I've been reading about this a lot in the past few days and it seems to be the trending topic among blogsites and social networks. I must admit, I'm not an expert on this matter. I just want to understand it the best way I could, so feel free to correct me.
From the time the bill was authored and sponsored to the time it was approved and passed, some congressmen have denied voting 'yes' on the third reading and some senators even openly admitted to have 'overlooked' a part of the bill which they signed into law. I just want to put into words how I understood what I read from all over. Here is a summary of sorts.

To start of, the original bill included cyber-defamation as part of the Punishable Acts, however, that portion was removed by the House of Representatives and after the 3rd reading. Separately on the senate, they inserted the libel clause and as early as January 2012, they were on their 3rd reading. And since there were differences from the House's and Senate's version, a Bicameral Conference Committee was called for further reviews and reconciliation. (To further understand how a law is passed, click here.)
The Bicam then amended part of the bill for Real-Time Collection of Traffic Data and Restricting or Blocking Access to Computer Data which was intended for electronic crimes like Illegal Access, Illegal Interception, Data Interference, System Interference, Misuse of Devices(use, production, sale, procurement, importation, distribution or otherwise making available intentionally and without right), Computer Forgery, Computer-related Fraud, Computer-related Identity Theft, Cybersex, and Unsolicited Commercial Communications as mentioned in Section 4.
Unlike what most of the us know, the 'online libel' clause was inserted by Sen. Sotto on January 24, 2012 as per senate journal published by ABS-CBN News. And with this insertion it means that online libel would also be subject to Real-time Collection of Computer Data and Restricting or Blocking Access to Computer Data. The latter means that the government can block our access to certain websites like facebook or twitter, much like what the Chinese government does.
Unfortunately for us, the Bicam Committee decided to consolidate the senate version of the law. To top it off, the committee just recently lifted a part of Section 4 from the house version and inserted it as a completely new Section 6 into the RA 10175 and what we now know as the Cybercrime Law. It broadened the scope of the law which now states that "All crimes defined and penalized by the Revised Penal Code........shall be covered.......Provided, That the penalty to be imposed shall be one degree higher...."
So with the extraction of a part of Sec. 4 which was then inserted as Sec 6, does this mean, for example, if one was convicted of murder, and uses the internet to perpetrate his crime, one would be penalized under the Revised Penal Code and also with the Cybercrime Law even one degree higher? Doesn't that fall under double jeopardy?

With this in mind, how was that law, with all the add-ons and insertions, ever signed and approved by our 'beloved' president? Has he no regard for the constitution and the people that he considers his "Boss"?
Wala lang. Nakiki-uso lang...