Manila: The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) have formalized a collaborative effort through a memorandum of understanding (MOU) to enhance data sharing between the two institutions. The agreement was signed at the BSP's head office in Manila on August 29.

According to Philippines News Agency, the partnership is set to bolster the policymaking capabilities of both BSP and DOLE by utilizing the data they generate and share. BSP Governor Eli Remolona Jr. emphasized the significance of the MOU, stating that secure and timely data sharing will enable the institutions to respond more effectively and efficiently. He highlighted the potential for aligned policies that better serve the Filipino population, stressing that good data is the foundation of sound policy and progress.

The collaboration aims to leverage DOLE's data sets, allowing BSP to monitor labor market conditions more closely and develop policies that ensure price stability. This data will also aid BSP in producing research to assist DOLE in refining its employment policies, labor market strategies, and employment facilitation services.

The MOU stipulates that both parties will uphold data privacy and security, adhering to the Data Privacy Act of 2012 and guidelines from the National Privacy Commission. Labor Secretary Bienvenido Laguesma expressed optimism about the partnership, highlighting its potential to drive progress for Filipinos, particularly job seekers, by strengthening employment services and improving the quality of available employment.