NPR Chamber statement on recent prescription drug executive order

Washington, DC (October 6, 2020) – The National Puerto Rican Chamber of Commerce released the following statement in response to the recent executive order establishing a foreign reference price list for certain prescription medications:

“The National Puerto Rican Chamber of Commerce has consistently supported policies that help to reduce the cost of prescription medications.  The onset of the Covid-19 pandemic-induced recession has increased the burden on household budgets – especially across disproportionately impacted Puerto Rican and Hispanic communities – furthering the need for financial relief related to drug pricing.

While we are encouraged by related policy positions from the White House, we are concerned that this order will result in several unintended consequences. 

Applying foreign price controls to medications covered under Medicare Part B and Part D will likely discourage the research and development of new, lifesaving drugs necessary to the well-being of our populations.  Further, Puerto Rico is currently home to 12 of the world's 20 top-grossing drug developers which make up over 30% of total GDP.  A policy that encourages firms to scale back or move operations elsewhere will have profound economic consequences on Puerto Rico’s already fragile economy.

For these reasons, we respectfully call on the administration to reconsider this executive order.

About the NPR Chamber

The National Puerto Rican Chamber of Commerce is a 501(c)3 non-profit organization created to support the development of entrepreneurship, innovation, and business expansion throughout Puerto Rico and the U.S. mainland by providing a comprehensive resource for incubating business ideas, leveraging new markets, taking advantage of new opportunities, and advocating for policies that help our communities grow. 

NPRChamber's Statement on the "Buy American" Proposal

March 19, 2020--Amid the coronavirus outbreak, the administration has announced an executive order that would extend “Buy American” provisions to pharmaceutical companies, an industry that relies heavily on the global supply chain.  While we commend efforts to diversify the flow of resources that may impact our current and future economic and health interests, this particular mandate may cause undue harm to the drug supply chain if not carefully considered.  At a time when U.S. pharmaceutical companies are depending on accessibility to supplies and swift distributions to work to find solutions, the National Puerto Rican Chamber of Commerce (NPRCC) believes the mandate, as currently proposed, will impede such progress during a critical stage of the public health crisis.

After Hurricane Maria, many pharmaceutical manufacturing facilities were affected, but companies were able to source from facilities in several different countries, limiting the number of resulting shortages. Patients and businesses in Puerto Rico already experience delays in access to medications and we fear restricting flexibility in the supply chains will exacerbate issues and limit our community’s ability to receive timely care. Not to mention, this action comes at a time when the U.S. global trade and financial systems are under tremendous strain; disrupting trade amongst the world’s strongest economies will likely result in retaliatory measures that may further exacerbate supply shortages.

While we understand the need to examine the global drug supply chain—which includes ensuring appropriate diversity to foster continuity in times of global health emergencies—revisions today may jeopardize efforts to combat this crisis. On behalf of our members and the thousands of Puerto Ricans we represent, we urge the administration to reconsider the timing and wording of such Buy American provisions to ensure any future proposed changes to the supply chain allows our research and development intensive industries to remain collaborative and globally competitive.

Congress's Prescription Drug Plan Will Have a Devastating Impact on Puerto Rico's Economy

Washington, DC (December 11, 2019) – The National Puerto Rican Chamber of Commerce issued the following statement, opposing Congress’s plan to alter Medicare, as proposed by H.R. 3:

“Congress’s H.R. 3 prescription drug plan attempts to tackle the issue of increasing healthcare costs, but does so in a way that will severely limit the incentives needed to improve research, innovation, and better treatment for patients. Price controls and restrictive barriers will have the opposite of intended effect and will actually increase the cost to the taxpayer as more limits are placed upon healthcare investment and economic growth is limited.

Specifically, Puerto Rico’s fledgling economy will be harmed the most, as pharmaceutical manufacturers located on the island are incentivized under H.R. 3 to shift operations to overseas locations, resulting in an estimated, direct loss of thousands of jobs and nearly $10 billion in economic output. A 10% reduction in Puerto Rico’s economy would send the island hurtling back into a severe depression, reversing positive trends since Hurricane Maria and requiring a larger investment from U.S. taxpayers in the recover of the island and its 3.5 million American citizens.

