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P.D. 1689 - No Bail Syndicated Estafa

This presidential decree increases penalties for certain forms of swindling or estafa involving rural banks, cooperatives, farmers' associations, or corporations that solicit funds from the public. The decree states that these crimes undermine public confidence in banking and cooperatives, threaten economic stability, and constitute economic sabotage. It imposes the penalty of life imprisonment to death if estafa is committed by a syndicate of 5 or more people that results in the misappropriation of funds contributed by members or stockholders. For individuals not part of a syndicate, the penalty is reclusion temporal to reclusion perpetua if the fraud exceeds 100,000 pesos. The decree takes effect immediately.

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Coloma Ice
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785 views

P.D. 1689 - No Bail Syndicated Estafa

This presidential decree increases penalties for certain forms of swindling or estafa involving rural banks, cooperatives, farmers' associations, or corporations that solicit funds from the public. The decree states that these crimes undermine public confidence in banking and cooperatives, threaten economic stability, and constitute economic sabotage. It imposes the penalty of life imprisonment to death if estafa is committed by a syndicate of 5 or more people that results in the misappropriation of funds contributed by members or stockholders. For individuals not part of a syndicate, the penalty is reclusion temporal to reclusion perpetua if the fraud exceeds 100,000 pesos. The decree takes effect immediately.

Uploaded by

Coloma Ice
Copyright
© Attribution Non-Commercial (BY-NC)
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Download as PDF, TXT or read online on Scribd
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MALACAANG Manila 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 the Philippines, by virtue of the powers vested in me by the Constitution, do hereby decree and order as follows: Section 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 money contributed by stockholders, or members of rural banks, cooperative, "samahang nayon(s)", or farmers association, 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. Section 2. This decree shall take effect immediately. DONE in the City of Manila, this 6th day of April, in the year of Our Lord, nineteen hundred and eighty.

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