we empower today’s heroes - philippine veterans bank · one of the winning stories involves a...

2010 Annual Report

veteransbank

We Empower Today’s Heroes

OUR VISIONWe 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 MISSIONProvide 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.

The Philippine Veterans Bank is an advocate of modern-day heroes who strive to make a difference in the lives of their fellowmen.CONTENTS

4 Financial Highlights06 Letter to Shareholders10 Operational Highlights •BranchBankingGroup •TreasuryGroup •LendingBusinessGroup - Corporate Banking Division - Investment Banking Division - Retail Banking Division •TrustManagementGroup •Technologyand BusinessInformationGroup •HumanResourceand Organizational Development Division13 Corporate Social Responsibility14 RiskManagement15 CorporateGovernance26 Board of Directors28 ManagementCommittee30 List of Senior Officers 31 Products and Services32 Branch Directory

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

Net Income 417.20 528.65 406.36 424.56 508.93

Total Resources 29,603.86 36,396.02 45,587.29 51.790.47 58,075.41

Total Deposit Liabilities 23,572.48 29,624.61 37,127.62 43,013.79 46,357.74

Loans and Receivables - net 12,369.93 13,813.89 19,133.99 22,245.93 23,419.10

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

Earnings per Share (PhP) 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

4 Philippine Veterans Bank

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2010 Financial Highlights

52010 Annual Report

72010 Annual Report

COL. EMMANUEL V. DE OCAMPOChairman of the Board

RICARDO A. BALBIDO, JR.President & Chief Executive Officer

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 unsungheroes of World War II that the Bank helped bring to light through World War II True Stories Contest co-sponsoredby 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. Hisstory 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 Filipinoswho 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 otherwiseordinary people who did extraordinary things during the war. These stories prove what we in PVB believe—that thespark 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 dreamsand aspirations. Our role is to empower.

Throughout 2010, the theme of empowerment resonatedstrongly 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.

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 performanceinclude 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. Weclosed 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 thecontinued 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, weare 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 depositorsthroughout the country, we have completed the successful transfer to Bancnet, the largest interbank network in the Philippines. This gives our depositors round-the-clockbanking access to PVB via a network of 4,616 ATMsnationwide.

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—areideal 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 corporatebanking business, with its Trade Finance, Commercial

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.

Letter to Shareholders

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Banking and Government Credit and Specialized LendingDepartments 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 yearempowered 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.

In all this, we will not lose sight of our responsibility to the heroes to whom this institution owes its very existence.

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 IITrue Stories Contest. The success of this program servesas 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 bagongbayaning Pilipino!

COL. EMMANUEL V. DE OCAMPOChairman of the Board

RICARDO A. BALBIDO, JR.President & Chief Executive Officer

Two 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.

TheMaynationalelectionshadatremendousimpacton the economy. During the first half of the year, the outgoing administration of President Gloria Macapagal-Arroyo increased spending leading up to the elections. This, along with election-related expenditures of nationaland local candidates, fueled the growth of the economy. GDP growth rates rose to 7.8% and 8.2% during the firstand second quarters, respectively. Despite slowing down to 6.5% during the third quarter, full-year GDP growth stoodat 7.3% for 2010—the highest in over a decade and afteravoiding a recession in 2009.

The growth in 2010 was broad-based, led byconsumption 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 lastdownturn, but has also shown rapid economic recovery over the last twelve months.

The economic growth would not have been possibleif not for the benign inflation environment and outlook. TheBangko 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 for2010 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 toensureachievementof its fiscal goals—stringent tax enforcement, tight expenditure discipline, sustainable deficits and prudent debt management. TheNational Government recorded a budget deficit of P314.4billion 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 anunprecedented surplus of US$14.4 billion as of end-December 2010, which allowed it to build up international reserves and ensure external debt sustainability. This wason the back of rapid export growth, robust remittances and BPO receipt. Gross International Reserves and Overseas

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 transformeditself 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 marketinvestors hastened to park their excess funds in government securities. The 91-day T-bill primary market rates droppedto 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 likewisefell by almost 215 basis points across all tenors. The ROPDollar-denominated bond prices appreciated by as much as US$18, or a drop in yields by 2.25% during the year, dueto the strong demand for emerging market assets.

