Plan Debt Obligations

($ in millions)

1968 Resolution –

$831.2 

1998 Resolution ‒ 

Senior –

$3,200 

1998 Resolution ‒ Sub –

$277 

GDB Loans – $2,200 

Revenue Bonds –

$1,245 

Gov't Loan – $362 

 $-

 $1,000

 $2,000

 $3,000

 $4,000

 $5,000

 $6,000

 $7,000

Pre-PROMESA Claims 2022 Post-HTAPOA

1968 Resolution 1998 Resolution ‒ Senior 1998 Resolution ‒ Sub

Sustainable Capital Structure – HTA Plan of Adjustment

$1,607

~75% 

Reduction

$6,500

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9

Commonwealth Liquidity has Strengthened Significantly

Since filing for Title III in 2017, Commonwealth cash levels have improved significantly, driven by General Fund revenue

outperformance, expense measures and the moratorium on debt service payments, despite Hurricanes Irma and Maria, the 2019 and

2020 earthquakes and the COVID-19 pandemic.

Notes: (1) In FY2022 the Commonwealth generated a surplus more than $4 billion and had additional transfers from other Commonwealth agencies in excess of $2 

billion, both of which offset the $10.8 billion in distributions to paying agent for CWPOA distributions.

14 

391 

1,799 

3,098 

7,225 

7,701 

11,671 

7,999 

7,096 

 -

 2,000

 4,000

 6,000

 8,000

 10,000

 12,000

 14,000

6/30/2015 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 1/20/2023 ($ in millions)

Pursuant to the CWPOA, 

over $10 billion was 

distributed to the various 

Commonwealth creditors 

on, or about, the CWPOA 

Effective Date

In addition to TSA cash, 

Commonwealth agencies 

and public corporations 

had an additional ~ $10 

billion as of December 31, 

2022.

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10

Operational Restructuring – Expenses and Headcount

The Government continues to focus on achieving balanced budgets while optimizing the allocation of resources to provide effective public

services to the residents of Puerto Rico. Since FY2016, Central Government operating expenses and headcount have been reduced by

approximately 13% and 16%, respectively.

Headcount Reduction (numbers in thousands)1

Notes: (1) Headcount includes central government agencies, legislative and judicial branch, and excludes public 

corporations and municipalities. Source: Puerto Rico Office of Management and Budget.

PRIVILEGED & CONFIDENTIAL – SUBJECT TO CHANGE

106 102

96

91 88 89 88

0

20

40

60

80

100

120

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

General Fund Operating Expenses ($ in millions)1, 2

Notes: (1) Includes UPR appropriation. (2) Excludes PayGo, debt service, contributions to non-government 

entities and incentives and subsidies for social benefits.. 

3,392 3,427 3,118 2,809 2,702 2,755 2,792 

3,286 

3,418 

2,685 2,902 3,167 

2,568 2,761 2,710 

2,659 

6,810 

6,112 6,020 5,976 

5,270 5,516 5,502 

5,945 

 -

 1,000

 2,000

 3,000

 4,000

 5,000

 6,000

 7,000

 8,000

FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 (B) FY2023 (B)

Payroll & Related Other Operating Expenses

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11

Act 154 Transition and Stabilized Medicaid Funding

Transition from Act 154 tax regime is underway through the enactment of Act 52 of 2022; further, the omnibus spending bill approved by

Congress in December 2022 contains the largest ever Medicaid allocation for Puerto Rico in the history of the program.

• Available to companies engaged in manufacturing or similar 

activities covered by tax incentives (“Exempt Businesses”).

• For Exempt Businesses that elect to transition, affiliated entity 

purchasing products manufactured or services from the Exempt 

Business no longer subject to Act 154.

• Only Exempt Business operating in Puerto Rico will generally be 

subject to 10.5% income tax rate on industrial development 

income (“10.5% IDI Tax Rate ”).

• Entities that have elected to transition will pay 10.5% IDI Tax 

Rate and similar rate in royalties associated with sale of their 

products. 

• Act 52 establishes a 15% tax rate if the U.S. Tax Code were to 

be amended to increase the effective regular income tax on 

GILTI and in compliance with “global minimum tax” under Pillar II 

of the OECD.

