Local Government Code of 1991
Section 514. Engaging in Prohibited Business Transactions or Possessing Illegal Pecuniary Interest. - Any local official and any person or persons dealing with him who violate the prohibitions provided in Section 89 of Book I hereof, shall be punished with imprisonment for six months and one day to six years, or a fine of not less than Three thousand pesos (P3,000.00) nor more than Ten thousand pesos (P10,000.00), or both such imprisonment and fine at the discretion of the court.