EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES
Second Regular Session
SENATE 
S. B. No. 2139
FILED
DATE
T»ME
KOEX
GILL6
Introduced by Senator Juan Miguel F. Zubiri
AN ACT
PROVIDING FOR THE REVISED CHARTER OF THE PHILIPPINE 
VETERANS BANK, REPEALING FOR THE PURPOSE 
REPUBLIC ACT NO. 3518, AS AMENDED
EXPLANATORY NOTE
Recognizing the patriotic services of our Fiiipino war veterans as weii as aii retired 
military personnel, it is more fitting to provide them adequate benefits and other 
forms of assistance due to them.
This bill proposes amendments to certain provisions of the Philippine Veterans 
Bank Charter. By adopting these proposed amendments, we are not only 
inaeasing the bank's future viability, but more importantly, we are giving tribute 
to all the selfless efforts given by the veterans and our retired military personnel 
who risked their lives for the betterment of the country.
In view of the foregoing, immediate passage of this bill is earnestly sought.
GUEL F. ZUBIRI


EIGHTEENTH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES
Second Regular Session
SENATE 
S. B. No. 2139
Introduced by Senator Juan Miguel F. Zubiri
FILED
Date
TIME
KDEX
BILLS
AN ACT
PROVIDING FOR THE REVISED CHARTER OF THE PHILIPPINE 
VETERANS BANK, REPEALING FOR THE PURPOSE 
REPUBLIC ACT NO. 3518, AS AMENDED
Be it enacted by the Senate and House of Representatives of the Philippines 
in Congress assembled:
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Section 1. This Act shall be known as the "Philippine Veterans Bank Act
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Sec. 2. Declaration of Policy. - In order to give meaning and reaiization to
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the constitutional mandate of providing immediate and adequate benefits and
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other forms of assistance to all Rlipino war veterans, and the retired miiitary
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personnel, including their surviving spouses, orphans and compulsory heirs, in
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recognition of the patriotic services in times of war and peace for the cause of
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freedom and democracy, it is hereby declared the policy of the State to execute a
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viable plan that will promote the welfare of all Filipino war veterans and retired
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military personnel. In line with this policy, the State shall foster their socio-
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economic security and general well-being, by extending to them substantial
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support for their livelihood and income-generating projects, through the efficient
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and effective revitalization of the Phiiippine Veterans Bank, hereinafter known as
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Veterans Bank, which is deepiy imbued with public interest.
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Sec. 3. Name, Domicile and Place of Business. - There is hereby created
15 
the Philippine Veterans Bank which shali be commonly called the Veterans Bank,
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whose principal domicile and place of business shali be at PVB building 101 V.A.
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Rufino comer Dela Rosa Streets, Legaspi Viilage, Makati City, but branches or
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agencies may be established in other provinces and cities as the Board of Directors
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may decide.


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Sec. 4. Corporate Powers and Duties. - The Veterans Bank shall have the
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power:
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(a) To promulgate Its by-laws;
(b) To adopt and use a seal;
(c) To sue and be sued;
(d) To carry on a trust business subject to compliance with pertinent 
provisions of laws and In accordance with the applicable Bangko 
Sentral ng Pilipinas (BSP) rules and regulations;
(e) To grant loans and advances In accordance with the Republic Act No. 
8791 otherwise known as the General Banking Law of 2000 and the 
BSP rules and regulations, with preference given to veterans defined 
in Section 6 (a) hereof;
(f) To invest in stocks and other investment instruments in accordance 
with Republic Act No. 8791 and the BSP rules and regulations;
(g) To issue bonds and other certificates of indebtedness in accordance 
with Republic Act No. 8791 and the BSP rules and regulations;
(h) To contract any obligation, or enter into any agreement essential to 
the proper management of its corporate powers and carry out its alms 
and purposes;
(i) To appoint and dismiss its officers and employees;
(j) To create and/or make equity investments to subsidiaries and 
affiliates or privately owned financial institutions, subject to such 
limitations prescribed by Republic Act No. 8791 and the BSP rules and 
regulations;
(k) To exercise the powers granted in this Act and such incidental powers 
as may be necessary to carry on and engage in the business of 
general banking; and
(l) To exercise the general powers mentioned in Republic Act No. 11232, 
otherwise known as the Revised Corporation Code of the Philippines 
and Republic Act No. 8791, in so far as they are not inconsistent or 
Incompatible with the provisions of this Act.


