Veterans Bank sees growth in 2013

 CITY Oct. 1 (PIA)- The Philippine Veterans Bank is eyeing bigger net income by 2013 buoyed by a growing economy and the coming election season.

PVB vice-president for corporate communications Mike Villa-Real said that this year they only recorded around P400-million net profits brought about by the lowering of interest rates by the Bangko Sentral ng Pilipinas.

This is a reduction from the P519.07-million net profit registered in 2011 and P519.57 m-million in 2010. They are bullish that the net profits for 2013 will equal or surpass the 2010 and 2011 figures.

Villa Real guesting last September 28 at the Kapihan sa Abreeza a monthly media forum held at Ayala Abreeza Mall said that the increased profits would greatly benefit the surviving World War II veterans as 20% of the net profit is earmarked for the Board of Trustees for the Veterans of World War II (BTVWWII).

The funds from the bank are used to augment the veterans’ benefits most of these are used for medical expenses like the purchase of medicines particularly maintenance drugs. Villa Real said that despite the decreasing number of veterans as many of them have passed away from old age, the surviving members will require a great deal of medical expenses with their advancing age.

The Philippine Veterans Bank was established in 1963 under Republic Act 3518, the funds from the bank came from Japanese reparations payments after World War II. It was conceived to be a commercial bank owned by the 395,000 Filipino World War II veterans. The bank was closed due to capital deficiency in 1983. But under RA 7169 the bank was rehabilitated and subsequently opened in 1992.

Today the bank is ranked as 18th among commercial banks in terms of total assets and is considered as among the fastest growing commercial banks in the country. (PIA/RG Alama)