Department of Finance secretary Carlos Dominguez III had earlier instructed agencies attached to the DOF and government financial institutions to institutionalize a cybersecurity program through a shared defense strategy.
DOF secretary Carlos Dominguez made the declaration as he signed with US Embassy in the Philippines a $809,450.00 grant agreement for the BIR’s ICT Modernization Strategy and Data Center Project.
The cyber theft, which was first reported by local finance website bilyonaryo.com, occurred during the Independence Day weekend this year. Hackers were said to have used a combination of ATM withdrawals and online transfers to undertake the heist.
DOF secretary Carlos Dominguez III said they cannot make secure projections on PhilHealth’s fund life as its information system is incapable of generating relevant data despite spending “close to P200 billion”.