Sec. 5. Authorized Capital Stock, Par Value.
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(a) The capital stock of the Veterans Bank shall be Ten billion pesos (P 
10,000,000,000.00) divided into seventy five million (75,000,000) 
common shares and twenty five million (25,000,000) preferred shares 
with a par value of One hundred pesos (P 100.00) each.
(b) The seventy-five million (75,000,000) common shares shall include: 
(I) the original five-hundred ten thousand (510,000) common shares 
subsaibed and fully paid by the government for and in behalf of the 
World War II veterans and was already issued/transferred to the said 
veterans; (2) the stock dividends on common shares issued to the 
stockholders; (3) the common shares issued to the stockholders 
representing subscription on increases in the authorized capital stock, 
common, approved by the BSP and the Securities and Exchange 
Commission (SEC) as of the date of the effectivity of this Act. The 
unsubscribed balance shall be opened for subscription by the existing 
stockholders and the other veterans entitled to benefit from this Act 
as described in Section 6 (a) hereof. The twenty-five million 
(25,000,000) preferred shares shall include: (I) the original four 
hundred ninety thousand (490,000) preferred shares subscribed and 
fully paid by the veterans; (2) the stock dividends on preferred shares 
issued to the stockholders. The unsubsaibed shares on increases in 
the authorized capital stock, preferred, approved by the BSP and the 
SEC as of the date of the effectivity of this Act, shall be opened for 
subscription by the existing stockholders and the other veterans 
entitled to benefit from this Act as described in Section 6 (a) hereof. 
The transfer of the share/s of a veteran to the widow, orphan or 
compulsory heir of a veteran by way of succession or donation shall 
not be subject to tax. Shares may be opened for investment to non­
veterans provided that at all times the majority of shares shall be held 
by the veterans as defined under this Act.
(c) The Board of Trustees of the Veterans of World War II, provided for 
under Section 24 hereof, which was originally designated as such 
under Section 8 of Republic Act No. 7169, otherwise known as "An 
Act to Rehabilitate the Philippine Veterans Bank", shall continue to be


1 
the trustee of all issued but undelivered common and preferred
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shares.
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Sec. 6. Determination of Veterans Entitied to Benefit from this Act. -
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(a) The term "veteran or veterans" shall Include primarily any person or
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persons who served in the regularly constituted air, land, or naval
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services or arms, or in such non-regularly organized military units in
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the Philippines during World War II, and whose services with such
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units are duly recognized by the Republic of the Philippines or by the
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government of the United States of America: Provided, that for the
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purposes of this Act, the term "veteran or veterans" also includes the
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widow, orphan or a compulsory heir of a deceased veteran, as
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determined by existing laws; and those veterans referred to under
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Republic Act No. 6948, as amended by Republic Act No. 7696 and
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Republic Act 10 No. 9396: Provided, That post-World War II veterans
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and AFP retirees shall enjoy the benefits and privileges provided
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under this Act after they have invested in Philippine Veterans Bank.
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(b)The term "organized or acknowledged veterans' organizations " as
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used in this Act shall mean a veterans organization duly recognized
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or acknowledged as such by the Philippine Veterans Affairs Office
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(PVAO) and the Armed Forces of the Philippines (AFP); Both shall
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keep an official roster of such veterans organizations;
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(c) The share of each beneficiary, war veteran or widow, orphan or
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compulsory heir of a deceased veteran, in the distribution of the
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benefits and in the ownership of shares, will be equal, regardless of
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rank and services rendered: Provided, That In the case of orphan or
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orphans of a deceased veteran, they shall be counted as one unit only
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and the share of all of them regardless of their number will be the
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same or equal to that of a surviving war veteran or surviving widow.
