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FIFTEENTH CONGRESS OF THE REPUBLIC 
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OF THE PHILIPPINES 
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First Regular Session 
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Introduced by Senator Miriam Defensor Santiago 
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EXPLANATORY NOTE 
Article 2 Section 17 of the Constitution states: 
SEC, 17. The State shall give priority to education, science and 
technology, arts, culture and spo,rts to foster patriotism, nationalism, accelerate 
social progress and promote total human liberation and development. 
As the global financial crisis looms, our country's unemployment rate increases leaving 
many of our fellow Filipinos, here and abroad without jobs. Many companies, in their effort to 
cut costs, also reduce their recruitment activities, thereby lessening opportunities for our 
jobseekers, More and more, our low'level of entrepreneurial and financial skills is being 
exposed, as we fall prey to the high unemployment rate due to our dependence to foreign 
employers and investors, 
We need to train our youth on entrepreneurial and financial skills so that we can raise 
generations of businessmen and investors who will create jobs not only for themselves but others 
as well. Our students should know that entrepreneurship is a great alternative to employment and 
should be equipped with all information, from opportunities to existing regulations, on entering 
the business world, 
This bill seeks to mandate the Department of Education to make entrepreneurial and 
financial literacy education an integral part of our secondary education.1 
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. MIRIAM DEF NSOR SliftlllJ) 
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I This bill was originally filed in the Fourteenth ~ongress, Second Regular Session 
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FIFTEENTH CONGRESS OF THE REPUBLIC 
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OF THE PHILIPPINES 
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First Regular Session 
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Introduced by Senator Miriam Defensor Santiago 
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AN ACT 
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TO INCLUDE ENTREPRENEURIAL AND FINANCIAL LITERACY EDUCATION FOR 
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SECONDARY SCHOOL STUDENTS 
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Be it enacted by the Senate and the House of Representatives of the Philippines in 
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Congress assembled: 
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SECTION 1. Short Title. - This Act shall be known as the "Mandatory Entrepreneurial 
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and Financial Education Act." 
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SECTION 2. Definition. - The purpose ofthis Act the term-
lOA. "Eligible entity" means--, . 
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1. an institution of higher education; or 
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2. a partnership consisting of--
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a.an institution of higher education; and 
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b.a nonprofit organization with experience and a proven track record 
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in quality financial literacy or personal finance education 
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programs. 
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B. "Department" means the Department of Education 
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C. "Secretary" means the S,ecretary of Education 
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D. "Courses" means entrepreneurial and financial literacy courses 
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SECTION 3. Entrepreneurial and Financial Education in Curriculum. - The Department 
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shall develop and integrate in the curriculum for secondary school students courses on 
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entrepreneurial and financial literacy. 
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SECTION 4. Grant, - The Secretary shall award grants for a term of not more than four 
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years each, on a competitive basis, to eligible entities to-
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1. Develop courses for secondary school students; 
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2. Train secondary school teachers all over the country to teach the courses developed; 
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3. Prepare methods to evaluate to effect of entrepreneurial and financial literacy 
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education and improve the courses as necessary; and 
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4. Develop the courses for inclusion by the Department in the required education for 
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aspiring secondary school teachers. 
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SECTION 5. Application. - An eligible entity that desires to receive a grant under this 
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section shall submit an application to the Secretary at such time, in such marmer, and 
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accompanied by itemized budget and such other information as the Secretary may require, 
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SECTION 6. Available Assistance and Training. -
The courses should include 
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information on available government and non-government assistance and training programs 
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which may be availed by the students for further training and possible entrepreneurial and 
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financial ventures. 
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SECTION 7. Compliance Training. - The courses should also include an overview on 
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existing laws and simplified instructions on compliance with such laws. 
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SECTION 8. Evaluation. - The Department shall provide for rules on periodic evaluation 
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of the perfonnance of the grantees nnder this Act. The Department may provide for rules that 
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shall allow them to revoke grants at different stages of the implementation of each project based 
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on the result of the evaluation. 
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SECTION 9. Report, - At the end of the second year after the implementation of this Act 
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and every year thereafter, the Department shall provide the appropriate committees in the Senate 
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and the House of Representatives a status report on the grantees. 
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SECTION 10, Appropriations. -The amount necessary for the initial implementation of 
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this Act shall be charged against the appropriations of the Department of Education under the 
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current General Appropriations Act. Thereafter, such sum as may be necessary for its full 
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implementation shall be included in the annual General Appropriations Act as a distinct and 
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separate item. 
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SECTION 11. Separability Clause. - If any provision or part hereof, is held invalid or 
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unconstitutional, the remainder of the law or the provision not otherwise affected shall remain 
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valid and subsisting. 
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SECTION 12. Repealing Clause. - Any law, presidential decree or issuance, executive 
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order, letter of instruction, administrative order, rule or regulation contrary to or is inconsistent 
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with the provision of this Act is hereby repealed, modified, or amended accordingly. 
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SECTION 13. Effectivity Clause. - This Act shall take effect fifteen (IS) days after its 
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publication in at least two (2) newspapers of general circulation. 
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Approved, 
fapm 01092009 
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