(San Juan, PR –December 10, 2018) – The Financial Oversight and Management Board for Puerto Rico (the “Oversight Board”) created by Congress under the bipartisan Puerto Rico Oversight, Management and Economic Stability Act (“PROMESA”), today issued the following statement:

“We understand that the Governor has signed into law House Bill 1544, which addresses several tax initiatives. The Oversight Board recognizes the many revisions made by the Government and the Legislature to align the legislation with the Commonwealth Fiscal Plan. However, the Oversight Board has repeatedly expressed its concerns that the video-lottery provisions included in the legislation are not revenue neutral because the Government and Legislature have not put forth sufficient evidence that these changes will not cannibalize existing Commonwealth Fiscal Plan revenues. The Oversight Board looks forward to receiving the certification of the legislation as compliant or non-compliant with the Commonwealth Fiscal Plan as required by Section 204(a) of PROMESA, which is due no later than December 19, 2018. Until such time as the certification is received, the Oversight Board will not make any further commentary regarding this topic.”