MAKATI CITY – Philippine Veterans Bank (PVB) held its 2023 Annual Stockholders’ Meeting (ASM) last June 16, 2023. Around 1,000 Filipino World War II veterans-stockholders, widows and their compulsory heirs were in attendance.
The meeting was graced by the presence of none other than the Speaker of the House of Representatives, Honorable Ferdinand Martin G. Romualdez, who addressed the audience with his inspirational message in support of PVB and the Bank’s Stock Subscription Offer campaign.
The annual election of the Bank’s Board of Directors (BOD) for another one-year term were also concluded with the following officials retained their Directorships:
Still leading the Bank’s BOD is Chairman Roberto F. De Ocampo, OBE, former Finance Secretary, with Vice Chairman: former Bureau of Internal Revenue and Bureau of Customs Commissioner Guillermo L. Parayno Jr.; other Board Members/Directors are: seasoned bankers Renato A. Claravall and Gerardo Manuel Luis B. Anonas, former RCBC President Francisco S. Magsajo Jr., former Development Bank of the Philippines Chairman Jose A. Nunez Jr., former Buenavista (Agusan del Norte) Vice Mayor Percianita G. Racho, seasoned banker Cesar A. Rubio, and Michael Democrito C. Mendoza, the son of former PVB Vice-Chairman/Director and WWII hero Democrito T. Mendoza ; Ma. Cecilia G. Soriano, former Department of Finance Undersecretary, and PLTGen. Reynaldo V. Velasco, former Administrator of Metropolitan Waterworks and Sewerage System (MWSS).
In his report to the Bank’s stockholders, President Claravall reported a positive 2022 Financial Performance. 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 closing 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. 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” says Claravall
“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” added President Claravall.
