BSP and Department of Labour and Employment Agree on Data Exchange Agreement
The Bangko Sentral ng Pilipinas (BSP) and the Department of Labour and Employment (DOLE) have joined forces in a significant partnership, aiming to elevate the quality of employment opportunities available to every Filipino.
On August 29, 2025, the memorandum of understanding (MOU) was signed at the BSP's head office in Manila by government officials from both parties. The agreement was signed by the Governor of Bangko Sentral ng Pilipinas, Eli Remolona Jr., and the Secretary of the Department of Labour and Employment, Bienvenido Laguesma.
The partnership aims to enhance data sharing between the two government bodies, with the BSP gaining access to DOLE's labour market data. This access will enable the BSP to more closely monitor employment conditions, providing valuable insights for its research.
BSP Governor Eli Remolona Jr. expressed confidence in the potential benefits of the collaboration, stating that good data leads to good policy and good progress. He added that secure and timely data sharing allows for faster and smarter responses.
Secretary Laguesma expressed hope that the partnership could strengthen DOLE's employment facilitation services, ultimately improving the nation's workforce and the quality of employment available to every Filipino. He also emphasized the importance of upholding data privacy and security standards, in accordance with the Data Privacy Act of 2012 and relevant guidelines from the National Privacy Commission.
Laguesma further stated that the partnership could help strengthen DOLE's employment facilitation services, while Remolona noted that the MOU strengthens their ability to see the whole picture.
The partnership is expected to aid policymaking by securely exchanging relevant data, with the BSP intending to use this data to produce research that can assist DOLE in strengthening its employment policies and improving its facilitation services. Both parties have committed to upholding data privacy and security standards throughout the collaboration.
Labour Secretary Bienvenido Laguesma also expressed confidence in the partnership, stating that he believes it could potentially help strengthen DOLE's employment facilitation services and improve the quality of employment available to every Filipino.
This collaboration marks a significant step towards improving employment opportunities in the Philippines, with both parties working together to create a brighter future for the nation's workforce.
