The penalty of prisión correccional in its medium period to prisión mayor in its minimum period, or a fine ranging from Forty thousand pesos (₱40,000) to Two million pesos (₱2,000,000), or both, shall be imposed upon any public officer who:
1. In his official capacity, in dealing with any person with regard to furnishing supplies, the making of contracts, or the adjustment or settlement of accounts relating to public property or funds, shall enter into an agreement with any interested party or speculator or make use of any other scheme, to defraud the Government;
2. Being entrusted with the collection of taxes, licenses, fees and other imposts, shall be guilty of any of the following acts or omissions:
(a) Demanding, directly or indirectly, the payment of sums different from or larger than those authorized by law.
(b) Failing voluntarily to issue a receipt, as provided by law, for any sum of money collected by him officially.
(c) Collecting or receiving, directly or indirectly, by way of payment or otherwise things or objects of a nature different from that provided by law.
When the culprit is an officer or employee of the Bureau of Internal Revenue or the Bureau of Customs, the provisions of the Administrative Code shall be applied.