The Philippine stock market also gained from thepositive outlook of the Philippine economy. The indexsurged 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 appreciatedimmensely 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 boostedby 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 andhas 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 havedeclined. 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 thelast 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 workto be done. 2011 is expected to be more difficult given the higher food and fuel prices and, most recently, the MiddleEast 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 fullas 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.

92010 Annual Report

REVIEW OF PHILIPPINE ECONOMY IN 2010


10 Philippine Veterans Bank 112010 Annual Report

Branch Banking GroupAs 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 thesuccessful 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 andTagbilaran, the bank has expanded its network to a totalof 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 ATMnetwork in the country. Along with the installation of 33 additional ATM units, joining Bancnet gives clients easierand 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.

Operational Highlights

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 forDeposit 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.

For 2010, all PVB branches passed the audit with an “Adequate” rating. The Bank also prepared well for theJanuary 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 GroupThe Treasury Group remained as one of the Bank’s mainsource of income in 2010, with all its three departments—the Fund Management and Portfolio Department (FMPD),Treasury Marketing Department (TMD) and CorrespondentBanking 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 andrealized 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

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’sincome 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 asecurity issued by a Government-Owned and ControlledCorporation (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 theyear were the sell-down of the Burley Tobacco InternalRevenue 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 alsogave 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 thefavorable environment created by huge swings in the USD/Peso spot market. While the volume of tradingdid 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 supportsnational development by providing additional funding for government projects. The challenge to the TreasuryGroup is to maximize the returns from such securities.Early in the year, the Group saw a good opportunity to

To meet the diverse needs of different clients, PVBintroduced and marketed new products during the year. For long-term deposit products, the Bank launched the Maxi Return, Hyper Saver and Advantage Plus—allhigh-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 CurrentAccount with Passbook, Current Account with passbook and ATM and ATA Current Account. All these newproducts received good response from our clients.

With the proven reliability of the Bank’s Cash Management and other deposit-related services, PVBwas able to secure more clients, including all branches of the Philippine Gaming and Amusement Corporation(PAGCOR), which now rely on PVB for their MoneyCounting 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 theBangko Sentral ng Pilipinas to operate under the category “Other Banking Office” at the location.

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.


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.

MAKING OUR PRODUCTS AND SERVICES ACCESSIBLE

10 NEW BRANCHES opened in 2010. 200,000

Total ATM cardholder base at the close of last year.

• Kalibo, Aklan• Koronadal, General Santos• Lipa, Batangas• Malolos, Bulacan• Olongapo, Zambales• Pagadian, Zamboanga• Pasay, Manila• San Pablo, Laguna• Santiago, Isabela• Tagbilaran, Bohol


Local Government Units (LGUs) in 2010—21.74% higherthan 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 buildingslaughterhouses, irrigation systems, public markets, drainage and water works systems, schools, hospitals, tourism projects and relocation sites for informal settlers.

Besides the LGU loans, the department also providedfinancing to GOCCs worth P4.23 billion, monetizedInternal Revenue Allotments worth P54.4 million, and lent P2.27 billion to private corporations.

The portfolio growth generated revenues of P585.04million 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 fundingrequirements.

For 2011, the GCSLD will continue to optimize itsresources in support of the programs of the National Government as well as the private sector.

The Commercial Banking Division (CBD) saw furtherdiversification of its clientele this year. The total loanportfolio 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.

Despite the unsteady volume of trade business and the volatility in the financial markets, the Trade FinanceDepartment (TFD) posted a total portfolio of P6.21 billionin 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 inincome 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 toP246.57 million from the previous year’s P230.71 million.

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.

PVB continued to be a provider of liquidity in both Peso and FCDU interbank markets. The TreasuryGroup maintained sufficient high-quality liquid assetsfor 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 CapitalAdequacy Assessment Process (ICAAP), and headed the technical committee on Market and Liquidity Risk.This Further strengthened the overall liquidity of the Bankand established standards based on international best practices.

For 2011 and beyond, Treasury commits to continuemanaging the Bank’s investment portfolios efficiently, sustaining a healthy liquidity level, and delivering good returns to the shareholders.


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 second-class LGUs for the funding of infrastructure projects suchas a public market, medical center and hotel buildings.

The IBD engages private commercial banks to participatein these LGU accounts by way of syndication and selldown. 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.

