BSP, DOLE seal data sharing agreement for policy making

The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) have inked a memorandum of understanding (MOU) to enhance data sharing, which will allow the central bank to produce research that can help strengthen employment policies.

According to the BSP, the MOU will leverage DOLE’s data sets to closely monitor labor market conditions, and craft relevant policies to ensure price stability. It will also sharpen labor market strategies, and improve the delivery of employment facilitation services.

“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 in an emailed statement.

“Together, we can align our policies to serve the Filipino people better. I am excited for what this partnership will bring. Good data lead to good policy, and good policy leads to good progress,” he added.

Both parties have committed to uphold data privacy and security under the MOU, signed in a ceremony at the BSP Head Office in Manila last Friday, August 29.

“We at DOLE are optimistic and confident that this strategic partnership will drive progress that genuinely reaches all Filipinos, especially our jobseekers — ultimately strengthening our employment facilitation services, our nation’s workforce, and elevating the quality of employment available to every Filipino,” Labor Secretary Bienvenido Laguesma said. — Jon Viktor D. Cabuenas/RSJ, GMA Integrated News