Veterans Bank holds fiscal literacy seminar for LGUs

CEBU, Philippines - The Philippine Veterans Bank has started to roll out its "Financial Wellness Program" for local government units in Cebu.

In an interview yesterday with PVB vice president Mike Villa-Real, he said that the bank will initially provide financial wellness seminar to over 200 capitol employees.

"This is part of our contribution to Bangko Sentral Ng Pilipinas’ thrust to promote financial literary in the country," said Villa-Real.

The program includes providing know-how to LGU employees on managing budget, getting out of debt, and wise investment, among others.

Owned by the World War 2 veterans, the 22 year-old commercial bank which has two branches in Cebu, is now strengthening its grip in the LGU market.

Of the total P50 billion deposits (as of June 2014), P35 billion of which is government deposits, largely LGU deposits, and government owned and controlled corporations.

Although privately-owned, PVB has given the privilege to accept government deposits via Republic Act 7169, as a grateful gesture to the world war 2 veterans.

PVB's financial wellness program officially launched March of this year. The half-day seminar for Cebu capitol employees today is just the start of the bank's roll out for its LGU clients in Cebu and in the Visayas, like Iloilo City, Tagbilaran City in Bohol, among others.

According to Villa-Real the bank is extending its penetration to other large communities in the Philippines, not only to tap more LGU clients, but also to provide financing products to small and medium enterprises and community based industries.

PVB is now led by its new chairman Roberto F. De Ocampo, the former finance secretary.

At present, PVB has a total of 60 branches nationwide, about 75 percent is located outside of Metro Manila.