Following the celebration of Philippine Veterans Week from April 5 to 11 which aimed at promoting, preserving, and memorializing the principles, ideals and deeds of our war veterans as a means to enhance patriotism and love for the Philippines, especially among the youth, it’s time to put a spotlight on a Philippine commercial bank that was established to benefit this breed of heroes and their immediate families.
The Philippine Veterans Bank (PVB) stands as a testament to the Filipino spirit of resilience and a commitment to honoring those who served.
Established in 1963, PVB was envisioned as a bank by and for veterans, offering financial services and recognizing the sacrifices of our liberators.
Born from gratitude, tested by time
The idea for the PVB emerged in 1956 with reparations received from Japan after World War II. These funds were designated to benefit veterans, widows, and orphans. The PVB aimed to be a financial institution catering to their needs and empowering them further.
A dream realized, a dream deferred
On June 18, 1963, the PVB became a reality through Republic Act No. 3518. While envisioned as a veteran-owned bank, the law allowed government deposits, reflecting the nation's appreciation for veterans' sacrifices.
Initially, veterans would elect board members, but later amendments under martial law shifted control to the government. This curtailed veterans' ownership and ultimately led to mismanagement and the bank's closure in 1983.
From closure to rebirth
The Philippine Constitution of 1987 reaffirmed support for veterans, paving the way for the bank's revival. Through Republic Act No. 7169 in 1992, veterans regained control, electing board members and shaping the bank's future. The government's locked-in deposits were restructured as a loan, allowing the PVB to rebuild financially.
Regaining strength, repaying trust
The PVB focused on rebuilding its reputation and public trust. Conservative banking practices and a branch expansion program ensured stability and accessibility for veterans, especially in rural areas. This period saw significant growth, with the bank becoming a profitable financial institution.
Sharing the success
Since its reopening, the PVB has consistently distributed cash and stock dividends to veterans. Their shareholdings grew tremendously, reflecting the bank's success. Additionally, the bank prioritizes veterans' well-being by:
* Offering preferential treatment for loan and deposit transactions.
* Providing medical care and medication through partnerships with charitable institutions.
* Supporting veteran employment opportunities for their children and grandchildren.
