Puerto Rico Chamber of Commerce Presents Book Examining the Reality of the PROMESA Act

(Guaynabo, Puerto Rico- July 30, 2026) The Puerto Rico Chamber of Commerce (PRCC) hosted the presentation of Promi$e Land, a book by David Skeel, former Chair and member of the Financial Oversight and Management Board for Puerto Rico, commonly known as the Fiscal Oversight Board. The event, held at Our House restaurant in San Patricio Plaza, opened with welcoming remarks from PRCC President José Julio Aparicio, who expressed his support for continued collaboration with the Fiscal Oversight Board to help fulfill its mission and ultimately conclude its work on the Island.

“Every page of this book contains data and historical facts that we must understand. At the Puerto Rico Chamber of Commerce, our goal is to ensure that Puerto Rico never faces bankruptcy again. We are committed to working alongside the Fiscal Oversight Board to overcome this chapter, and that requires promoting economic development while maintaining fiscal discipline,” said Aparicio. He also emphasized the need for a 10-year economic development plan that extends beyond any single administration and is supported by the private sector.

For his part, the author explained that the book chronicles the effort to restore Puerto Rico’s economic stability by examining the battles surrounding the Island’s bankruptcy, what a new economic beginning could look like for Puerto Rico, and case studies from other states and territories. The book also traces the growth of Puerto Rico’s public debt across successive administrations.

“Five years after PROMESA was enacted, we faced unexpected challenges, including Hurricane Maria, the earthquakes, and the resignation of former Governor Ricardo Rosselló, all of which complicated the debt restructuring process,” Skeel said. He underscored the importance of stronger bankruptcy legislation and called for political leaders to move beyond partisan conflicts and exercise greater fiscal responsibility for the benefit of Puerto Rico.

Professor Jorge Colberg Toro, who received an advance copy of the book before its publication, offered an analysis of the reforms implemented under the PROMESA Act and described the publication as both a wake-up call and an essential resource for anyone seeking to understand how Puerto Rico can avoid a second bankruptcy.

“This is a raw and unflinching portrait of the consequences of our decisions. PROMESA exists because we failed to earn a different outcome. The book also sheds light on the true causes of Puerto Rico’s energy crisis,” Colberg stated.

During the panel discussion, moderated by Colberg and featuring CPA Kenneth Rivera, José Julio Aparicio, and David Skeel, participants explored several key topics, including PREPA’s bankruptcy, budget reductions at the University of Puerto Rico, Medicaid funding, disparities in federal funding between Puerto Rico and the states, and the Island’s economic disadvantages as a U.S. territory, among other issues of significant economic importance.

Media Contact:

Karen Garnik, APR, Fellow PRSA
787.502.2424, karen@globalvisioncomms.com

Isadora Hernández
787.310.3807, isadora@globavisioncomms.com

Brenda Vázquez
787.392.6868, brenda@globavisioncomms.com