PHILIPPINE VETERANS BANK (PVB) is looking to raise P4.4 billion after being required by law to expand its ownership to include post-World War II veterans and Armed Forces of the Philippines (AFP) retirees as shareholders this month.

PVB said in a statement on Wednesday that the capital to be raised will be used to strengthen its core business and expansion.

Under Republic Act (RA) No. 11597 or the Philippine Veterans Bank Act, the lender will include Korean and Vietnam War veterans and their widows and descendants, as well as AFP retirees and their immediate family members.

Before the law was passed in December 2021, PVB was owned by 385,000 World War II veterans and their compulsory heirs, the lender said.

The authorized capital of the bank was also increased to P10 billion from P100 million under the law.

To raise the P4.4 billion, the bank said it is planning to ramp up activities to reach out to individual veterans and AFP retirees’ groups nationwide. It is already talking with interested AFP retirees’ groups, it said.

The lender also launched a campaign to invite retirees to buy PVB shares at P110 per share at a minimum lot of 100 shares.

The new PVB charter maintains the bank’s status as an authorized government depository bank (AGDB), it said.

National Government agencies, local government units, and government-owned and -controlled corporations can make deposits with PVB under Section 28 of RA 11597.

Department of Finance Circular Numbers 002-2022 and 003-2022 also affirmed PVB’s status as an authorized government depository, PVB said.

As an AGDB, PVB is allowed to offer its products and services, such as loans and cash management services, to government clients.

As of March, the lender’s total assets stood at P66 billion with P29.9 billion in excess liquidity.

PVB recorded a net income of P268 million in 2022. — AMCS