Just to start, it's always a good idea to post a link to what you're talking about, especially if it's not likely to be something everyone knows about. I didn't know anything about this, so I went digging. Here's an article on how the courts in the Philippines (where the law was passed) suspended it:
link
And here's another with the full text of the law:
link
Now, this isn't too far different from a number of similar bills that have come up in the U.S., namely SOPA and PIPA, which have sort of become non-issues following some major debacles in Congress. Regulating the Internet is tricky, since it's something that's never been done before in a lot of countries, and since it invites suggestions of invading peoples' privacy.
And there's a lot of support for that. This law's intention is to crack down on all forms of cybercrime, including libel and the spread of child pornography, and drastically increase prison sentences for those that violate these. While that sounds like a good idea in theory, in practice, it's a nightmare. They're going to have to keep up with experienced hackers, people capable of concealing any number of items from unwanted eyes. For those they do catch, the prison terms are strikingly large, especially for libel. 6 to 12 years, which seems excessive to me. But even without that, it gives the government free license to police the Internet, which means that it also gives them permission to get into peoples' personal information. How far this allows them to go isn't altogether unclear, but the insinuation is that they'd be willing to take it pretty far.
While I think efforts to police the Internet should eventually be in place, I don't think we're at the point when we can do this without impinging to heavily on peoples' rights and liberties, and I don't think the harms of doing nothing are bad enough to warrant an uneasy step into this difficult territory.
