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SOURCE: Press and Public Affairs Bureau


BILL ON PHILIPPINE VETERANS BANK CHARTER AMENDMENT APPROVED AMID PANDEMIC


 

20 November 2020 04:17:03 PM

The House Committee on Banks and Financial Intermediaries approved on Friday a bill seeking to strengthen the Philippine Veterans Bank (PVB) by amending its charter. “Without amending the charter, the bank would have difficulty trying to meet the requirement of the Bangko Sentral ng Pilipinas (BSP) for a much bigger capitalization. Over the last few years this has been a challenge to the Veterans Bank,” Committee Chair and Quirino Rep. Junie Cua. He said the unnumbered substitute bill would expand the stockholdings of the PVB to include all Philippine veterans. “The capital base has been expanded,” Cua noted. To further ensure sufficient capital can flow in, the bill seeks to allow private sector capitalization—namely, non-veterans—to invest in the PVB. However, veterans would continue to have control over the bank. “This bank now will operate just like any commercial bank that can invite private investors to come in except that at no time shall the control of the bank be in the hands of non-veterans,” Cua said. He assured that the bill has received the support of the BSP, regulators, the veterans community, as well as of potential investors. The bill substituted House Bill 6375, which is principally authored by Rep. Yedda Marie Romualdez (Party-list, TINGOG SINIRANGAN).

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