Metro Manila (CNN Philippines, May 2) — Fresh from a Lenten break, the Senate passed today on third and final reading a bill which seeks to update the penalties for certain crimes as contained in the Revised Penal Code — which was enacted almost nine decades ago.

Senate Bill No. 14 seeks to address the "outdated" penalties which were based on the economic conditions 87 years ago, or in 1930 when the Revised Penal Code came into effect.

Bill sponsor and author, Senate Minority Leader Franklin Drilon, cited that a person found guilty of estafa involving an amount of P250 would currently be jailed for up to two years and four months. Under the proposed measure, this will be reduced to four months.

The amount of fines had also been adjusted. High crimes, such as rebellion and treason, will be have fines of ₱4M and ₱1.6M, respectively — from the old amount of ₱20,000 and ₱8,000.

The bill also seeks to update penalties for maltreatment of prisoners, unlawful arrest and indirect assault from ₱500 to ₱100,000 while penalties for falsification of documents will be increased from ₱5,000 to ₱1M.

Related: Senate passes Mental Health Act

The bill, co-authored by Sen. Leila de Lima and co-sponsored by Sen. Richard Gordon, was approved with 21 affirmative votes, zero negative vote and no abstention.

Drilon said the proposed measure would have a retroactive effect, and was expected to benefit about 54,189 mostly poor inmates.

"Not that they will be immediately released, but their sentences will be equitably reduced, corresponding to today's value of the property stolen, not the values set in 1930," he stressed. "We truly believe that the threat of injustice created by an outdated instrument of justice is real, and thus requires immediate legislative action."