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 bank and branches thereof in such places as he shall deem proper: Provided, 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 three years from the date of effectivity of the Decree, 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: And provided, furthermore, That in addition to the buildings, lands, furniture, supplies and equipment now owned or accruing to the Philippine Postal Savings Bank which shall be retained by the Bureau of Posts for postal improvement, said Philippine National Bank or any other appropriate existing government bank shall remit to the Bureau of Posts, 50% of the net accumulated surplus as may be determined as of the time of the complete transfer of the assets and liabilities to such bank: And provided, finally, That any unexpended amount covering the estimated pre-war liabilities of the bank as of the date of transfer to the Philippine National Bank shall likewise be remitted by the Postal Savings Bank to the Bureau of Posts which shall be used for the expansion and improvement of the postal service, subject to the approval of the Office of the President.