• 21 foreign corporations have already agreed to operate under 

new tax regime beginning January 2023.

Act 154 Transition to Act 52 Framework Stabilized Medicaid Funding

Base Allocations

FY2023 - $3.275 billion

FY2024 - $3.325 billion

FY2025 - $3.475 billion

FY2026 - $3.645 billion

FY2027 - $3.825 billion

Omnibus spending bill provides stability to healthcare system 

for a 5-year period.

Additional 

Allocations

+ $300 million/year pending Secretary of 

HHA certification that reimbursement floor 

for physician services under Part B of 

Medicare has been established.

+ $75 million for each year that certain 

regulatory requirements are met

FMAP Set at 76%

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12

Financial Performance

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Historical General Fund Net Revenues

13

Source: https://hacienda.pr.gov/inversionistas/estadisticas-y-recaudos-statistics-and-revenues/ingresos-netos-al-fondo-general-general-fund-net-revenues

General Fund Net Revenues have grown at a 6.5% CAGR from FY2017 through FY2022 despite numerous catastrophes that have

plagued the island over this time. Increased compliance in SUT, PIT and CIT have driven revenues to the highest ever in Puerto Rico.

9,313

11,376

FY2017

11,668

12,801

FY2018 FY2020

9,289

FY2019 FY2021 FY2022

9,335

0%

+22% -18%

+26%

+10%

Puerto Rico had some of the stricter lock-down

measures in the nation in response to the COVID19 pandemic. These measures were effective in

slowing the spread of the virus but resulted in a

temporary yet significant decline in revenue in

FY2020.

Cumulative Revenue 

Growth of 37% from 

FY2017 through FY2022 

(excl. clawed back 

revenue)

($ in millions)

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General Fund Net Revenues Composition

14

General Fund Net Revenues, 2017 General Fund Net Revenues, 2022

Source: https://hacienda.pr.gov/inversionistas/estadisticas-y-recaudos-statistics-and-revenues/ingresos-netos-al-fondo-general-general-fund-net-revenues

Since 2017, General Fund net revenues have increased by 37% while the contribution from Act 154 revenues has declined from 22% to

12% of General Fund revenues. In addition, the prepetition moratorium acts clawed back approximately $700m in revenues from HTA,

PRIFA, CCDA and others, which is not included in the figures below (for comparative purposes).

Personal Income 

tax

22%

Corporate 

Income tax

20%

SUT

21%

Act 154

12%

Other Tax 

Revenues

19%

External and NonTax Revenues

6%

Personal Income 

tax

21%

Corporate 

Income tax

17%

SUT

18%

Act 154

22%

Other Tax 

Revenues

17%

External and NonTax Revenues

5%

Total: $9.33 bn Total: $12.80 bn

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The Puerto Rico Economy

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Economic Correlation to National Economy

16

Historically, the economy of Puerto Rico has been closely linked to the United States. However, starting in 2006, a number of factors, including a

local government shutdown, the end of certain federal tax incentives for manufacturing and, more significantly, the natural disasters in recent

years, resulted in weaker economic growth that led to fiscal and labor pressures and caused that correlation to grow apart.

US GDP Growth and Puerto Rico GNP Growth 1980 - 2021

Source: Puerto Rico Planning Board and Federal Reserve Economic Data.

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021

US Real GDP Growth Puerto Rico Real GNP Growth

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Economy Make-up

17

GDP by Sector1(%) Labor Force by Occupation2(%)

Construction & 

Mining, 1.0%

Finance, 

Insurance, & Real 

Estate, 21.2%

Other Services, 

12.9%

Trade, 8.3%

Transportation & Government, 5.2%

Other Public 

Utilities, 3.1%

Manufacturing, 

48.2%

Agriculture, 0.6% Manufacturing, 

9.0%

Finance, 

Insurance, & Real 

Estate, 3.6%

Other Services, 

34.8%

Trade, 23.6%

Agriculture, 1.4%

Other, 0.8%

Construction, 5.2%

Government, 

17.0%

Transportation & 

Other Public 

Utilities, 4.6%

Source: Puerto Rico Annual Fact Sheet per Economic Development Bank as of July 2022. (https://www.bde.pr.gov/BDE/PREDDOCS/PRFactSheetjul2022.pdf) 

(1) Data for Fiscal Year 2020. (2). Data for Fiscal Year 2021.

2021 Figures

GDP: $106.5 bn

GDP per Capita: $32,641

Exports: $57.9 bn

Imports: $45.1 bn

The most dominant sectors of Puerto Rico’s economy are Manufacturing and Financial and Other Services. Puerto Rico’s

Manufacturing sector is predominantly comprised of pharmaceutical, chemical, and electronic products. Trade and Other Services lead

all sectors in providing employment.

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Who’s doing business in Puerto Rico?

18

11 out of the top 20 pharmaceutical and biotech

companies have manufacturing sites in Puerto Rico 1

11 out of the top 20 medical devices companies have

manufacturing sites in Puerto Rico

Most of Microsoft software updates downloaded in the Americas

are validated and distributed from Puerto Rico

Honeywell operates business support operations such as 

engineering design, supply chain, finance, and IT among other,

for the Company’s defense programs

2

4

5

6

Over 100 tech companies have chosen Puerto Rico as 7

home in the last 5 years

Since 2021, there were about 450 companies under Act

20/Act 60 and 1,400 individual investors under Act 60

2

8

Amgen has its largest manufacturing facility located in Juncos, 

PR. More than 90% of its products are either formulated, finished 

or packaged at this site

Top countries with companies in Puerto Rico include:

Source: Department of Economic Development and Commerce

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Quick Facts: Puerto Rico is a National Leader in 

Biotech Exports

19

PRIVILEGED & CONFIDENTIAL – SUBJECT TO CHANGE

Largest exporter of 

biopharmaceuticals 

in the United

States

$53B

In total Bioscience exports

OVER

OVER 50 years

Of experience in 

Pharma and Medical 

Device Manufacturing

OVER 30 years

In sterile 

manufacturing

11 Of the top 20 

Pharma companies 

have operations on 

the Island

11 Of the top 20 Class 3 

Medical Device 

manufacturers

have operations on 

the Island

Highest concentration of both 

Pharmaceutical Manufacturing 

and Medical Device experts in 

the U.S.

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Puerto Rico has the Highest Concentration of Pharmaceutical and 

Medical Device Manufacturing Professionals in the US

20

PRIVILEGED & CONFIDENTIAL – SUBJECT TO CHANGE

0.00

2.00

4.00

6.00

8.00

Pharmaceutical Manufacturing 2021 Employment

Location Quotient

0.00

2.00

4.00

6.00

Medical Device Manufacturing 2021 Employment

Location Quotient

Source: Quarterly Census of Employment and Wages - Bureau of Labor Statistics: NAICS 3254 Pharmaceutical and medicine manufacturing, All States and U.S.

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Our Focus for Competitiveness

21

Logistics

Energy

Tax and 

Incentive 

Policy

Talent

Ease of

Doing 

Business

Innovation 

Capabilities

• R&D

• Technology

• Access to Capital

Puerto Rico’s unique location in the Caribbean, the associated climate and reforms during the Title III proceeding have created a host of

competitive advantages for businesses located in Puerto Rico.

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Return to Economic Growth – Promote Puerto Rico Projects

22

Puerto Rico views tourism and the visitor's economy as one of the most important pillars for our economic development and job

creation.

Continue to PROMOTE Puerto Rico as a tourist destination.

REVITALIZE natural tourist attractions.

Promote LOCAL tourism.

Promote Puerto Rico as a DESTINATION for conventions and events.

Market Puerto Rico as an INVESTMENT OPPORTUNITY for foreign 

investors and to attract new businesses to the island. 

PRIVILEGED & CONFIDENTIAL – SUBJECT TO CHANGE

Named among “World’s Most 

Innovative Companies” by Fast 

Company 2023

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Leisure and Hospitality Employment

Leisure and hospitality employment in December 2022 was 91,500, an increase

of more than 10,400 over 2019. Employment in the sector has grown 13%

since pre-COVID levels, compared to 4% below pre-COVID levels nationally.

