936 loans in Caribbean: essential to U.S.? (Internal Revenue Code Section 936's tax exemption of mainland corporations investing in Puerto Rico and the Caribbean Region and government guarantee of foreign investments)

The Overseas Private Investment Corp. (OPIC) has extended until 1995 the period during which it will guarantee 936 loans in the Caribbean region. The guarantees were to expire on June 5, 1992.

The surprise turnaround was welcomed by Puerto Rico Resident Commissioner Antonio Colorado as yet another sign that the federal government has become increasingly committed to the 936 loan program in the Caribbean.

This initiative, coupled with supportive statements made by officials of the Bush administration, "indicates that they are seeing this program as essential for U.S. interests in the region, and that's highly significant," said Colorado.

And, he …