Article 115Act No. 3815, Sec./Art. 115

Conspiracy and proposal to commit treason-Penalty.-The conspiracy or proposal to commit the crime treason. to commit of treason shall be punished respectively, by prision mayor and a fine not exceeding 10,000 pesos, and by prision correccional and a fine not exceeding 5,000 pesos.

REVISED PENAL CODE TEXT AND SPECIAL PENAL LAWS

effects of any limitation on competition that result or

likely to result from the merger or acquisition agreement;

or

(b) A party to the merger or acquisition agreement is

faced with actual or imminent financial failure, and the

agreement

represents

the

least

anti-competitive

arrangement among the known alternative uses for the

failing entity’s assets:

Provided, That an entity shall not be prohibited from

continuing to own and hold the stock or other share

capital or assets of another corporation which it acquired

prior

to

the

approval

of

this

Act

or

acquiring

or

maintaining

its

market

share

in

a

relevant

market

through such means without violating the provisions of

this Act:

Provided, further, That the acquisition of the stock or

other share capital of one or more corporations solely for

investment and not used for voting or exercising control

and not to otherwise bring about, or attempt to bring

about

the

prevention,

restriction,

or

lessening

of

competition

in

the

relevant

market

shall

not

be

prohibited.

Section 22. Burden of Proof. – The burden of proof under

Section 21 lies with the parties seeking the exemption. A

party seeking to rely on the exemption specified in

Section 21(a) must demonstrate that if the agreement

were not implemented, significant efficiency gains would

not be realized.

Section

23.

Finality

of

Ridings

on

Mergers

and

Acquisitions. – Merger or acquisition agreements that

have received a favorable ruling from the Commission,

except when such ruling was obtained on the basis of

fraud

or

false

material

information,

may

not

be

challenged under this Act.

CHAPTER VI FINES AND PENALTIES

Section 29. Administrative Penalties. –

(a) Administrative Fines. – In any investigation under

Chapter III, Sections 14 and 15, and Chapter IV, Sections 17

and 20 of this Act, after due notice and hearing, the

Commission

may

impose

the

following

schedule of

administrative fines on any entity found to have violated

the said sections:

First offense: Fine of up to one hundred million pesos

(P100,000,000.00);

Second offense: Fine of not less than one hundred million

pesos (P100,000,000.00) but not more than two hundred

fifty million pesos (P250,000,000.00).

In fixing the amount of the fine, the Commission shall

have regard to both the gravity and the duration of the

violation.

(b) Failure to Comply With an Order of the Commission. –

An entity which fails or refuses to comply with a ruling,

order or decision issued by the Commission shall pay a

penalty of not less than fifty thousand pesos (P50,000.00)

up to two million pesos (P2,000,000.00) for each violation

and a similar amount of penalty for each day thereafter

until the said entity fully complies. Provided that these

fines shall only accrue daily beginning forty-five (45) days

from the time that the said decision, order or ruling was

received.

(c) Supply of Incorrect or Misleading Information. – The

Commission may likewise impose upon any entity fines of

up

to

one

million

pesos

(PI,000,000.00)

where,

intentionally

or

negligently, they supply incorrect or

misleading information in any document, application or

other paper filed with or submitted to the Commission or

supply

incorrect

or

misleading

information

in

an

application for a binding ruling, a proposal for a consent

judgment, proceedings relating to a show cause order, or

application for modification of the Commission’s ruling,

order or approval, as the case may be.

(d) Any other violations not specifically penalized under

the relevant provisions of this Act shall be penalized by a

fine of not less than fifty thousand pesos (P50,000.00) up

to two million pesos (P2,000,000.00).

Provided that the schedule of fines indicated in this

section shall be increased by the Commission every five

(5) years to maintain their real value from the time it was

set.

Section 30. Criminal Penalties. – An entity that enters

into

any

anti-competitive

agreement

as

covered by

Chapter III, Section 14(a) and 14(b) under this Act shall, for

each and every violation, be penalized by imprisonment

from two (2) to seven (7) years, and a fine of not less than

fifty million pesos (P50,000,000.00) but not more than

two hundred fifty million pesos (P250,000,000.00). The

penalty of imprisonment shall be imposed upon the

responsible officers, and directors of the entity.

When the entities involved are juridical persons, the

penalty of. imprisonment shall be imposed on its officers,

directors, or employees holding managerial positions,

who are knowingly and willfully responsible for such

violation.

RA No 7653 | The New Central Bank Act

Section

34.

Refusal

to

Make

Reports

or

Permit

Examination.

-

Any

officer,

owner,

agent,

manager,

director or officer-in-charge of any institution subject to

the supervision or examination by the Bangko Sentral

within the purview of this Act who, being required in

writing by the Monetary Board or by the head of the

supervising and examining department willfully refuses

to

file

the

required

report

or

permit

any

lawful

examination into the affairs of such institution shall be

punished by a fine of not less than Fifty thousand pesos

(P50,000) nor more than One hundred thousand pesos

(P100,000) or by imprisonment of not less than one (1)

year nor more than five (5) years, or both, in the discretion

of the court.

Section 35. False Statement. - The willful making of a

false or misleading statement on a material fact to the

Monetary Board or to the examiners of the Bangko

Sentral shall be punished by a fine of not less than One

hundred thousand pesos (P100,000) nor more than Two

hundred thousand pesos (P200,000), or by imprisonment

of not more than (5) years, or both, at the discretion of the

court.

Section 36. Proceedings Upon Violation of This Act and

Other

Banking

Laws,

Rules,

Regulations,

Orders

or

Instructions.

-

Whenever

a

bank

or

quasi-bank,

or

whenever any person or entity willfully violates this Act or

other

pertinent

banking

laws

being

enforced

or

implemented

by

the

Bangko

Sentral

or

any

order,

instruction, rule or regulation issued by the Monetary

Board,

the

person

or

persons

responsible

for

such

violation shall unless otherwise provided in this Act be

punished by a fine of not less than Fifty thousand pesos

(P50,000) nor more than Two hundred thousand pesos

(P200,000) or by imprisonment of not less than two (2)

years nor more than ten (10) years, or both, at the

discretion of the court.

Whenever a bank or quasi-bank persists in carrying on its

business in an unlawful or unsafe manner, the Board may,

without

prejudice

to

the

penalties

provided

in

the

preceding

paragraph

of

this

section

and

the

administrative sanctions provided in Section 37 of this

Act, take action under Section 30 of this Act.

Section 37. Administrative Sanctions on Banks and

Quasi-banks.

-

Without

prejudice

to

the

criminal

sanctions

against

the

culpable

persons

provided

in

Sections 34, 35, and 36 of this Act, the Monetary Board

may,

at

its

discretion,

impose

upon

any

bank

or

quasi-bank, their directors and/or officers, for any willful

violation of its charter or by-laws, willful delay in the

submission of reports or publications thereof as required

by law, rules and regulations; any refusal to permit

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