Preamble
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; and WHEREAS, it is the declared policy of the Government to move out of areas of businesses where it has pioneered whenever the same could be amply served by private entrepreneurs; 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 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: