BSP warned vs unqualified Veterans Bank beneficiaries

MANILA, Philippines - A former chief of the defunct Philippine Constabulary has warned the Bangko Sentral ng Pilipinas (BSP) regarding the alleged anomalous issuance of shares of stocks to unqualified individuals, who were elected as directors of the Philippine Veterans Bank (PVB).

Retired Maj. Gen. Ramon Montaño informed BSP governor Amando Tetangco Jr. that PVB’s shares of stocks could only be issued to veterans, their widows, orphans or heirs as provided under Republic Act 3518. 

Montaño urged Tetangco to protect the true beneficiaries of PVB.

He said he and his fellow members at the Veterans Federation of the Philippines have filed plunder charges against VFP officers, led by retired Col. Emmanuel de Ocampo, who has been the group’s president for 20 years now.

In a manifesto dated Sept. 18, VFP members and leaders of other veterans groups led by Rafael Evangelista of the Defenders of Bataan and Corregidor Inc. urged Defense Secretary Voltaire Gazmin to continue with his reforms at the VFP.