We Empower Today`s Heroes - Philippine Veterans Bank

Transcription

We Empower
Today’s Heroes
veteransbank
2010 Annual Report
OUR VISION
We are the Bank of choice, serving and caring beyond our heroes’ dreams living their
legacy of integrity, dynamism, commitment, honor and love of country.
OUR MISSION
Provide our customers with the highest standard of service in terms of delivery, continuous
improvement and adaptability to their needs.
Ensure sustained profitability and growth of the Bank.
Provide our employees with a healthy working environment that promotes career growth,
performance-driven recognition and personal well-being.
Ensure a reasonable return on the shareholders’ investments for their benefit and welfare.
CONTENTS
4
06
10
Financial Highlights
Letter to Shareholders
Operational Highlights
•BranchBankingGroup
•TreasuryGroup
•LendingBusinessGroup
- Corporate Banking Division
- Investment Banking Division
- Retail Banking Division
•TrustManagementGroup
•Technologyand
BusinessInformationGroup
•HumanResourceand
Organizational Development Division
13 Corporate Social Responsibility
14 RiskManagement
15 CorporateGovernance
26 Board of Directors
28 ManagementCommittee
30 List of Senior Officers
31 Products and Services
32 Branch Directory
The Philippine Veterans Bank is an
advocate of modern-day heroes who
strive to make a difference in the lives
of their fellowmen.
2010 Financial Highlights
IN MILLION PHILIPPINE PESOS
2006
2007
2008
2009
2010
Gross Income
2,456.45
2,535.28
3,864.78
3,181.10
3,794.81
Total Expenses
2,039.25
2,006.62
3,458.42
2,756.54
3,285.88
417.20
528.65
406.36
424.56
508.93
09
Total Resources
29,603.86
36,396.02
45,587.29
51.790.47
58,075.41
08
Total Deposit Liabilities
23,572.48
29,624.61
37,127.62
43,013.79
46,357.74
Net Income
Total Loans and Receivables (Net)
Earnings per Share
(P billion)
(Php)
20
10
07
15
06
12,369.93
Loans and Receivables - net
13,813.89
19,133.99
22,245.93
23,419.10
0
Trading and Investment Securities
4,650.52
1,877.39
6,730.69
8,635.96
9,236.58
Capital Funds
4,187.72
4,432.60
4,671.34
4,955.48
5,407.88
15.35
19.75
14.92
15.66
18.99
Return of Average Assets (%)
1.64
1.65
1.01
1.10
0.93
Return of Average Equity (%)
10.39
12.17
9.05
10.80
10.05
Earnings per Share (PhP)
06
07
08
10
10
10
09
09
09
09
08
08
08
08
07
07
07
07
06
06
06
06
10
20
30
40
Philippine Veterans Bank
50
60
0
1
2
Net Income
4
5
6
20
25
30
40
50
Total Deposits
(P million)
3
15
09
10
0
4
05
Capital Funds
(P billion)
10
10
Total Resources
(P billion)
5
0
100
200
(P billion)
300
400
500
600
0
10
20
2010 Annual Report
5
“
It was a banner year for PVB in terms of profit, as the Bank
earned a record-high net income of P509 million for the
year, 20% higher than our P425 million net income in 2009.
Our Fellow Shareholders,
Of the many stories that defined the year 2010 for the
Philippine Veterans Bank, the most compelling ones are
those that took place not within the year itself, but almost
seven decades earlier. These are the stories of the unsung
heroes of World War II that the Bank helped bring to light
through World War II True Stories Contest co-sponsored
by PVB, the Philippine Daily Inquirer and the Department
of Education.
One of the winning stories involves a young man who
joined the guerilla forces at the age of 18 and helped put
up a camp in town of Tagoloan, Misamis Oriental. His
story of experiencing an attack by the Japanese, barely
surviving after being left behind, only to search for his
comrades afterwards to rejoin his unit, is an awe-inspiring
tale of bravery and patriotism.
This is only one of the many narratives of young Filipinos
who rose above their own personal concerns and showed
bravery beyond their years to aid the struggle for our
Nation’s freedom.
There are many other stories like this, of otherwise
ordinary people who did extraordinary things during the
war. These stories prove what we in PVB believe—that the
spark of heroism exists in every Filipino, and that it only
needs to be fueled in order to ignite into greatness.
As the country’s only private commercial bank built on the
heroism of Filipinos, that is how we ultimately see our role.
Beyond delivering excellent banking services and providing
value to you, our shareholders, our role is to keep the spirit
of heroism alive, and to fuel this spirit in today’s Filipinos—
the workers, professionals, entrepreneurs, families,
companies and institutions—so they can fulfill their dreams
and aspirations. Our role is to empower.
Throughout 2010, the theme of empowerment resonated
strongly for PVB, as it did for the entire nation, which once
again exercised its power to determine our country’s future
by choosing a new set of leaders.
“Empowering today’s Filipino heroes” became the guiding
principle that inspired us this year in achieving our new
product innovations, improved services, expanded reach
and robust financial performance that we worked hard for
during the year.
We are happy to report that our hard work has yielded
excellent results.
COL. EMMANUEL V. DE OCAMPO
Chairman of the Board
RICARDO A. BALBIDO, JR.
President & Chief Executive Officer
It was a banner year for PVB in terms of profit, as the
Bank earned a record-high net income of P509 million for
the year, 20% higher than our P425 million net income in
2009. The main factors behind this record performance
include higher interest income, sizable gains from the
trading of securities and foreign exchange, and strategic
management of our investment portfolio.
The Bank’s total resources continued to grow as well. We
closed the year with P58 billion in total assets, while the
Bank’s capital base grew to P5.4 billion, a 9% increase
from the P5.0 billion reported the previous year.
With its Capital-Adequacy Ratio at 17.16% based on
Basel II standards, well above the minimum 10% required
by the Bangko Sentral ng Pilipinas, PVB proved itself once
again to be in a very robust state.
The growth in PVB’s resources stems mainly from the
continued increase in deposits, reaching a total of
P46.358 billion at the end of 2010. While the year proved
to be a challenging one in terms of marketing and fund
generation, we were able to meet the challenges through
our continued expansion and product innovations.
We opened 10 additional branches at the start of the
year, and relocated a couple of our existing branches to
better sites. With PVB establishing its presence in the
cities of Santiago, Pagadian, Koronadal, Pasay, Malolos,
Olongapo, Lipa, San Pablo, Kalibo and Tagbilaran, we
are now able to bring our distinctive brand of service
to a greater number of our countrymen throughout the
archipelago.
To better serve our growing number of depositors
throughout the country, we have completed the successful
transfer to Bancnet, the largest interbank network in the
Philippines. This gives our depositors round-the-clock
banking access to PVB via a network of 4,616 ATMs
nationwide.
Our deep insight into the needs of Filipino savers, gained
from 18 years of serving our diverse client base, helped
us in developing new products, a few of which we have
launched successfully last year. Our long-term deposits—
Maxi Return, Hyper Saver and Advantage Plus—are
ideal for individuals who wish to earn higher returns from
their savings. New Current and Savings Account (CASA)
variants offer our depositors an even greater range or
choices to meet their different needs.
