Section 1
SECTION 1. Section one thousand nine hundred eighty-eight of the Administrative Code is hereby amended to read as follows: "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 banks 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."