Law Summary
Definitions and References
- Swindling and estafa are defined according to Articles 315 and 316 of the Revised Penal Code, as amended.
- A "syndicate" is defined as a group of five or more persons formed specifically to carry out the unlawful fraudulent acts.
Penalties for Syndicate-Based Estafa
- Life imprisonment to death penalty is imposed if the crime is committed by a syndicate of five or more persons.
- The illegal act must result in the misappropriation of funds from specified financial and cooperative institutions.
Penalties for Non-Syndicate Estafa
- For estafa not committed by a syndicate, the penalty ranges from reclusion temporal (temporary imprisonment) to reclusion perpetua (perpetual imprisonment).
- This applies if the fraud amount exceeds 100,000 pesos.
Legal and Social Policy Justifications
- The law aims to combat an upsurge of fraudulent activities harming rural financial institutions.
- It seeks to protect the integrity of cooperative and banking systems and the confidence of the public.
- Describes such crimes as economic sabotage threatening national stability.
Effectivity
- The decree took effect immediately upon signing on April 6, 1980.
Authorities and Enactment
- Issued under the constitutional powers of the President of the Philippines.
- Signed by President Ferdinand E. Marcos and authenticated by Presidential Assistant Juan C. Tuvera.