The year also saw robust growth in PVB’s corporate
banking business, with its Trade Finance, Commercial
2010 Annual Report
7
REVIEW OF PHILIPPINE ECONOMY IN 2010
T
wo stories stood out in 2010: the victory of President
Benigno Simeon C. Aquino III in the presidential elections
inMayandthestrongerPhilippineeconomy.
On the strength of a platform of combating corruption,
alleviating poverty and prudent fiscal management, without
disregarding needed social services, President Aquino
emerged victorious in the first-ever automated presidential
elections with a clear mandate from the Filipino people.
Fears of some sectors that there might not be a peaceful
transition of leadership did not materialize, and the Filipinos
once again proved that democracy works in this country.
TheMaynationalelectionshadatremendousimpact
on the economy. During the first half of the year, the
outgoing administration of President Gloria MacapagalArroyo increased spending leading up to the elections.
This, along with election-related expenditures of national
and local candidates, fueled the growth of the economy.
GDP growth rates rose to 7.8% and 8.2% during the first
and second quarters, respectively. Despite slowing down to
6.5% during the third quarter, full-year GDP growth stood
at 7.3% for 2010—the highest in over a decade and after
avoiding a recession in 2009.
The growth in 2010 was broad-based, led by
consumption and investments and supported by the
industry and services sector. Better conditions in the global
economy and economic out-performance in the Philippines’
key export markets likewise paved the way for sustainable
growth. The Philippines has not only withstood the last
downturn, but has also shown rapid economic recovery
over the last twelve months.
The economic growth would not have been possible
if not for the benign inflation environment and outlook. The
Bangko Sentral ng Pilipinas (BSP) appropriately calibrated
its monetary policy to support economic growth and, at the
same time, kept inflation at bay. The average inflation for
2010 was 3.8%, well within its target range of 3.5 to 5.5
percent.
On the fiscal front, the Aquino administration made
sustainability as a top priority and an integral part of its
governance agenda. A set of clear medium-term strategies
were implemented to ensure achievement of its fiscal goals—
stringent tax enforcement, tight expenditure discipline,
sustainable deficits and prudent debt management. The
National Government recorded a budget deficit of P314.4
billion in 2010, lower than the programmed deficit of P325
billion as it immediately executed zero-based budgeting,
improved revenue collections and reduced debt stock and
debt service repayments.
The country’s Balance of Payments posted an
unprecedented surplus of US$14.4 billion as of endDecember 2010, which allowed it to build up international
reserves and ensure external debt sustainability. This was
on the back of rapid export growth, robust remittances and
BPO receipt. Gross International Reserves and Overseas
8
Filipino Workers’ remittances expanded to a record
US$62.4 billion and US$18.8 billion in 2010, respectively.
Both of these have strengthened the country’s resilience
against external shocks. The Philippines has transformed
itself into a country with sustained structural current account
surpluses and rapid reserve accumulation.
On the financial markets, the BSP was able to keep
domestic interest rates and money supply broadly adaptive
to growth. BSP’s overnight borrowing and lending rates were
held steady at 4% and 6%, respectively, throughout 2010.
Treasury Bills rates fell significantly in 2010 as market
investors hastened to park their excess funds in government
securities. The 91-day T-bill primary market rates dropped
to a historical low of 0.775% in November 2010 after
reaching a high of 3.987% for the year and averaging at
3.634%. The yields of Fixed Rate Treasury Bonds likewise
fell by almost 215 basis points across all tenors. The ROP
Dollar-denominated bond prices appreciated by as much
as US$18, or a drop in yields by 2.25% during the year, due
to the strong demand for emerging market assets.
The Philippine stock market also gained from the
positive outlook of the Philippine economy. The index
surged by 43%, from 2,469 in 2009 to 3,523 in 2010.
Due to the positive sentiments towards the emerging
markets, the US dollar-peso exchange rate appreciated
immensely towards end of 2010. It closed at 43.84 in 2010
vis-à-vis 2009’s 46.20 and 2008’s 47.50. This was boosted
by the sustained inflow of OFW remittances, portfolio
inflows, foreign direct investments, and the booming
business process outsourcing (BPO) industry.
The Philippine Banking system remained resilient and
has shown adequate growth in line with the economic
expansion. Solid asset quality and more than adequate
capitalization continue to characterize the banking system.
The system-wide non-performing loans and assets have
declined. It has played an important and dynamic role in the
achievement of economic development.
All economic indicators pointed to a strong economic
performance of the country in 2010. The outcome of the
last Presidential election boosted both investor sentiment
and the country’s credit ratings. It was regarded by
the international market as a positive development for
the Philippines, and could signal a more stable political
transition.
The honeymoon is over, and there is a lot more work
to be done. 2011 is expected to be more difficult given the
higher food and fuel prices and, most recently, the Middle
East and North Africa events and the Japan earthquake,
all of which will have a negative impact on the Philippine
economy. The Aquino administration will have its hands full
as it tries to keep growth close to the 2010 level. It has
already promised to increase spending in infrastructure
projects to counter these downside risks. 2011 will be a
challenging year for the whole economy.
Banking and Government Credit and Specialized Lending
Departments all expanding their respective clientele and
posting significant increases in their portfolio.
Particularly notable is the increase in loans to Local
Government Units (LGUs), which went up by 21.74%
during the year to reach P4.77 billion. Vibrant lending to
the local government sector continued to be a key factor
in the growth of the Bank’s assets, while also serving as a
channel for it to support development in the countryside.
Some of these loans went into the construction of
projects important to the livelihood of many, such as a
slaughterhouse, irrigation system, public market, drainage
and water works systems as well as tourism projects.
Others provided much-needed financing for schools,
hospitals and relocation programs for informal settler
families. All in all, our loan assistance to LGUs this year
empowered 4 provinces, 13 cities and 15 municipalities
nationwide to undertake concrete projects that will help
improve the lives of their citizens.
For 2011 we have a clear view of the challenges ahead.
We are targeting a modest net income of P500 million,
given the intense competition in the market and the
prevailing low-interest regime. We also expect that the
increase in fuel prices will drive up inflation and dampen
economic growth and business expansion plans.
Our strategies for sustaining growth and achieving
our targets include continuing the expansion of our
branch network, especially in key cities; developing and
introducing new products in our Investment Banking
business; further optimizing our resources to support
programs of the government and private sectors; and
maintaining the efficient management of the Bank’s
investment portfolios.
Going back to the story with which we opened this report,
it is just one example of the many narratives of heroism
that PVB now helps to keep alive for future generations.
We are pleased to report that our efforts to preserve
the inspiring stories of Filipinos during our World War II
received recognition in 2010 when PVB and its partners
were conferred an Anvil Award of Merit for the World War II
True Stories Contest. The success of this program serves
as our inspiration to sustain it in the coming years so we
can continue to give voice to the unsung heroes of World
War II.
With the guidance of our Board of Directors, and the
support of all the men and women of PVB, we hope to
make this institution even stronger, and to help create new
stories of real heroism in all aspects of life that will move
our nation closer to the greatness that we know it to be
capable of achieving.
Mabuhay ang mga Beterano, mabuhay ang mga bagong
bayaning Pilipino!