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Sec. 7. Loans, Investments, and Liabiiities. - The Veterans Bank is hereby
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authorized:
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(a) To grant loans, advances, or other credit accommodations for the
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establishment, rehabilitation, expansion, or development of any
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agricultural, commercial or industrial enterprise, or personal service,
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including public utilities, in accordance with Republic Act No. 8791,


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the BSP rules and regulations, and under such terms as may be
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prescribed by the Board of Directors and that preference be given to
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applicants who are veterans as defined under Section 6 (a) hereof,
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subject to pertinent BSP rules and regulations;
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(b)To invest in stocks and other investment instruments subject to
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Republic Act No. 8791, and the BSP rules and regulations;
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(c)to issue bonds and other certificates of indebtedness subject to
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Republic Act No. 8791, and 31 the BSP rules and regulations.
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Sec. 8. Qualification and Per Diems of the Board of Directors. -
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(a) The affairs and business of the Veterans Bank shall be directed and
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its property managed, controlled and preserved, unless otherwise
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provided in this act, by a Board of Directors consisting of fifteen (15)
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members, five of whom shall be independent directors, who shall be
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elected as provided in Sec. 22 of Republic Act No. 11232. The Board
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of Directors shall be elected in proportion to the shareholdings of
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veterans and non-veterans. They shall have formal business training
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and/or experience in banking and finance and possess the
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qualifications and none of the disqualifications of directors as
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prescribed under the BSP rules and regulations, and shall be elected
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annually by the stockholders in the manner prescribed by Republic
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Act No. 11232; Provided, That unless otherwise allowed under BSP
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rules and regulations, no director, officer, or employee of any other
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bank shall be eligible as a member of the Board of Directors of the
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Veterans Bank, except for independent directors. The members of the
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Board of Directors shall receive a per diem or allowance for every
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meeting of the board actually attended by them, the amount of which
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shall be within the acceptable banking industry rates and shall be set
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in accordance with the pertinent provisions of Republic Act No.
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11232;
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(b)The Board of Directors, shall upon a majority vote of all its members,
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elect its chairperson, vice-chairperson, and secretary, at such time
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and place as shall be provided for in its by-laws.
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Sec. 9. Powers and Functions of the Board of Directors. - The Board of
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Directors shall:


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(a) Formulate policies necessary to cany out effectively the provisions of
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this Act and adopt such by-laws rules and regulations for the effective
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operation of the bank in conformity with this Act and other existing
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laws;
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(b) Determine the organization of the bank by creating the necessary
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departments or offices as are essential for the efficient operation of
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the bank;
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(c) Subject to prior approval of the Monetary Board, establish branches
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or agencies in other countries; and,
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(d) Create an executive committee and such other committees as it may
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deem necessary and proper in the conduct of the business of the
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corporation, with composition, powers and duties as it may prescribe,
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subject to BSP rules and regulations, and act on all matters affecting
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general policies of the bank.
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Sec. 10. President and Vice-Presidents; Appointment and Removal;
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Salaries. - The chief operating officer of the bank shall be the President who shail
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be chosen by the Board of Directors. The President shall be assisted by such
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number of Vice-Presidents who shall be elected and may be removed by the Board
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of Directors. The President and the Vice-Presidents shall possess practical
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experience in banking and finance as top executives, at least 10 years for the
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President and at least five (5) years for the Vice Presidents. The salaries of the
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President and the Vice-Presidents shall be reasonable, and shall be set and
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approved by the Board of Directors in accordance with applicable laws and sound
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corporate governance practices.
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Sec. 11. Duties and Powers of the President - The President of the bank
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shall, among others, execute and administer the policies, measures, orders, and
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resolutions approved by the Board of Directors, and direct and supervise the
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operation and administration of the bank
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Particularly, the President shall have the power and duty to:
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(a) Approve loans, investments, and other instruments in accordance
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with Republic Act No. 8791 and the existing BSP rules and
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regulations: Provided, That the total amount of such loans,
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investments and other instruments shall not exceed five (5%) per


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cent of the paid-up capital and surplus: Provided, further, That any
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loan, investment and other instrument in excess therewith shall be
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approved by the Board of Directors;
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(b) Make, with the advice and consent of the Board of Directors, all
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contracts on behalf of the said bank and enter into all necessary
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obligations that this Act requires or permits;
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(c) Report monthly to the Board of Directors the main facts concerning
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the operations of the bank during the preceding month and to
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suggest changes in rates of discount of interest, exchange, or policy
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which to him may seem best;
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(d) Exercise such other powers and perform such other duties as may be
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directed by the Board of Directors from time to time.
