The Manila Times

Veterans Bank targets raising P4.4B

NIÑA MYKA PAULINE ARCEO

PHILIPPINE Veterans Bank (PVB) is looking to raise its capital by P4.4 billion by expanding its ownership to include post-war veterans, Armed Forces of the Philippines (AFP) retirees, as well as their families.

In a statement, the bank said it was in discussions with interested AFP retirees’ organizations and also ramping up efforts to reach out to individual veterans and more AFP retirees’ groups.

Prior to the enactment of Republic Act (RA)11597 or the “Philippine Veterans Bank Act” in December 2021, the bank was owned by 385,000 World War 2 veterans and their mandatory heirs.

The bank’s new charter amended the ownership clause, allowing other veterans as defined by law to become investors. This includes Filipino soldiers who fought in the Korean and Vietnam wars, their widows and descendants, as well as AFP retirees and their widows and descendants.

Under the same law, the authorized capital of the bank was increased from P100 million to P10 billion.

To boost its capital, the PVB has devised a shareholder campaign called “Invest in Heroism, Invest in PVB” to encourage retired military members to acquire PVB shares at P110 per share in lots of 100 shares.

As of March 2023, the bank had total assets of P66 billion, with excess liquidity of P29.9 billion.

It recorded a net profit of P268 million in 2022.

The current PVB charter also allows the bank to act as an authorized government depository bank (AGDB).

Section 28 of RA 11597 allows the secretary of Finance, the national treasurer and their authorized representatives, as well as national government agencies (NGAs), local government units (LGUs), and government-owned and -controlled corporations (GOCCs) to maintain deposits with PVB.

Recent circulars from the Department of Finance also confirm PVB’s status as an AGDB. As such, PVB may provide products and services, such as loans and cash management services, to government clients.

Corporate News

en-ph

2023-06-02T07:00:00.0000000Z

2023-06-02T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281887302692677

The Manila Times