IBD also strengthened the Bank’s partnership with the LGU Guarantee Corporation (LGUGC) with the objectiveof developing local capital markets and improving the participation of private banks in LGU financing. TheLGUGC’s P1 billion accreditation of PVB under its first andonly Automatic Guarantee Line reduces the risk rating ofLGU debt instruments to 20% and allowed the cumulativebooking 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.

AtotalofUS$97.50millionworthofLettersofCreditwereopened during the year. One of these is the biggest Letter of Credit opened to date in the defense industry for the importationofutilityhelicoptersfromPoland.TheTFDalso participated in a Corporate Note offering for a food manufacturing company and a loan facility for a global hotel franchise.

Investment Banking DivisionTheInvestmentBankingDivision(IBD)formerlyknownas 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.IBDearnsincomeprimarilyonfeescollectedfromloan 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),AssetRecoveryDivision(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.

Lending Business GroupCorporate Banking DivisionThe principal player in PVB’s lending group, theGovernment Credit and Specialized Lending Department(GCSLD), had an outstanding year in 2010, having postedtotal outstanding loans of P10.4 billion—more than onethird of the Bank’s total loan portfolio of P30.53 billion. Through the P4.77 billion worth of loans released to

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 income-generating and essential government projects for 4 provinces, 13 cities and 15 municipalities nationwide.


WE HELP FULFILL THE DREAMS OF OUR HEROESRecently 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.


Retail Banking DivisionThe Philippine real estate market, which has weatheredthe 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%.

The three units under the Division—Mortgage Banking,Assignment of Receivables Financing and Group Plans& Others—concentrated on establishing tie-ups withreal 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 innovativemarketing promotions, namely “Member-Get-Member”and the “Refer-A-Borrower” internal campaign, both of which remained regular sources of account referrals. Tofurther 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 toseven times from Mondays to Sundays, raising the publicawareness of Bank’s housing loan offers.

Total assets held in trust increased significantly by27.84%, reaching P10 billion in 2010 compared to P8 billion in 2009. This increase was derived from InvestmentManagement accounts. Investments of TMG clientsincreased 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 partnerof 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 GroupIn 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.

Due to the fast growing number of ATM cardholders,we have upgraded the Bank’s ATM facility, specificallyits application and server capacity, to improve the performance and reliability of the system.

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 makestransactions faster—a significant development in the lightof growing business in all branches.

On the business development front, the Information Technology and Banking Systems Group continuedto 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 growinglist of services that new clients can choose from.

Human Resource and Organizational Development DivisionIn 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 principlesof Total Quality Management (TQM) throughout theorganization 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 activeindividual and team efforts in this area, the Department also launched its TQM Reward Points Program that letsemployees earn points for every submission of SGAMinutes, which may be used to redeem premium items.

The pursuit of quality includes looking at it from theperspective of customers. Recognizing this, the Bank continues to monitor customer feedback from the branches through survey forms. This provides valuableinsights 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.


Trust Management GroupPVB’s Trust and Investment Division (TID) was reorganizedin April 2010 into the Trust Management Group (TMG) toexpand its trust services and in response to the changing financial market. The newly-renamed group has beenactive in customizing and managing its range of non-traditional trust products such as Safekeeping, Escrow Arrangements, Mortgage Trust Indenture, Facility andPaying Agent to various LGU accounts.

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.


Products LaunchedFrom 2009 to 2010

Ang mabilis, sigurado at ligtas na paraan upang matanggap ang buwanang pension!

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.

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.

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PERSONALIZED TIME DEPOSIT PRODUCTSCustomerscanachievemorefromatimedepositthatgivesthemmore.Theycanavail 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.



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, ajoint project between Philippine Veterans Bank and the Philippine Daily Inquirer that entered its second year in 2010. This story writing contest invites high schoolstudents 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 thehistory of World War II real and relevant in today’s world was given recognition by The Public Relations Society ofthe 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 inbringing 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.

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 thesecond batch of OTP to strengthen the middle layer of theorganization.

One of the year’s highlights is the harmonious completion of the Collective Bargaining Agreement between the Management Panel and the employees’ representativeson November 10. The CBA essentially contains improvedbenefits 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 insupport of the management’s unceasing efforts to fulfill its vision and make a difference in the lives of Filipinos.