COL. EMMANUEL V. DE OCAMPO
Chairman of the Board
RICARDO A. BALBIDO, JR.
In all this, we will not lose sight of our responsibility to the
heroes to whom this institution owes its very existence.
2010 Annual Report
9
Branch Banking Group
As part of the Bank’s strategy to grow its business and
meet the needs of its customers, the Branch Banking
group started the year 2010 in a big way—with the
successful simultaneous opening of 10 additional
branches across the country in January under its “10 in
2010” expansion program. With Philippine Veterans Bank
(PVB) opening its doors in Santiago, Pagadian, Koronadal,
Pasay, Malolos, Olongapo, Lipa, San Pablo, Kalibo and
Tagbilaran, the bank has expanded its network to a total
of 60 branches nationwide. Later during the year, the Bank
also relocated its existing branches in Baguio and Clark to
new sites to better serve clients in those areas.
Complementing the growth of PVB’s branch network
is the successful transfer to Bancnet, the biggest ATM
network in the country. Along with the installation of 33
additional ATM units, joining Bancnet gives clients easier
and more convenient round-the-clock access to bank
deposit services throughout the country.
Total deposits for the year reached P46.358 billion,
with private deposits increasing by P2.575 billion, and
government deposits by P772.0 million compared to
2009.
The Bank also added around 110 new major accounts for
Deposit Pick-up, ATM payroll, Notes and Coins supply,
Timekeeping and Automatic Debit services.
As the principal depository of the National Housing
Authority, the national government agency mandated
to engage in shelter production to benefit the poorest
30% of the urban population, PVB was recognized for
its contribution to the National Shelter Program when it
received the Gawad Parangal Award.
Total deposits for the year reached
P46.358 billion, with private deposits
increasing by P2.575 billion, and
government deposits by P772.0
million compared to 2009.
To meet the diverse needs of different clients, PVB
introduced and marketed new products during the year.
For long-term deposit products, the Bank launched
the Maxi Return, Hyper Saver and Advantage Plus—all
high-yield time deposits that come with free insurance
coverage. For Current and Savings Accounts (CASA),
the Bank now have the Regular Current Account with
Passbook, ATA Savings Account, Interest-bearing Current
Account with Passbook, Current Account with passbook
and ATM and ATA Current Account. All these new
products received good response from our clients.
With the proven reliability of the Bank’s Cash
Management and other deposit-related services, PVB
was able to secure more clients, including all branches
of the Philippine Gaming and Amusement Corporation
(PAGCOR), which now rely on PVB for their Money
Counting and Deposit Pick-up services.
Among its’ existing clients, the Bank saw an increase in
the transactions of the National Collection Office for the
Land Regulatory Administration and Registry of Deeds.
For the Bureau of Internal Revenue, the Bank started
offering Payment and Collection services at our property
on Paseo St., Makati after securing the approval of the
Bangko Sentral ng Pilipinas to operate under the category
“Other Banking Office” at the location.
10
For 2010, all PVB branches passed the audit with an
“Adequate” rating. The Bank also prepared well for the
January 2011 implementation of BSP Circular 681, which
sets new processes for check clearing and settlement,
with all PVB branches positioned for the change ahead of
schedule.
Treasury Group
The Treasury Group remained as one of the Bank’s main
source of income in 2010, with all its three departments—
the Fund Management and Portfolio Department (FMPD),
Treasury Marketing Department (TMD) and Correspondent
Banking Department (CBD) contributing to this
achievement.
With the improvement in the Philippine economy in 2010,
local interest rates dropped significantly and resulted in
an unprecedented level of trading activity in the capital
markets, particularly for government securities. As a
dealer, the Treasury Group seized this opportunity and
realized gains of P255.8 million from trading fixed income
securities, an increase of 660% over the previous year,
while remaining conservative in its trading risks. The
As a dealer, the Treasury Group
seized this opportunity and realized
gains of P225.8 million from trading
fixed income securities, an increase
of 660% over the previous year,
while remaining conservative in its
trading risks.
volume of trading grew by 123% for peso-denominated
securities, and 161% for dollar-denominated bonds.
As a broker, PVB’s sales of fixed income securities to
clients grew by a record 214%, resulting in a 192%
increase in commissions, which boosted the Group’s
income for the year. Its’ most significant accomplishment
in brokering during the year was carrying out its role as
selling agent for the Power Sector Assets and Liabilities
Management Corp. (PSALM) retail bond offering.
This marks the first time PVB became a broker for a
security issued by a Government-Owned and Controlled
Corporation (GOCC). This also expanded our client base,
as the majority of corporate and individual investors in the
bond were first-time clients of the Bank.
Other transactions by the Treasury Group during the
year were the sell-down of the Burley Tobacco Internal
Revenue Notes (BT-IR), a Local Government Unit (LGU)
bond issue, to various investors, and the aggressive sale
of US dollar-denominated Republic of the Philippines
(ROP) bonds to individual clients. The marketing unit also
gave additional funding support to the Bank with the peso
and foreign currency deposits of its clients growing by
92% and 20%, respectively.
The Group’s foreign exchange trading profited from the
favorable environment created by huge swings in the
USD/Peso spot market. While the volume of trading
did not grow significantly, income still jumped by 322%
compared to the previous year. Sales of foreign currencies
to commercial clients likewise increased by 30%.
As a government depository, PVB is required to invest
50% of all government funds held in government
securities—another channel by which the Bank supports
national development by providing additional funding
for government projects. The challenge to the Treasury
Group is to maximize the returns from such securities.
Early in the year, the Group saw a good opportunity to
2010 Annual Report
11
MAKING OUR PRODUCTS
AND SERVICES ACCESSIBLE
Philippine Veterans Bank (PVB) opened 10 new branches last 2010. It has plans
to apply for 5 more licenses this 2011 in locations outside of Metro Manila.
PVB recognizes that successfully reaching customers & shareholders can be
achieved only through a well-planned branch network expansion program.
10
NEW BRANCHES
opened in 2010.
• Kalibo, Aklan
• Koronadal, General Santos
• Lipa, Batangas
• Malolos, Bulacan
• Olongapo, Zambales
• Pagadian, Zamboanga
• Pasay, Manila
• San Pablo, Laguna
• Santiago, Isabela
• Tagbilaran, Bohol
12
200,000
Total ATM cardholder
base at the close of
last year.
2010 Annual Report
13
invest in securities with longer terms for greater returns
and for capital appreciation. Coupled with a more strategic
approach to portfolio management, this move paid off as
net revenue from funds showed considerable growth of
158% and 216% in Peso and Foreign Currency Deposit
Unit (FCDU) books, respectively.
Through the P4.77 billion worth of
loans in 2010—21.74% higher than
the previous year’s—released by the
department, PVB financed the incomegenerating and essential government
projects for 4 provinces, 13 cities and
15 municipalities nationwide.
PVB continued to be a provider of liquidity in both
Peso and FCDU interbank markets. The Treasury
Group maintained sufficient high-quality liquid assets
for its regular banking operations as well as for various
contingencies, primarily relying on proven management
tools that have been useful in accurately projecting cash
flow. Treasury actively participated in the Internal Capital
Adequacy Assessment Process (ICAAP), and headed
the technical committee on Market and Liquidity Risk.
