PROCLAMATION NO. 161

: Proclamation No. 161 declares Saturday, December 31, 1949, a special bank holiday in the Philippines.
: The main reason was a petition from the Bankers Association of the Philippines requesting the holiday to enable banks to handle the heavy work related to the closing of their accounts at year-end without interruption.
: December 30, 1949, and January 1, 1950, were already public holidays, making December 31, 1949, a logical and beneficial additional bank holiday.
: The proclamation states that declaring the special bank holiday would be to the great advantage of the banks and without any disadvantage to the public in general.
: Marciano Roque was the Acting Executive Secretary who attested and issued the proclamation by the President.
: Declaring a special bank holiday temporarily suspends banking operations to allow banks to perform necessary functions such as account closing without disruption or risk of error during busy periods.
: Section 30 of the Revised Administrative Code grants the President the authority to declare special holidays such as bank holidays when necessary for public or administrative purposes.
: Proclamation No. 161 specifically applies to banking institutions, declaring a special bank holiday, distinct from general public holidays.