Expanding the capital stock of the Philippine Veterans Bank (PVB) will allow it to service veterans beyond World War II and their immediate heirs, PVB Chairman and Chief Executive Officer Roberto F. De Ocampo said.
Mr. De Ocampo said this during the virtual hearing of the House committee on banks and financial intermediaries on Tuesday to discuss House Bill (HB) 6375 which proposes amendments to the PVB charter.
“The intent really is to align the Veterans Bank capital stock with the rules and regulations of the BSP (Bangko Sentral ng Pilipinas) with respect to how much capital stock a commercial bank ought to have. Right now, the old law only says P5 million, the BSP requires P10 million and therefore this draft bill thus provide an alignment with BSP rules and regulations,” he said.
“This opens the door for veterans beyond World War II and their immediate heirs to other veterans who have served in other wars and for those retired military personnel. With the expansion of equity stock of the Veterans’ Bank, it would not only comply with the BSP, it would have the resources necessary in order to service an even wider universe of the heroes of our country,” Mr. De Ocampo added.
Section 6 of HB 6375 says the term “veteran” includes any person who served during World War II and “whose services with such units are duly recognized by the Republic of the Philippines.”
He said the proposed amendment would not “diminish the priority” given to the original veterans of World War II.
“We are not diminishing the priority that was originally given to the founders of this bank who were the original veterans of World War II and making sure that their existing shares are recognized as part of this capital whether those be common stock or preferred shares. And I think these features are probably the most crucial part of this proposed draft,” he said.
HB 6375 is principally authored by Tingog Sinirangan Partylist Rep. Yedda Marie K. Romualdez, House Majority Leader and Leyte Rep. Ferdinand Martin G. Romualdez, and Trade Union Congress of the Philippines Partylist Rep. Raymond Democrito C. Mendoza.
The House committee on banks and financial intermediaries committee decided to meet again on an unannounced date to discuss the bill. — Charmaine A. Tadalan