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Sec. 12. Legal Counsel. - The Veterans Bank shall have its own legal
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department, the chief and members of which shall be appointed by the Board of
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Directors. The Board may engage the professional services of private external legal
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counsel whenever deemed necessary.
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Sec. 13. Bank Auditor Reports. - The Veterans Bank shall have its own
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auditing department, the head of which shall be appointed by the Board of
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Directors preferably from among recognized veterans or their heirs of good
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standing who are certified public accountants and with actual experience in the
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work of a comptroller or auditor. The auditor shall not suffer any diminution in
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salary during the auditor's term of office, and may not be removed except for
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cause.
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The auditor shall make a report to the Board of Directors and to government
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regulatory authorities on the condition of the bank. The Board of Directors shall
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set the frequency of submission of the auditor's report to the Board, subject to
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BSP rules and regulations.
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Sec. 14. Appointments, Removal and Salaries of other Bank Officers. - All
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other officers of the bank shall be appointed and removed by the Board of Directors
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upon recommendation of the human resources committee of the Board: Provided,
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however. That, all other circumstances being equal, preference in the appointment
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of said bank officers shall be given to veterans, or their widows, orphans or
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compulsory heirs, who must likewise possess the qualifications, integrity.


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experience and expertise in banking and finance under pertinent BSP rules and
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regulations. Said officers shall have duties and compensation which shall be set by
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the human resources committee with the approval of the Board of Directors.
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Sec. 15. Supervision and Examination of the BSP. - The Veterans Bank shall
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be subject to supervision and examination by the BSP in accordance with Republic
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Act No. 7653 otherwise known as the "New Central Bank Act", as amended, and
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Republic Act No. 8791.
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Sec. 16. Prohibition Against Owning Stock in or Incurring Indebtedness to
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the Bank. - The Secretary of Finance, the Governor of the BSP, all other members
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of the Monetary Board, and the head of the Auditing Department of the Veterans
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Bank, except if they are respectively veteran stockholders or heirs, are hereby
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prohibited from owning stock in the Veterans Bank, or from becoming indebted to
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said bank, directly or indirectly.
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Sec. 17. Loans to Officers, Directors, and Employees; Restriction and
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Limitation. - The Veterans Bank shall not directly or Indirectly, grant loans to any
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director, officer, employee, or agent of the bank, and no loans shall be granted to
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a corporation, partnership, or company wherein any member of the Board of
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Directors is a shareholder, agent or employee in any manner, except by the
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unanimous vote of the members of the Board present in a meeting, excluding the
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interested member: Provided, That the total liabilities to the bank of any
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corporation wherein any member of the Board of Directors of the Veterans Bank
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is a shareholder, agent or employee in any manner, shall at no time exceed five
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(5%) per centum of the surplus and paid-up capital of the bank.
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Sec. 18. Authority To Purchase And Own Such Real Estate As May Be
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Necessary For The Purpose Of Carrying On Its Business. - The Veterans Bank is
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hereby authorized to hold such real estate as it may find necessary to acquire in
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the collection of debts due to the said bank or to its branches: Provided, That the
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real estate acquired in the collection of debts shall be sold by the bank within five
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(5) years after the date of its acquisition.
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Sec. 19. Right of Redemption of Property Foreclosed. - The mortgagor shall
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have the right, within one (1) year after the sale of the real estate as a result of
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the foreclosure of a mortgage, to redeem the property by paying the amount fixed
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by the court in the order of execution, with interest thereon at the rate specified


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in the mortgage, and all the costs and other judicial expenses incurred by the bank
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by reason of the execution and sale, and for the custody of said property.
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Sec. 20. Right to Demand Additional Securities; Disposal of Same
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Securities; Advanced Matunty of Credits; Right to Collect Deficiency. - The right of
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Veterans Bank to demand additional securities, dispose of the same, advance the
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maturity of credits in case of loss or decline in the market value of the collaterals,
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default or non-performance of obligation by the debtor, and collect deficiency, if
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any, for loans and other credit accommodations granted under or against securities
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and collaterals, shall be subject to the provisions of Republic Act No. 8791 and
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other applicable laws on collaterals, mortgage, foreclosure and redemption, and
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their implementing rules and regulations.