The NPRChamber favors policies that encourage innovation, and opposes those that limit innovation and development within the healthcare sector, such as would result from H.R. 3.  For our communities across the U.S. mainland and in Puerto Rico, we are asking members of Congress to reconsider real solutions that promote economic stability and safety for Puerto Ricans and American consumers everywhere.”

The NPRChamber Opposes Medicare Plan by Speaker of the House

Washington, DC (September 20, 2019) – The National Puerto Rican Chamber of Commerce issued the following statement opposing Speaker Nancy Pelosi’s plan to alter Medicare:

“Speaker Pelosi’s plan would fundamentally upend the incentives needed within our health care system to research and discover new, innovative treatments for patients. Instituting onerous price controls and administrative barriers to treatment may diminish the quality of care that patients have come to expect from the Medicare program. Our health care system’s greatest asset remains its leadership driving medical progress forward. The NPRChamber favors policies that encourage innovation, and opposes those that limit innovation and development within the healthcare sector.  For our communities across the U.S. mainland and in Puerto Rico, we are asking Speaker Pelosi to reconsider real solutions that promote stability and safety for American consumers.”  

NPRChamber statement on recent prescription importation proposals

Washington, DC (August 1, 2019) – The National Puerto Rican Chamber of Commerce made the following statement in response to proposed changes to prescription medication importation policies:

“The National Puerto Rican Chamber of Commerce supports policies that lower the cost of prescription medicines while preserving competition, access, and safety.  We are concerned, however, that the drug importation proposal announced this week will compromise the quality of medications that Puerto Ricans across the country receive and may damage the vibrant pharmaceutical manufacturing sector that is intricately woven into the current economy of Puerto Rico." 

NPRChamber Opposes Recently Proposed Bills that Will Alter Healthcare and Economic System

Washington, DC (January 10, 2019) – The National Puerto Rican Chamber of Commerce made the following statement in response to the recently proposed bills that would alter our health care and economic system:

“Recently proposed legislation promoting foreign drug importation, international pricing comparisons, and government interference within the health care market would not only affect businesses that are essential to our economy but also impede a physicians’ ability to offer safe and effective care to patients. International reference pricing could hinder scientific progress by disincentivizing future medical innovation, which would stifle economic growth and prevent patients from accessing new, potentially life-saving cures and therapies. Additionally, government negotiation is likely to have a negligible effect on spending unless medication restrictions are also implemented. This would further limit access to new medicines as well as drugs patients depend on currently. Further concerning, the introduction of drug importation would invite potentially unsafe, untested medications into our drug distribution system.  Health care policy changes must seek to improve the lives of patients and the market as a whole. The proposed legislation falls short in both and should be rejected by Congress.

NPRChamber Releases Statement Opposing Proposed Changes to Medicare Part B Program

Washington, DC (October 29, 2018) — The National Puerto Rican Chamber of Commerce has released the following statement regarding the Department of Health and Human Services’ announcement on changes to the Medicare Part B program:

“The Medicare Part B program is an important program that provides patients with the most effective drug and treatment options available. However, recent proposals by the administration may negatively impact patient access to Part B drugs by altering reimbursement structures, allowing third party drug distributors to come between doctors and their patients, and limiting an open and free economy that has successfully provided the best products to American consumers for decades. Our organization is concerned that these changes will create additional roadblocks for Hispanic beneficiaries who already face barriers to quality care. We urge Congress to reject this proposal and encourage the administration to seek changes that benefit patients.”

