The RTC, however, erred in imposing upon appellant, for each count of estafa, the penalty of two (2) years, eleven (11) months and eleven (11) days of prision correccional, as minimum, to four (4) years and two (2) months of prision correccional, as maximum. Article 315 of the Revised Penal Code provides that: ART. 315. Swindling (estafa). Any person who shall defraud another by any of the means mentioned hereinbelow shall be punished by: 1st. The penalty of prision correccional in its maximum period to prision mayor in its minimum period, if the amount of the fraud is over 12,000 but does not exceed 22,000 pesos, and if such amount exceeds the latter sum, the penalty provided in this paragraph shall be imposed in its maximum period, adding one year for each additional 10,000 pesos; but the total penalty which may be imposed shall not exceed twenty years. In such case, and in connection with the accessory penalties which may be imposed and for the purpose of the other provisions of this Code, the penalty shall be termed prision mayor or reclusion temporal, as the case may be. . 2. By means of any of the following false pretenses or fraudulent acts executed prior to or simultaneously with the commission of the fraud: (a) By using fictitious name, or falsely pretending to possess power, influence, qualifications, property, credit, agency, business or imaginary transactions; or by means of other similar deceits. In Criminal Case No. 92-108920, the prosecution alleged and proved that appellant defrauded complainant Jaime Cabus in the amount of P47,000.00, which exceeds the sum of P22,000.00. Thus, the penalty prescribed, i.e., prision correccional in its maximum period (4 years, 2 months and 1 day to 6 years) to prision mayor in its minimum period (6 years and 1 day to 8 years), shall be imposed in its maximum period. The penalty prescribed by Article 315, however, is composed of only two, not three, periods, in which case Article 65 of the Revised Penal Code requires the division into three equal portions the time included in the penalty, forming one period of each of the three portions. Applying this provision, the minimum, medium and maximum periods of the penalty prescribed are: Maximum - 6 years, 8 months, 21 days to 8 years Medium - 5 years, 5 months, 11 days to 6 years, 8 months, 20 days Minimum - 4 years, 2 months, 1 day to 5 years, 5 months, 10 days Thus, the maximum period is 6 years, 8 months and 21 days to 8 years. Article 315 further states that one year shall be added for each additional P10,000.00 defrauded in excess of P22,000.00. The amount defrauded, P47,0000.00, lessP22,000.00 is P25,000.00, or two additional amounts of P10,000.00. These two years shall be added to the maximum period of 6 years, 8 months and 21 days to 8 years ofprision mayor for a total of 8 years, 8 months and 21 days to 10 years of prision mayor.