Recovery Led by Non-Cruise Visitor Spending

Non-resident overnight visitors are leading the recovery. Tourism Economics

estimates non-resident spending for CY2022 was $5.6 billion, 36% higher

than in 2019; whereas cruise visitors spending remains 49% below 2019.

Tourism

23

Strong Recovery of Puerto Rico Tourism

Visitor Spending

Through October 2022, 

Puerto Rico’s visitor 

spending was 19% higher

than in 2019, while the US 

average remained down 

1%.

Puerto Rico (along with USVI) leads in the post-COVID recovery of travel and tourism in North America, beating out all

other Caribbean tourism destinations.

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

Thousands

Hotel Occupancy Tax Revenues

32.2

46.7

51.9

54.6

57.0

58.1

65.0

81.6

82.0

85.9

89.3

96.8

98.5

105.0

106.9

113.8

128.8

0 50 100 150

Cuba

Cayman Islands

Bermuda

Trinidad & Tobago

Global*

Barbados

Bahamas

Saint Lucia

Caribbean*

Jamaica

Antigua & Barbuda

Aruba

Turks & Caicos

Curacao

Dominican Republic

Puerto Rico

USVI

Growth in Tourist Arrivals

YTD 2022 as % of YTD 2019

PRIVILEGED & CONFIDENTIAL – SUBJECT TO CHANGE

Source: Tourism Analytics. Source: Puerto Rico Tourism Company.

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Population Trends

24

Notes: (1) Source: Planning Board and Commonwealth Certified Fiscal Plan. (2) Enplanement and deplanement data provided by Aerostar.

Net Enplanements and Deplanements (000’s)2

New economic opportunities in Puerto Rico have led to a virtuous cycle that reversed population migration. The confirmation of the

CWPOA, the stability of the financial regime, new fiscal benefits to support workers and families, together with the natural competitive

advantages of Puerto Rico, will result in net in-migration in future years

 2,500

 2,700

 2,900

 3,100

 3,300

 3,500

 3,700

Actuals FY2018 Fiscal Plan Proj.

-60

-70

-80 -76

-255

82

-13

-42

-1 -3

-300

-250

-200

-150

-100

-50

0

50

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Pre-María trends have been 

reversed. Pre-Maria negative 

average trend of (71,501) to +4,556 

post Hurricane Maria

Pre Maria Post Maria

Population (000’s)1

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Labor Force Participation and Unemployment

25

Source: Planning Board and Bureau of Labor Statistics.

Labor Force Participation (%) Unemployment (%)

Labor force participation has increased after reaching a low point in 2015, while unemployment rate has reached historically low levels.

Economic reforms are targeting jobs that can support families, creating stable communities, and increasing labor force participation to

promote further growth.

41.7

40.9 40.3 39.6 40.1 40.2 40.1 40.7 40.6 41.3

43.9

30.0

32.0

34.0

36.0

38.0

40.0

42.0

44.0

46.0

48.0

50.0 15.2

14 14.4

12.8

11.8 11.5

10.3

8.4 8.5 8.6

6.1

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

US Labor Participation Rate (as of 12/2022): 62.4% US Unemployment Rate (as of 12/2022): 3.5%

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Public-Private Partnerships Progress

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PPP – Successful Development of Opportunities

27

Puerto Rico has been a leader in the P3 sector for over a decade, implementing transformational transportation and energy projects that

are driving increased efficiency and improved operations and customer experience.

Current Public Private Partnerships Additional Opportunities

50 year concession 40 year concession

O&M Agreement

Genera – 10 year O&M 

Agreement

15 year O&M Agreement

30 year concession

TOLL ROADS 

– PR-20, 52, 

53 AND 66

Combined 

Cycle Gas 

Turbine

Rehabilitation, modernization, operation, 

and maintenance of the remaining 

Commonwealth owned and operated toll 

roads: PR-20, 52, 53, 66.

Procurement for establishment of 300 

MW dual fuel burning power plant (natural 

gas and hydrogen)

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Federal Support

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Federal Funds – FEMA and Other Disaster Related Funds

29

Puerto Rico has experienced historic and unprecedented natural disasters since 2017. Hurricanes Irma and Maria, as well as a magnitude

6.4 earthquake (and its subsequent aftershocks) in 2019, inflicted significant damage to the infrastructure, economy, and communities.

