PVB is in good hands, say
SUAL, Pangasinan – A top official of the Philippine Veterans Bank (PBV) assured veterans here that the bank they co-own with some other 120,000 veterans throughout the country is in stable footing.
PVB President Ricardo Balbido Jr. said the PVB now ranks 24th, up from 27th last year, among the existing commercial banks throughout the country with assets now totaling P26 billion.
Balbido spoke during the opening of the PVB branch in Sual, the third in Pangasinan and its 45th branch throughout the country.
The Philippine Veterans Affairs Office (PVAO) presently pays the monthly pensions and other benefits due the veterans thru the PVB.
Balbido considered 2005 as a banner year for the PVB when it earned P362 million. This year, the bank is projected to earn P400 million.
The bank’s capital adequacy ratio (CAR) is now 30 percent, much higher than the 10 per cent CAR requirement of the Bangko Sentral ng Pilipinas.
The PVB has pending applications to put up more branches in the countryside to enable most Filipino veterans to conveniently encash their regular pension checks sent by PVAO.
The PVB was created in 1963 but stopped its operation in 1985. It was rehabilitated in 1992 by congressional legislation.
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