Corporate Social ResponsibilityPVB 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 WorldWar II (BTVWWII). These funds are used to support theVeterans Federation of the Philippines (VFP) Out-Patient Center in Taguig and the VFP Museum. Thus, the Bank’soutstanding 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 ofOur Fathers” which the Bank brought to Palawan, Kalibo, Tagbilaran, Metro Manila and Roxas City during the year.This unique exhibit showcases vestiges from the warincluding vintage photographs, coins, arms, and maps, to

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.

Helping improve the lives of our War Heroes, their widows and familiesThe Bank’s outstanding income performance in 2010 translated to more funds fortwo 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.


Corporate GovernanceWith its unique heritage and history, Philippine Veterans Bank firmly believes that a functioning and sound Corporate Governance structure is a key element in itsbusiness operations. The Bank owes its very existence tothe 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 veteran-shareholders and other external publics. True to its uniquelegacy, 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 Bank’s Board of Directors is the ultimate oversightbody 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 ExecutiveCommittee (ExCom) functions as the Board’s operating committee. It approves and oversees the Bank’s risk management on a more detailed basis. The members ofthe ExCom are all Directors.

The Audit and Risk & Compliance Committees are alsocomposed 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 RiskCommittees 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 Credit Committee (CreCom) has the authority toreview, 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 bythe Board to implement major business directions and programs, and to lead the overall management of the Bank. In turn, the Management Committee (ManCom), ledby the President/CEO and composed of the Bank’s mostsenior line officers, oversee the day-to-day supervision of the business.

The Assets and Liability Committee (ALCO) is chairedby 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 inthe 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 reportsdirectly to the Board of Directors.

The Internal Audit Department regularly examines andreviews 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 thePresident. 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.

Risk Management 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 thatend, PVB continuously develops processes to strengthen risk management to match the Bank’s growth.

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 theBank to determine the capital adequacy plus cushion vis-à-vis the risks that it is exposed to. This is not limitedto 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 thedocumentation and implementation of the assessment process. As a consequence, operational processes, such as financial planning/budgeting, were strengthenedto 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 ContingencyPlan is regularly reviewed to ensure that the Bank has adequate funding in case of extremely large cash outflow requirements. The Business Continuity Plans have alsobeen 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 considerableinvestments 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 thefoundation 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 computefor the probability of default of its credit risk exposure through complex statistical computations base on its

internal historical lending experience. This provides a morerobust 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 independenceand 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 ismandated 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.



Board of Directors

Emmanuel V. De OcampoChairman

Umberto A. RodriguezDirector

Vicente R. BuenaventuraDirector

Antonio A. BalgosDirector

Eduardo P. PilapilDirector

Ramon P. MirandaDirector

Ricardo A. Balbido, Jr.President and Chief Executive Officer

Democrito T. MendozaVice-Chairman

Romeo G. RoxasDirector

Francisco T. San MiguelDirector

Federico A. ManaloBoard Secretary

Renato C. ValenciaBoard Advisor


Management Committee

Ricardo A. Balbido, Jr.President & CEO

Annabelle Y. YongSenior Vice-President

Teresita E. LogartaSenior Vice-President

Jesus Vicente O. GarciaExecutive Vice-President

Roel S. CostunaFirst Vice-President

Ma. Rosario A. SabalburoFirst Vice-President

Ignacio A. ManipulaFirst Vice-President

Camille Maricelle M. CanullasSenior Vice-President

Rogerio B. PanlasiguiSenior Vice-President

Severo C. LeagogoExecutive Vice-President

Joselito Ricardo G. NazarioSenior Vice-President

Evener H. MonzonesFirst Vice-President


DEPOSIT ACCOUNT SERVICES

Savings AccountChecking AccountTime Deposit

Hyper SaverMaxi ReturnAdvantage Plus

Premium Savings AccountVeteran Teller ATM Card

LOAN SERVICES

Commercial LoansIndustrial LoansSalary LoansHousing LoansSpecial Financing LoansDevelopmental LoansLoan Syndications & Co-FinancingPension LoansForeign Currency Deposit

INTERNATIONAL SERVICES

Import / Export FinancingCommercial Letters of CreditPurchase and Sale of Foreign CurrencyTravelers ChequesForeign Currency Loans & Advances

TRUST SERVICES

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

Collection of NotesVeterans AssistanceGovernment Securities DealershipSSS & BIR CollectionBarangay CoopSpecial Lending programsPVB Gift ChecksInvestment Securities & Commercial Paper

