Moving text in a png

Expanding on Gene has told you, if it is not alread live text, then I would make it so.  Especially if you are ever going to print it, or change its size.  It will always appear cleaner and sharper than baked in raster text.  AFAICT There is no texture in the red background, so it ill be simple to mask out the original text.

If the background did have texture like below, and the object you need to move can not be made into a vector, then don't forget Content Aware Move It works very like the Patch tool moving the content, and blending the moved pixels into their new background.  It would be tricky getting the text perfectly centered this way though.