Labor party BSP and Department of Labour and Employment agree on data exchange agreement

Bangko Sentral ng Pilipinas and Department of Labour and Employment Strengthen Collaboration with Data Sharing Partnership

In a significant move to improve policymaking and service delivery, the Bangko Sentral ng Pilipinas (BSP) and the Department of Labour and Employment (DOLE) have signed a Memorandum of Understanding (MOU) to enhance data sharing between the two government bodies.

The ceremony, which took place at the BSP's head office in Manila on August 29, 2025, was attended by representatives from both institutions. However, the specific individuals present were not disclosed in the search results.

BSP Governor Eli Remolona Jr. expressed optimism about the potential benefits of the collaboration. He stated that the data shared by DOLE would help the BSP to more closely monitor employment conditions, which would inform monetary policies aimed at maintaining price stability.

Labour Secretary Bienvenido Laguesma also expressed confidence in the partnership. He mentioned that the partnership could elevate the quality of employment available to every Filipino. Furthermore, he stated that the partnership could help strengthen DOLE's employment facilitation services.

BSP's Remolona Jr. went on to say that the collaboration would enable the BSP to use the data received from DOLE to produce research that can assist DOLE in strengthening its employment policies and improving its facilitation services.

DOLE's Laguesma added that good data leads to good policy, and good policy leads to good progress. He stated that the partnership could potentially lead to faster and smarter responses to economic and employment-related issues.

Remolona Jr. also stated that the MOU strengthens their ability to see the whole picture with secure and timely data sharing. He emphasised that both parties have committed to upholding data privacy and security standards in accordance with the Data Privacy Act of 2012 and relevant guidelines from the National Privacy Commission.

In conclusion, the partnership between BSP and DOLE is expected to improve policymaking by securely exchanging relevant data between the two institutions. Laguesma added that the partnership could potentially lead to a better quality of employment for every Filipino. The collaboration is a significant step towards enhancing the efficiency and effectiveness of government services in the Philippines.

Labor party BSP and Department of Labour and Employment agree on data exchange agreement