The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) signed a memorandum of understanding (MOU) to enhance data sharing and collaboration, in a ceremony held at the BSP head office in Manila.
The agreement aims to support both institutions in crafting better policies by leveraging labor market and economic data. BSP Governor Eli M. Remolona, Jr. said the partnership enables “secure and timely data sharing” that will allow both agencies to “respond faster and smarter,” emphasizing that “good data lead to good policy, and good policy leads to good progress.”
Labor Secretary Bienvenido E. Laguesma expressed optimism that the collaboration will improve employment services and uplift job quality for Filipinos. “This strategic partnership will drive progress that genuinely reaches all Filipinos, especially our jobseekers,” he said.
Under the MOU, the BSP will use DOLE’s labor data to monitor labor market trends and formulate responsive monetary policies, while DOLE will benefit from BSP’s research to enhance employment programs and strategies.
Both agencies pledged to uphold data privacy and security in line with the Data Privacy Act of 2012 and guidance from the National Privacy Commission.
