The Department of Labor and Employment (DOLE) and the Bangko Sentral ng Pilipinas (BSP) have partnered to share information for the development of a more effective system for generating reliable and timely insights on jobs and the economy.
The collaboration, formalized through a Memorandum of Understanding (MOU), will utilize DOLE’s employment facilitation portals, including PhilJobNet and the PESO Employment Information System (PEIS), to exchange critical labor market data seamlessly.
This information is essential for enhancing BSP’s Labor Market Intelligence System (LMIS), a key tool for analysis that monitors economic trends, adopts new labor market insights, and supports policy formulation.
For Filipino workers, this DOLE-BSP partnership means smarter and less hassle job hunting and career development by providing information on where the jobs are, what skills are in demand, and how to better prepare for opportunities.
“This MOU embodies the shared vision and responsibility of our two institutions, that of operationalizing the directive of President Ferdinand R. Marcos Jr., of empowering and capacitating the Filipino workforce and providing our workers access to data and information that will be useful and beneficial in the employment search,” DOLE Secretary Bienvenido E. Laguesma said.
Secretary Laguesma added that this will ultimately strengthen employment facilitation services, the nation’s workforce, and elevate the quality of employment available to every Filipino.
The BSP currently utilizes online job posting data from Jobstreet Philippines to generate high-frequency employment indicators, such as the labor market tightness ratio and nowcasting unemployment rate, which are vital in supporting monetary policy analysis.
With the inclusion of DOLE’s administrative data, the LMIS will gain a broader and more accurate picture of labor market conditions to enable deeper studies on employment trends and dynamics in the country.
Under the MOU, DOLE will provide BSP with PhilJobNet administrative data and PESO Employment Facilitation data monthly. Both will be transmitted through encrypted and secure channels.
In return, BSP will share its finalized Labor Market Information (LMI) reports with DOLE to help enhance its own labor market programs and services.
