With a large number of its shareholders, Puerto Rico Farm Credit, ACA recently held its Annual Meeting of Shareholders in Mayagüez. In addition to presenting the income tax status of the organization, our Association appointed three directors to be on the board for the next three years.
The governing body was composed of President of the Board of Directors Robert Miller, Vice Chairman Pablo Rodriguez, Second Vice Chairman Victor Ayala, Francisco Oramas, Antonio Marichal, Michael I. Serrallés and Hector Cordero. Mr. Pablo Rodriguez, Victor Ayala and Carlos Rodriguez were re-elected for a three-year term.
Among the special guests were Secretary of Agriculture Myrna Comas and President of the College of Agriculture of Puerto Rico Fernando Saldaña. The guest speaker was Dr. Jose I. Alameda Lozada, who spoke about the economy. The Annual Meeting was dedicated to the Serrallés and Ozonas families for their great contribution to agricultural development and generations of loyalty to the Association.
A notable achievement from the president's report was the improvement of our Association's credit quality, which has achieved an increase of three percent over the previous year. During 2013, we obtained 89.61 percent of acceptable loans compared with 86.16 percent in 2012. This goal was sought to increase diversification in agricultural industries serving the PRFC and achieve increases in participation loans in the fruit sector.
The shareholders participated in a raffle for a variety of prizes valued up to $1,500 each.
Find out more about Puerto Rico Farm Credit.