Philippines National Bureau of Investigation officials have charged a student suspected of releasing the I Love You computer virus that caused billions of dollars of damage last May.

Onel de Guzman, 23, was charged with theft under a Philippines law that traditionally covers credit card fraud. If convicted on both charges, Guzman could receive a maximum sentence of 20 years in prison, according to The Manila Times.

Only after Guzman's alleged crime did Philippines lawmakers seek to develop a new law that covers Internet crime. The law, enacted a week ago, cannot be applied retroactively against Guzman, a former student at the Amable Mendoza Aguiluz Computer College in Manila.

The I Love You computer virus was released on May 4 and crippled email servers globally. The bug was sent to approximately 84 million users, and up to 3 million were affected, reports claim.