Article 356. Threatening to publish and offer to prevent such publication for a compensation. - The penalty of arresto mayor or a fine from Forty thousand pesos (P40,000) to Four hundred thousand pesos (P400,000), or both, shall be imposed upon any person who threatens another to publish a libel concerning him or the parents, spouse, child, or other member of the family of the latter, or upon anyone who shall offer to prevent the publication of such libel for a compensation or money consideration.