Products and Services

OFFICE OF THE CHAIRMAN

Emmanuel V. de OcampoChairman

Federico A. ManaloSenior Vice-President

Ricardo G. AgustinFirst Vice-President

Samuel V. PobleteFirst Vice-President

OFFICE OF THE PRESIDENT

Ricardo A. Balbido, Jr.President & Chief Executive Officer

Francis M. PuzonFirst Vice-President

Ma. Lourdes D.O. de GuzmanFirst Vice-President

Edgardo P. GidayaVice-President

Miguel Angelo C. Villa-RealVice-President

Marilou R. TupazAsst. Vice-President

CREDIT RISK MANAGEMENT & ASSET RECOVERY GROUP

Rogerio B. PanlasiguiSenior Vice-President

Ma. Rosario A. SabalburoFirst Vice-President

Roel S. CostunaFirst Vice-President

Ma. Theresa T. NacarAsst. Vice-President

Ramon J. UyAsst. Vice-President

BANK OPERATIONS & COMPTROLLERSHIP GROUP

Teresita E. LogartaSenior Vice-President

Ignacio A. ManipulaFirst Vice-President

Ma. Flor B. ManaoisAsst. Vice-President

BRANCH BANKING GROUP

Jesus Vicente O. GarciaExecutive Vice-President

Evener H. MonzonesFirst Vice-President

Alfredo B. SantiagoVice-President

Chona Victoria R. GurayAsst. Vice-President

Evangelo B. Savellano, Jr.Asst. Vice-President

Jose Francisco C. RamosAsst. Vice-President

Loida O. CabatbatAsst. Vice-President

Ma. Corazon M. DauzAsst. Vice-President

Ma. Daisy S. SibyaAsst. Vice-President

Marie Jean J. CarrancejaAsst. Vice-President

Moises T. CarpioAsst. Vice-President

Paul B. TuazonAsst. Vice-President

Renante B. Dela CruzAsst. Vice-President

Philippine Veterans Bank Senior Officers

LENDING BUSINESS GROUP

Severo C. LeagogoExecutive Vice-President

Annabelle Y. YongSenior Vice-President

Carlos Rheal B. CervantesVice-President

Roberto R. NocedaVice-President

Ma. Justina M. FranciscoAsst. Vice-President

INFORMATION TECHNOLOGY & BUSINESS SOLUTION GROUP

Camille Maricelle M. CanullasSenior Vice-President

Edgardo S. DajaoFirst Vice-President

Frederick P. RosarioVice-President

Ma. Melyn B. RamosAsst. Vice-President

TREASURY GROUP

Joselito Ricardo G. NazarioSenior Vice-President

Catherine T. MaganaFirst Vice-President

Roderick A. DonesVice-President

TRUST & INVESTMENT DIVISION

Milagros C. YuhicoFirst Vice-President

Ma. Virginia C. SaquidoVice-President

SUBSIDIARIES

INTERVEST PROJECTS INC.

Ma. Teresa O. De GuzmanSenior Vice-President

BRANCH ADDRESS PHONE

METRO MANILA

MAIN SVC DEPT.(MOSD)

PVB Building 101 Herrera cornerDela Rosa Sts., Legaspi Village, Makati City 1229

894-3919 local 445 or 8403639 751-5534 or 5533

ALTA VISTA PVB Building Aurora Boulevard cornerKatipunan Road, Quezon City 1105

913-4732; 437-5991 fax-913-4760

ANTIPOLO 182 P. Oliveros Street, BarangaySan Roque 1870

470-1892; 470-1879fax-470-1892

CAMP AGUINALDO PVB Building Boni Serrano Avenue,Camp Aguinaldo, Quezon City 1110

911-8964; 911-7329; 437-9849 fax-911-9293; 911-9295

CAMP CRAME PVB Building Boni Serrano AvenueCamp Crame, Quezon City 1111

726-9707; 726-9712; 726-9714 fax-724-3103

GAGALANGIN PVB Building 2666 J. Luna St.,Gagalangin, Tondo Manila 1013

252-7222; 252-7228fax-252-7216

LAS PIÑAS Units 1-3 , The Palm Square BuildingAlabang Zapote-Road, Las Piñas City 1740