Notes: Data as of January 30, 2023. (1) COR3 Transparency Portal: https://recovery.pr/en. Graphs exclude the $2.3 billion and $4.0 billion allocated in CARES Act and ARPA funds, respectively.

The Federal government has allocated over $80 billion to assist Puerto Rico in its recovery and rebuilding efforts.

Other Recovery Funds1($ in millions)

39%

92%

12%

28%

100% 100%

FEMA Funds1($ in millions)

17,304

44,105 44,853

39%

98% 100%

0%

20%

40%

60%

80%

100%

120%

 -

 5,000

 10,000

 15,000

 20,000

 25,000

 30,000

 35,000

 40,000

 45,000

 50,000

Disbursed Obligated Allocated

4,826

25,212

30,200

16%

83%

100%

0%

20%

40%

60%

80%

100%

120%

 -

 5,000

 10,000

 15,000

 20,000

 25,000

 30,000

 35,000

Disbursed Obligated Allocated

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CDBG Assigned Funds

30

$10B

Grant End Date: 

SEPTEMBER 2026

HUD allocated $10 billion in Community Development Block Grant – Disaster Recovery (CDBG-DR) funds to Puerto Rico to assist

in recovery efforts. The CDBG-DR Action Plan was holistically designed with 20 programs addressing unmet needs of the

citizens of the Island and most vulnerable communities. These programs are focused in providing resilient housing alternatives,

enhancing deteriorated Infrastructure, boosting economic sectors and aiding multisectoral areas.

HUD allocated $8.3 billion in CDBG-Mitigation (CDBG-MIT) funds. These funds represent a unique and significant opportunity for

Puerto Rico to carry out strategic and high-impact activities to mitigate disaster risks and reduce future losses. CDBG-MIT dollars

can fund projects of a varying nature to serve the Island’s most important mitigation needs, regardless of tie-back to a specific

disaster. There are 12 programs designed and divided in to four (4) main sectors: Housing, Infrastructure, Multisector and

Planning addressing critical lifelines necessities and impacting most vulnerable communities needs.

$8.3B

Grant End Date: 

MAY 2033

$1.9 billion assignment for Electrical Systems Enhancements provides a unique opportunity to undertake strategic and highimpact activities to address necessary expenditures and mitigate disaster risks in the electric power systems, improve reliability,

resilience, system efficiency, sustainability, and address long-term financial viability of each system. Consists of two programs

with $1.3B and $500M destined to develop renewable energy projects such as microgrids and other sustainable power initiatives

around the Island.

$1.9B

Grant End Date: 

AUGUST 2028

Special allocation of CDBG-DR funds to help long-term recovery from damage caused by the 2019-20 earthquakes. Plan focused

on a Housing Seismic Restoration and Reconstruction Action Plan; assisting homeowners to repair damaged or rebuild affected

homes in disaster area.

$221M

1

st Grant End Date: 

JANUARY 2028

2

nd Grant End Date:

PENDING SIGNATURE

Total

Assigned Funds $20.9B

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FEMA Disaster Recovery Funds

Infrastructure, Resiliency and Sustainability

31

Roads & Water System

Bridges

Electrical 

System

Health

Facilities

Public 

Education

Parks & 

Recreation

Public & 

Industrial

Buildings

Coastal 

Erosion 

Measures

Energy

Resiliency

Soil Stabilization

& Localized Flood 

Control

Structural

Resiliency 

Public Assistance Permanent Work

$25.3 B Obligated TODAY To Repair, 

Restore or Replace After Hurricane María

Hazard Mitigation Grant Program

$4.8 B to Mitigate Future Hazards and Build 

Climate Resiliency

(Federal Share and Non-Federal Share; All Active Disasters – 4339, 4473, 4493, 4671)

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FEMA Public Assistance Disbursements

