Finally, after two years of pushing for the completion by the law makers from borh houses, President Estrada has signed into law E-commerce Act, RA 8792, which outlines the rules and regulations governing commercial transactions in the country through the internet last June 14.

The new law gives legal recognition to electronic documents, electronic signatures and electronic transactions. Foreign and local investors won't be apprehensive of their commercial transactions on the internet with the E-commerce Law because it will give electronic documents the same legal status as paper contracts and therefore will bind signatories.

Since the law provides electronic documents the same legal status as paper contracts and therefore will blind signatories legally.

Under RA 8792, computer hackers face a three-year imprisonment and a minimum fine of P100,000. Penalties for hackers could even stretch further to a maximum penalty commensurate to the damage he or she wrought.

In the signing rites held in Malacanang last June 7, the president said that the law strenghtens the country's capability to capture a major share of the multi-billion dollar information technology industry. E-commerce law enables Philippine companies and Filipino workers to compete for the billions of dollars worth of business opportunities in the global marketplace. Partnering and establishing marketing links with foreign firms can also be an alternative opportunity for the local industries. The Philippine E-commerce Act significantly enhance the business environment and increase our competitiveness as an investment destination in the region.

The new law will also assure investors of improved protections of their intellectual property rights.

The new Electrolic-Commerce law also calls upon government agencies to formulate and institute programs supportive of e-commerce initiatives - for instance, the electronic filing of taxes. It mandates the computerization of government offices involved in the issuance of permits, licenses and other documents .As a result, it moves us closer to an environment where government is able to deliver services more effectively and more efficiently.

Government officials also said that the law would maximize the skill of Filipino computer professionals for the country to gain a strong foorthold in the world of Information Technology. And tbecause e-commerce law gives priviledges to everyone, the opprortunity to advance in the world of electronic commerce nom depends on the talent, ingunuity and skill of the company worker, and not on tmaterial assets of the few.

It is indeed unfortunate that the country's name suffered unfairly over the injury inflicted by the "ILOVEYOU" virus which suspected to have been developed by local computer hackers.

Opportunities for e-commerce in the Philippines are enormous and local firms can leverage the advantages they have over western firms in the local electronic-Economy to ensure that they capture their share, Local relationhip network in place has an advantage over "outsiders" when it comes to implementing shared e-commerce activities.

Philippine Internet Commerce Society founder Janette Toral stressed that the e-commerce law triggers tha improvement of technology and infrastractures.

The Philippine E-commerce Law makes doing business on the internet quicker and easier, aliminating mountains of paperworks. However, people know from things like the ILOVEYOU virus how easy it is in the systems for an attacker to berak in and get the machine to do something one don't really want it to do. There will always remain a few who will continue to try penetrating the well-secured computer systems despite prevailing anti-hacking laws. Penalties exist all over the world, yet people have it. It is a challenge to protect and preserve the systems.