The senate in the Philippines approved a new law wich classifies cybersquatting as act of crime. Squatters could face six to 12 years in jail if found guilty under the new Senate Bill.
Min and Max
Six years is the minimum term with a maximum of twelve years.
There is however an alternative punishment of a 500,000 peso fine (roughly $12,000)
According to the new Philippine law cybersquatting is :
The acquisition of a domain name over the internet in bad faith to profit, mislead, destroy reputation, and deprive others from registering the same, if such a domain name is:
i. Similar, identical, or confusingly similar to an existing trademark registered with the appropriate government agency at the time of the domain name registration
ii. Identical or in any way similar with the name of a person other than the registrant, in case of a personal name; and
iii. Acquired without right or with intellectual property interests in it
This definition is smillar to the widely used Uniform Domain-Name Dispute-Resolution Policy.