EXHIBIT 23




                    CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS

As independent public accountants, we hereby consent to the incorporation of our
report dated  September  19, 1997,  included in this Annual Report on Form 10-K,
into the Company's  previously filed  Registration  Statements on Form S-8 (Nos.
2-71781, 2-90852, 33-2555, 33-11449,  33-26930,  33-37310,  33-53180,  33-59096,
33-64965,  33-64961,  33-64967) and previously filed  Registration  Statement on
Form S-3 (File No. 33-64980).



Arthur Andersen LLP




San Juan, Puerto Rico
September 19, 1997