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;
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;
WHEREAS, in order to minimize administrative and operational
expenses of the Philippine Postal Savings Bank, the services of Bureau of Posts
personnel, like 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;
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;
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; and
WHEREAS, the Bureau of Posts is in dire need of funds for
much needed improvement and expansion of the Postal Service;
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 Section 1 of Presidential Decree No.
121 to read as follows: