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PRESIDENTIAL DECREE NO. 121
PRESIDENTIAL DECREE NO. 121 -
AMENDING Section 1988 OF ACT NO. 2711, AS AMENDED, OTHERWISE KNOWN AS
THE ADMINISTRATIVE CODE
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WHEREAS, the Philippine Postal Savings Bank
was established by the Government at a time when the number of existing
banking institutions was unable to provide the necessary banking
facilities for the safekeeping and investment of small savings,
especially in the rural areas; chanroblesvirtualawlibrary
WHEREAS, over the years, private banking institutions of varying types
and sizes have increased in number, and at present more than meet the
banking needs of both rural and urban communities;chanroblesvirtualawlibrary
WHEREAS, it is the declared policy of the Government to meet out of
areas of businesses where it has pioneered whenever the same could be
amply served by private entrepreneurs;chanroblesvirtualawlibrary
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines,
by virtue of the powers in me vested 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 Act No. 2711, as amended, 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 banks and branches thereof in such places as he shall deem
proper: Provided, however, 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 one year
from the date of effectivity of this Act, existing postal savings banks
shall be discontinued in places already served by banks whether private
or government-owned: And provided, finally, That within three years
from the said date, 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."
Section 2. This Decree shall take effect immediately.
Done in the City of Manila,
this 29th day of January, in the year of Our Lord, nineteen hundred and
seventy-three.
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