A fine, whether imposed as a single or as an alternative penalty, shall be considered an afflictive penalty, if it exceeds One million two hundred thousand (₱1,200,000); a correctional penalty, if it does not exceed One million two hundred thousand pesos (₱1,200,000) but is not less than Forty thousand pesos (₱40,000); and a light penalty, if it be less than Forty thousand pesos (₱40,000).