During the Japanese
occupation period (1943-1944), all loans were liquidated
with Japanese war notes. Coupled with severe inflation,
said era caused a complete breakdown of the banking
structure of the economy. These setbacks and other
ravages of war which damaged about 70% of the records
of the PSB crippled its operations.
To enable the economy
to recover, Executive Order No.48 was issued on 6
June 1945 to pave way for the reopening of the pre-war
banks.
However, it is only
in 1946 that the PSB resumed service in Manila. Starting
with only 15,737 savings deposits accounts with a
total value of P4,104,223, the bank rapidly grew with
deposits jumping to P14.4 million in 1947 (250% increase),
P25 million in 1948 (74% increase), and P33 million
in 1949 (32% increase). Moreover, as a result of thrift
campaign conducted by the PSB, demand for savings
banking services increased which opened up opportunities
for the expansion banking facilities.
In 1960's the private
banking sector, especially the rural banks, rapidly
grew while the operations of the PSB deteriorated
due to the shift of its clients to private banks
because of higher interest on savings deposits offered.
Nonetheless, the PSB was considered unduly competing
with the private sector and was thus dissolved.
In view of this, Pres. Ferdinand E. Marcos issued
the Presidential Decree No. 121 dated 29 January
1973 mandating that : a) PSB branches shall not
be established in places where banking services
are already available; b) one year thereafter, existing
PSB operations maintained in such places shall be
completely discontinued; and c) within three years
from the said date, all operations of the PSB shall
be completely discontinued.
On January 1976, the
PSB was finally phased out with the Philippine National
Bank (PNB) serving as its liquidator pursuant to provisions
of P.D. No. 241.
Among the powers granted
to the Philippine Postal Corporation (Philpost) under
Republic Act No. 7354 was the power to reopen or reactivate
the Philippine Postal Savings Bank (PPSB).
On 24 August 1993, Postmaster
General Eduardo P. Pilapil appointed Mr. Beatroz Alaan
as Consultant for the reopening of the Postal Savings
Bank.
On 05 October 1993,
Postmaster General Pilapil requested the Bangko Sentral
ng Pilipinas, through Deputy Governor Feliciano Miranda,
Jr. for an authority to reopen the defunct Postal
Savings Bank.
On 23 October 1993,
the Philpost Board of Directors passed Resolution
No. 93-119 approving PHILPOST 2000, the Medium Term
Corporate Plan of the Philippine Postal Corporation
(1994-2000). Among others, said corporate plan states,
“Pursuant to the Macroeconomy and Development
Financing Policy stipulated in the Medium-Term Philippine
Development Plan 1993-1998 to “Develop the rural
financial sector to ensure adequate supply of credit
to the countryside,’ the PHILPOST shall re-establish
the Postal Savings Bank as a subsidiary.
To facilitate
the earliest possible re-opening of the PPSB, Postmaster
General Eduardo P. Pilapil directed the conceptualization
of the reactivated PSB’s thrust, priorities,
programs and operational framework and the preparation
of documents required by the Bangko Sentral ng Pilipinas
(BSP) for the issuance of an authority to re-open
the PSB in favor of Philpost.
On 21 July 1994, the Philippine Postal
Savings Bank was re-opened by former Pres. Fidel Valdez
Ramos in a simple ceremony held in Malacañang.
- Registration with
the SEC and Application for Authority to Operate the
PPSB
Documentary requirements for the
registration of the PPSB with the SEC and the filing
of an application for Authority to Operate, the
next step after securing the Authority to Organize
are currently being prepared. These documents include
the Articles of Incorporation, By-Laws, organizational
structure, plantilla, and location plan, among others.
-
Thrift Stamp Program
A study on the implementation of
a Thrift Stamp Program to promote savings consciousness
and thrift among school children had been initiated.
Exploratory talks with concerned officials of the
Department of Culture and Sports (DECS) expressed
their interest in such a program, were conducted.
Also, cost estimates for the production of thrift
stamps and stamp cards are being prepared. These
will serve as inputs to subsequent administrative
and financial studies to be prepared for the program.
-
Design of the Head Office
Organizational Structure.
The initial draft of the PPSB Head
Office Interim Organizational Structure has been
completed. The functional descriptions of each unit
in the organization as well as the corresponding
plantilla and salary structure are now being drawn
up.
-
Setting Up of the PPSB
Head Office
Renovation plans of the old PSB
building (now known as the NCR Annex) to house the
Head Office of the new PPSB as well as other corporate
offices of the Philpost and accompanying cost estimates
are being drawn-up.
-
PPSB Marketing and Promotions
Plan
An effective marketing and
promotions program for the Bank’s services
is currently being prepared by the Philpost Marketing
and Business Development Services. These activities,
which include corporate image design, advertising
and promotions, and services information dissemination,
among others, shall be in place before the actual
commencement of the PPSB’s operations.
The re-establishment and re-opening
of the PPSB has gained support from the members of Congress.
Immediately upon receipt of the BSP’s
Authority to Organize the PPSB from the BSP, the Philpost
Board of Directors shall identify and/or appoint the
PPSB’s incorporators, proposed directors and key
officers and submit their names and other pertinent
data to the PSB as required in the application for Authority
to Operate.
To facilitate the re-establishment
and re-opening of the Philippine Postal Savings Bank,
it is respectfully requested that His Excellency Fidel
V. Ramos urge the Monetary Board to fast track the approval
of the Philpost’s application for Authority to
Organize the PPSB.