NPRChamber Releases Statement Supporting the US-MX-CAN Trade Agreement

Washington, DC (October 22, 2018) – The National Puerto Rican Chamber of Commerce issued the following statement supporting the Trump Administration’s recent United States-Mexico-Canada Agreement:

“President Trump’s recent introduction of the United States-Mexico-Canada Agreement (USMCA) is a positive contribution to our mission of encouraging businesses throughout Puerto Rico, the U.S., and all of North America to innovate and grow. It is encouraging to see the Administration’s support of research and development initiatives, strong intellectual property protections, and American innovation through the USMCA. We commend President Trump on this new trade policy and are eager to see the progress it will bring to Puerto Rican businesses and our economy as a whole.”

NPRChamber Announces New Program to Assist Members with Hurricane Disaster Relief

October 16, 2018, San Juan, PR.  The National Puerto Rican Chamber of Commerce is proud to announce a free program to assist businesses in the evaluation of newly available Employee Retention Benefit funding.

The Employee Retention Benefit has been announced for Employers in Puerto Rico affected by Hurricane Irma and Hurricane Maria. The Department of Treasury of Puerto Rico's program is designed to assist employers in recovery efforts for those who have retained employees with a benefit up to $1,920 for each qualified employee.

“Employers across the island worked hard to maintain operations and support their employees after recent disasters.  Now we want to reward these economic contributors by helping them take advantage of this benefit with the assistance of an experienced company,” said National Puerto Rican Chamber of Commerce Executive Director, Justin Vélez-Hagan. “Any business that was disrupted due to the hurricane, but was able to retain employees, is eligible. We are proud to announce that we can now offer free evaluations to our members to assist them in maximizing the benefits that may be available.”

The free evaluations being offered through Synergi Partners Puerto Rico evaluate eligibility for businesses in all affected hurricane disaster areas, which includes the entire island of Puerto Rico.  A small business with 25 employees could realize as much as $48,000 in directly deposited cash benefits, increasing as the number of employees increases.

“While nearly every business with employees is eligible, the evaluation of the benefits can be very complex,” states Vélez-Hagan.  “That’s why we’re offering a unique, free consultation to our members that will help them receive every available dollar to improve operations and grow our businesses together.” 

Hacienda has distributed more than $227M in benefits so far, a fraction of what is still available. It is estimated that over 75% of employers on the island have not yet filed, while many of those who have filed, have either under-filed or misunderstood the processes along the way.

Employers must act quickly to take advantage of this program as the fund is available on a first come first served basis.

To learn more about the free evaluation of your business visit Synergi Partners of Puerto Rico at:   https://www.synergipartners.com/NPRC or call 787-520-7503.

About the National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S.

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NPRChamber Hosts Successful Economic Opportunities Forum on Capitol Hill

View official pictures and read our speaker summary here.

Washington, D.C., August 5, 2018 – The National Puerto Rican Chamber of Commerce (NPRChamber) hosted a congressional lunch briefing on Thursday, July 26th, to highlight and discuss the opportunities available to help Puerto Rico’s economic recover.

Congresswoman Gonzalez-Colon, Rodrigo Masses, Mayor "Mayita" Melendez, and more listen to Executive Director Velez-Hagan provide opening remarks.

The event was co-hosted by the office of Representative Jenniffer González-Colón (PR).  Within her remarks, Congresswoman González discussed the concerns in Puerto Rico’s fragile economy, while pointing out her office’s successful advocacy for various policies such as the creation of “opportunity zones” in Puerto Rico, increased parity in healthcare funding and veterans’ benefits, and several advancements in infrastructure revitalization.

In addition to the Congresswoman, several notable speakers included Rodrigo Masses, president of the Puerto Rico Manufacturers’ Association, Sebastian Vidal, executive director of the well-known international accelerator Parallel18, Javier Saade, partner at Fenway Summer venture capitalists, and representatives from the Small Business Administration, the U.S. Hispanic Chamber of Commerce, as well as infrastructure and hi-tech investment firms based in Switzerland and Estonia.

The sold-out event was attended by a select group of senior congressional staff, organizational heads, significant investors, legislators from Puerto Rico and across the country, and members of the media.

