PVB President Joey Bermudez (left) and PVAO Administrator Ernesto Carolina shake hands to seal the Memorandum of Agreement on the salary loan program for PVAO employees
QUEZON CITY – Philippine Veterans Bank (PVB) and the Philippine Veterans Affairs Office (PVAO) recently signed a Memorandum of Agreement (MoA) that made available to employees of PVAO a multi-purpose salary loan program.
Under the PVB-PVAO salary loan program, regular and permanent PVAO employees will be able to take out a salary loan with the bank with a tenor ranging from 6 months to 36 months. Depending on their income, qualified applicants will be able to avail of loan amounts ranging from P5,000 to P300,000 with very attractive rates.
PVAO employees welcomed the salary loan program agreement with PVB as this would provide them with a new channel to access much-needed funds for use in payment of their children’s tuition fees, in medical emergencies, for house repairs, and for other similar scenarios.
No less than PVA Administrator Lt. Gen. Ernesto Carolina (Ret) signed the agreement together with PVB President and CEO Joey Bermudez. On hand to witness the ceremony for PVAO were PVAO Employees Association President Dolly Blanca with Administrative Division Acting Chief Mariciel Estacio, Finance Division Chief Ferdinand Palor. On the part of PVB, witnessing were EVP and Branch Banking Group Head Jesus Vicente Garcia, FVP and Commercial Banking Head Carlos Rheal Cervantes, and PVB - Camp Aguinaldo Branch Head Edgardo Calzado.
A short orientation on the salient features of the salary loan program for PVAO employees immediately followed the MoA signing.
Veterans Bank is a private commercial bank owned by World War II veterans and their descendants. It has 60 branches nationwide and also caters to private and corporate retail markets. As part of its mandate, Veterans Bank allocates 20% of its annual net income for the benefit of World War II veterans and their heirs through medical and livelihood programs.
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