The Bangko Sentral ng Pilipinas (BSP) and Department of Labour and Employment (DOLE) have formalized a new Memorandum of Understanding (MOU) focused on enhancing data-sharing capabilities.
This BSP-DOLE alliance and strategic partnership, sealed on August 29, 2025, aims to align monetary and labor policies by leveraging mutual insights — ultimately empowering better-informed decisions and stronger outcomes for Filipinos.
BSP Governor Eli Remolona, Jr. (3rd from left) with Labor Undersecretary Carmela Torres, Labor Secretary Bienvenido Laguesma, and BSP Monetary Policy Sub-Sector officer-in-charge Dennis Lapid at the memorandum of understanding on data sharing signing ceremony between the BSP and DOLE. The partnership aims to aid the BSP’s and DOLE’s policymaking through relevant data that they produce and share. (Photo courtesy of BSP via PNA)
The agreement reflects a growing recognition that economic policy cannot operate in silos. Monetary stability and employment generation are interconnected, and by pooling resources and information, both agencies intend to address challenges more effectively.
For ordinary citizens, this pact could mean more stable prices, stronger job opportunities, and a clearer path toward inclusive growth.
The BSP-DOLE alliance framework for smarter, data-driven decisions
The central bank has long relied on economic indicators such as inflation, gross domestic product (GDP), and foreign exchange reserves to guide its policy decisions. However, these figures often lack granularity when it comes to labor market realities. Through this BSP-DOLE Alliance, as DOLE’s employment datasets incorporating the BSP access to a wealth of information that can illuminate the actual conditions of Filipino workers — ranging from sector-specific employment trends to wage movements across industries.
This enriched perspective can make monetary policy more precise.
For instance, understanding the pace of job creation in high-demand sectors can help the BSP anticipate inflationary pressures arising from wage growth. Similarly, tracking unemployment in vulnerable regions can guide targeted policy responses. The outcome is a more proactive approach, where data serves as an early warning system for potential shocks.
On the other hand, DOLE benefits from the BSP’s analytical expertise and research-driven insights. By studying the interplay between inflation, interest rates, and labor market performance, the department can craft programs that better align with broader economic realities.
This BSP-DOLE alliance could result in more responsive job facilitation services, upskilling initiatives tailored to emerging industries, and employment programs that are not only timely but also future-ready.
Voices behind the pact
BSP Governor Eli M. Remolona Jr. highlighted that the agreement embodies a forward-thinking approach to governance. According to him, timely access to data is critical for crafting effective policies, and the partnership ensures that the central bank can act with greater agility in a rapidly changing economic landscape. His message was clear: strong data equals strong decisions, and strong decisions pave the way for sustainable progress.
BSP Governor Eli M. Remolona Jr.
Labor Secretary Bienvenido Laguesma also welcomed the collaboration, emphasizing how it could enhance the quality of services DOLE provides to jobseekers and employers alike. By tapping into the BSP’s analyses, the department can improve workforce development, refine employment facilitation, and ensure that Filipino workers are better prepared for the evolving demands of the labor market.
For Laguesma, the pact is not just about numbers but about transforming lives through better opportunities and working conditions.
Labor Secretary Bienvenido Laguesma
Their shared optimism underscores the value of inter-agency collaboration. In a policy environment often criticized for fragmentation, the BSP-DOLE alliance represents a unified effort to bridge gaps and pursue common goals.
Safeguarding privacy amid data exchange
While the benefits of data sharing are clear, it also raises questions about security and confidentiality. Both the BSP and DOLE have acknowledged this, ensuring that the MOU complies with the Data Privacy Act of 2012 and adheres to the standards set by the National Privacy Commission. These safeguards are designed to protect personal information while still enabling the flow of crucial data between agencies.
This dual commitment — to innovation and to privacy — reflects a balanced approach. Citizens can be assured that while their data may inform national policy, it will remain protected against misuse or unauthorized access. In an era where data breaches can erode public trust, these provisions strengthen confidence in the partnership.
Moreover, prioritizing data protection sets a precedent for other government collaborations. By embedding privacy considerations from the outset, the BSP-DOLE alliance are modeling responsible governance practices that can be replicated in future initiatives across different sectors.
Forward path: Looking ahead
The signing of the BSP-DOLE MOU marks a significant step in modernizing how government agencies work together to deliver public value.
Beyond the symbolic handshake, the real test in BSP-DOLE alliance will lie in execution — how efficiently both agencies integrate their systems, how quickly insights are generated, and how effectively policies are adjusted based on the data.
For the BSP, success will mean crafting monetary policies that better reflect the lived realities of Filipino households and workers. For DOLE, it will mean enhanced employment services, more relevant labor market programs, and better-targeted interventions.
For Filipinos, it could mean a stronger economy where price stability and employment generation go hand in hand.
This initiative signals a new era of data-driven governance in the Philippines. If implemented effectively, it could serve as a blueprint for future collaborations, reinforcing the idea that inclusive growth requires both economic stability and job creation.
Through leveraging data as a shared resource, the BSP-DOLE alliance are taking an important step toward ensuring that no Filipino is left behind in the nation’s journey toward sustainable development.
