PHILIPPINE Veterans Bank (PVB) allotted a total of P1 billion for loan assistance to small and micro enterprises (SMEs) in the entire country.
With the objective of rebranding PVB that was known to cater to World War 2 veterans and their families only, they are now providing new services geared towards markets that the bigger banks and other financial institutions do not primarily cater to.
PVB vice president and Corporate and Consumer Relations Division head Miguel Angelo Villa-Real said they recently launched their loan assistance program with a nationwide budget of P1 billion in support of SMEs who needs support financially.
"It's a first come, first serve basis but if we are able to put more loans to SMEs and we can see that there are more bookings, of course we can increase the portfolio. The problem with most banks nowadays is we are awash with cash and we really need to move out the deposits and earn from them through loans," said Villa-Real who was a guest during the weekly media forum at Habi at Kape at Abreeza Ayala Malls Tuesday, May 9.
As it was just recently launched, they have yet to receive SME loan applications from Davao City. Villa-Real said the applicants can apply a minimum of P300,000 to P100 million depending on their business financial needs.
"All our loans are monitored by Philippine Deposit Insurance Corporation (PDIC), Bangko Sentral ng Pilipinas (BSP), and of course our external and internal auditors. It's much regulated," he said.
Approval date for the loan application may take two to four weeks as the applicant would need to go through a series of evaluation but Villa-Real hopes that within six months of providing this service, they can shorten the processing and approval time.
As part of their rebranding scheme to find their market niche, PVB is also currently looking for the remaining 30 percent yet to be traced World War 2 veteran descendants to extend services and benefits exclusive for them.
Also, they have relaunched their bank branch at C.M. Recto St., Davao City which now showcases pictures and video presentations of what happened during the war. Villa-Real said this is open to everyone who is interested even those who have no accounts in the bank.