On 02 June 2021, the House of Representatives adopted House Resolution No. 175 which enjoined the Philippine Veterans Affairs Office (PVAO) to form a Joint Task Force with the Philippine Veterans Bank (PVB) and the Board of Trustees of the Veterans of World War II (BTVWWII) to facilitate the immediate conveyance or transfer of the undelivered PVB shares of stock to the veteran owners or their compulsory heirs by the end of June 2021.
The said house resolution originated from House Resolution No. 1105 which was introduced and filed by Representative Geraldine B. Roman, the Chairperson of the Committee on Veterans Affairs and Welfare, on 03 August 2020.
The creation of the Joint Task Force (JTF) was among the recommendations of PVAO in its Position Paper submitted to the House Committee. The JTF, to be composed of representatives from PVAO, PVB, and the BTVWWII, is tasked to immediately deliver and transfer the shares of stock of the 1,055 PVAO-identified WWII veterans, 137 of whom are active WWII veterans and 918 are deceased but with active surviving spouses.
The 1,055 names of the WWII veterans were identified from the 33,308 names in the list of undelivered PVB shares of stock submitted by PVB. To date, 12 veterans out of the 1,055 PVAO-identified WWII veterans/stockholders have already claimed their stock certificates. Eighty-eight (88) compulsory heirs have likewise communicated with the PVB whose replacement stock certificates are now being processed.
With the utilization of the “PVAO textblast facility” and the efforts being done by the PVAO Field Service Extension Offices (FSEO), more and more stockholders and compulsory heirs are expected to reach out to PVB to claim their shares of stock. Likewise, the Veterans Federation of the Philippines (VFP) is assisting in informing the remaining PVAO-identified WWII veterans/stockholders of their entitlement under Republic Act 3518.
The distribution of the PVB Shares of Stocks is mandated by Section 3 (b) of RA 3518, which provides “that within five years from the organization of the Bank all shares of stock equivalent to fifty-one per cent subscription of the capital stock held by the government of the Republic of the Philippines for and in behalf of the veterans, their widows, orphans or compulsory heirs shall be transferred to and in the name of the veterans who shall thereafter vote said common shares. The shares shall be divided equally among the veterans at the rate of one share of one hundred pesos for each veteran or fraction thereof. The balance of about forty-nine (49%) per cent shall be divided into preferred shares which shall be opened for subscription by any recognized veteran, widow, orphans, or compulsory heirs of said veteran at the rate of one (1) preferred share per veteran