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Sec. 21. Action to Collect Balance of Indebtedness. - If the proceeds of the
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sale of securities held as collateral for loans by said bank do not cover the full
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amount of the loan, together with the interest and other charges thereon, the bank
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may proceed against the debtor for the difference: Provided, That any amount
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exceeding the full indebtedness to the bank shall be paid to the debtor.
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Sec. 22. Prohibition Against Charging Fees In Securing Loans; Penalties for
18 
Violation. - No fee, charge or commission in any form shall be exacted, demanded,
19 
or paid, for obtaining loans, directly or indirectly, by any director, officer,
20 
employee, or agent of the Veterans Bank. Any director, officer, employee or agent
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so exacting, demanding or receiving any fee for the service or for the use of the
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influence in obtaining a loan shall be punished by a fine of not exceeding One
23 
hundred thousand pesos (P 100,000.00) or by imprisonment of not more than five
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(5) years, or both, at the discretion of the court.
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Sec. 23. Allocation of Net Prom and Unrestricted Retained Earnings. - At
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the close of each calendar year, the bank shall include in the determination of its
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net profit the provisions for impairment allowances, in accordance with pertinent
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BSP rules and regulations, and the net profit arrived thereat shall be allocated, as
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follows:
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(a) Twenty per cent (20%) of such net profit or such amount necessary
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to meet the capital build up program of the Veterans Bank, shall
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accrue to the reserve account;
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(b)Frcm the remaining amount of the net profit after deducting the
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amount accrued to the reserve account shall be deducted the


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guaranteed earnings of the preferred shares and the ten (10%) per
2 
cent dividends on common shares: Provided, however, That the
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declaration of these dividends shall be out of the unrestricted and
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free retained earnings in accordance with the pertinent provisions of
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Republic Act No. 11232, Republic Act No. 8791, and the BSP rules
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and regulations;
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Thereafter, twenty per cent (20%) of the net profit after deducting the
8 
guaranteed earnings of the preferred shares and the 10% dividends on common
9 
shares, or the amount of thirty million pesos (P30,000,000.00), whichever is lower,
10 
shall be paid in cash to the Board of Trustees of the Veterans of World War II
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(B7VWWII) as hereinafter provided in Section 24 hereof for disposition and shall
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be available for 'grants-in-aid' to veterans, their widows, orphans, or compulsory
13 
heirs, for educational, social, charitable, and rehabilitation purposes, to
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organizations doing service for the cause of the veterans, and for such other
15 
purposes beneficial to the veterans, including maintenance and improvement of
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its offices, buildings, museum as well as the construction and development within
17 
the 2.4 hectare portion of the property along Veterans Center, Taguig City, that Is
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currently being occupied by the BTVWWII and covered by Proclamation No. 192
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by the President of the Philippines, dated April 4,1967, which maximum limit may
20 
be inaeased upon mutual agreement between Veterans Bank and the BTVWWII:
21 
Provided, That the latter shall render an accounting of the funds received from the
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former and shall be audited annually by a reputable external auditing firm.
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The remaining profits shall be at the disposition of the Board of Directors of
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Veterans Bank in accordance with the pertinent provisions of Republic Act No.
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11232, Republic Act No. 8791, and the BSP rules and regulations.
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Sec. 24. Board of Trustees of the Veterans of World War II to be
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Reorganized as Board of Trustees of Veterans. - When the shareholdings of the
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post-world war II veterans and AFP retirees have surpassed the shareholdings of
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the veterans of World War II and their compulsory heirs, then the Board of
30 
Trustees of the Veterans of World War II shall be reorganized into the Board of
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Trustees of Veterans as defined in Sec. 6 (a) of this Act. It shall consist of eleven
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(11) members who shall be elected from among all the veterans by the
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stockholders of the Veterans Bank in its annual stockholders meeting. Immediately
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after their election, the members of the Board of Trustees shall elect from among
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themselves a Chairperson and a Vice-Chairperson. The members of the Board of
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Trustees shall serve without compensation other than actual and necessary
2 
expenses incurred either in attendance upon meetings of the board or upon other
3 
official business authorized by resolution thereof: Provided, however. That a vote
4 
of the majority of all the members shall be necessary to authorize the disposal of
5 
the funds held by the board.