This Further strengthened the overall liquidity of the Bank
and established standards based on international best
practices.
Local Government Units (LGUs) in 2010—21.74% higher
than the previous year’s—released by the department,
PVB financed the income-generating and essential
government projects for 4 provinces, 13 cities and 15
municipalities nationwide. The amount went into building
slaughterhouses, irrigation systems, public markets,
drainage and water works systems, schools, hospitals,
tourism projects and relocation sites for informal settlers.
For 2011 and beyond, Treasury commits to continue
managing the Bank’s investment portfolios efficiently,
sustaining a healthy liquidity level, and delivering good
returns to the shareholders.
Besides the LGU loans, the department also provided
financing to GOCCs worth P4.23 billion, monetized
Internal Revenue Allotments worth P54.4 million, and lent
P2.27 billion to private corporations.
IBD has contributed significantly to the growth of the
Bank’s loan portfolio by originating loan accounts for
other business units, especially the Corporate Banking
Department. A total of P2.964 billion in loans released by
CBD in 2010 were originated by IBD, exceeding its target
for the year and surpassing its performance in 2009 by
21%. Over 90% of these loans were to first- and secondclass LGUs for the funding of infrastructure projects such
as a public market, medical center and hotel buildings.
The IBD engages private commercial banks to participate
in these LGU accounts by way of syndication and sell
down. In 2010, the department was able to sell down a
total face value of P501.69 million to top universal banks.
It has initiated the syndication and sell down of another
P3 billion to existing and new bank partners, which are
expected to add to its 2011 performance.
As part of its arrangement and cross-selling efforts, IBD
coordinated with the Bank’s business units to arrange the
successful transfer of the Internal Revenue Allotments of
its various LGU clients to the Bank’s own branches.
The portfolio growth generated revenues of P585.04
million in 2010, a substantial increase of 73.23% over the
previous year’s P337.71 million. It also generated P7.82
billion in deposits, making up 75.19% of GCSLD’s funding
requirements.
For 2011, the GCSLD will continue to optimize its
resources in support of the programs of the National
Government as well as the private sector.
The Commercial Banking Division (CBD) saw further
diversification of its clientele this year. The total loan
portfolio of the CBD has made a substantial 60% increase
from P2.32 billion in 2009 to P3.71 billion for the year. It
also contributed 15% of the total interest collection and
11.5% of the total fee-based income of its division.
Lending Business Group
Corporate Banking Division
The principal player in PVB’s lending group, the
Government Credit and Specialized Lending Department
(GCSLD), had an outstanding year in 2010, having posted
total outstanding loans of P10.4 billion—more than one
third of the Bank’s total loan portfolio of P30.53 billion.
Through the P4.77 billion worth of loans released to
14
Despite the unsteady volume of trade business and
the volatility in the financial markets, the Trade Finance
Department (TFD) posted a total portfolio of P6.21 billion
in 2010, a hefty increase from last year’s P3.21 billion,
and the highest level ever reached by the Department in
incremental bookings.
Trade-related transactions generated P47.69 million in
income from fees, up by 91.76% from last year’s P12.17
million. Despite the dip in interest rates in the last quarter
of the year, TFD still managed to raise its total income to
P246.57 million from the previous year’s P230.71 million.
AtotalofUS$97.50millionworthofLettersofCreditwere
opened during the year. One of these is the biggest Letter
of Credit opened to date in the defense industry for the
importationofutilityhelicoptersfromPoland.TheTFD
also participated in a Corporate Note offering for a food
manufacturing company and a loan facility for a global
hotel franchise.
IBD also strengthened the Bank’s partnership with the
LGU Guarantee Corporation (LGUGC) with the objective
of developing local capital markets and improving the
participation of private banks in LGU financing. The
LGUGC’s P1 billion accreditation of PVB under its first and
only Automatic Guarantee Line reduces the risk rating of
LGU debt instruments to 20% and allowed the cumulative
booking of at least P444.63 million.
IBD commits to constantly introduce and develop new
products that will bring in more fees and direct premiums,
while keeping the company’s expenses low.
Investment Banking Division
TheInvestmentBankingDivision(IBD)formerlyknown
as the Corporate Finance Division (CFD) completed
its second year of operations in 2010 as one of the
marketing units of the Bank under the Lending Business
Group.IBDearnsincomeprimarilyonfeescollectedfrom
loan packaging and origination of investment and credit
instruments maintained by other business units such as
the Retail Banking Division (RBD), Corporate Banking
Division(CBD),Trust&InvestmentGroup(TIG),Asset
RecoveryDivision(ARD)andTreasuryGroup.
At the end of 2010, IBD earned a total of P55.037 million
in total fees, at least P29.174 million of which are financial
arrangement fees.
2010 Annual Report
15
WE HELP FULFILL THE DREAMS
OF OUR HEROES
Recently completed project, Lion’s Park Residences in Parañaque, is partially funded
by Philippine Veterans Bank. The three units under the Retail Banking Division—
Mortgage Banking, Assignment of Receivables Financing and Group Plans & Others—
concentrated on establishing tie-ups with real estate developers, encouraging branch
referrals, as well as maximizing opportunities to market the Bank’s loan products.
16
2010 Annual Report
17
Retail Banking Division
Consequently, 2010 became a year
of fine-tuning and upgrades, essential
for ensuring that the Bank’s facilities
are stable and responsive to the
demands of the business.
The Philippine real estate market, which has weathered
the economic downturn in 2008 and 2009, emerged even
more vibrant in 2010. With stiff competition in the real
estate loans industry, PVB’s housing mortgage portfolio
took a slight dip, ending the year with P2.22 billion in
total loans, compared to the previous year’s P2.31 billion.
Despite this, interest and other income of the Retail
Banking Division still grew from P225.1 million in 2009 to
P259.8 million, an increase of 13%.
Due to the fast growing number of ATM cardholders,
we have upgraded the Bank’s ATM facility, specifically
its application and server capacity, to improve the
performance and reliability of the system.
The three units under the Division—Mortgage Banking,
Assignment of Receivables Financing and Group Plans
& Others—concentrated on establishing tie-ups with
real estate developers, encouraging branch referrals, as
well as maximizing opportunities to market the Bank’s
loan products at open-houses and ground breaking
ceremonies.
The division continued to implement its innovative
marketing promotions, namely “Member-Get-Member”
and the “Refer-A-Borrower” internal campaign, both of
which remained regular sources of account referrals. To
further support these, PVB launched its Housing Loan
radio campaign, with its 30-second radio commercial
airing on top-rating AM and FM radio stations six to
seven times from Mondays to Sundays, raising the public
awareness of Bank’s housing loan offers.
Also, with the increasing number of electronic-based
services available at the Bank’s branches, we have
upgraded the capacity of its Wide Area Network by
quadrupling the bandwidth of all branches. This makes
transactions faster—a significant development in the light
of growing business in all branches.
Total assets held in trust increased significantly by
27.84%, reaching P10 billion in 2010 compared to P8
billion in 2009. This increase was derived from Investment
Management accounts. Investments of TMG clients
increased despite tight competition in the market, thanks
to improved satisfaction and confidence among our
customers brought about by constant communication.
