Definitions and Reference
- Refers to defrauding by false pretenses or fraudulent acts as defined in paragraph 2(d) of Article 315 of the Revised Penal Code.
- Incorporates previous amendments under Republic Act No. 4885.
Penalties Based on Amount Defrauded
- Reclusion temporal for fraud over ₱12,000 but not exceeding ₱22,000.
- For fraud exceeding ₱22,000, maximum reclusion temporal applies plus an additional year per ₱10,000 increment, capped at 30 years total.
- The term "reclusion perpetua" is used when accessory penalties under the Revised Penal Code apply.
- Prision mayor (maximum period) if the fraud amount is over ₱6,000 but not exceeding ₱12,000.
- Prision mayor (medium period) if amount is over ₱200 but does not exceed ₱6,000.
- Prision mayor (minimum period) if the amount is ₱200 or less.
Important Legal Concepts
- The increment of penalty with increasing amounts aims to deter large-scale defrauding.
- Emphasizes the protection of trade and commerce by assuring the reliability of negotiable instruments.
Effectivity
- The decree takes effect immediately upon its issuance.
Authority
- Issued by President Ferdinand E. Marcos in 1975, utilizing constitutional powers vested in the executive office.