MAKATI CITY — Philippine Veterans Bank (PVB) held its 2022 Annual Stockholders’ Meeting (ASM) face to face again after two (2) consecutive years of holding it online due to restrictions brought about by the Covid-19 pandemic. About 2,000 Filipino World War II veterans-stockholders, widows and their compulsory heirs were in attendance.
Part of the activity was the election of the Bank’s Board of Directors (BOD) for another one-year term with two (2) new Directors elected to join the PVB Board namely, Ma. Cecilia G. Soriano, former Department of Finance Undersecretary, and PLTGen. Reynaldo V. Velasco, Administrator of Metropolitan Waterworks and Sewerage System. Still leading the Bank’s BOD is Chairman Roberto F. De Ocampo, OBE, former Finance Secretary, with Vice Chairman: former Bureau of Internal Revenue and Bureau of Customs Commissioner Guillermo L. Parayno Jr.; other Board Members/Directors are: seasoned bankers Renato A. Claravall and Gerardo Manuel Luis B. Anonas, former RCBC President Francisco S. Magsajo Jr., former Development Bank of the Philippines Chairman Jose A. Nunez Jr., former Buenavista (Agusan del Norte) Vice Mayor Percianita G. Racho, seasoned banker Cesar A. Rubio, and Michael Democrito C. Mendoza, the son of former PVB Vice-Chairman/Director and WWII hero Democrito T. Mendoza.
In his report to the Bank’s stockholders, President Claravall acknowledged the challenges brought about by the covid-19 pandemic that hit all industries across the globe. While the Bank’s deposit level has remained high, the lending business is still challenged given the impact of the Covid -19.
“In 2021, PVB achieved a major milestone as it successfully migrated to a new and more robust core banking system. This not only allows the creation of new products in banking but also provides the Bank with ways to more efficiently perform day-to-day banking operations. The new core system would be the foundation of the Bank’s soon-to-be-launched online and mobile banking services for our clients,” President Claravall proudly added.
President Claravall also shared that, with the able leadership of Chairman Bobby de Ocampo, Veterans Bank made history when President Rodrigo Duterte signed Republic Act 11597, otherwise known as the “Philippine Veterans Bank Act” into law on December 10, 2021. The new law will revitalize the Bank with the increase of its authorized capital to P10 billion. It also allows post-WWII veterans and AFP Retirees, as well as non-veterans, to own PVB shares of stock.
“With the Bank’s new Charter and the projected reopening of the economy, capital raising will be the Bank’s top priority – first with the original stockholders, then followed by AFP Retirees and other post-war veterans and other investors. This means the Bank will be embracing a wider veteran community that will include AFP retirees and their families,” he added.