TMG is committed to becoming an even stronger partner
of other business units of the Bank and developing new
products that will cater to the needs of the client and
create more opportunities for profit and expansion.
Technology & Business
Information Group
Trust Management Group
PVB’s Trust and Investment Division (TID) was reorganized
in April 2010 into the Trust Management Group (TMG) to
expand its trust services and in response to the changing
financial market. The newly-renamed group has been
active in customizing and managing its range of nontraditional trust products such as Safekeeping, Escrow
Arrangements, Mortgage Trust Indenture, Facility and
Paying Agent to various LGU accounts.
18
In the past two years, PVB has been actively investing in
new enterprise applications to improve its competitiveness
in the market. Consequently, 2010 became a year of
fine-tuning and upgrades, essential for ensuring that the
Bank’s facilities are stable and responsive to the demands
of the business.
In response to the growing threats against computer
systems today, we have taken necessary steps to
maximize the security of the Bank’s data and applications
by upgrading our prevention and protection systems
against malware and intrusions.
On the business development front, the Information
Technology and Banking Systems Group continued
to roll out facilities in response to the needs of specific
clients. For some partner institutions, it developed a
system of reporting collections, managing and monitoring
contributions made, and combining foreign remittances
from tie-ups. For another client, it created a new system
to speed up the transaction reconciliation of issued and
cancelled checks.
These new systems are now part of the Bank’s growing
list of services that new clients can choose from.
Human Resource and
Organizational Development
Division
In line with PVB’s efforts to maintain its resiliency
and adaptability in these changing times, the Human
Resources and Organizational Development Department
(HRODD) in 2010 sustained its efforts to foster
improvements within the organization, enhance customer
service and look after the welfare of its employees.
The Department continued to promote the principles
of Total Quality Management (TQM) throughout the
organization through Small Group Activities (SGA)
focused on solving day-to-day problems. Phase 1 of this
program empowered employees to contribute to small
improvements within their respective departments. Phase
2 encouraged different departments to work together on
cross-functional problems through a Quality Circle Team.
In recognition of these efforts, the bank continues to give
rewards and recognitions every year to different units
for submitting quality SGAs. To further promote active
individual and team efforts in this area, the Department
also launched its TQM Reward Points Program that lets
employees earn points for every submission of SGA
Minutes, which may be used to redeem premium items.
The pursuit of quality includes looking at it from the
perspective of customers. Recognizing this, the Bank
continues to monitor customer feedback from the
branches through survey forms. This provides valuable
insights on their concerns so that they can be addressed,
and thus improve services. Among the various in-house
and external trainings for employees conducted during the
year, continuing customer service training and orientation
remained a top priority, supported by a customer service
audit to see how the training is being applied.
2010 Annual Report
19
Products Launched
From 2009 to 2010
PERSONALIZED TIME DEPOSIT
PRODUCTS
Customerscanachievemorefromatimedepositthatgivesthemmore.Theycan
avail a flexible 5-year time deposit that allows them to withdraw interest monthly.
And they can customize their target savings with an affordable time deposit.
20
For a minimum P100,000
time deposit opened for
five (5) years and one (1)
day, you can maximize
your return with our high
interest rate. Plus, each
PVB Maxi-Return Time
Deposit comes with a
free insurance policy.
With PVB Hyper Saver
Time Deposit, set your
target goals today, make
an affordable investment
in time deposit, reap the
reward of a high-yielding
time deposit at the end
of five years and 1 day.
The PVB Hyper Saver
also comes with a free
insurance incentive.
Withdraw monthly interests
from your time deposit with
the PVB Advantage Plus
Time Deposit. A minimum
P100,000 deposit for a
5-year and 1 day term
allows you this financial
convenience and flexibility
along with our high interest
rate and free accident
insurance incentive.
Ang mabilis, sigurado at
ligtas na paraan upang
matanggap ang buwanang
pension!
2010 Annual Report
21
With the expansion of the Bank’s branch network in
2010 raising the need for additional manpower, HRODD
has shortened the hiring period and was able to fill up
85% of the job vacancies, while judiciously maintaining
strict standards in recruiting employees who will be part
of the bank’s operations through stringent character
and background checks. Emphasis was also given on
developing staff to be bank officers through the Officers
Training Program (OTP). This year, the bank is doing the
second batch of OTP to strengthen the middle layer of the
organization.
One of the year’s highlights is the harmonious completion
of the Collective Bargaining Agreement between the
Management Panel and the employees’ representatives
on November 10. The CBA essentially contains improved
benefits for the employees in terms of salary, leave
benefits, insurance coverage and allowances, as well as
enhanced job security.
The HRODD will continue to taken relevant interventions in
support of the management’s unceasing efforts to fulfill its
vision and make a difference in the lives of Filipinos.
Corporate Social
Responsibility
PVB is built on a solid foundation of Corporate Social
Responsibility, which is central to its very existence as
an institution. Everything that the Bank does to ensure
profitability and growth is rooted in its commitment to the
welfare of the Filipino veterans of World War II, as well as
their widows and families.
Every year, twenty percent of the Bank’s net income
goes to the Board of Trustees for the Veterans of World
War II (BTVWWII). These funds are used to support the
Veterans Federation of the Philippines (VFP) Out-Patient
Center in Taguig and the VFP Museum. Thus, the Bank’s
outstanding income performance in 2010 translated to
more funds for two very important endeavors: providing
health care services to veterans and their dependents,
and preserving the artifacts that symbolize the veterans’
bravery and heroism for future generations to appreciate.
For 2010, the Bank’s commitment to honoring the
veterans stood out in two other programs.
First is the World War II Traveling Exhibit entitled “War of
Our Fathers” which the Bank brought to Palawan, Kalibo,
Tagbilaran, Metro Manila and Roxas City during the year.
This unique exhibit showcases vestiges from the war
including vintage photographs, coins, arms, and maps, to
22
Everything that the Bank does to
ensure profitability and growth is
rooted in its commitment to the
welfare of the Filipino veterans of
World War II, as well as their widows
and families.
give people greater awareness and understanding of the
historic event that has shaped the world. PVB will bring
this well-travelled exhibit to even more towns, cities and
provinces in the coming year.
Second is the World War II True Stories Contest, a
joint project between Philippine Veterans Bank and the
Philippine Daily Inquirer that entered its second year
in 2010. This story writing contest invites high school
students nationwide, aged 13 to 18 years old, to
personally interview World War II veterans and survivors
and write original stories about their firsthand recollection
of the war.
The value of this contest as an instrument for making the
history of World War II real and relevant in today’s world
was given recognition by The Public Relations Society of
the Philippines (PRSP), when it conferred an Anvil Award
of Merit on the program in the category of arts, culture,
heritage, and tourism.
This recognition, as well the success of the program in
bringing out the many previously untold heart-warming
stories of Filipinos during the war, serves as an inspiration
for PVB to continue the contest every year and encourage
more young Filipinos to become chroniclers of our nation’s
history, as seen through the eyes of ordinary citizens.
Helping improve the lives of
our War Heroes, their widows
and families
The Bank’s outstanding income performance in 2010 translated to more funds for
two very important endeavors: providing health care services to veterans and their
dependents, and preserving the artifacts that symbolize the veterans’ bravery and
heroism for future generations to appreciate.