Transitioning from Emergency to Permanent Work Projects

32

Public Assistance Disbursements to Sub-Recipients

All Disasters Cat A – B Cat C – G Cat H – Z Total

2017 – 2019 $3,826,471,863 $42,252,242 $7,202,623 $3,875,926,728

2020 $328,377,832 $111,105,934 $17,758,064 $457,241,829

2021 $234,600,066 $107,036,609 $16,489,325 $358,126,000

2022 $492,574,367 $847,237,234 $43,840,511 $1,383,652,113

2023

2024

Total $4,882,024,128 $1,107,632,019 $85,290,523 $6,074,946,670

EMERGENCY WORK PERMANENT WORK

OTHER COSTS 

(Including Indirect and 

Direct Admin Costs)

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FEMA Hazard Mitigation Grants Program

Mitigating Future Risks and Building Long-Term Resilience

33

130 Projects Approved ($2,961 M) 

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Federal Funds - Coronavirus

34

Puerto Rico received $2.2 billion in Coronavirus Relief Funds to address the COVID-19 public health emergency.

CARES Act Sec. 5001 Reservation Funds Portion for Puerto Rico $2.2 billion

Under Coronavirus State and Local Recovery Funds Act, the Central Government received $2.5 billion in state funds of the

total $4.0 billion allocated to Puerto Rico. The remaining $1.6 billion was allocated directly to local municipal governments.

ARPA Sec. 9901 – Puerto Rico’s Coronavirus State And Local

Fiscal Recovery Funds $4.0 billion

ARPA Sec 9901 – Coronavirus State Fiscal Recovery Fund

for Puerto Rico $2.5 billion

Under ARPA(1), the Government received $158 million to carry out critical capital projects that directly enable work,

education, and health monitoring, including remote options, in response to the public health emergency.

ARPA - Coronavirus Capital Projects Fund For Puerto Rico $158 million

Source: U.S. Department of Treasury

(1) American Rescue Plan Act.

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Governance

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The Path to Fiscal Stability

36

Government of Puerto Rico’s Fiscal Roadmap

Financial 

Management 

Agenda (FMA)

FMA’s 

Best Practices

Government of 

Puerto Rico 

Government 

Efficiency Measures 

12 initiatives lay the 

foundation for restoring 

fiscal responsibility in 

Government and 

ensuring financial 

stability.

• 2 Foundational

• 4 Central

• 6 Supporting

The FMA provides 

direction for the 

Government to adopt 

best practices that will 

help ensure:

• Balanced Budgets

• Consensus Revenue 

Projections

• Monthly Budget 

Monitoring

The government has 

created a new level of 

transparency and 

control over 

government spending.

• Creates oversight of 

budgets, contracts, 

and enforces 

progress against 

performance targets.

Government efficiency 

measures streamline 

and transform 

government operations 

by optimizing revenue 

collection and reducing 

government-wide 

expenditures.

A detailed fiscal roadmap has helped the Government in restoring structural balance, efficiency, and long-term fiscal 

stability.

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Status of Audited Financial Statements

37

Significant progress has been achieved in becoming current on the issuance of audited financials

Fiscal Year Audit Status

FY 2018 Finalized

FY 2019 Finalized

FY 2020 Finalized

FY 2021 To be issued April 30, 2023 

FY 2022 To be issued August 31, 2023 

FY 2023 To be issued May 1, 2024

Current continuing disclosure deadline

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Operational Capacity – Civil Service Reform

38

The 2022 Certified Fiscal Plan prioritizes new investments to improve operational capacity of the government.

FY23-FY27 Investments in Civil Service Reform & Salary Increases, $ in millions

Notes: The Uniform Classification and Remuneration Plan (URP) investment includes acceleration of URP, salary increase for existing URP positions, and 

additional positions for URP. Includes investments for medical residents, the Judicial Branch (except Judges), ~$40M of the Christmas Bonuses covered by in the 

2022 Fiscal Plan, and salary increase and new positions for oversight entities.

Other2

Firefighters

PRDE3 School Personnel

(Non-Teachers), School

Personnel, and Student 

Services 

Corrections Officers

URP1

PRDE Teachers, incl.

social security 124

168 171 173 176

29

73 75 76 77

61

63 64 65 66

25

50 65 61 62

16

17

17 17 17

258

374

394 395 402

FY23 FY24 FY25 FY26 FY27

3

3 3

3

3

Civil Service Reform focuses 

on transforming the public 

servant experience, 

supporting them in their 

professional growth in a 

transparent and sustainable 

manner, in order to create a 

government that provides 

services of excellence and 

quality. 

