DBM allots 20.9% of ICT budget for cybersecurity
MANILA, Philippines — In line with its thrust toward digitalization, the Department of Budget and Management (DBM) has allotted a chunk of its information and communication technology (ICT) budget for cybersecurity projects.
DBM Secretary Amenah Pangandaman revealed this during a cybersecurity conference on Wednesday organized by Stratbase ADR and the Canadian Embassy to the Philippines.
Pangandaman said the DBM’s ICT group allotted 20.92 percent of its budget for cybersecurity projects.
She noted that this is even higher than the 10 percent internationally recommended standard based on the report published by the Deloitte Center for Financial Services and the Financial Services Information Sharing and Analysis Center, which is the only global information-sharing community focused solely on financial services.
“In today’s fast-paced, modern, and interconnected world, it is inevitable that we fortify cyber cooperation toward digital security,” Pangandaman said in her speech.
The DBM has an allotted budget of P2.5 billion for this year.
Meanwhile, Stratbase Institute President Dindo Manhit said such investments in cybersecurity will give the Philippines an edge in attracting investors.
“A thriving digital economy backed by safe and secure cybersecurity strategies gives the Philippines a strategic and competitive advantage to attract — and keep — investors,” Manhit said.
“Cybersecurity issues have the potential to influence the operations of businesses across different sectors and the country’s national economic growth,” he added.
READ: DICT urges companies not to pay for ransomware to avoid repeat attacks