2010 Annual Report
23
Risk Management
Corporate Governance
One of the major strategies of the Bank to ensure a
sustainable profitability and growth is to create a strong
risk management and internal control discipline. To that
end, PVB continuously develops processes to strengthen
risk management to match the Bank’s growth.
With its unique heritage and history, Philippine Veterans
Bank firmly believes that a functioning and sound
Corporate Governance structure is a key element in its
business operations. The Bank owes its very existence to
the hundreds of thousands of World War II veterans and
their families, who are also the Bank’s shareholders. As
such, it makes a serious and conscious effort to achieve
transparency on basic management policies & processes,
business direction and operating results for its veteranshareholders and other external publics. True to its unique
legacy, it has also endeavored to adhere to fundamental
principles of moral integrity, professionalism and honor as
demonstrated by Filipino heroes and veterans of World
War II.
The Internal Capital Adequacy Assessment Process
(ICAAP) has been implemented by the Bank to ensure
that it has a strong capital position relative to its risk
undertakings. The ICAAP is a process that requires the
Bank to determine the capital adequacy plus cushion
vis-à-vis the risks that it is exposed to. This is not limited
to the Bank’s current operations but is a forward-looking
assessment based on its strategic direction. This way,
the Bank can strategically address most, if not all, of
the risks surrounding its activities in the past, present
as well as the future. Seeing the importance of this
process, the Bank formed an ICAAP Committee and its
Technical Committees that are tasked to focus on the
documentation and implementation of the assessment
process. As a consequence, operational processes,
such as financial planning/budgeting, were strengthened
to incorporate risk and capital measurement and
assessment. Similarly, the area of product development
now includes risk and control assessment.
As part of developing the risk management process, the
Bank has also been updating its contingency plans for
operating in stressful situations. The Liquidity Contingency
Plan is regularly reviewed to ensure that the Bank has
adequate funding in case of extremely large cash outflow
requirements. The Business Continuity Plans have also
been updated to keep them relevant to the changing
times and to the Bank’s evolving operational risk profile.
Of high priority is the advancement in technological
systems. To this end, the Bank has made considerable
investments in the data warehouse and risk engine
that will automate the risk and capital measurement
processes in the areas of credit risk, market risk and
operational risk. While the initial infrastructure supports
only the standardized approach computations, the
Bank has already made plans to pursue more advanced
approaches.
The Bank has acquired a system that will lay down the
foundation for the advanced approaches for credit risk
measurement. Since the Bank’s risk profile is concentrated
more on credit risk, it has acquired a credit default model
system. This will give the Bank the capability to compute
for the probability of default of its credit risk exposure
through complex statistical computations base on its
24
The Bank’s Board of Directors is the ultimate oversight
body for the Bank. It is responsible for setting business
strategies, establishing major policies, rules and
standards for the Bank’s risk management activities, as
well as monitoring business performance. The Executive
Committee (ExCom) functions as the Board’s operating
committee. It approves and oversees the Bank’s risk
management on a more detailed basis. The members of
the ExCom are all Directors.
internal historical lending experience. This provides a more
robust quantitative basis in assessing the Bank’s credit risk
and in managing and pricing its portfolio.
In terms of risk governance, the Board of Directors has
been actively assessing its performance as the highest
governing body of the Bank. To maintain full independence
and avoid conflicts of interest, directors who are
members of the Audit Committee and Risk & Compliance
Committee are no longer being designated as members
of board committees with business recommendatory or
approving authorities. In doing so, it is implementing the
risk philosophy it advocates throughout the institution.
Moreover, a Corporate Governance Committee is
mandated to ensure the Board’s effectiveness and due
observance of the corporate governance principles and
guidelines. It shall oversee the periodic performance
evaluation of the Board and its committees and executive
management especially on the matters related to the
implementation of the Bank’s ICAAP.
The Audit and Risk & Compliance Committees are also
composed of members of the Board of Directors and are
supported by the Department Heads of Internal Audit, Risk
Management and Bank Compliance. The Audit and Risk
Committees are independent of the management function.
Reporting directly to the Bank’s Board of Directors,
the Committees also recommend new, additional or
changes to internal audit and risk programs, policies and
procedures.
The Assets and Liability Committee (ALCO) is chaired
by the President and is also composed of senior line
management officers. Its main function is to ensure that
at all times the Bank and its business units maintain
adequate liquidity, capital and funding to meet all business
requirements. ALCO is tasked to effectively manage
capital with strict adherence to the risk disciplines set by
the Board of Directors.
The Risk Management Department provides assistance in
the oversight of the Board of Directors. Its main function
is to identify, monitor, analyze and measure risks from the
Bank’s trading, position-taking, lending, borrowing and
other transactional activities. This department reports
directly to the Board of Directors.
The Internal Audit Department regularly examines and
reviews the extent and quality of the Bank’s adherence
to internal control policies & procedures. It provides an
independent appraisal of functional units and likewise
reports directly to the Bank’s Board of Directors.
The Bank Compliance Department reports directly to the
President. Its main function is to identify all relevant laws
and regulations or jurisdictions, and ensures the Bank’s
compliance. Likewise, it is charged with ensuring that all
new or amended compliance policies are communicated
and understood by all concerned banking units.
The Credit Committee (CreCom) has the authority to
review, approve or recommend to the Board of Directors
approval of all credit and credit-related proposals,
programs, policies and procedures. Also composed of
members of the Board of Directors, the CreCom oversees
the entire credit management process.
The President & Chief Executive Officer is mandated by
the Board to implement major business directions and
programs, and to lead the overall management of the
Bank. In turn, the Management Committee (ManCom), led
by the President/CEO and composed of the Bank’s most
senior line officers, oversee the day-to-day supervision of
the business.
2010 Annual Report
25
Board of Directors
Emmanuel V. De Ocampo
Chairman
Democrito T. Mendoza
Vice-Chairman
Ricardo A. Balbido, Jr.
President and Chief Executive Officer
Antonio A. Balgos
Director
Romeo G. Roxas
Director
Eduardo P. Pilapil
Director
Ramon P. Miranda
Director
Francisco T. San Miguel
Director
26
Vicente R. Buenaventura
Director
Federico A. Manalo
Board Secretary
Umberto A. Rodriguez
Director
Renato C. Valencia
Board Advisor
2010 Annual Report
27
Management Committee
President & CEO
Jesus Vicente O. Garcia
Executive Vice-President
Severo C. Leagogo
Annabelle Y. Yong
Senior Vice-President
Joselito Ricardo G. Nazario
Evener H. Monzones
First Vice-President
Rogerio B. Panlasigui
Camille Maricelle M. Canullas
Teresita E. Logarta
Ignacio A. Manipula
Roel S. Costuna
Ma. Rosario A. Sabalburo
28
2010 Annual Report
29
Philippine Veterans Bank Senior Officers
OFFICE OF THE CHAIRMAN
Emmanuel V. de Ocampo
Chairman
Federico A. Manalo
Ricardo G. Agustin
Samuel V. Poblete
OFFICE OF THE PRESIDENT
Francis M. Puzon
Ma. Lourdes D.O. de Guzman
Edgardo P. Gidaya
Vice-President
Miguel Angelo C. Villa-Real
Vice-President
Marilou R. Tupaz
Asst. Vice-President
CREDIT RISK MANAGEMENT &
ASSET RECOVERY GROUP
Rogerio B. Panlasigui
Ma. Rosario A. Sabalburo
Roel S. Costuna
Ma. Theresa T. Nacar
Ramon J. Uy
BANK OPERATIONS &
COMPTROLLERSHIP GROUP
Teresita E. Logarta
Ignacio A. Manipula
Ma. Flor B. Manaois
Products and Services
LENDING BUSINESS GROUP
Severo C. Leagogo
Annabelle Y. Yong
Carlos Rheal B. Cervantes
Vice-President
BRANCH BANKING GROUP
Roberto R. Noceda
Vice-President
Jesus Vicente O. Garcia
Ma. Justina M. Francisco
Evener H. Monzones
INFORMATION TECHNOLOGY &
BUSINESS SOLUTION GROUP
Alfredo B. Santiago
Vice-President
Camille Maricelle M. Canullas
Chona Victoria R. Guray
Edgardo S. Dajao
Evangelo B. Savellano, Jr.
