Veterans bank opens biz center in Cebu

CEMENTING ITS FOOT-PRINT IN CEBU: Philippine Veterans Bank chairman and chief executve officer Roberto De Ocampo (left) says Cebu plays a vital role in the bank’s healthy growth story. With him is Renato Claravall, the bank’s president and chief operating officer. (SUNSTAR FOTO / ARNI ACLAO)
CEMENTING ITS FOOT-PRINT IN CEBU: Philippine Veterans Bank chairman and chief executve officer Roberto De Ocampo (left) says Cebu plays a vital role in the bank’s healthy growth story. With him is Renato Claravall, the bank’s president and chief operating officer. (SUNSTAR FOTO / ARNI ACLAO)

TO BRING its products and services closer to its clients, the Philippine Veterans Bank (PVB) opened in Cebu its first business center in the country.

PVB chairman and chief executive officer Roberto De Ocampo said Cebu’s growing economy calls for a response from the sector, especially from veterans and its corporate clients.

“This is the only bank that is both a bank and a memorial to heroes. It is dedicated to the memory of those who fought in World War 2 (WW2) in order for us to be free,” said De Ocampo, who is a former finance secretary.

The bank is owned by more than 385,000 stockholders who are listed as WW2 veterans and survived by generations of their offspring and relatives.

PVB currently has 60 branches nationwide; two of them are located in Cebu.

As of July 2019, PVB’s total loan portfolio hit P22 billion, the highest portfolio level the bank has reached in just seven months compared to P18 billion in the same period in 2018.

“Five years ago, when we first came in, the portfolio level of pension loans was in the vicinity of P100 million. Now, it’s close to P3 billion. So, we have now been able to service many more veterans and therefore, have become a major player in the pension loans,” he said.

As they plan to expand to veterans of any wars or Armed Forces retirees, De Ocampo said they expect a significant expansion.

“We have expanded our lending to local government units (LGUs) so that we are making use of our capability by our charter to be able to assist and be a depository of local government,” he said.

Even in Cebu, PVB lends to various LGUs for the development of hospitals, roads, basketball gymnasiums and others.

The bank is also boosting its corporate sector lending, catering to big companies and small and medium enterprises.

“Now, beyond that, our private sector lending has experienced almost as dramatic growth as the pension loans. In order for our bank to be diverse, we’re not only dependent on one set of products. We try our best to have a widespread portfolio,” he said.

Renato Claravall, president and chief operating officer of PVB, said the function of the business center is to localize loan processing.

“In many cases of banks, loan processing is centralized in Manila. While it may serve certain purposes, it also creates delays in being able to approve and process credit. The function of the business center is to really be the loan center for Cebu businesses to avoid documents going to Manila,” he said.

PVB’s business center is located along Osmeña Boulevard, Cebu City. It was inaugurated Friday, Aug. 9, 2019.

The business center will have a team of two senior lenders and three account assistants. Claravall said the center is also open for LGUs to conduct meetings and gather clients.

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