799-7210;722-7205fax-799-7210

MARIKINA PVB Building A. Tuazon cor. Redwood St.San Roque, Marikina City

682-9102; 682-9104 fax-682-9103

MUNTINLUPA CVA Building National Road Putatan,Muntinlupa City 1770

861-0392; 861-0452fax-861-0413

PARAÑAQUE 8280 Buenamart Dr. A. Santos Ave., San Isidro, Paranaque City, 1700

820-4940; 820-4942; 541-8386fax-820-4941

PASAY CITY Unit 9-B and 10-A Liberty Commercial Center,Libertad St., Pasay City

556-4163; 556-4164fax-556-6118

PORT AREA PVB G/F PPA Building A. Bonifacio Drive,South Harbor, Port Area Manila 1018

524-5950; 524-9174fax-524-9173

TAGUIG G/F, VFP MDC Building Veterans Center, Taguig, Metro Manila 1650

838-3886; 838-3888fax-838-3887

TIMOG 130 Cabrera 1 Building, Timog Avenue,Quezon City 1103

441-1809; 9207455fax-441-1809

UP DILIMAN Ang Bahay Ng Alumni R. Magsaysay St., UP. Campus, Diliman, Quezon City, 1101

434-7440; 434-7444 ; 434-5757fax-434-7443

NORTHERN LUZON

BAGUIO West Burnham Palace Hotel, Kisad Roadcorner Chanum Street Baguio City 2600

(074) 304-2858; (074) 304-2841fax-(074) 443-5033

BALIUAG PVB Building Rizal corner Barrera Sts.,Poblacion, Baliuag Bulacan 3006

(044) 766-5012; (044) 766-5013fax-(044) 766-5014

CABANATUAN G/F Ramos Building Maharlika Highway,Barrera District, Cabanatuan City 3100

(044) 940-2571; (044) 940-2573fax-940-2574

CLARK CDC Bldg. 2126 CP Garcia St., CSEZ,Clark Field, Pampanga

(045) 599-6684; (045) 893-4118fax-(045) 599-6683

DAGUPAN G/F CAP Building Burgos St.,Dagupan City 2400

(075) 515-8590; (075) 522-0895 fax-(075) 515-3209

LA UNION PVB Building P. Burgos St.,San Fernando, La Union 2500

(072) 888-2982; (072) 700-2653fax-(072) 242-4953; (072) 700-4953

LAOAG PVB Building Gen. Segundo Avenue,Laoag City, Ilocos Norte 2900

(077) 771-5371; (077 )770-3188fax-(077) 770-3187

LINGAYEN RBP Bldg. Avenida Rizal west Avenue,Poblacion Lingayen, Pangasinan 2401

(075) 542-3849; (075) 662-1010fax-(075) 542-3850

MALOLOS, BULACAN MTKJ Building Paseo del Congreso,Malolos City, Bulacan

(044) 796-2025; 796-2239fax-796-2299

OLONGAPO Saver’s Digital Hub, Appliance Depot Building,Rizal Avenue, West Tapinac, Olongapo City, Zambales

(047) 222-8385; (047) 222-8382fax (047) 222-8384

PANIQUI PVB Building, Zamora corner Burgos Sts.,Paniqui, Tarlac 2307

(045) 931-1726fax-(045) 931-1422

SAN FERNANDO Unit 2-3, The Peninsula Plaza, MacArthur Highway, Dolores, San Fernando City,Pampanga 2000

(045) 961-4410; (045) 961-7733fax-(045) 961-4410

SANTIAGO, ISABELA Bretania Building, Camacam cor. Turingan Streets, Santiago City, Isabela