Frederick P. Rosario
Vice-President
Jose Francisco C. Ramos
Ma. Melyn B. Ramos
Loida O. Cabatbat
TREASURY GROUP
DEPOSIT ACCOUNT SERVICES
Savings Account
Checking Account
Time Deposit
Hyper Saver
Maxi Return
Advantage Plus
Premium Savings Account
Veteran Teller ATM Card
LOAN SERVICES
Commercial Loans
Industrial Loans
Salary Loans
Housing Loans
Special Financing Loans
Developmental Loans
Loan Syndications & Co-Financing
Pension Loans
Foreign Currency Deposit
Ma. Daisy S. Sibya
Marie Jean J. Carranceja
FUND MANAGEMENT SERVICES
• Individual/Corporate Portfolio Management
• Investment Management Agreement (IMA)
• Fund Management Employee Benefit
• Pre-need Fund Management
ESTATE PLANNING
• Living Trust Account - PVB Destiny Fund / Traditional
• Testimonial Trust
• Life Insurance Trust
OTHER SPECIAL TRUST AND FIDUCIARY SERVICES
• Safekeeping and Custodianship
• Escrow
• Guardianship/Administratorship/Executorship
• Mortage/Trust Indenture
• LGU Bonds Trusteeship
OTHER SERVICES
INTERNATIONAL SERVICES
Ma. Corazon M. Dauz
TRUST SERVICES
Import / Export Financing
Commercial Letters of Credit
Purchase and Sale of Foreign Currency
Travelers Cheques
Foreign Currency Loans & Advances
Collection of Notes
Veterans Assistance
Government Securities Dealership
SSS & BIR Collection
Barangay Coop
Special Lending programs
PVB Gift Checks
Investment Securities & Commercial Paper
Joselito Ricardo G. Nazario
Catherine T. Magana
Roderick A. Dones
Vice-President
TRUST & INVESTMENT DIVISION
Moises T. Carpio
Paul B. Tuazon
Renante B. Dela Cruz
Milagros C. Yuhico
Ma. Virginia C. Saquido
Vice-President
SUBSIDIARIES
INTERVEST PROJECTS INC.
30
Ma. Teresa O. De Guzman
2010 Annual Report
31
Branch Directory
BRANCH
ADDRESS
PHONE
NORTHERN LUZON
METRO MANILA
MAIN SVC DEPT.
(MOSD)
PVB Building 101 Herrera corner
Dela Rosa Sts., Legaspi Village,
Makati City 1229
894-3919 local 445 or 8403639
751-5534 or 5533
BAGUIO
West Burnham Palace Hotel, Kisad Road
corner Chanum Street Baguio City 2600
(074) 304-2858; (074) 304-2841
fax-(074) 443-5033
ALTA VISTA
PVB Building Aurora Boulevard corner
Katipunan Road, Quezon City 1105
913-4732; 437-5991
fax-913-4760
BALIUAG
PVB Building Rizal corner Barrera Sts.,
Poblacion, Baliuag Bulacan 3006
(044) 766-5012; (044) 766-5013
fax-(044) 766-5014
ANTIPOLO
182 P. Oliveros Street, Barangay
San Roque 1870
470-1892; 470-1879
fax-470-1892
CABANATUAN
G/F Ramos Building Maharlika Highway,
Barrera District, Cabanatuan City 3100
(044) 940-2571; (044) 940-2573
fax-940-2574
CAMP AGUINALDO
PVB Building Boni Serrano Avenue,
Camp Aguinaldo, Quezon City 1110
911-8964; 911-7329; 437-9849
fax-911-9293; 911-9295
CLARK
CDC Bldg. 2126 CP Garcia St., CSEZ,
Clark Field, Pampanga
(045) 599-6684; (045) 893-4118
fax-(045) 599-6683
CAMP CRAME
PVB Building Boni Serrano Avenue
Camp Crame, Quezon City 1111
726-9707; 726-9712; 726-9714
fax-724-3103
DAGUPAN
G/F CAP Building Burgos St.,
Dagupan City 2400
(075) 515-8590; (075) 522-0895
fax-(075) 515-3209
GAGALANGIN
PVB Building 2666 J. Luna St.,
Gagalangin, Tondo Manila 1013
252-7222; 252-7228
fax-252-7216
LA UNION
PVB Building P. Burgos St.,
San Fernando, La Union 2500
(072) 888-2982; (072) 700-2653
fax-(072) 242-4953; (072) 700-4953
LAS PIÑAS
Units 1-3 , The Palm Square Building
Alabang Zapote-Road, Las Piñas City 1740
799-7210;722-7205
fax-799-7210
LAOAG
PVB Building Gen. Segundo Avenue,
Laoag City, Ilocos Norte 2900
(077) 771-5371; (077 )770-3188
fax-(077) 770-3187
MARIKINA
PVB Building A. Tuazon cor. Redwood St.
