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 the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order as follows:

SEC. 1. Any person or persons who shall commit
estafa or other forms of swindling as defined in Article 315 and 316 of
the Revised Penal Code, as amended, shall be punished by life
imprisonment to death if the swindling (estafa) is committed by a
syndicate consisting of five or more persons formed with the intention
of carrying out the unlawful or illegal act, transaction, enterprise or
scheme, and the defraudation results in the misappropriation of moneys
contributed by stockholders, or members of rural banks, cooperatives,
“samahang nayon(s)”, or farmers associations, or of funds solicited by
corporations/associations from the general public.

When not committed by a syndicate as above defined, the penalty
imposable shall be reclusion temporal to reclusion perpetua if the
amount of the fraud exceeds 100,000 pesos.

SEC. 2. This decree shall take effect immediately.

DONE in Manila, Philippines, this 6th day of April, in the year of Our Lord, nineteen hundred and eighty.

			(Sgd.) FERDINAND E. MARCOS President of the Philippines
	By the President:
	(Sgd.) JUAN C. TUVERA
		Presidential Assistant