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PRESIDENTIAL DECREE NO. 241
PRESIDENTIAL DECREE NO. 241 -
AMENDING Section 1 OF PRESIDENTIAL DECREE NO. 121, DATED JANUARY 29,
1973, ENTITLED "AMENDING Section 1988 OF ACT NO. 2711 AS AMENDED
OTHERWISE KNOWN AS THE ADMINISTRATIVE CODE"
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WHEREAS,
Section 1 of Presidential Decree No. 121 provides, among other things,
that within three years from date of effectivity of said Decree, all
operations of the Philippine Postal Savings Bank shall be completely
discontinued and its remaining assets and liabilities shall be
transferred to the Philippine National Bank or to any other appropriate
existing government bank;chanroblesvirtualawlibrary
WHEREAS, since its creation, the Philippine Postal Savings Bank has
been considered a division of the Bureau of Posts and its operation
under the guidance and supervision of the Postmaster General;chanroblesvirtualawlibrary
WHEREAS, in order to minimize administrative and operational expenses
of the Philippine Postal Savings Bank, the services of Bureau of Posts
personnel, like the Postmasters, who attend to the acceptance and
withdrawal of deposits, and Postal Inspectors, who attend to the
investigation of irregularities committed against its interests, have
been extended to the said bank; chanroblesvirtualawlibrary
WHEREAS, if the said services are fully paid for by the Philippine
Postal Savings Bank, not to mention the exemption it enjoys from the
payment of postage stamps and telegraph charges, its profits will
considerably be reduced;chanroblesvirtualawlibrary
WHEREAS, it is undeniable that any net accumulated surplus of the
Philippine Postal Savings Bank is the product of its joint efforts with
the Bureau of Posts;chanroblesvirtualawlibrary
WHEREAS, the Bureau of Posts is in dire need of funds for much needed
improvement and expansion of the Postal Service;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers vested in me by the Constitution as
Commander-in-Chief of all the Armed Forces of the Philippines and
pursuant to Proclamation No. 1081, dated September 21, 1972; and
General Order No. 1, dated September 22, 1972, as amended, and in order
to effect the desired changes and reforms in the social, economic, and
political structure of our society, do hereby order and decree the
amendment of Section 1 of Presidential Decree No. 121 to read as
follows:cralaw:red
Section 1. Section one thousand nine hundred
eighty-eight of the Administrative Code is hereby amended to read as
follows:cralaw:red
"Sec. 1988. Location of the bank. — The central
office of the Philippine Postal Savings Bank shall be in Manila and the
Director of Posts shall establish, maintain and discontinue postal
savings bank and branches thereof in such places as he shall deem
proper: Provided, That postal savings bank and branches thereof, shall
not be established or maintained in places where banking services are
already available: Provided, further, That within three years from the
date of effectivity of the Decree, all operations of the bank shall be
completely discontinued and its remaining assets and liabilities shall
be transferred to the Philippine National Bank or to any other
appropriate existing government bank: And Provided, furthermore, That
in addition to the buildings, lands, furniture, supplies and equipment
now owned or accruing to the Philippine Postal Savings Bank which shall
be retained by the Bureau of Posts for postal improvement, said
Philippine National Bank or any other appropriate existing government
bank shall remit to the Bureau of Posts, 50% of the net accumulated
surplus as may be determined as of the time of the complete transfer of
the assets and liabilities to such bank: And Provided, finally, That
any unexpended amount covering the estimated pre-war liabilities of the
bank as of the date of transfer to the Philippine National Bank shall
likewise be remitted by the Postal Savings Bank to the Bureau of Posts
which shall be used for the expansion and improvement of the postal
service, subject to the approval of the Office of the President.
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 9th day of July, in the year of Our Lord, nineteen hundred and
seventy-three.
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