The Market Monitor Minding the Nation's Business
The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) have signed a memorandum of understanding (MOU) to strengthen data sharing for better policymaking.
The MOU was signed on Aug. 29 at the BSP head office in Manila, the central bank said in a statement Thursday.
“The MOU strengthens our ability to see the whole picture. With secure and timely data sharing, we can respond faster and smarter,” BSP Governor Eli Remolona Jr. said. “Together, we can align our policies to serve the Filipino people better. Good data lead to good policy, and good policy leads to good progress.”
The partnership will allow the BSP to leverage DOLE’s labor market data to monitor employment trends and craft policies that support price stability. In turn, the BSP will produce research that can help DOLE sharpen labor strategies and improve employment facilitation services.
Both agencies also committed to uphold data privacy and security under the Data Privacy Act of 2012 and relevant guidelines from the National Privacy Commission.
Labor Secretary Bienvenido Laguesma said the agreement is a “strategic partnership” that will help improve services for jobseekers, strengthen the nation’s workforce, and raise the quality of employment available to Filipinos.