Philippine Veterans Bank held its 2023 Annual Stockholders’ Meeting on June 16, 2023 with around 1,000 Filipino World War II veterans-stockholders, widows and their compulsory heirs in attendance.
House Speaker Ferdinand Martin Romualdez attended the event and gave his inspirational message in support of PVB and the bank’s Stock Subscription Offer campaign.
The Bank’s board of directors were elected for another one-year term with the following officials retained their directorships.
Roberto F. De Ocampo, OBE, former Finance Secretary was elected chairman with former Bureau of Internal Revenue and Bureau of Customs Commissioner Guillermo Parayno Jr. As vice chairman.
Other board members/directors includes seasoned bankers Renato Claravall and Gerardo Manuel Luis Anonas, former RCBC president Francisco Magsajo Jr., former Development Bank of the Philippines chairman Jose A. Nunez Jr., former Buenavista (Agusan del Norte) vice mayor Percianita Racho, seasoned banker Cesar Rubio, and Michael Democrito Mendoza, the son of former PVB vice-chairman/director and WWII hero Democrito Mendoza ; Ma. Cecilia G. Soriano, former Department of Finance undersecretary, and PLTGen. Reynaldo Velasco, former administrator of Metropolitan Waterworks and Sewerage System.
In his report to the Bank’s stockholders, Claravall reported a positive 2022 financial performance for the Bank,
While still acknowledging the challenges brought about by the Covid-19 pandemic that hit all industries, the Bank made a robust rebound with a net income of P268 million.
The bank’s deposit level, lending and assets are at its highest. Deposits closed at P56.2 billion, the lending business also increased at P25.2 billion and total assets closed at P61.15 billion.
“To prepare for the changing business environment in 2023 and with the Bank’s new charter acted into Law via Republic Act 11597 on December 10, 2021, PVB devised new strategies and innovations. Chief among these is capital-raising which PVB is currently doing not only to comply with regulatory requirements but also to ensure the bank’s viability,” Claravall said.
“The capital-raising activities are open to a wider veteran community, including military retirees and private investors, aligning with PVB’s objective to become the Bank for all veterans,” he said.
He said that with substantial capital, PVB aims to expand its footprint, not only through physical branches but also by launching digital banking platforms.
“By offering online and mobile services, PVB plans to provide value-added services to existing clients and attract new customers. The bank recognizes the potential for growth through digital banking and aims to leverage this opportunity, despite being a late entrant in the digital banking sphere” Claravall said.
PVB is a medium-sized, commercial bank owned by Filipino World War II veterans and their heirs and descendants. It operates 60 branches nationwide and 1 branch lite that caters to both corporate and retail financial markets.
As an authorized government depository bank, PVB also offers its banking services to government agencies, government owned & controlled corporations, and local government units.