The House Committee on Veterans Affairs and Welfare has endorsed for plenary approval a substitute bill seeking to declare the Board of Trustees of the Veterans of World War II (BTVWWII) as a public office and the funds entrusted to it as public funds.
The House panel, chaired by Bataan 1st District Rep. Geraldine Roman approved the committee report on the unnumbered substitute measure to House Bill No. 2603, principally authored by Antipolo 2nd District Rep. Resurreccion Acop during its virtual deliberations on Tuesday afternoon.
The substitute measure seeks to amend Republic Act No. 3518 that created the Philippine Veterans Bank (PVB), which is owned by and operated for and in behalf of the veterans, their widows, orphans or compulsory heirs.
The substitute bill declares 11-man BTVWWII as a public office. It also declares as public funds the trust fund and all other funds held by the Board of Trustees.
With this declaration, the Board and its funds are declared subject to COA audit, it provides.
Under RA 3518, which was enacted on June 18, 1963, the BTVWWII was entrusted with the administration of the 20 percent of the net profits of the PVB for disposition and shall be available for ‘grants-in-aid’ to veterans, their widows, orphans, or compulsory heirs, for educational, social, charitable and rehabilitation purposes, and for such other purposes beneficial to the veterans.
Acop said with the panel’s approval of the bill, all doubts as to the character of the BTVWWII and on the nature of the trust funds under the Board’s administration pursuant to RA 3518 will be erased.
"BTVWII will no longer have any excuse to disallow Commission on Audit to audit the funds and their disbursements for the sake of transparency and public accountability,” she said, reminding that such funds are intended for the promotion of the welfare and interests of Filipino war veterans, their spouses and children.