The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) recently signed a memorandum of understanding (MOU) to enhance data sharing.

In a statement Thursday, the BSP said the MOU was signed at its head office in Manila on Aug. 29.

The partnership aims to aid the two institutions’ policymaking through relevant data that they produce and share.

“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. I am excited for what this partnership will bring. Good data lead to good policy, and good policy leads to good progress,” he added.

Leveraging DOLE’s data sets enables the BSP to closely monitor labor market conditions and craft relevant policies to ensure price stability.

Using DOLE’s labor market data, the BSP will produce research that can help DOLE strengthen its employment policies, sharpen labor market strategies, and improve the delivery of employment facilitation services.

Under the MOU, both parties commit to uphold data privacy and security, in accordance with the Data Privacy Act of 2012 and relevant guidelines from the National Privacy Commission.

“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. (PNA)