CEBU, Philippines – The Philippine Veterans Bank (PVB) is intensifying its support to the Local Government Units (LGUs) by providing financial assistance to profitable projects, such as tourism, wet market facilities, and transportation terminals, among others.
PVB president and chief executive officer (CEO) Ricardo A. Balbido Jr. announced that the bank is allocating about P2 billion-budget to fund LGU projects across the country.
About 50 percent of this budget, has already been released, Balbido said in an interview with The Freeman recently.
According to Balbido, the bank has recognized the LGUs role in the economic development in the country in general, and providing them with financial support through loans, is an important tool to empower LGUs and earn revenues through establishing profitable projects.
"Because we are a government depository bank, it is also our role to give back and help government entities, like LGUs to start their own profitable ventures," Balbido said.
Also, PVB which opened its first branch in Bohol recently, as its 60th branch in the country, is also allocating about P100 million for branch expansion which started this year, to open up 15 branches in the next one of two years.
Since January this year, PVB already opened six new branches in different areas in the Philippines. Balbido said the bank will again apply with the Bangko Sentral Ng Pilipinas (BSP) to open up another five branches hopefully within the year.
"The policy of the BSP now is to apply at least five branches opening at a time. We are on our way to apply for another five new branches," he said.
The planned 15 branches that will be opened by the bank will be focused on the major regional areas in the country, including central and Southern Luzon, Visayas, and Mindanao.
This is also to strengthen the presence of the bank in the regional areas specifically that it is planning to penetrate the LGU markets, being one of the country's largest government depository banks.
PVB is now the 18th top private-commercial bank in the country, with a total assets of P52 billion.
In Cebu, the bank is constructing a P28 million integrated-used building that will provide value added services to veterans transacting with the bank, including medical clinics, outpatient diagnostic services, centralized disbursement of medicines, among others.
The building which is expected to complete within this year, will only use about 360 square-meters for the branch's facility (a relocation from the Cebu Doctors' branch), the rest will be dedicated for support services such as medical facilities, commercial outlets, and offices.
PVB is owned by some 300 thousand World War (2) veterans and their heirs. Chaired by Col. Emmanuel De Ocampo, the bank provides 20 percent of its net profits annually for programs that benefit WW2 veterans, their widows and families through the Board of Trustees for the Veterans of World War II (BTVWWII). (THE FREEMAN)