Answer
Yes — the penalty for malversation under Article 217 of the Revised Penal Code is graduated by the amount of public funds or property involved, using the peso brackets set by Republic Act No. 10951 (2017). The penalties rise from prisión correccional for the smallest amounts up to reclusion perpetua; where the amount malversed exceeds ₱8,800,000, the penalty is reclusion perpetua.
In every case, in addition to imprisonment, the offender suffers perpetual special disqualification from public office and a fine equal to the amount malversed or the total value of the property embezzled. Because Republic Act No. 10951 updated the old peso thresholds, earlier value brackets no longer apply, and the exact penalty in a given case should be computed against the current text and with counsel.