Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

EIGTHTEENTH CONGRESS
First Regular Session

HOUSE BILLNO.__5100

Introduced by HON. DALE “ALONG” R. MALAPITAN
First District, Caloocan City

EXPLANATORY NOTE

The value of saving among Filipinos most especially the poor towards poverty
alleviation and national development cannot be overemphasized. One's willingness and
ability to save is a manifestation of future-orientation, self-control, personal discipline and
‘sense of agency and responsibility that are critical for both long-term individual and social
development.

In this regard, this bill aims to declare the 31* day of October as “National Savings
and Financial Literacy Day” not only to promote the value and practice of saving but also
to teach all Filipinos the value of financial education and literacy for achieving financial
independence.

All Filipinos, most especially the poor, must be able to learn how to save, invest,
‘spend and manage their finances wisely to achieve financial independence as a part of
responsible and proactive citizenship.

The author therefore seeks the immediate enactment of this bill.

REP. bled Ne R WALAPITAN


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

EIGTHTEENTH CONGRESS
First Regular Session

6100
HOUSE BILL NO.

Introduced by HON. DALE “ALONG” R. MALAPITAN
First District, Caloocan City

AN ACT DECLARING OCTOBER 31 AS ANNUAL NATIONAL SAVINGS AND
FINANCIAL LITERACY DAY

Be it enacted by the Senate and the House of Representatives of the Philippines in
Congress assembled:

Section 1. Short Title. — This law shall be known as the “National Savings and
Financial Literacy Day Act of 2020”.

Section 2. Declaration of State Policy- It is hereby declared the policy of the
‘State to promote the value and practice of savings and to teach all Filipinos the value of
financial education and literacy for achieving individual financial independence and
national social and economic development.

Section 3. National Savings and Financial Literacy Day. - The 31* of October
and every year thereafter is hereby declared “National Savings and Financial Literacy
Day’ and proclaim the same as a special working holiday.

Section 4. Inter-agency Committee on National Savings and Financial
Literacy Day. — An Inter-agency Committee is hereby created to plan, coordinate and
implement activities for the annual National Savings and Financial Literacy Day.

a) Composition

Secretary of the Department of Finance or his/her representative as
Chairperson

Governor of the Bangko Sentral ng Pilipinas or his/her representative as
Vice Chairperson


Secretary of the Department of Education or his/her representative as
Member

Secretary of the Department of Labor and Employment or his/her
representative as Member

Chairperson of the Civil Service Commission or his/her representative as
Member

Commissioner of Insurance Commission or his/her representative as
Member

Director-General of the Philippine Information Agency or his/her
representative as Member

Secretary of the Department of the Interior and Local Government or his/her
representative as Member

Secretary of the Department of Social Welfare and Development or his/her
representative as Member

Secretary of the Department of Trade and Industry or his/her representative
as Member

Chairperson of the Commission on Higher Education or his/her
representative as Member

b) Functions

4) To institute awareness and popularization among the general public on
the importance of savings, highlighting its contribution to poverty
alleviation;

To recognize the strategic role of community-managed savings in
poverty reduction and alleviation and in integrating this to existing anti-
poverty programs of the government;

3) To have strategic partnerships with national government agencies,
local government units, civil society groups, private entities, academic
institutions, faith-based organizations and children and youth groups,
among others in promoting the culture of saving and financial literacy;
To encourage LGUs to come-up with policies, programs and activities
‘on saving and financial literacy,

To encourage academic institutions, both private and public, to
conduct awareness raising on the value of savings to students within
the school year.

¢) Activities

2)

4)

5)

4) Establishment of savings mechanisms in communities;

2) Financial literacy seminars/symposia in schools, workplaces,
government offices and communities;

3) Development, distribution and sharing of information and education
materials on financial literacy through various means and media;


4) Awarding of individuals, groups, local government units, organizations
or institutions which contributed in promoting savings and financial
literacy in the country;

5) National summit or forum on savings, financial education and literacy
and financial independence.

Section 5. Private Sector and Civil Society Participation- The private sector
and civil society organizations shall be highly encouraged to be active partners in the
planning, coordination and implementation of activities for the annual National Savings
and Financial Literacy Day.

Section 6. Appropriations. - The funding for the programs, projects and
activities for the annual National Savings and Financial Literacy Day shall be sourced
from the annual appropriations of the agencies comprising the Inter-agency Committee
‘on National Savings and Financial Literacy Day as indicated in Section 4 (a) of this Act.

Section 7. Implementing Rules and Regulations. - The Department of Finance
(DOF) in coordination with the Bangko Sentral ng Pilipinas (BSP) and other concerned
agencies shall craft and promulgate the Implementing Rules and Regulations (IRR) within
‘six (6) months after the effectivity of this Act.

Section 8. Repealing Clause — All laws, rules, regulations, orders, memoranda
or circulars inconsistent with this Act are hereby repealed or modified accordingly.

Section 9. Separability Clause. - Should any part or provision of this Act shall be
held to be invalid or unconstitutional, other provisions hereof which are not affected
thereby shall continue to be in full force and effect.

Section 10. Effectivity Clause - This Act shall take effect fifteen days (15) after
publication in the Official Gazette.

Approved,