Veterans Bank eyes P4.4 billion from war vets, AFP retirees

MANILA, Philippines — Philippine Veterans Bank is raising P4.4B from various new veterans and retiree groups to further strengthen the bank’s core businesses.

In a statement, the mid-sized commercial bank owned by Filipino World War II veterans and their heirs is pursuing capital raising efforts this month, targeting new shareholders coming from post-war veterans as well as retirees and families of the Armed Forces of the Philippines (AFP).

With the passage of Republic Act 11597 or the Philippine Veterans Bank Act on December 2021, other veteran groups are allowed to become stockholders of the bank that was previously limited to over 385,000 World War II veterans and their compulsory heirs.

Another post-war veteran groups that could invest in the bank are the Korean and Vietnam War veterans and their widows and descendants.

The new law called for the increase in the authorized capital of Philippine Veterans Bank to P10 billion from P100 million.

Former finance secretary Roberto de Ocampo, chairman of Philippine Veterans Bank, told the bank’s stockholders during a special meeting last March that it continues to evolve toward becoming a strong bank.

“With the expansion in capital, the Philippine Veterans Bank is going to grow by leaps and bounds, and the capability to be able to be the beacon of financial stability to the veteran community becomes even greater,” De Ocampo said.

The bank has already initiated talks with interested AFP retirees’ groups but plans are underway to ramp up activities to solidify its capital and be able to reach out to individual veterans and to even more AFP retirees’ groups nationwide.

To help generate awareness for the capital-raising endeavors, Philippine Veterans Bank has also developed a shareholder campaign entitled “Invest in Heroism, Invest in PVB” that aims to invite retired military personnel to buy shares of the bank at P110 per share at a minimum lot of 100 shares.

As of end-March, the bank’s total asset base stood at P66 billion with P29.9 billion in excess liquidity. It booked a net income of P268 million last year.

According to the bank, its new charter also highlights the provision that maintains its status as an authorized government depository bank.

Under the law, national government agencies, local government units as well as government-owned and controlled corporations could maintain deposit accounts with Philippine Veterans Bank.