“While it’s important to convene and consider existing policies related to Puerto Rico’s redevelopment, we have to take the time to also focus on unique solutions that are offered by creative thinkers from around the world, not just Puerto Rico, and not just the U.S.,” said Justin Vélez-Hagan, executive director of the NPRChamber.  “I think we accomplished that today and we will continue doing so in the future.”

Given the event’s high demand, the NPRChamber will host related events in the future.  Please email info@NPRChamber.org for more information.

About the National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.  If interested in joining our fast-growing organization – or would like to contribute to our RECOVER & PREP fund, please visit www.NPRChamber.org.

CONTACT:

NPRChamber

Phone: 866-576-5222

Email: Media@NPRChamber.org

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NPRCHAMBER RELEASES STATEMENT REGARDING IMPACT OF IMPORTED DRUGS ON PUERTO RICAN ECONOMY

Washington, DC (July 26, 2018) – The National Puerto Rican Chamber of Commerce issued the following statement opposing the Department of Health and Human Services (HHS) proposed prescription drug importation working group:

“The National Puerto Rican Chamber of Commerce is wholeheartedly committed to our core tenets of entrepreneurship, innovation, and business expansion. While our health care system is in need of new ideas to solve pressing issues facing patients, drug importation is a risky, ineffective, and unsustainable means of accomplishing this goal, which may also have unforeseen consequences on the fragile economy of Puerto Rico. Imported drugs are not held to the same high standards that we demand for our patients in order to provide the best and most effective care. Importation, while sometimes appearing to be a potential alternative, may expose thousands of our nation’s most underserved patients to faulty, sub-standard, or even deadly drugs.  In addition, imported drugs may indirectly harm the economy of Puerto Rico by undercutting the highly productive and vital pharmaceutical sector that accounts for 50 percent of Puerto Rico’s GDP.”

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

CONTACT:

NPRChamber

Phone: 866-576-5222

Email: Media@NPRChamber.org

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NPRChamber Statement in Support of Medicare Part D

Washington, DC (May 31, 2018) – The National Puerto Rican Chamber of Commerce (NPRChamber) has issued the following statement calling for Republican Members of Congress to sign-on to Rep. Richard Hudson’s letter regarding the Medicare Part D program:

“A healthy economy can often be influenced by the health of its people, which is why programs like Medicare Part D are so important. The Part D program has been vital to providing the seniors in our communities with affordable access to prescription medications and must be protected from harmful changes. We are encouraged by Rep. Hudson’s efforts to address changes to cost-sharing incentives included in the recently passed Bipartisan Budget Act and fix the Part D out-of-pocket cliff that could substantially increase seniors’ out-of-pocket costs in 2020. We call on House Republicans to join us in supporting Rep. Hudson and urge all representatives to sign on to his letter.”

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

CONTACT:

NPRChamber

Phone: 866-576-5222

Email: Media@NPRChamber.org

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NPRCHAMBER ATTENDS LATINO LEADERS NETWORK LUNCHEON IN SAN JOSE, HONORING MARIA ECHAVESTE

Washington, D.C. – The National Puerto Rican Chamber of Commerce (NPRChamber) was honored to take part in the 53rd Latino Leaders Network luncheon, held on March 21, at The Fairmont Hotel in San Jose, CA. The event is part of a private series that gathers Latino leaders and influencers from various industries across the nation, while highlighting the achievements of key Latino trailblazers.

During the luncheon, Mrs. Maria Echaveste was honored for her accomplished career, as well as her pioneering role as the White House’s first Latina Assistant and Deputy Chief of Staff to President Bill Clinton. For her efforts and professional accomplishments, she was presented with the Eagle Leadership Award.

The NPRChamber joins the Luncheon’s host committee in congratulating and thanking Mrs. Echaveste for her years of service advancing our community’s interests.

For more information on the location and dates of upcoming events and initiatives, please email Info@NPRChamber.org. If interested in joining our fast-growing organization with thousands of members (small businesses, entrepreneurs, corporations, and students) across the country and in Puerto Rico, please consider making a tax-deductible contribution at https://www.nprchamber.org/join/.

