Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
House Bill No. _______ 
INTRODUCED BY REPRESENTATIVE PM VARGAS 
AN ACT 
 REQUIRING FINANCIAL LITERACY AS A PART OF THE CURRICULUM OF 
GRADE SCHOOLS AND HIGH SCHOOLS, AND APPROPRIATING FUNDS 
THEREFOR 
EXPLANATORY NOTE 
In today’s economic environment, financial literacy is an essential life skill 
that equips individuals with the knowledge and ability to make informed and 
effective decisions with their financial resources.  
Studies, however, have shown that the majority of Filipinos lack basic 
financial knowledge. According to the 2018 Financial Literacy Survey by the 
Bangko Sentral ng Pilipinas (BSP), only 28% of adult Filipinos are considered 
financially  literate, understanding fundamental concepts such as interest rates, 
inflation and risk diversification, leaving the country at the bottom 30 of 144 
countries in terms of financial literacy.  Furthermore, many Filipinos struggle 
with managing debts and savings, leading to poor money management and 
financial insecurity. 
The youth in particular, are more vulnerable to financial mismanagement. 
The Philippine Statistics Authority in 2020 found that the majority of Filipino 
students have limited access to formal financial education, with only a small 
fraction receiving any structured lessons on budgeting, saving, or responsible 
borrowing.  
July 24, 2025
3:16 pm
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The Department of Education (DepEd) recognizes the critical role of 
financial literacy on empowering students to understand concepts such as 
saving, investing, credit management and responsible spending. This bill 
proposes the integration of financial literacy into  the K-12 curriculum to build 
a foundation of sound financial habits and decision-making skills early in life.   
The proposed “Financial Literacy in Schools Act” aims to establish the 
foundation of the basic education curriculum on financial literacy to ensure 
students are equipped with knowledge on personal finance management, 
consumer rights, and  financial products,  allowing them to have better financial 
behaviours as adults. 
In view of the foregoing, immediate passage of this bill is earnestly sought. 
REP. PM VARGAS 
Fifth District, Quezon City 


Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
House Bill No. _______ 
INTRODUCED BY REPRESENTATIVE PM VARGAS 
AN ACT 
 REQUIRING FINANCIAL LITERACY AS A PART OF THE CURRICULUM OF 
GRADE SCHOOLS AND HIGH SCHOOLS, AND APPROPRIATING FUNDS 
THEREFOR 
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress Assembled: 
SECTION 1. Short Title. – This Act shall be known as the “Financial Literacy in 
Schools Act.” 
SECTION 2. Declaration of Policy. – It is hereby declared the policy of the State 
to promote the financial well-being and responsible money management skills of 
the youth. To this end, the State shall integrate financial literacy into the 
curriculum of all K-12 students to equip them with the necessary knowledge and 
skills to make informed financial decisions. 
SECTION 3. Financial Literacy. – For the purpose of this Act, financial literacy 
is the ability to understand and effectively use various financial skills, including 
personal 
financial 
management, 
budgeting, 
saving, 
investing, 
and 
understanding credit and debit. Financial literacy also includes knowledge of 
consumer rights, financial planning, and responsible borrowing.   
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SECTION 4. Financial Literacy Education in Schools. – All public and private 
K-12 schools shall include in their respective curriculum financial literacy for 
their learners.  
 
The Department of Education (DepEd), in collaboration with the Bangko 
Sentral ng Pilipinas (BSP), the Department of Finance (DOF) and the Securities 
and Exchange Commission (SEC) shall develop a grade-appropriate Financial 
Literacy Curriculum conducive to K-12 learners which shall include, but not 
limited to, the following: 
1. Basic money management and budgeting; 
2. Saving and investment fundamentals; 
3. Understanding credit, loans, and debt management; 
4. Importance of financial goal setting and planning; 
5. Consumer rights and protection; 
6. Understanding banking services and financial products; 
7. Managing risks through insurance; 
8. Basic taxation; 
9. Recognizing financial scams and fraud prevention; 
10. 
Financial technology; 
 
SECTION 5. Implementing Rules and Regulations. – The Department of 
Education (DepEd) in consultation with the BSP, the DOF and the SEC, shall 
promulgate the implementing rules and regulations (IRR) to implement the 
provisions of this Act. 
 
SECTION 6. Appropriations. – The funds needed for the implementation of this 
Act shall be sourced from the budget of the Department of Education (DepEd). 
 
SECTION 7. Separability Clause. – If any provision of this Act is held invalid 
or unconstitutional, the same shall not affect the validity and effectivity of the 
other provisions hereof. 
 
SECTION 8. Repealing Clause. – All laws, decrees, executive orders, rules and 
regulations, and other issuances or parts thereof inconsistent with the 
provisions of this Act are hereby repealed or modified accordingly. 
 
SECTION 9. Effectivity. – This Act shall take effect fifteen (15) days after its 
publication in the Official Gazette or in a newspaper of general circulation. 
 
Approved,