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Aponte Hernández: Appointing Bacó to GDB Presidency Would Be A ‘Grave Error’

By on July 31, 2016

SAN JUAN – New Progressive Party Rep. José Aponte Hernández said he rejects La Fortaleza’s  recommendation of Economic Development Secretary Alberto Bacó-Bagué as interim president of the Government Development Bank (GDB) and the likelihood of his permanency.

“It is a grave error. We have seen his inability in the economic development of Puerto Rico and now they have him lead the GDB to complete the destruction of the island’s economic system. It was not enough to have Melba Acosta, the worst financial officer the government of Puerto Rico has had under different administrations and different positions. Now they take this person who has shown no ability to promote Puerto Rico,” he said in a Sunday statement.

Rep. José Aponte Hernández

Rep. José Aponte Hernández

Aponte Hernández said Bacó-Bagué “has supported all new taxes and existing-tax increases, which has helped destroy the economic system of Puerto Rico, resulting in businesses leaving and discouraging investment.

“Bacó-Bagué has been an integral part of the collapse of our economic activity. The GDB’s own official data confirm his misguided trajectory with the economy. Since 2013, the Economic Activity Index has been in negative territory. As recently as this past May, the index registered another decline of 1.8 percent,” he added.

He also noted that “it fell 0.8 percent in the first quarter of 2016, bringing the total to five consecutive negative quarters. In the three years Bacó-Bagué has been at the [Economic Development and Commerce Department], the index improved only slightly in the last quarter of 2014. With this record, who wants to reward him with another position?

Aponte Hernández concluded that his “disability, disconnect and insensitivity reached the point of saying things that offend our working class, as if everyone enjoys his economic bonanza.”

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