|
|
| |
 |
| |
|
Home
»
Central Bank of the Philippines
» Philippines Veterans
Bank |
|
|
|
|
|
|
|
|
The idea to establish a
veterans bank began in 1956 when the reparations agreement with Japan was
concluded. It provided for payment by Japan to the Philippines the amount of
US $20 million in cash, P5 million in capital goods and US $10 million in
services. Republic Act 1789 or the Reparations Law, placed the cash
reparations in a trust fund for the benefit of World War II veterans, their
widows and orphans. This fund was meant to be invested into a bank that
should service their needs, provide for their future, and harness their
potential to once again serve the nation through a financial intermediary
that they can truly call their own.
And so, on June 18, 1963, the Philippine Veterans Bank was created with the
enactment of Republic Act No. 3518, which became its charter. While PVB was
conceived and created as a private commercial bank owned by the veterans,
the law provided that it would be a government depository as a gesture of
appreciation by a grateful nation to the veterans for the sacrifices that
they offered on the altar of freedom.
|
|
|
|
PVB's charter provided that
during the first five years from the organization of the Bank, members of
the board would be appointed by the government pending the transfer of the
common shares to the veterans. After this, they were to elect the members of
the board in the manner prescribed by the Corporation Code. |
| |
Philippines Veterans Bank
Category : Universal & Commercial Banks
SWIFT Code : PHVBPHMM
Address :
PVB Main Office Building
101 V.A. Rufino corner Dela Rosa Streets
Legaspi Village, Makati City
Philippines 1229
Telephone : (63) 2 902-1600
Website : www.veteransbank.com.ph |
|
Search
other banks in Philippines |
|
|
|
|
|
However, even after the
common stocks were transferred to the veterans, subsequent amendments to R.A.
No. 3518, through a series of Presidential Decrees issued during the martial
law enabled the government to continue appointing board members. As a
consequence, the right of the veterans to elect members of the board was
curtailed, and they became PVB owners in name only. As history would later
unfold, the Bank fell prey to political excesses during that era.
Given this opportunity to chart the destiny of their Bank and knowing that
the veterans, are now in their twilight years and must continue enjoying
their benefits, the PVB leadership has firmly resolved to continue
establishing a solid reputation for growth and build the Bank into a truly
lasting legacy to the nation and succeeding generations.
|
|
|
|
|
|
|
|
|
|
|
DISCLAIMER
The content comes from Internet, reasonable efforts are made to maintain accuracy of information published.
However, information could contain errors or inaccuracies and is presented
without warranty and statutory means.
Viewers are advised to
consult their banker or financial consultant for complete information and
their professional advise.
No liability is assumed for errors or omissions.
All trademarks, logos, brand names and copyrights are the property of their
respective owners. |
|
|
© 2011 - 2022 BankHeadOffice.com ® All
Rights Reserved |
|
|
