Further Amending Republic Act Numbered Thirty-Five Hundred And Eighteen Entitled "An Act Creating The Philippine Veterans Bank And For Other Purposes"
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Further Amending Republic Act Numbered Thirty-Five Hundred And Eighteen Entitled "An Act Creating The Philippine Veterans Bank And For Other Purposes"
Presidential Decree No. 919
April 1, 1976
Case Overview and Summary
Presidential Decree No. 919Amending Republic Act No. 3518 on the Philippine Veterans Bank
- Background and Purpose:
• The Philippine Veterans Bank was created to help veterans, war widows, and orphans, and promote national development.
• The Secretary of National Defense is an ex-officio member of the Board of Directors.
• To give flexibility, the Secretary can participate through a representative with voting rights. (Section 1)
- Board of Directors Composition: (Section 1)
• 11 members total.
• 3 ex-officio members: Secretary of National Defense (or representative), Administrator of Veterans Affairs Office, and President of Veterans Federation of the Philippines.
• 8 other members: 5 from Luzon, 2 from Visayas, 1 from Mindanao.
• Requirements: Veterans in good standing, college graduates, business/banking experience for 5 years, residing in their region.
• Appointed by the President during Martial Law, elected by stockholders after lifting of Martial Law.
• No directors, officers, or employees of other banks are eligible.
• Per diem allowance of P50.00 per Board meeting attended.
- Representative of Secretary of National Defense: (Section 1)
• Shall enjoy full rights and privileges of a voting member when representing the Secretary.
- Effectivity: (Section 2)
• This Decree shall take effect immediately.
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Executive Issuances
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war widows
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national development
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Further Amending Republic Act Numbered Thirty-Five Hundred And Eighteen Entitled "An Act Creating The Philippine Veterans Bank And For Other Purposes"
Presidential Decree No. 919
•April 1, 1976
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 919 April 1, 1976
FURTHER AMENDING REPUBLIC ACT NUMBERED THIRTY-FIVE HUNDRED AND EIGHTEEN ENTITLED "AN ACT CREATING THE PHILIPPINE VETERANS BANK AND FOR OTHER PURPOSES"
WHEREAS, the Philippine Veterans Bank was created to help solve the economic plight of veterans, war widows and orphans and provide an instrument vital to the promotion of the national development program of the government;
WHEREAS, the Secretary of National Defense is an ex-officio member of the Board of Directors of the Philippine Veterans Bank; and
WHEREAS, in order to give the Secretary of National Defense flexibility in the performance of his functions especially in the management of the national defense program of the management of the national defense program of the government, it is necessary that the Secretary of National Defense be authorized to participate in the deliberations of the Board of Directors of the Veterans Bank either by himself or through a representative with all the rights and privileges of a voting member.
NOW, THEREFORE, I, FERDINAND E. MARCOS,...
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