(078) 305-1682;(078) 305-0624fax-(078) 305-1872

TARLAC CAP Building MacArthur Highway, Barangay San Sebastian, Tarlac City 2300

(045) 491-4692; (045) 491-4659fax- (045) 491-4659

TUGUEGARAO PVB Building, Mabini corner Luna Sts.,Tuguegarao, Cagayan 3500

(078) 844-1905; (078) 844-4126fax-(078) 844-0596

Branch Directory


Branch Directory


SOUTHERN LUZON

BATANGAS G/F CAP Building, #56 Rizal AvenueBatangas City 4200

(043) 723-5686 fax-(043) 723-2782

CALAMBA PVB Building Crossing, Barangay Real,Calamba, Laguna

(049) 545-3002; (049) 545-3006 fax-(049) 545-3058

IMUS JSS Building, Bayan Luma 4,Aguinaldo Hi-way, Imus, Cavite

(046) 515-7724; (046) 471-4583(046) 471-4635

LEGASPI PVB Building Peñaranda St.,Legaspi City 4500

(052) 820-2247; (052) 480-8909fax-(052) 480-8908

LIPA, BATANGAS SMB Building, Barangay Marauoy,Lipa City, Batangas

(043) 757-4250; (043) 757-4175fax-(043) 757-4277

LUCENA G/F CAP Building, C.T. Profugo cor. GranjaStreets, Barangay V, Poblacion Lucena City

(042) 373-0376; (042) 373-0373fax-(042) 373-0383

NAGA PVB Building Elias Angeles St.,Naga City 4400

(054) 473-8251; (054) 811-2421fax-(054) 473-9303

PUERTO PRINCESA PVB Building Rizal Avenue,Puerto Princesa City 5300

(048) 433-7842 ; (048) 433-7843fax-(048) 433-7841

SAN JOSE PVB Building Rizal corner Quirino Sts., San Jose, Occidental Mindoro 5100

(043) 491-2235fax-(043 ) 491-1563

SAN PABLO, LAGUNA Azores Building, Regidor cor. Lopez JaenaStreets, San Pablo City, Laguna

(049) 561-1131; (049) 561-1132fax-(049) 561-1133

VISAYAS

BACOLOD PVB Building, General Lacson St.,corner Cottage Road Bacolod City 9205

(034) 434-2371; (034) 434-1538fax-(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) 255-1168fax-(032) 254-7200

DUMAGUETE PVB Building Perdices corner San Juan Sts.,Dumaguete City

(035) 225-2032; (035) 225-2033fax-(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) 268-1972fax- (036) 268-1970

MANDAUE Carlos Perez Building A.C. Cortez AvenueIbabaw, 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) 621-6123fax-(036) 621-6122

TACLOBAN PVB Building Justice Romualdez St.,Tacloban City 6500

(053) 523-9620; (053) 321-2556fax-(053) 523-9701

TAGBILARAN QVC Business Plaza, C.P. Garcia Avenue,Tagbilaran City, Bohol

(038) 412-4077; (038) 501-9802fax-(038) 501-9802

MINDANAO

BUTUAN Villanueva corner Calo Sts.,Butuan City 8600

(085) 225-5681; (085) 341-5082fax-(085) 815-4289

CAGAYAN DE ORO PVB Building Abejuela corner Tiano Bros. Sts., Cagayan de Oro City 9000

(08822) 722-628 ; (08822 )857-3386fax-(08822) 722-644

DAVAO CM RECTO PVB Building CM Recto St.,Davao City 8000

(082) 227-4012; (082) 221-4011fax-(082) 224-0698

DAVAO MONTEVERDE

VFP Building P. Tomas St., Monteverde,Davao City 8000

(082) 222-0882; (082 )227-4264fax-(082) 222-3790

GEN SANTOS I. Santiago Boulevard, General Santos City 9500

(083) 553-3996; (083) 301-3990fax-(083) 553-3995

ILIGAN CITY PVB Building Mahayahay Avenue,National. Highway, Iligan City 9200

(063) 351-7366; (063) 223-8374fax-(063) 223-1523

KIDAPAWAN CITY CAP Building Quezon Blvd. cor. Datu Matalam St., Poblacion, Kidapawan City

KORONADAL YMEI Building, Gen. Santos Drive,Koronadal, South Cotabato

(083) 520-1138; (083) 520-1140fax (083) 520-1139

PAGADIAN CITY JAVAVED Business Corp. Building, Rizal Avenue, Pagadian City, Zamboanga del Sur

(062) 925-0250; (062) 214-4380fax- (062) 925-0259

ZAMBOANGA PVB Building Gov. Lim Avenue cornerSaavedra Sts., Zamboanga City 7000

(062)991-1077; (062) 991-1078fax-(062) 991-1079

Branch DirectoryBranch Directory

352010 Annual Report

101V.A.Rufinocor.DelaRosaStreets,LegaspiVillage,MakatiCity1229PhilippinesTel. Nos.(632)857-3800•(632)902-1700

www.veteransbank.com.ph

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