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President Rodrigo R. Duterte has signed a bill amending the Philippine Veterans Bank’s (PVB) charter to cover post-World War II veterans and soldiers.

The Philippine Veterans Bank Act, or Republic Act (RA) 11597, raises the bank’s permitted capital stock from PHP100 million to PHP10 billion, bringing it in line with the minimum capitalization level set by the Bangko Sentral ng Pilipinas (BSP) for private commercial banks.

The law said, “The capital stock of the Veterans Bank shall be PHP10 billion, divided into PHP75,000 common shares and PHP25,000 preferential shares, each with a par value of PHP100.” “This is an increase from the prior capital of PHP100 million, which consisted of 510,000 common shares and 490,000 preferred shares.”

Duterte recognizes the State’s objective to implement a realistic plan that would promote the welfare of all Filipino war veterans and retired military personnel by signing the bill on Dec. 10, 2021.

“In accordance with this policy, the State shall foster their socioeconomic security and general well-being by providing substantial support for their livelihood and income-generating projects through the efficient and effective revitalization of the Philippine Veterans Bank, hereinafter known as Veterans Bank,” read RA 11597.

Post-World War II (WWII) veterans and soldiers will be able to buy shares under RA 11597, as long as veterans make up the majority of shareholders.

“The term veteran or veterans’ shall include primarily any person or persons who served in the Philippines during World War II in the regularly constituted air, land, or naval services or arms, or in such non-regularly organized military units, and whose services such units duly recognized by the Republic of the Philippines or by the government of the United States of America,” it read.

As defined by existing regulations, “veteran or veterans” also includes the widow, orphan, or compulsory heir of a deceased veteran.

“After they have invested in the Philippine Veterans Bank, post-World War II veterans and AFP (Armed Forces of the Philippines) retirees shall enjoy the benefits and privileges given under this Act,” the law stated.

RA 11597 also renames the Board of Trustees of the Veterans of World War II (BTVW II) to the Board of Trustees of Veterans whenever post-WWII veterans and AFP retirees’ shareholdings surpass those of WWII veterans and their compulsory heirs.

“When the shareholdings of post-World War II veterans and AFP retirees exceed those of World War II veterans and their compulsory heirs,” the law stated, “the BTVWW II shall be reformed into the Board of Trustees of Veterans.”

The Act, which is a merger of House Bill 8164 and Senate Bill 2368, was passed by the House and Senate on September 28 and 29, respectively, last year.

RA 3518 established the PVB in 1963, and RA 7169 rehabilitated it in 1992.

Its headquarters are in Legaspi Village, Makati City, at 101 V.A. Rufino corner Dela Rosa Streets.

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