Values: Clear 

Processes

Agency 

Alignment

Higher 

Retention Equity Competitive 

Pay

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39

PREPA

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PREPA’s Title III Status & Tracks

40

Per Court order, PREPA’s debt restructuring is proceeding on three contemporaneous tracks: (i) mediation aimed at reaching an

agreement with creditors, (ii) a plan of adjustment confirmation process to restructure PREPA’s obligations, and (iii) litigation to define

creditors’ rights under their agreements and PROMESA.

Mediation

• Court extended mediation through April

28, 2023.

Plan of Adjustment

• The following slide addresses the 

Plan’s confirmation timeline. 

• Government’s goals are a plan that:

1. Secures PREPA's exit from Title 

III bankruptcy;

2. Conforms to the Government’s 

public policy and objective of 

ensuring that the residents of 

Puerto Rico have reliable and 

affordable electric power; and

3. Does not unduly restrict 

Government functions, especially 

the Puerto Rico Energy Bureau’s 

role as an independent, 

knowledgeable, and strong energy 

regulator.

Litigation

• Oversight Board (along with UCC and 

AAFAF as intervening plaintiffs) 

asserts: 

1. Bondholders’ liens are limited to 

amounts in certain bank accounts 

held by the Bond Trustee; and 

2. Any bondholder claim above the 

amounts on deposit in the 

specified accounts should be 

disallowed by the Title III Court. 

• Oral argument heard on February 1,

2023; Court took matter under

advisement.

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Disclosure Statement & Proposed Plan Confirmation 

Schedule

41

Below is a summary of anticipated dates for approval of the Disclosure Statement and Plan Confirmation 

(all dates are subject to change):

Date Detail on Deadlines

February 28 Disclosure Statement Approved

March - June Fact and Expert Discovery

May 31 FOMB to File Proposed Confirmation Order

June 7 • Plan Voting Deadline

• Plan and Confirmation Order Objection Deadline

June 21 FOMB to File:

• Brief, witness declarations, and vote tabulations in support of confirmation

• Reply to Objections

• Proposed Findings of Fact and Conclusions of Law Due

June 28 Objections to Findings of Fact and Conclusions of Law Due

July 5 FOMB to File Reply to Objections to Findings of Fact and Conclusions of Law

Week of July 10 Proposed Pre-trial Conference

July 17–21, 24–28 Proposed Confirmation Hearing

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Significant Progress Since Luma Began Operations

42

METRICS PREPA LUMA IMPROVEMENT

CUSTOMER 

SERVICE

Average customer

call wait time 10+ MINUTES 3 MINUTES 98%

Call abandonment rate +50% 7% 90%

Mi LUMA app N/A 261,885

DOWNLOADS

100%

ENHANCED 

RELIABILITY

Improvement in 

outage frequency

10.6

OUTAGES

7.5

OUTAGES

30%

HEALTH AND 

SAFETY

Total Recordable

Injury Rate (TRIR) 8.63 2.74 67%

Injury Severity Rate 62.9 9.5 82%

RENEWABLES

Net metering connections 8,000

CUSTOMER

BACKLOG

27,000

APPROVED IN

12 MONTHS

400%

Monthly distributed

generation installations 450 2,200 366%

FEDERAL 

PROJECTS

Number of projects 

advanced

37

PROJECTS

(INITIATED)

188

PROJECTS

400%

Source: LUMA Energy as of December 2022.

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Concluding Remarks

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Concluding Remarks

• There has never been a public debt restructuring so large and complex as

Puerto Rico’s.

• With the consummation of the CWPOA and HTA POA, we have taken a big

step towards ending our fiscal crisis.

• Our efforts are focused on completing remaining debt restructurings,

including PREPA, improving government services, prudent and effective

financial management, economic development and regaining access to the

capital markets.

• We are focused on reaching our full potential and increasing economic

growth, jump-started with resources for capital improvements, investments

financed by federal stimulus and reconstruction funding and complemented

by creating the competitive and regulatory conditions for the private sector

to prosper.

44

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