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‘TWENTIETH CONGRESS OF THE ) RECEI mn
REPUBLIC OF THE PHILIPPINES ) DATE Sra 9)
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First Regular Session ) aa &
HOUSE OF REPRESENTATIVES

HOUSE BILL No. 256

Introduced by REPRESENTATIVES LAN! MERCADO-REVILLA,
BRYAN B. REVILLA and RAMON JOLO B. REVILLA III

AN ACT
MANDATING THE INCLUSION OF A PERSONAL FINANCIAL LITERACY COURSE
IN THE TECHNICAL-VOCATIONAL EDUCATION AND TRAINING CURRICULUM
OF TECHNICAL-VOCATIONAL INSTITUTIONS AND TECHNICAL EDUCATION
AND SKILLS DEVELOPMENT AUTHORITY TRAINING CENTERS

EXPLANATORY NOTE

The Philippine Statistics Authority estimated about 2.16 million Overseas Filipino
Workers (OFW) in September 2023. This figure do not include those overseas Filipinos
who do not have a valid work visa nor work contract abroad. Total remittances reached
Php 239 Billion in 2023. This has fueled the Philippine economy by increasing the
buying capacity of their families in the Philippines, and stimulate local economic
activities. In 2024, remittances represented 8.3% of the country's GDP.

However, it is a very common and quite sad ending in the story that many of our
Bagong Bayani Filipino overseas workers spend years of their productive lives abroad,
away from their families in the Philippines, and yet as soon as they retire or decide to
come home “for good” they find themselves without financial security for their
remaining retirement years, or worse drowning in debt.

Extended productivity and ease of reintegration of our coming home “for good” OFWs
is the main intention of this simple legislative measure.

The Technical Education and Skills Development Authority (TESDA) is the
govemment agency tasked with managing and supervising technical education and
skills development among our Filipino workforce. Mandating our TESDA Centers to
offer financial literacy courses that our OFWs can avail would go a long way to assist
our Kababayans in developing their financial intelligence such as in retirement
planning, debt management, insurance planning, and business acumen. This will also
help them avoid scammers and fraudulent transactions.


This measure was already approved on Third and Final Reading by the House of
Representatives during the Nineteenth Congress.

In view of this, immediate approval of this measure is earnestly requested.

REP. LANI MERC, REVILLA , MSLG, DM (hc)

Representative
2 District of Cavite

RE! B. REVILLA REP. RAMON REVILLA It
Representative Repfesentative
AGIMAT Partylist 15 District of Cavite


TWENTIETH CONGRESS OF THE )

REPUBLIC OF THE PHILIPPINES )
First Regular Session )
HOUSE OF REPRESENTATIVES

HOUSE BILL No.256

Introduced by REPRESENTATIVES LANI MERCADO-REVILLA, BRYAN B.
REVILLA and RAMON JOLO B. REVILLA II

AN ACT
MANDATING THE INCLUSION OF A PERSONAL FINANCIAL LITERACY COURSE
IN THE TECHNICAL-VOCATIONAL EDUCATION AND TRAINING CURRICULUM
OF TECHNICAL-VOCATIONAL INSTITUTIONS AND TECHNICAL EDUCATION
AND SKILLS DEVELOPMENT AUTHORITY TRAINING CENTERS

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

pines in

‘SECTION 1. Short Title. - This Act shail be known as the “Personal Financial
Literacy Course in the Technical-Vocational Education and Training (TVET)
Curriculum Act.”

SEC. 2. Declaration of Policy. - Recognizing financial literacy as an essential
life skill, as well as the complementary role of financial education in promoting the
economic well-being of Filipinos, it is hereby declared a policy of the State to establish
a strong foundation of financial literacy of students, trainees, and employees in order
to create a more skilled, knowledgeable, and well-informed future generation of
Filipinos.

To this end, the State also seeks to broaden and strengthen TVET
programs, including financial education and literacy, to enable technical-vocational
(tech-voc) students to develop the appropriate skills to make well-informed financial
decisions, and desirable work habits upon employment in the industries.

SEC. 3. Objectives. - This Act shall have the following objectives:

a. To ensure that technical-vocational institutions (TVis) and Technical
Education and Skills Development Authority (TESDA) training centers
shall provide the necessary financial education to tech-voc students
while at the same time helping them leam and develop other practical
tech-voe skills and competencies;


b. To equip the students with basic knowledge and additional skills on
wealth management and contingency planning, especially in
properly handling their personal finances, prepare them to make
well-informed financial decisions upon entering the workforce, and help
them master financial literacy as an important life skill in their
day-to-day transactions and other activities; and

c. To broaden the opportunities and venues for the teaching of a
personal financial literacy course to strengthen financial education
among Filipinos so they can avoid financial frauds, develop financial
discipline, use debt responsibly and save for education or
retirement.

SEC. 4. Mandatory Inclusion of Personal Financial Literacy Course in
the TVET Curriculum. - All public and private TVIs and TESDA training centers
are mandated to offer a Personal Financial Literacy Course (PFLC) to tech-voc
students as part of the TVET curriculum. It shall focus solely on personal finance
based on the policies, guidelines, and standards set jointly by the TESDA, the
Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Securities and
Exchange Commission (SEC), and the Insurance Commission (IC).

Apassing grade in the PFLC shall be required for graduation or completion
of the course.

SEC. 5. Contents of Personal Financial Literacy Course. — The PFLC
shall provide instructions on personal financial literacy and shall include the following
contents:

Concept of personal finance;
Time value of money;

Consumer behavior in the context and culture of the Philippines;
Debt management and rehabilitation;

Savings, emergency, and resilience fund development;
Investment concepts and planning:

Retirement planning;

Insurance planning;

Credit scoring and credit reports;

Concept of financial education;

Pertinent topics on effective utilization of digital payment platforms,
such modules on observing cyber-hygiene to help safeguard
cybersecurity, data integrity, and consumer protection in adopting

Other financial literacy issues and concerns.


SEC. 6. Roles of Government Agencies, Offices, and Instrumentalities. —
The TESDA shall collaborate with the BSP, DOF, SEC, and the IC in developing
academic standards, curricula, and materials for the PFLC. These agencies shall
jointly issue the proper guidelines for this purpose.

The content of the PFLC shall be aligned with the standards set by the
aforementioned agencies.

SEC. 7. Implementing Rules and Regulations. - Within ninety (90) days
after the effectivity of this Act, the TESDA shall, in consultation with the BSP, DOF,
and other relevant stakeholders, issue rules and regulations for the effective
implementation of this Act.

SEC. 8. Separability Clause. — In the event any of the provisions of this
Act is declared unconstitutional, the validity of the other provisions shall not be
affected by such declaration.

SEC. 9. Repealing Clause. - All other laws, decrees, orders, rules and
regulations or parts thereof inconsistent with this Act are repealed or modified
accordingly.

SEC. 10, Effectivity. - This Act shall take effect fifteen (15) days after its
publication in the Official Gazette or in a newspaper of general circulation.

Approved,