PVB Stockholders listening intently to the report of the elected Board of Directors during the Annual Stockholders Meeting.
PHILIPPINE Veterans Bank announced during the annual stockholders’ meeting last June 20, 2014 that total resources of the Bank grew from P54.93 billion to P55.59 billion. In his report, PVB President & CEO Joey A. Bermudez said that the 1.22 percent growth were recorded from 2012 to 2013 yearend. Bermudez also said that Capital Funds remained strong at P6.61 billion.
Among other announcements made at the ASM, which was held at the SMX Convention Center in Pasay City, included the election results for its Board of Directors. Re-elected for a one-year term to the PVB Board were Roberto F. de Ocampo OBE, Guillermo A. Parayno Jr., Joey A. Bermudez, Ma. Nieves R. Confesor, Alfonso B. Cruz Jr., Judith V. Lopez, Percianita G. Racho, Gen. Umberto A. Rodriguez, Atty. Romeo G. Roxas, Laurito E. Serrano and Pablito H. Yap.
The Bank also reported that its capital adequacy ratio (CAR), a measure to determine a bank’s capability to shoulder risks, stood at 20.24% under Basel II. This is still well above the 10% minimum requirement of the Bangko Sentral ng Pilipinas. In terms of audited Net income, the Bank was able to generate P142.70 million lower than the 2012 figure of P356.82 mainly due to the sustained drop in asset yields given the excess liquidity in the market.
Over 4,000 stockholders – which consisted of Filipino World War II veterans, widows, and heirs were in attendance. PVB is a private bank, but it has the advantage of an authorized depository of government funds as stated in Section 6 of R.A. 7169.
Philippine Veterans Bank is owned by some 384,000 Filipino World War II veterans and their designated heirs. As part of its mandate, it is committed to provide 20% of its annual net income to the Board of Trustees of the Veterans of World War II (BTVWWII), which in turn manages programs for the benefit of the veterans, their widows, orphans and heirs. These include the BTVWWII Museum and the BTVWWII Out-patient Center.
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