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President Rodrigo Duterte has signed Republic Act 11597 or the act providing for the revised charter of the Philippine Veterans Bank (PVB). The law which amends R.A. 3518 which created the Philippine Veterans Bank was signed on December 10, 2021.

R.A. 11597 provides that the state shall recognize its duty to execute viable plans that will promote the welfare of the Filipino war veterans and retired military personnel, including their surviving spouses, orphans and compulsory heirs. “In line with this policy, the State shall foster their socio-economic security and general well-being by extending to them substantial support for their livelihood and income generating projects,” R.A. 11597 states.

The amendment of the PVB opens the bank’s shares to post-World War II veterans and soldiers, as long as Filipino veterans still possess the majority of the shares at all times. Section 6 of the revised charter further provides that Post-World War II veterans and AFP retirees shall enjoy the benefits and privileges provided under the act after they invested in PVB.

Moreover, the capital stock of the Philippine Veterans Bank will be increased to Php 10 Billion divided into Php 75 Million common shares and Php 25 Million preferred shares with par value of Php 100 each as stated on Section 5 of the law. The act also reorganizes the Board of Trustees of the Veterans of World War II as Board of Veterans when the shareholdings of post-WW II veterans and AFP retirees have surpassed the shares of WW II veterans and their compulsory heirs.

R.A. 11597 is a consolidation of the House of Representatives Bill 8164 and Senate Bill 2368 and was passed by the respective chambers of the Congress in September last year. The Philippine Veterans Bank was created in 1963 under R.A. 3518 and was rehabilitated under R.A. 7169.