PVB, a private commercial bank, once again a gov’t depository bank


Jess Malabanan, News5 | InterAksyon

Published: June 10, 2017, 5:42 PM

PVB, a private commercial bank, once again a gov’t depository bank

PVB president and COO Nonilo Cruz, City of San Fernando Branch head Alma Valdez, Provincial Board Member Cherry Manalo, Governor Pineda’s Chief of Staff Councilor Fritzie Dizon, Engr. Romelia Agoncillo and PVB SVP Roberto Palasigui cut the ribbon during the inauguration of the newly renovated Philippine Veterans Bank (Pampanga) Branch. Photographed by Jess Malabanan, News5 | InterAksyon

CITY OF SAN FERNANDO – The Philippine Veterans Bank (PVB) will soon serve again as a government depository bank after it received a memorandum from the Department of Finance restoring its right to do business with the government.

“PVB is the only private commercial bank that is allowed to take in deposit from the government and other government financial corporations,” said PVB President and Chief Operating Officer Nonilo Cruz Friday during the inauguration of the rehabilitated PVB Pampanga branch situated at the commercial district of Barangay Dolores in this city.

“I have seen the bank encounter difficulties in the last four years, Cruz said with the new memorandum issued by Department of Finance returning to PVB our right to take in government funds for deposit, we can now focus on leading the bank to bring more services.

“With the support of Sec. [Carlos] Dominguez, we can now concentrate on other services to make sure that we can deliver our best,” said Cruz.

Cruz said PVB is planning to expand its financial services and assistance to the military veterans, including the AFP retirees, such as pension loans, launched in 2015, assistance for Small Medium Enterprises and micro financing to assist local business in the area.

“Today, PVB is not only extending its services to the veterans of World War 2, we now offer financial assistance through pension loans to retirees of the entire AFP,” Cruz said, adding that the services for the WW2 veterans will also be offered to the AFP retirees.

Cruz said negotiations for the inclusion of the Philippine Coast Guard and the Philippine National Police are in progress to expand coverage of the financial services to more stakeholders.

Present during the inauguration rites were PVB Banking Group Head SVP Vilma Noche; Corporate and Consuker Relation, VP Mike Villa-Real; Governor Lilia Pineda Chief of Staff Councilor Fritzie Dizon and Provincial Board Member Cherry Manalo.