It gives me great pleasure to attend this symbolic reopening of the Philippine Veterans bank (PVB).

I am very happy that, after seven years of limbo, the bank has been given a second chance to contribute to the advancement of the national economy and the 400,000 veterans of World War II who are its beneficial owners.

Today marks the culmination of our legislative actions which I had the opportunity of initiating when I was still Secretary of National Defense. In December 1991, we saw the enactment of R.A. 7169, the law which provides for the rehabilitation of PVB, a tribute to our beloved veterans.

In June 1963, the Veterans Bank has had more than its share of ups-and-downs. I have every confidence however, that this new board will keep its reputation unsullied.

I understand that this new Veterans Bank is capitalized at almost one and a half billion pesos; and that its total resources add up to over p 3.6 billion.

I expect these resources to be made available primarily to entrepreneurs and to those who are committed TO help our efforts in the new government to stir-up investment, generate jobs, and return the economy to the path of growth.

I have chosen to attend this bank opening as one of the earliest official acts of my presidency not only to emphasize the need for a strong banking system to support our developmental efforts, but also to stress the responsibility of our country’s bankers to use their resources for the nation’s welfare and not just for their own.

Let me also note, for the record, that this rehabilitation of the veterans bank is consistent with the constitutional mandate which obliges the state to care for war veterans and their families.

And this is as things should be — because these soldiers and guerrilla-fighters of the Pacific Conflict laid their lives on the line for their country’s sake — without thought of the risk, much less, reward.

Let me then emphasize to the directors and officers of the new veteran’s bank that this institution is not just another business establishment.

This bank is a trust — part of a grateful country’s effort to repay, even if only in small measure, the debt of gratitude it owes our veterans of World War II.

It is in this spirit of stewardship that I then ask its directors and officers to manage this bank on behalf of the 400,000 veterans who own it, and who deserves the nation’s appreciation, recognition, and gratitude.

Thank you very much.