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Home > About GDB > Gallery of Presidents

Gallery of Past Presidents

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Juan Albors (1973-1975)

From 1973 to 1975, the economy of Puerto Rico saw some accelerated changes, and it was Juan Albors, then President of the GDB, who had to face the challenges entailed by those changes.

The inflation caused by the dramatic rise of oil prices occurred during his tenure and this had a big negative impact on all industries of the economy, such as, manufacture, tourism and construction. The Bank responded to this situation by recommending emergency measures, for example, reviewing the sources of internal revenues and selective short-term loans.

During this time, the Bank also reviewed its lending policies and increased the amount of funds that it could lend to private industries, which significantly contributed to the development of Puerto Rico's private sector. 

During this period, the GDB provided advice to the Commonwealth on the sale of the Telephone Company and the Maritime Shipping Authority. The GDB also created the Municipal Finance Agency.

 
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