Zubiri: Senate-approved Veterans Bank Charter will provide better benefits to vets

Zubiri: Senate-approved Veterans Bank Charter will provide better benefits to vets

By Ernie Reyes

MANILA — On 13 September 2021, the Senate approved on third and final
reading Senate bill No. 2368, or an Act Providing for the Revised
Charter of the Philippine Veterans Bank.

The bill proposes an increase in the bank’s authorized capital stock, from
P100 million to P10 billion.

“We want to improve and strengthen our Philippine Veterans Bank in
recognition of the service and sacrifice that our veterans and retired
military personnel have rendered for the country,” said Senate
Majority Leader Juan Miguel Zubiri, principal author of the bill.

The increase capital stock of P10 billion is set to be divided into
75,000,000 common shares, and 25,000,000 preferred shares with a par
value of P100.00 each. This is from the previous capital of P100
million, with 510,000 common shares, and 490,000 preferred shares.

Under this bill, shares will also now be made open to non-veterans, so
long as veterans still make up the majority of shareholders. “By
expanding the equity stock, we will be able to increase the bank’s
future viability, and more importantly, we will be able to better
provide proper benefits and services to our war veterans and retired
military personnel, as well as their surviving families,” Zubiri said.

Apart from the increased stock, the bill also expands the definition
of “veterans” to include post-World War II veterans. In line with
this, the current Board of Trustees of the Veterans of World War II
(BTVWWII) shall be reorganized as the Board of Trustees of Veterans
once the shareholdings of post-WWII veterans and AFP retirees surpass
that of the WWII veterans and their compulsory heirs.

“The priceless sacrifice of our veterans and military personnel cannot
truly be repaid,” Zubiri said, “but this amendment to the charter of
the Philippine Veterans Bank will at the very least allow us to serve
our veterans and military personnel better in their retirement, in
gratitude for all that they have done for the country.” (ai/mtvn)

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