The tourism and hospitality sector continues to be a source of strength for the local economy. Puerto Rico is a popular destination for mainland residents, and the recent increase in COVID cases does not appear to be having the same impact on consumer demand for travel as prior surges have had.

Apr 26, 2022 / receipt, needs a key / Ignacio Alvarez, CEO | earnings call 2022-04-26 | transcript 6a570ebb-3840-465c-b5ff-6eec6a74021e | chars 5192-5487 | segment 5

The improvement in the tourism and hospitality sector has been extraordinary. With much of the world travel still somewhat limited, Puerto Rico continues to be a popular destination for mainland residents that have become more comfortable with traveling. Additionally, earlier this month, the CDC improved its assessment of the risk of contracting COVID in Puerto Rico to level 2 or moderate. This action should help further stimulate travel to the islets.

Jul 22, 2021 / receipt, needs a key / Ignacio Alvarez, CEO | earnings call 2021-07-22 | transcript 51036f08-15fe-4162-b2f8-0d286c2787f1 | chars 5506-5962 | segment 5

I also think that for a while, you know, people didn't have the ability to really spend their money. You know, they couldn't travel. They couldn't do other things. They weren't commuting, so they saved on gas. So there was a number of things that people, I think, were building up liquidity.

Jul 22, 2021 / receipt, needs a key / Ignacio, other | earnings call 2021-07-22 | transcript 51036f08-15fe-4162-b2f8-0d286c2787f1 | chars 25512-25803 | segment 26