BIZ BUZZ: Pinoys in Korean, Vietnam wars now officially ‘veterans’
Starting this month in time for its 60th founding anniversary, Philippine Veterans Bank (PVB) is ramping up its campaign to recruit those who served after World War II.
PVB was created by law on June 18, 1963, with seed capital that represented a portion of a $20-million Veterans Trust Fund that was established with proceeds from war reparations received from Japan in 1956.
But with a new charter that was enacted in December 2021 and which expands PVB’s base of qualified stockholders, the commercial bank will beef up its ranks that up to now consists of more than 385,000 World War II veterans and their heirs.
Now allowed to be part owners are veterans of the Korean War in the 1950s and the Vietnam War in the 1960s, as well as their widows and descendants.
Also qualified to own PVB shares are Armed Forces of the Philippines retirees and their immediate family members.
Further, the updated PVB charter raises the bank’s authorized capital to P10 billion from P100 million.
Thus, PVB has set its sight on at least P4.4 billion in additional funds from interested group’s of AFP retirees.
To reinforce its core businesses and to fuel expansion, PVB is set on a mission to reach out not only to more such groups but also to individual veterans and retirees.
For this purpose, PVB has adopted the rallying cry of “Invest in Heroism, Invest in PVB,” inviting new investors to buy PVB shares at P110 per share at a minimum lot of 100 shares or P11,000.
—Ronnel W. Domingo
DFNN’s Garcia inks JV with Arquimea
Ramon Garcia Jr., executive chair and founder of the DFNN Group of Companies, continues to expand the group’s footprint in the high technology space with the forging of a joint venture agreement with Spain’s Arquimea, rated by Financial Times as the fastest-growing aerospace company in Europe.
To be named Arquasia Technologia Servicios Inc., the joint venture will go into manufacturing and will be the regional hub of activities in Asia. Arquimea is described as a technology company that operates in specialized fields such as aerospace, biotechnology and fintech.
Plans are for the civilian applications of the technologies available to the joint venture to be tapping the network of the DFNN Group while the secure/defense applications will be through a major corporate owner of DFNN shares.
The agreement was signed in Madrid this week by Garcia and Arquimea’s founder, Diego Fernandez, and was witnessed by Philippe Lhuillier, the Philippines’ ambassador to Spain.