Second Regular Session 
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 sports 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 sltills is being 
exposed, as we fall prey to the high unemployment rate due to our dependence Lo foreign 
employers and investors. 
We need to train our youth on entrepreneurial and financial skills so that we can raise 
generations of businessinen 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. 
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FOURTEENTH CONGRESS OF THE REPUBLIC ) 
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OF THE PHILIPPINES 
Second Regular Session 
Introduced by Senator Miriam Defensor Santiago 
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AN ACT 
TO INCLUDE ENTREPRENEURIAL AND FINANCIAL LITERACY EDUCATION FOR 
SECONDARY SCHOOL STUDENTS 
Be it enacted by the Senate and the House of Representatives of the Philippines in 
Congress assembled: 
SECTION 1. Short Title. - This Act shall be known as the “Mandatory Entrepreneurial 
and Financial Education Act.” 
SECTION 2. Definition. -The purpose of this Act the term - 
A. “Eligible entity” means-- 
1. an institution of higher education; or 
2. a partnership consisting of-- 
a.an institution of higher education; and 
b.a nonprofit organization with experience and a proven track record 
in quality financial literacy or personal finance education 
programs. 
B. “Department” means the Department of Education 
C. “Secretary” means the Secretary of Education 
D. “Courses” means entrepreneurial and financial literacy courses 
SECTION 3. Entrepreneurial and Financial Education in Curriculum. - The Department 
shall develop and integrate in the curriculum for secondary school students courses on 
entrepreneurial and financial literacy. 
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SECTION 4. Grant. - The Secretary shall award grants for a term of not more than four 
years each, on a competitive basis, to eligible entities to- 
1, Develop courses for secondary school students; 
2. Train secondary school teachers all over the country to teach the courses developed; 
3. Prepare methods to evaluate to effect of entrepreneurial and financial literacy 
education and improve the courses as necessary; and 
4. Develop the courses for inclusion by the Department in the required education for 
aspiring secondary school teachers. 
SECTION 5. Application. - An eligible entity that desires to receive a grant under this 
section shall submit an application to the Secretary at such time, in such manner, and 
accompanied by itemized budget and such other information as the Secretary may require. 
SECTION 6. Available Assistance and Training. - The courses should include 
information on available government and non-government assistance and training programs 
which may be availed by the students for further training and possible entrepreneurial and 
financial ventures. 
SECTION 7. Compliance Training. - The courses should also include an overview on 
existing laws and simplified instructions on compliance with such laws. 
SECTION 8. Evaluation. - The Department shall provide for rules on periodic evaluation 
of the performance of the grantees under this Act. The Department may provide for rules that 
shall allow them to revoke grants at different stages of the implementation of each project based 
on the result of the evaluation. 
SECTION 9. Report. - At the end of the second year after the implementation of this Act 
and every year thereafter, the Department shall provide the appropriate committees in the Senate 
and the House of Representatives a status report on the grantees. 
SECTION 10. Appropriations. -The amount necessary for the initial implementation of 
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 
implementation shall be included in the annual General Appropriations Act as a distinct and 
separate item. 
SECTION 1 1. Separability Clause. - If any provision or part hereof, is held invalid or 
unconstitutional, the remainder of the law or the provision not otherwise affected shall remain 
valid and subsisting. 
SECTION 12. Repealing Clause. - Any law, presidential decree or issuance, executive 
order, letter of instruction, administrative order, rule or regulation contrary to or is inconsistent 
with the provision of this Act is hereby repealed, modified, or amended accordingly. 
SECTION 13. Effectivity Clause. - This Act shall take effect fifteen (15) days after its 
publication in at least two (2) newspapers of general circulation. 
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Approved, 
l a m  01092009 
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