Veterans Bank aims to raise P4.4-billion capital funds

The Philippine Veterans Bank (PVB) is aiming to raise P4.4 billion in capital funds following the passage of a law that allows post-World War II veterans, including retirees from the Armed Forces of the Philippines (AFP), to own shares in the commercial bank.

The PVB said its capital-raising efforts will be in “full swing” this month as it aims to encourage the new eligible stockholders to buy shares.

Then-President Rodrigo Duterte signed Republic Act 11597 or the Philippine Veterans Bank Act into law in December 2021, repealing the PVB’s old charter and expanding the definition of “veterans,” which is closely tied to the bank’s stock ownership, to include post-war veterans.

This includes those who fought during the Korean and Vietnam Wars, their widows, and their descendants as well as retired military personnel and their families.

“Working under this expanded definition of ‘veterans’, 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,” the PVB said in a statement.

The veterans-owned bank will also launch a shareholder campaign, the “Invest in Heroism, Invest in PVB” program, which aims to invite retired military personnel to buy PVB shares at P110/share at a minimum lot of 100 shares.

“The Bank is targeting to raise P4.4B from the new veterans and retiree groups, and said funds will be used to further strengthen PVB’s core businesses and to fuel expansion,” it said.

“Currently, PVB remains very viable with total assets of P66 billion with P29.9 billion in excess liquidity as of March 2023. Last 2022, Veterans Bank reported a net income of P268 million,” it added. — Sundy Locus/BM, GMA Integrated News