San Roque, Marikina City
682-9102; 682-9104
fax-682-9103
LINGAYEN
RBP Bldg. Avenida Rizal west Avenue,
Poblacion Lingayen, Pangasinan 2401
(075) 542-3849; (075) 662-1010
fax-(075) 542-3850
MUNTINLUPA
CVA Building National Road Putatan,
Muntinlupa City 1770
861-0392; 861-0452
fax-861-0413
MALOLOS, BULACAN
MTKJ Building Paseo del Congreso,
Malolos City, Bulacan
(044) 796-2025; 796-2239
fax-796-2299
PARAÑAQUE
8280 Buenamart Dr. A. Santos Ave.,
San Isidro, Paranaque City, 1700
820-4940; 820-4942; 541-8386
fax-820-4941
OLONGAPO
PASAY CITY
Unit 9-B and 10-A Liberty Commercial Center,
Libertad St., Pasay City
556-4163; 556-4164
fax-556-6118
Saver’s Digital Hub, Appliance Depot Building, (047) 222-8385; (047) 222-8382
Rizal Avenue, West Tapinac,
fax (047) 222-8384
Olongapo City, Zambales
PANIQUI
PVB Building, Zamora corner Burgos Sts.,
Paniqui, Tarlac 2307
(045) 931-1726
fax-(045) 931-1422
PORT AREA
PVB G/F PPA Building A. Bonifacio Drive,
South Harbor, Port Area Manila 1018
524-5950; 524-9174
fax-524-9173
SAN FERNANDO
(045) 961-4410; (045) 961-7733
fax-(045) 961-4410
TAGUIG
G/F, VFP MDC Building
Veterans Center, Taguig,
Metro Manila 1650
838-3886; 838-3888
fax-838-3887
Unit 2-3, The Peninsula Plaza, MacArthur
Highway, Dolores, San Fernando City,
Pampanga 2000
SANTIAGO, ISABELA
Bretania Building, Camacam cor. Turingan
Streets, Santiago City, Isabela
(078) 305-1682;(078) 305-0624
fax-(078) 305-1872
TIMOG
130 Cabrera 1 Building, Timog Avenue,
Quezon City 1103
441-1809; 9207455
fax-441-1809
TARLAC
CAP Building MacArthur Highway,
Barangay San Sebastian, Tarlac City 2300
(045) 491-4692; (045) 491-4659
fax- (045) 491-4659
UP DILIMAN
Ang Bahay Ng Alumni R. Magsaysay St., UP.
Campus, Diliman, Quezon City, 1101
434-7440; 434-7444 ; 434-5757
fax-434-7443
TUGUEGARAO
PVB Building, Mabini corner Luna Sts.,
Tuguegarao, Cagayan 3500
(078) 844-1905; (078) 844-4126
fax-(078) 844-0596
32
2010 Annual Report
33
Branch Directory
MINDANAO
SOUTHERN LUZON
BATANGAS
G/F CAP Building, #56 Rizal Avenue
Batangas City 4200
(043) 723-5686
fax-(043) 723-2782
BUTUAN
Villanueva corner Calo Sts.,
Butuan City 8600
(085) 225-5681; (085) 341-5082
fax-(085) 815-4289
CALAMBA
PVB Building Crossing, Barangay Real,
Calamba, Laguna
(049) 545-3002; (049) 545-3006
fax-(049) 545-3058
CAGAYAN DE ORO
PVB Building Abejuela corner Tiano Bros. Sts.,
Cagayan de Oro City 9000
IMUS
JSS Building, Bayan Luma 4,
Aguinaldo Hi-way, Imus, Cavite
(046) 515-7724; (046) 471-4583
(046) 471-4635
(08822) 722-628 ; (08822 )8573386
fax-(08822) 722-644
DAVAO CM RECTO
LEGASPI
PVB Building Peñaranda St.,
Legaspi City 4500
(052) 820-2247; (052) 480-8909
fax-(052) 480-8908
PVB Building CM Recto St.,
Davao City 8000
(082) 227-4012; (082) 221-4011
fax-(082) 224-0698
LIPA, BATANGAS
SMB Building, Barangay Marauoy,
Lipa City, Batangas
(043) 757-4250; (043) 757-4175
fax-(043) 757-4277
DAVAO
MONTEVERDE
VFP Building P. Tomas St., Monteverde,
Davao City 8000
(082) 222-0882; (082 )227-4264
fax-(082) 222-3790
GEN SANTOS
LUCENA
G/F CAP Building, C.T. Profugo cor. Granja
Streets, Barangay V, Poblacion Lucena City
(042) 373-0376; (042) 373-0373
fax-(042) 373-0383
I. Santiago Boulevard, General Santos
City 9500
(083) 553-3996; (083) 301-3990
fax-(083) 553-3995
ILIGAN CITY
NAGA
PVB Building Elias Angeles St.,
Naga City 4400
(054) 473-8251; (054) 811-2421
fax-(054) 473-9303
PVB Building Mahayahay Avenue,
National. Highway, Iligan City 9200
(063) 351-7366; (063) 223-8374
fax-(063) 223-1523
KIDAPAWAN CITY
PUERTO PRINCESA
PVB Building Rizal Avenue,
Puerto Princesa City 5300
(048) 433-7842 ; (048) 433-7843
fax-(048) 433-7841
CAP Building Quezon Blvd. cor. Datu Matalam St.,
Poblacion, Kidapawan City
KORONADAL
SAN JOSE
PVB Building Rizal corner Quirino Sts.,
San Jose, Occidental Mindoro 5100
(043) 491-2235
fax-(043 ) 491-1563
YMEI Building, Gen. Santos Drive,
Koronadal, South Cotabato
(083) 520-1138; (083) 520-1140
fax (083) 520-1139
PAGADIAN CITY
SAN PABLO, LAGUNA
Azores Building, Regidor cor. Lopez Jaena
Streets, San Pablo City, Laguna
(049) 561-1131; (049) 561-1132
fax-(049) 561-1133
JAVAVED Business Corp. Building,
Rizal Avenue, Pagadian City,
Zamboanga del Sur
(062) 925-0250; (062) 214-4380
fax- (062) 925-0259
ZAMBOANGA
PVB Building Gov. Lim Avenue corner
Saavedra Sts., Zamboanga City 7000
(062)991-1077; (062) 991-1078
fax-(062) 991-1079
BACOLOD
PVB Building, General Lacson St.,
corner Cottage Road Bacolod City 9205
(034) 434-2371; (034) 434-1538
fax-(034) 434-1537
CATARMAN
108 Jacinto Street Barangay Molave,
Catarman, Northern Samar 6400
telefax-(055) 251-8195
CEBU
PVB Building, Osmeña Boulevard (Beside SSS
Bldg.) Cebu City 6000
(032) 253-7745;(032) 255-1168
fax-(032) 254-7200
DUMAGUETE
PVB Building Perdices corner San Juan Sts.,
Dumaguete City
(035) 225-2032; (035) 225-2033
fax-(035) 225-2031
ILOILO
PVB Building Valeria corner Delgado Sts.,
Iloilo City 5000
(033) 335-8410; (033) 335-0452
fax-(033) 335-0451
KALIBO
Ruiz-Igtanloc Building, Provincial Capitol,
Kalibo, Aklan
(036) 262-1970; (036) 268-1972
fax- (036) 268-1970
MANDAUE
Carlos Perez Building A.C. Cortez Avenue
Ibabaw, Mandaue City
(032) 346-4344; (032) 346-4356
fax-(032) 420-6128
ROXAS
PVB Building Legaspi corner Gomez Sts.,
Roxas City, Capiz 5800
(036) 621-6206; (036) 621-6123
fax-(036) 621-6122
TACLOBAN
PVB Building Justice Romualdez St.,
Tacloban City 6500
(053) 523-9620; (053) 321-2556
fax-(053) 523-9701
TAGBILARAN
QVC Business Plaza, C.P. Garcia Avenue,
Tagbilaran City, Bohol
(038) 412-4077; (038) 501-9802
fax-(038) 501-9802
VISAYAS
34
2010 Annual Report
35
101 V.A. Rufino cor. Dela Rosa Streets, Legaspi Village, Makati City 1229 Philippines
Tel. Nos. (632) 857-3800 • (632) 902-1700
www.veteransbank.com.ph

We Empower Today`s Heroes - Philippine Veterans Bank

Transcription

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