President Rodrigo R. Duterte has signed a law instituting a revised charter for the Philippine Veterans Bank (PVB) to include post-World War II veterans and soldiers.
Republic Act (RA) 11597, also known as the Philippine Veterans Bank Act, increases the bank’s authorized capital stock from PHP100 million to PHP10 billion to align its capitalization with the minimum level prescribed by the Bangko Sentral ng Pilipinas (BSP) for private commercial banks.
“The capital stock of the Veterans Bank shall be PHP10 billion divided into PHP75,000 common shares and PHP25,000 preferred shares with a par value of PHP100 each,” the law read. “This is from the previous capital of PHP100 million, with 510,000 common shares, and 490,000 preferred shares.”
In signing the law on Dec. 10, 2021, Duterte recognizes the policy of the State to execute a viable plan that will promote the welfare of all Filipino war veterans and retired military personnel.
“In line with this policy, the State shall foster their socioeconomic security and general well-being by extending to them substantial support for their livelihood and income-generating projects through the efficient and effective revitalization of the Philippine Veterans Bank, hereinafter known as Veterans Bank, which is deeply imbued with public interest,” RA 11597 read.
Under RA 11597, shares will also be made open to post-World War II (WW II) veterans and soldiers, so long as veterans still make up the majority of shareholders.
“The term ‘veteran or veterans’ shall include primarily any person or persons who served in the regularly constituted air, land, or naval services or arms, or in such non-regularly organized military units in the Philippines during World War II, and whose services such units duly recognized by the Republic of the Philippines or by the government of the United States of America,” it read.
“Veteran or veterans” also includes the widow, orphan, or a compulsory heir of a deceased veteran, as determined by existing laws.
“Post-World War II veterans and AFP (Armed Forces of the Philippines) retirees shall enjoy the benefits and privileges provided under this Act after they have invested in the Philippine Veterans Bank,” the law read.
RA 11597 also reorganizes the Board of Trustees of the Veterans of World War II (BTVWW II) as Board of Trustees of Veterans once the shareholdings of post-WW II veterans and AFP retirees surpass that of the WWII veterans and their compulsory heirs.
“When the shareholdings of the post-World War II veterans and AFP retirees have surpassed the shareholdings of the veterans of the World War II and their compulsory heirs, then the BTVWW II shall be reorganized into the Board of Trustees of Veterans,” the law read.
The Act, which is a consolidation of House of Representatives Bill 8164 and Senate Bill 2368, was passed by the House and Senate on September 28 and 29 last year, respectively.
The PVB was created in 1963 under RA 3518 and rehabilitated in 1992 under RA 7169.
Its central office is located on 101 V.A. Rufino corner Dela Rosa Streets, Legaspi Village, Makati City.
Source: Philippines News Agency
