Of those who have increased their budgets, 22% reported the hike will range from 10% to 20% compared with their 2011 budget, while seven percent said the expansion will average from 21% to 40%. While six percent disclosed that their budgets have gone up by less than 10%, only four percent divulged that they expect an increase of more than 100%.

The survey also found out that the average IT budget as a percentage of the company's revenue remains very low, averaging below five percent of corporate revenue as disclosed by 30% of respondents. Thirty-nine percent claimed they allotted an average of 5% to 10% of their revenue to IT while only 21% said more than 10% has been allocated to their IT budgets.

On the other hand, only 25% of survey respondents said their IT budgets will be slashed or, at best, keep IT spending tight this year to manage their bottom line. Some say they will minimize cost as there were no "must-have" technologies that will spur new investments and that major projects were already completed last year. Among those who have reduced their IT budgets this year, 14% said their spending will drop by 10% to 30% while five percent will trim their budgets by 40% to 50%. Only two percent will reduce their IT allocations by less than 10%.

Asked why their IT budget was trimmed down, Ronilo Quiat, IT manager of Ortigas & Company, replied, "the decrease in our capital expenditures for IT this year is significant because we are almost done with our SAP implementation that started in 2010."