THE Senate, in a unanimous vote, passed on third and final reading a bill revising the Philippine Veterans Bank’s charter, expanding benefits to cover relatives and heirs of World War II veterans.
Voting 23-0 Monday, Senators approved Senate Bill (SB) 2368 entitled as “An Act Providing for the Revised Charter of the Philippine Veterans Bank, Repealing for the purpose Republic Act [RA] 3518.”
Senator Grace L. Poe, chairman of the endorsing Committee on Banks, Financial Institutions and Currencies, acknowledged the unanimous support paving the way for timely passage of the long-awaited bill that, she noted, should have been enacted earlier to benefit “not just World War II veterans but even those who are still fighting for our safety and country.”
She recalled that the Philippine Veterans Bank was created in 1963 under RA 3518 and was last rehabilitated in 1992 under RA 7169.
Poe pointed out “it is high time the charter be revised” to reflect changes that happened during the half-century of its existence and “pay tribute to our heroic veterans and advance the constitutional mandate of providing immediate and adequate care, benefits and other forms of assistance to our war veterans and their surviving spouses and orphans.”
She assured that SB 2368 provides “immediate and adequate benefits and other forms of assistance to all Filipino war veterans and the retired military personnel, including their surviving spouses, orphans, and compulsory heirs in recognition of the patriotic services in times of war and peace for the cause of freedom and democracy.”
Poe noted that apart from expanding the definition of veterans, the measure also seeks to increase the bank’s capitalization, and some provisions to make it compliant with the Revised Corporation Code and other pertinent laws.
The Senator clarified that among the corporate powers and duties of PVB are: to carry on a trust business subject to compliance with pertinent provisions of laws and in accordance with the applicable Bangko Sentral ng Pilipinas (BSP) rules and regulations; to grant loans and advances in accordance with RA 8791, otherwise known as “The General Banking Law of 2000,” and the BSP rules and regulations; and, to invest in stocks and other investment instruments in accordance with RA 8791 and central bank rules and regulations.
As provided in Poe’s bill, the capital stock of the PVB shall be P10 billion divided into 75 million common shares and 25 million preferred shares with a par value of P100 each.
“The Board of Directors and stockholders are hereby authorized to increase the authorized capital stock and provide the features of preferred shares, subject to pertinent laws and BSP and Securities and Exchange Commission [SEC] rules and regulations,” the measure stated.
Moreover, the bill defines the term “veteran or veterans” as including “the widow, orphan or a compulsory heir of a deceased veteran, as determined by existing laws.”
Post-WWII veterans and Armed Forces of the Philippines retirees shall enjoy the benefits and privileges after they have invested in the Veterans Bank, the measure added.
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