Amending Section 1988 Of Act No. 2711, As Amended, Otherwise Known As The Administrative Code
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Amending Section 1988 Of Act No. 2711, As Amended, Otherwise Known As The Administrative Code
Presidential Decree No. 121
January 29, 1973
Case Overview and Summary
Summary of Presidential Decree No. 121Background and Rationale:
- The Philippine Postal Savings Bank was established to provide banking facilities for safekeeping and investment of small savings, especially in rural areas, when private banking institutions were limited.
- Over time, private banking institutions have increased in number and can now meet the banking needs of both rural and urban communities.
- The government aims to withdraw from business areas where private entrepreneurs can adequately serve.
Provisions:
- Section 1988 of Act No. 2711 (Administrative Code) is amended as follows:
- The central office of the Philippine Postal Savings Bank shall be in Manila. (Section 1)
- The Director of Posts shall establish, maintain, and discontinue postal savings banks and branches as deemed proper. (Section 1)
- Postal savings banks and branches shall not be established or maintained in places where banking services are already available. (Section 1)
- Within one year from the effectivity of this Act, existing postal savings banks shall be discontinued in places already served by banks, whether private or government-owned. (Section 1)
- Within three years from the effectivity of this Act, all operations of the bank shall be completely discontinued, and its remaining assets and liabilities shall be transferred to the Philippine National Bank or any other appropriate existing government bank. (Section 1)
- The Decree shall take effect immediately. (Section 2)
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Executive Issuances
Presidential Decrees
Philippine Postal Savings Bank
banking services
rural areas
private banking institutions
government policy
discontinuation
asset transfer
Philippine National Bank
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Amending Section 1988 Of Act No. 2711, As Amended, Otherwise Known As The Administrative Code
Presidential Decree No. 121
•January 29, 1973
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 121 January 29, 1973
AMENDING SECTION 1988 OF ACT NO. 2711, AS AMENDED, OTHERWISE KNOWN AS THE ADMINISTRATIVE CODE
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;
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;
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 enterpreneurs;
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...
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Amends
n/a
Amended by
n/a
Tags
Executive Issuances
Presidential Decrees
Philippine Postal Savings Bank
banking services
rural areas
private banking institutions
government policy
discontinuation
asset transfer
Philippine National Bank
MALACAÑANGM a n i l a
PRESIDENTIAL DECREE No. 121 January 29, 1973
AMENDING SECTION 1988 OF ACT NO. 2711, AS AMENDED, OTHERWISE KNOWN AS THE ADMINISTRATIVE CODE
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;
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;
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 enterpreneurs;
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...
Login to see full content