Senate approves bill revising Philippine Veterans Bank charter

From the Philippine Information Agency (Sep 16, 2021): Senate approves bill revising Philippine Veterans Bank charter

The Senate on Monday, September 13, 2021 approved a measure which seeks to revise the charter of the Philippine Veterans Bank to benefit not only World War II veterans and their relatives and heirs.

With the unanimous vote of 23 senators physically and virtually present, Senate Bill No. (SBN) 2368, An Act Providing for the Revised Charter of the Philippine Veterans Bank, Repealing for the purpose Republic Act No. 3518, was passed on third and final reading.

Sen. Grace Poe, chairperson of the Committee on Banks, Financial Institutions and Currencies and sponsor of the measure, thanked colleagues for passing the bill that should have been enacted a long time ago, to benefit not just WWII veterans “but even those who are still fighting for our safety and country.”

Philippine Veterans Bank was created in 1963 under Republic Act No. (RA) 3518 and was last rehabilitated in 1992 under RA 7169.

Poe said it is high time the charter be revised to reflect the changes that happened during the half-century of its existence and “pay tribute to our heroic veterans and advance the constitutional mandate of providing immediate and adequate care, benefits and other forms of assistance to our war veterans and their surviving spouses and orphans.”

SBN 2368 provides “immediate and adequate benefits and other forms of assistance to all Filipino war veterans and the retired military personnel, including their surviving spouses, orphans, and compulsory heirs in recognition of the patriotic services in times of war and peace for the cause of freedom and democracy.”

Aside from expanding the definition of veterans, the measure also seeks to increase the bank’s capitalization, and some provisions to make it compliant with the Revised Corporation Code, and other pertinent laws, Poe said.

Among the corporate powers and duties of PVB are: to carry on a trust business subject to compliance with pertinent provisions of laws and in accordance with the applicable Bangko Sentral ng Pilipinas (BSP) rules and regulations; to grant loans and advances in accordance with Republic Act No. 8791 otherwise known as “The General Banking Law of 2000” and the BSP rules and regulations; and, to invest in stocks and other investment instruments in accordance with Republic Act No. 8791 and the BSP rules and regulations.

According to the bill, the capital stock of the PVB shall be P10 billion divided into 75 million common shares and 25 million preferred shares with a par value of P100 each. “The Board of Directors and stockholders are hereby authorized to increase the authorized capital stock and provide the features of preferred shares, subject to pertinent laws and BSP and Securities and Exchange Commission (SEC) rules and regulations,” the measure stated.

The term “veteran or veterans,” according to the bill also includes “the widow, orphan or a compulsory heir of a deceased veteran, as determined by existing laws.” Post-WWII veterans and Armed Forces of the Philippines (AFP) retirees shall enjoy the benefits and privileges after they have invested in the Veterans Bank, the measure added. (Senate PRIB)

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