Philippine Veterans Bank’s (PVB) capital raising efforts goes full-swing this June targeting new shareholders coming from post-war II veterans, AFP Retirees and their families.
This comes after the passage of Republic Act 11597, or the Philippine Veterans Bank Act, into law last December 2021. Until recently, PVB was owned by over 385,000 World War II veterans and their compulsory heirs. But the Bank’s new Charter changed this provision and now allows other veterans as defined by the law to become stockholders.
This includes post-war veterans such as Korean & Vietnam War veterans and their widows and descendants, as well as retirees of the Armed Forces of the Philippines (AFP) and their immediate family members. Under the same law, the authorized capital of the bank was increased from P100 million to P10 billion.
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.
To help generate awareness for the capital-raising endeavors, PVB has also developed a shareholder campaign entitled “Invest in Heroism, Invest in PVB” which aims to invite retired military personnel to buy PVB shares at P110/share at a minimum lot of 100 shares.
