Section 14Sec./Art. 14

Penalties. - Any person who violates any provision of this Act or the terms and conditions of the rules and regulations issued pursuant thereto, or aids or abets in any manner any violation shall be subject to a fine not exceeding One hundred thousand pesos (P100,000) or imprisonment of not more than five (5) years or both, at the discretion of the court.

If the violation is committed by a juridical entity, it shall be subject to a fine not exceeding Five hundred thousand pesos (P500,000). The president and/or officials responsible therefore shall also be subject to a fine not exceeding Seven hundred thousand pesos (P700,000).

In addition to the foregoing, any person, firm, or juridical entity involved shall be subject to forfeiture of all benefits granted under this Act.

The Section shall have the power to impose administrative sanctions as provided herein for any violation of this Act or its implementing rules and regulations.