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

CONTACT: 
NPRChamber Phone: 866-576-5222

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Join NPRChamber, Puerto Rico’s Public Officials, Investors, & Restructuring Experts for Insight on the Island

Register here: http://events.debtwire.com/puerto-rico-restructuring-forum/agenda

As Puerto Rico fights an uphill battle on the road to recovery, following Hurricane Maria’s devastation, government officials are still in the midst of restructuring the island’s debt. To better understand how the rebuilding and restructuring efforts will shape Puerto Rico’s recovery in the coming months, over 150 public officials, industry insiders and investors will gather for a morning filled with valuable insight.

Discussions include:

·       Ongoing litigations and negotiations regarding the island’s restructuring.

·       How officials are approaching tax policies and what steps the US government will take, if any, in the months ahead. 

·       How developers and government officials are planning to rebuild, plus how bankers and project developers are planning to finance the construction of infrastructure projects.

·       And more!

Speakers include reputable names from:

·       The Government Development Bank of Puerto Rico/Puerto Rico Fiscal Agency and Financial Advisory Authority/Financial Oversight and Management Board for Puerto Rico

·       Puerto Rico Public-Private Partnerships Authority and Central Office of Recovery and Reconstruction

·       Puerto Rico Chamber of Commerce

·       Puerto Rico Manufacturers Association

·       Plus more!

As a member of the National Puerto Rican Chamber of Commerce, you are invited to take advantage of this opportunity to learn about the road ahead and to meet with the island’s biggest investors. Learn more below and use code Chamber15 to save 15% when reserving your seat.

View Event Details

View Who’s Speaking

Register Now

If you have any questions, feel free to contact us.

Michael Mulato
Event Delegate Registration
Michael.Mulato@Acuris.com

The National Puerto Rican Chamber of Commerce

Info@NPRChamber.org

866-576-5222

NPRCHAMBER ENGAGES WITH PUERTO RICO INVESTOR COMMUNITY DURING LEADING INVESTMENT SUMMIT

Wed, March 14, 2018 06:55 AM

View official release here.

Washington, D.C. – The National Puerto Rican Chamber of Commerce (NPRChamber) was honored to take part in the 5th Puerto Rico Investment Summit, last month in San Juan, Puerto Rico. The summit is a private event that gathers investors, entrepreneurs, start-ups, and developers to engage in a discussion about the advantages of doing business in Puerto Rico and its favorable investment climate.

The summit offered a comprehensive agenda covering the full gamut of economic incentives available for businesses considering a complete or partial relocation to the island, as well as for investors exploring the establishment of residency in Puerto Rico. It also included a very productive discussion with developers about real estate and infrastructure project opportunities available on the island, as well as informative presentations on the very current topics of blockchain technology and cryptocurrency.

“It was rewarding to witness the level of interest and the sophistication of the attendees at the summit. By now the corporate tax incentives and other business advantages that Puerto Rico offers have been in place for a few years, and that enabled all stakeholders to have a very practical and hands on conversation about what those look like, the ins and outs of the process, and the effect they have had so far on Puerto Rico’s competitiveness”, said Jorge A. Salichs, senior advisor to the National Puerto Rican Chamber of Commerce.

The Chamber remains very committed to the economic development of Puerto Rico, and will continue to support those efforts in Puerto Rico and the mainland that help build and sustain a more robust economy in Puerto Rico.

For more information on the location and dates of upcoming events and initiatives, please email Info@NPRChamber.org. If interested in joining our fast-growing organization with thousands of members (small businesses, entrepreneurs, corporations, and students) across the country and in Puerto Rico, please consider making a tax-deductible contribution at https://www.nprchamber.org/join/.

