Philippine Veterans Bank, also known as PVB and Veterans Bank, is a commercial bank in the Philippines. The bank is owned by Philippine World War II war veterans and their families and caters to both corporate and retail financial markets. As part of its charter, PVB allocates 20% of its annual net income for the benefit of its shareholders.
History
The concept of a bank for veterans of World War II was conceived in 1956, when a war reparations agreement was signed between Japan and the Philippines. The agreement provided for US$20 million in cash, ₱5 million in capital and US$10 million in services. Under Republic Act No. 1789,[1] better known as the Reparations Act, the cash reparations were set aside into a special trust fund for the use of World War II veterans and their families. There were plans to split the funds evenly among all veterans, but legislators say that it is in the higher interest that the funds be invested in a bank that would service their needs. If the fund were split at the time, each veteran would get only one hundred pesos at the then-prevailing exchange rate of two pesos per U.S. dollar.
Through the stirring words of Senator Camilo Osías, as shown in the excerpt below, the Philippine Veterans Bank was born on June 18, 1963, through Republic Act No. 3518,[2] which would become its charter.