Senate Majority Leader Juan Miguel “Migz” F. Zubiri during one of the Senate deliberations. Senate PRIB file photo / Voltaire Domingo
MANILA, Philippines — The Senate has approved on third and final reading Senate bill No. 2368, or an Act Providing for the Revised Charter of the Philippine Veterans Bank.
Approved during deliberations on Sept. 13, 2021, 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 the 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.”
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