Impulse Boricua responds to congressmen who attack Puerto Rico's economic development
Impulso Boricua, a non-profit and non-partisan organization, denounced as an ideological agenda the resolution presented by Democratic congressmen in the United States House of Representatives, which seeks to criticize Puerto Rico's old Law 22, now contained in the Incentives Code (Law 60-2019). The organization maintains that these decisions must be taken by Puerto Ricans in a democratic manner and criticized the resolution as part of a socialist agenda.
Luis Balbino Arroyo, co-founder of Impulso Boricua, expressed his dissatisfaction, stating: “They want to impose their political agenda on Puerto Rico in a colonial way, promoting false narratives about the need for the incentive program. It's regrettable that people who don't live here or represent the island continue to spread inaccurate information.”
The group highlighted the significant positive impact of Laws 20 and 22 on Puerto Rico's economy. According to data released by Impulse Boricua and an official study commissioned by the Department of Economic Development to the firm Abexus Analytics, these laws have generated more than 75,000 jobs and more than $600 million annually in revenues for the government.
Christian Sobrino Vega, also co-founder, commented that it is contradictory for groups from the United States to promote an agenda that undermines Puerto Rico's economic growth and the livelihoods of thousands of Puerto Ricans. He pointed out that these arguments have been recycled since the 90s, when similar rhetoric was used to attack manufacturing incentives, which led to disastrous consequences for the island's economy without benefiting the Federal Treasury.
Impulso Boricua also responded to statements about rising housing prices in Puerto Rico, arguing that this trend is not unique to the island and cannot be attributed to Laws 20 and 22. Housing prices in the United States have increased 54% since 2019 due to factors such as rising construction costs, post-pandemic inflation and lack of inventory. In addition, Puerto Rico's population decline is a pre-existing trend driven by low birth rates and economic crises. “These incentives create economic activity that creates quality opportunities so that Puerto Ricans can stay on the island instead of looking for them elsewhere,” emphasized Balbino Arroyo.
He added that raising taxes is not the solution to the Puerto Rico crisis. Economic incentives have been an integral part of the island's development for the past 80 years, boosting industries such as manufacturing, tourism, local entrepreneurship and creative industries. Laws 20 and 22 are part of a future strategy to promote the service export industry, which has proven to be an economic engine for the country in a decade of profound economic challenges.
About Impulso Boricua
Founded in 2024, Impulse Boricua is a non-profit organization committed to job creation and economic development in Puerto Rico. The organization brings together professionals, businessmen and businesses dedicated to highlighting the advantages of Puerto Rico as an investment destination. Impulse Boricua: “The real incentive is a better Puerto Rico.”