Section 7. Review of Penalties. – The Land Transportation Office (LTO) is hereby empowered to increase or adjust the amounts of fines herein imposed: Provided, That:

1. The increase or adjustment is made after public consultation once every three (3) years from the effectivity of this Act and in the amount not exceeding twenty percent (20%) of the amounts sought to be increased or adjusted;

2. A thorough study has been conducted indicating that the existing amounts are no longer an effective deterrent;

3. Current relevant economic indices, such as the Consumer Price Index (CPI), have been considered in the determination of the increase or adjustment; and

4. The increases or adjustment shall only become effective fifteen (15) days after its publication in two (2) newspapers of general circulation.