Post-World War II veterans and soldiers will now be covered by the revised Philippine Veterans Bank (PVB) charter recently signed by President Duterte.
The new law, Republic Act (RA) 11597, also PVB’s authorized capital stock from P100 million to P10 billion to align it with the minimum level the Bangko Sentral ng Pilipinas (BSP) prescribes for private commercial banks.
In signing the law, the President said he recognizes the policy of the State to execute a viable plan that will promote the welfare of all Filipino war veterans and retired military personnel.
Under RA 11597, shares will also be made open to post-World War II (WW II) veterans and soldiers, so long as veterans still make up the majority of shareholders.
The term ‘veteran’ primarily refers to any person “who served in the regularly constituted air, land, or naval services or arms, or in such non-regularly organized military units in the Philippines during World War II, and whose services are duly recognized by the Republic of the Philippines or by the government of the United States of America,” the law states.
“Veteran or veterans” also includes the widow, orphan, or a compulsory heir of a deceased veteran, as determined by existing laws. “Post-World War II veterans and AFP (Armed Forces of the Philippines) retirees shall enjoy the benefits and privileges provided under this Act after they have invested in the Philippine Veterans Bank,” the law added.
RA 11597 consolidated House of Representatives Bill 8164 and Senate Bill 2368, approved last year. The PVB was created in 1963 under RA 3518 and rehabilitated in 1992 under RA 7169.