Increasing The Penalty For Certain Forms Of Swindling Or Estafa

MALACAÑANG
M a n i l a

PRESIDENTIAL DECREE No. 1689 April 6, 1980

INCREASING THE PENALTY FOR CERTAIN FORMS OF SWINDLING OR ESTAFA

WHEREAS, there is an upsurge in the commission of swindling and other forms of frauds in rural banks, cooperatives, "samahang nayon (s)", and farmers' associations or corporations/associations operating on funds solicited from the general public;

WHEREAS, such defraudation or misappropriation of funds contributed by stockholders or members of such rural banks, cooperatives, "samahang nayon(s)", or farmers' associations, or of funds solicited by corporations/associations from the general public, erodes the confidence of the public in the banking and cooperative system, contravenes the public interest, and constitutes economic sabotage that threatens the stability of the nation;

WHEREAS, it is imperative that the resurgence of said crimes be checked, or at least minimized, by imposing capital punishment on certain forms of swindling and other frauds involving rural banks, cooperatives, "samahang nayon(s)", farmers' associations or corporations/associations operating on funds solicited from the general public;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of...

Login to see full content

Summary of Presidential Decree No. 1689

Increasing the Penalty for Certain Forms of Swindling or Estafa

- Imposes stricter penalties for swindling or estafa involving rural banks, cooperatives, "samahang nayon(s)", farmers' associations, or corporations/associations operating on funds solicited from the general public. (Section 1)

- If committed by a syndicate of five or more persons formed with the intention of carrying out the unlawful act, and the defraudation results in misappropriation of funds contributed by stockholders/members or solicited from the public:
    - Penalty is life imprisonment to death. (Section 1)

- If not committed by a syndicate as defined above:
    - If the amount of fraud exceeds 100,000 pesos, the penalty is reclusion temporal to reclusion perpetua. (Section 1)

- Covers swindling or estafa as defined in Articles 315 and 316 of the Revised Penal Code, as amended. (Section 1)

- Took effect immediately upon issuance on April 6, 1980. (Section 2)