6 
The Board of Trustees shall appoint a Secretary and such other necessary
7 
officials and employees. The compensation of these officials and employees shall
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be reasonable and in accordance with applicable laws and sound corporate
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governance practices. All the powers, privileges, duties and responsibilities of the
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previous Board of Trustees of Veterans of World War II shall be transferred to the
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new Board of Veterans.
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Sec. 25. Term of Legal Existence. - The legal existence of the bank under
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this Act shall be perpetual in accordance with Section 11 of Republic Act No. 11232.
14 
Sec. 26. Prohibition Against the Use of the Word 'Veterans"; Penalty' for
15 
Violation. - All banks other than the Veterans Bank, and such other banks now
16 
licensed to do business in the Philippines whose names already include the word
17 
"veterans" are prohibited from using the word "veterans" as a part of their names
18 
or titles. Any party violating this provision shall be subject to a fine of not less than
19 
Ten thousand pesos (P 10,000.00) for each day during which said violation is
20 
committed or repeated, which penalty shall be enforced by the Veterans Bank.
21 
Sec. 27. Penalties for Violation of die Provisions of this Act. - Any director,
22 
officer, employee, or agent of the bank who violates or permits the violation of
23 
any of the provisions of this Act, or any person aiding or abetting the violation of
24 
any provision of this Act, shall be punished by a fine not exceeding One hundred
25 
thousand (P100,000.00) pesos or imprisonment of not more than five (5) years,
26 
or both, at the discretion of the court.
27 
Sec. 28. Authority' to Receive Deposit of Government Funds as an Official
28 
Government Depository. - The Secretary of Finance, the National Treasurer, and
29 
their authorized representatives, all city and municipal treasurers as well as official
30 
custodians of public funds, or those belonging to government owned or controlled
31 
corporations are hereby authorized, if they so desire, to make and actually
32 
maintain deposits of any government or corporate fund with the Veterans Bank,
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which is hereby declared to be an official government depository.
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Sec. 29. Articles of Incorporation. - Upon its approval, this Act shall be
2 
deemed and accepted, for all legal intents and purposes, as the statutory articles
3 
of incorporation or charter of the Veterans Bank; and that, notwithstanding the
4 
provisions of any existing law to the contrary, said bank shall continue to be
5 
deemed registered and duly authorized to do business and operate as a private
6 
commercial bank as of the date of approval of this Act.
7 
Sec. 30. Separability Cause. - If any provision of this Act is held
8 
unconstitutional or invalid, all other provisions not affected thereby shall remain
9 
valid.
10 
Sec. 31. Repeating Clause. - Republic Act No. 3518, as amended, is hereby
11 
repealed. The provisions of Republic Act No. 7169 and the existing Articles of
12 
Incorporation of the Veterans Bank approved by the BSP and the SEC which are
13 
inconsistent with any of the provisions of this Act are hereby repealed or modified
14 
accordingly: Provided, That insofar as not inconsistent with this Act, the operations
15 
and changes in the capital structure of the Veterans Bank, the upgrade or
16 
downgrade of its license, and change of its principal office address as well as other
17 
amendments to its Articles of Incorporation and By-Laws, shall be in accordance
18 
with Republic Act No. 11232, Republic Act No. 8791, and other related laws. The
19 
provisions of the existing by-laws of Veterans Bank approved by the BSP and the
20 
Securities and Exchange Commission which are inconsistent with any of the
21 
provisions of this Act are hereby repealed or modified accordingly. All laws. Acts,
22 
executive orders, administrative orders, proclamations, rules and regulations or
23 
parts thereof inconsistent with any of the provisions of this Act are hereby repealed
24 
or modified accordingly.
25 
Sec. 32. Effectivity. - This Act shall take effect fifteen (15) days after its
26 
publication in the Official Gazette or in a newspaper of general circulation in the
27 
Philippines.
28 
Approved,
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