Veterans to preserve history, change way people see banking

THE VETERAN is now the trendsetter. Without losing its heart for the Filipinos it committed to serve, the Philippine Veterans Bank is changing the way people see banking as it has brought to the table a more modern approach and a revitalized way of doing business.

The bank that was once perceived to serve only the needs of World War II veterans is now taking aggressive steps to provide new products and services that cater to the changing financial needs of its customers.

“Philippine Veterans Bank, contrary to the perception of quite a number of people, is not a government bank, nor is it a military bank run by generals. More so, it is not a bank devoted only to cater to senior citizens, particularly the veterans of World War II,” said Veterans Bank Chair Roberto F. de Ocampo.

“It has always been a private bank even when it was first established in the ’60s and it is the only bank in the country that is widely owned by a very large group of stockholders.By that I mean that there are a number of banks in this country that are much larger than the Philippine Veterans Bank and may actually be listed in the stock exchange, but for all practical purposes are held by a family. Not so with Philippine Veterans Bank,” de Ocampo explained.

Paying tribute

The idea to establish a veterans bank began in 1956 when the reparations agreement between the Philippines and Japan was concluded.

This provided that Japan would pay the Philippines $20 million in cash, P5 million in capital goods, and $10 million in services. Republic Act 1789 or the Reparations Law, placed the cash reparations in a trust fund for the benefit of World War II veterans, their widows and orphans.

“When the war broke out and the Japanese invaded our shores, the ROTC cadets braved insurmountable odds. So it is only fair that their achievements be recognized by a contribution from a grateful Republic and that was the birth of the Philippine Veterans Bank,” de Ocampo explained.

Although a private bank, this financial institution would thus serve as a constant reminder of the heroism that the Filipinos have shown during the war. And through the trust fund placed at the Philippine Veterans Bank, it would always acknowledge and continue to support the veterans even over the long term.

However, the changing times prompted the need for the bank to undertake drastic but critical reforms to ensure that it would remain relevant to its customers and keep up with the latest trends in the banking industry.

Reform agenda

“As the years went by, it became clear that it had to go to another level of development if (the bank) was to sustain its capability to assist the veterans. So in 2013, I was asked by the Bangko Sentral ng Pilipinas and some other officials of the national government if I was interested in coming in to chair the bank and in a sense lead its reform agenda,” de Ocampo recalled.

“Since then, we had been in the process of revitalizing the bank. We brought in very highly professional and somewhat younger board (of directors) and from there, proceeded to put in the structures of governance and policies that would allow the bank’s processes, professionalism, senior management to be second to none to any bank in the country,” he further noted.

From the time de Ocampo and his team of esteemed officials sat as board members, the bank had quickly instituted reforms that allowed it to recover and gain traction. In fact, it moved so quickly that even BSP officials were surprised that what they thought would be at least five years of reform ended up to less than three years.

Keeping the legacy

What now further makes the Philip- pine Veterans Bank truly second to none is the fact that it is the only bank in the country positioned to be both a bank and a keeper of the history and legacy of local heroes.

“This is why we try to educate the general public who might have already forgotten such heroism. We want to keep reminding them of this. Like it or not, the veterans of World War II are all fading away thus the tendency of them being forgotten can truly happen, especially at this time where you have a generation of youth whose idea of war is a video game,” de Ocampo related.

“We now transform our branches into a combination of a modern looking facility as well as a historical monument to the memory of veterans… A unique feature of what we are doing is the creation of a history wall,” de Ocampo claimed.

The history wall houses a collection of old photographs of the veterans to serve as a gentle reminder to today’s youth. These photos are often accompanied by narratives to give clients an idea of what took place at that time. Moreover, these walls were embellished with actual memorabilia, making it even more appealing and truly educational for the youth and all banking customers alike.

“It becomes a reminder to everybody that you should not easily forget our forefathers who fought for our freedom and that war is not a mere video game. The history wall in each branch teaches the youth about the value of defending ones country and help them realize that bravery and patriotism are not just conceptual that when push comes to shove, you have to stand for your country,” de Ocampo explained.

Tapping entrepreneurs

Currently, the Philippine Veterans Bank is the only private commercial bank allowed by law to be a depository of the national and local govern- ment entities. As a result, it is now one of the leading proponents of providing financial assistance to local government units and the national government.

The bank’s clientele included not only the veterans and state agencies, but the business community as well. However, it continues to set its sights on new customers to ensure that it will remain profitable enough so that its commitment to deliver a certain percent of its profit to the veterans of World War II would be substantial.

“While the veterans and the defenders of the country are at the core of our operations, that doesn't mean we are restricting ourselves to these groups. We are also catering to the business community and right now, our emphasis is to look at areas which are less serviced by the big banks. We are now tapping entrepreneurs who may be looking for financial assistance,” de Ocampo said.

“Of course, the bigger our profit is, the better for our veterans. By doing good business, we are able to keep the flame for them burning. In the end however, we just want to correct the notion that Veterans Bank is a public bank run by generals for the purpose of servicing octogenarians and the like. Second is that it is a bank that approaches its work in a different way as stated in our tagline which we launched last year,” de Ocampo shared.

‘ With a heart’

The bank’s tagline: “Philippine Veterans Bank is the bank with a heart for every Filipino,” was meant to change the notion that has long been associated with banks and bankers which was that they are just after the money, often at the expense of everyone, particularly the destitute.

“We want to show the people that we are not the kind of bank that you can’t approach. Again, I would like to emphasize that we are here because we want to assist you in formulating what could be the best way by which you could prosper your business. The idea of bank with a heart and the historical aspect, is our contribution to reinvigorate the new generation,” he added.

Indeed, the Philippine Veterans Bank, as the latest trendsetter, only wants to redefine the character and very nature of its business, so that it would be inculcated in the minds of the people that it is not just an ordinary financial institution, but rather a keeper of the flame, a bank with a heart.