Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City

‘TWENTIETH CONGRESS
First Regular Session

HOUSE BILL NO. 16 0

Introduced by Representative Jose Manuel F. Alba

AN ACT
MANDATING EMPLOYERS TO PROVIDE A PERSONAL FINANCE
EDUCATION PROGRAM, AMENDING FOR THE PURPOSE PRESIDENTIAL
DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR
CODE OF THE PHILIPPINES

EXPLANATORY NOTE

Reports have shown that poor money management skills result in
Poor financial decisions, desperation, and anxiety, leading to more debt and
creating more stress-induced decision-making In the workplace, it may lead
to poor employee performance, increased absentecism, _ financial
dissatisfaction, and even to work and home related violence.

Being financially educated, on the other hand, may improve rates of
savings, lower levels of debt, increase rates of asset accumulation, and

decrease the amount of stress.

Specifically, financial education in the workplace may result in better
employee satisfaction, higher confidence in retiring, increase In employee
support, and less stress in the workplace.

Labor is one of the main drivers of our economy. Thus, it is imperative
that our labor force acquire financial and economic well-being that will lead

1


to a more comfortable life, financial security, and economic stability. Not
only does it benefit workers and employees, but employers and management
as well.

Accordingly, employers should be mandated to provide a financial

literacy program for its workers and employees.

It is must also be highlighted that this bill was already deliberated
upon by relevant government agencies and civil society groups during the
19th Congress, was approved by the House of Representatives and was
transmitted and received by the Senate of the Philippines.

For the foregoing reasons, the immediate consideration and approval
of this bill is earnestly sought.

. ALBA

Representative, 4* District, Bukidnon


Republic of the Philippines
HOUSE OF REPRESENTATIVES

Quezon City

TWENTIETH CONGRESS
First Regular Session

HOUSE BILL NO. 160

Introduced by Representative Jose Manuel F. Alba

AN ACT
MANDATING EMPLOYERS TO PROVIDE A PERSONAL FINANCE
EDUCATION PROGRAM, AMENDING FOR THE PURPOSE PRESIDENTIAL
DECREE NO. 442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR
CODE OF THE PHILIPPINES

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

SECTION 1. This Act shall be known as the “Personal Finance
Education in the Workplace Act.”

SEC. 2. A new Article denominated as 217-A is hereby inserted after
Article 217 of Presidential Decree No. 442, as amended, to read as follows:

“ARTICLE 217-A. PERSONAL FINANCE EDUCATION
PROGRAM. - EVERY EMPLOYER SHALL PROVIDE A
FINANCIAL EDUCATION PROGRAM FOR ALL ITS WORKERS
AND EMPLOYEES WHICH SHALL INCLUDE:

(A) BEHAVIORAL FINANCE;


(B) SAVINGS, EMERGENCY, AND RESILIENCE FUND
DEVELOPMENT;

(C) DEBT MANAGEMENT;

(D) INVESTMENT, INSURANCE, AND RETIREMENT
PLANNING; AND

(E) OTHER APPLICABLE PERSONAL FINANCE
PROGRAMS.”

SEC. 3. Within thirty (30) days from the effectivity of this Act, the
Secretary of Labor and Employment shall promulgate the necessary rules

and regulations for the implementation of this Act.

SEC. 4. If any provision of this Act is declared unconstitutional or

invalid, the other provisions hereof shall remain in full force and effect.

SEC. 5. Any law, issuance, or parts thereof, inconsistent with this Act
are hereby modified accordingly.

SEC. 6. This Act shall take effect fifteen (15) days after its publication
in the Official Gazette or in a newspaper of general circulation.

Approved,