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

CONTACT: 
NPRChamber Phone: 866-576-5222

NPRCHAMBER ENGAGES WITH GLOBAL INVESTORS DURING LEADING INVESTMENT IMMIGRATION CONVENTION

Washington, D.C., March 5, 2018 – The National Puerto Rican Chamber of Commerce (NPRChamber) was honored to take part in the 2018 Las Vegas EB-5 & Global Investment Immigration Convention, last month in Las Vegas, NV.

The convention, attended by a distinguished group of international migration agents, project developers, USCIS approved regional centers, attorneys and other industry professionals, is the largest EB-5 and citizenship-by-investment event in the United States. The EB-5 visa program is an important part of the United States’ immigration system, which has consistently contributed to the nation’s economic growth, created jobs for U.S. workers, and stimulated local economies through new capital investment.

“At the NPRChamber, we recognize the need to insert ourselves in the discussion of every viable tool for Puerto Rico’s economic development. To that end, we purposely engaged global investors and other prominent industry professionals about the exciting growth opportunities Puerto Rico offers. EB-5 represents an attractive option for sustainable infrastructure financing and new capital infusion to the island, at a time when some of the traditional financing vehicles are significantly limited or inaccessible,” said Jorge Salichs, senior advisor of the National Puerto Rican Chamber of Commerce.

For more information on the location and dates of upcoming events and initiatives, please email Info@NPRChamber.org. If interested in joining our fast-growing organization with thousands of members (small businesses, entrepreneurs, corporations, and students) across the country and in Puerto Rico, please consider making a tax-deductible contribution at https://www.nprchamber.org/join/

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

CONTACT:

NPRChamber

Phone: 866-576-5222

Email: Media@NPRChamber.org

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NPRCHAMBER JOINS MAJOR LEAGUE BASEBALL PLAYERS TO SUPPORT PUERTO RICO

Washington, D.C., December 12, 2017 – The National Puerto Rican Chamber of Commerce (NPRChamber) was honored to take part in a fundraiser organized by the charitable arm of the Major League Baseball Players Association (MLBPA), known as the MLB Players Trust, this month in Dallas, TX. 

The event, attended by baseball hall-of-famers and current superstars alike, sought to raise funds to support nonprofits dedicated to supplying relief and recovery to the victims of the natural disasters occurring in Texas, Florida, Mexico and Puerto Rico.

“It was a true privilege to be able to stand among so many baseball greats, and witness first hand their time and resource commitment to the disaster relief effort. At the NPRChamber, we are equally committed to this cause and, as the efforts now move to a rebuilding phase, we look forward to continue sending our resources and supporting our volunteer network on the ground to help speed up economic activity on the island,” said Jorge Salichs, senior advisor of the National Puerto Rican Chamber of Commerce.

Although its mission has long been to support economic development, including the promotion of entrepreneurship throughout the U.S. mainland and in Puerto Rico, the NPRChamber remains highly committed to the pressing needs of the many disaster victims in the Caribbean.

For more information on the location and dates of upcoming events and initiatives, please email Info@NPRChamber.org.  To make a tax-deductible contribution, please visit: https://www.nprchamber.org/disaster-relief.

About The National Puerto Rican Chamber of Commerce

The National Puerto Rican Chamber of Commerce (NPRChamber) is a non-profit organization created to promote entrepreneurship and economic development throughout the U.S. Feel free to contact the NPRChamber via email: Info@NPRChamber.org.

About the Major League Baseball Players Trust

The Major League Baseball Players Trust is a charitable foundation founded by the Major League Baseball Players Association, that is the first of its kind in professional sports, supporting causes important to Major League Baseball players as a group and encouraging others to do the same.

CONTACT:

NPRChamber

Phone: 866-576-5222

Email: Media@NPRChamber.org

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NPRChamber receives Google Grant

We're proud to announce that The National Puerto Rican Chamber of Commerce is a recipient of a Google Grants award. The Google Grants program supports registered nonprofit organizations that share Google's philosophy of community service to help the world in areas such as science and technology, education, global public health, the environment, youth advocacy, and the arts.