The Electronic Commerce Act (RA8792) uses the functional equivalent approach, whereby electronic documents are given the same legal recognition and effect as written documents. The significance of this law is that equal treatment is granted to paper and electronic transactions, such that its validity isn’t dependent on the medium in which the act is contained. The payment of bills over the counter and the issuance of a written receipt, for example, is no different from the payment of bills online and the issuance of a confirmation number as evidence of the transaction. This recognition by Congress, of the development of technology, and their giving electronic transactions binding effects, has facilitated the development of the economy and paved the way for more efficient international trading.
However, RA8792 is a limited law. While it seeks to meet issues brought about by the continuous advancements in telecommunications, it fails to address other significant legal issues, such as violation of privacy and security, questions of jurisdiction and venue, intellectual property issues, and cybercrime. Cleary, while this law is a huge leap for our country, it may only be considered a foundation for the development of more legislation which will be able to address these specific legal issues.
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