Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City

FIFTEENTH CONGRESS
First Regular Session

No. 1563

House

Introduced by TUCP Party-List Representative
HON. RAYMOND DEMOCRITO C, MENDOZA

EXPLANATORY NOTE

The world economy is increasingly becoming volatile and precarious.
Many people feel uncertain about their financial future. Unemployment,
indebtedness and other economic woes are being felt by billions of people
around the world. Filipinos are not exempted to the impacts of financial crisis
and economic turbulence. Many Filipinos remain poor and incapable of
becoming financially secure and independent. This sad state of affair can also
be attributed to Filipinos lack or limited financial literacy and education. Our
school system does not teach our students and youth about money
management and personal finance. This is why most Filipinos grow up
without knowledge on how to handle their money and other resources. In
fact, our educational system does not teach our citizens how to become
financially independent and gain financial freedom. Our schools teach our
students about numerous subjects but they don’t teach them how to handle
their own money wisely. Financial literacy is a must in today’s world if
Filipinos would really want to have financial freedom.

Now is the,time to teach our students, youth and young citizens who
will become future workers and income-earners about financial education so
that they will become financially literate and financially responsible and
independent when they become adults.

In view of the foregoing, the passage of this bill is earnestly sought.

Rep Raymond Democrito C. Mendoza
TUCP Party-List


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City

FIFTEENTH CONGRESS
First Regular Session

1563

House Bill No.

Introduced by TUCP Party-List Representative
HON. RAYMOND DEMOCRITO C. MENDOZA

AN ACT
MANDATING THE DEPARTMENT OF EDUCATION (DepEd)
AND COMMISSION ON HIGHER EDUCATION (CHED) TO
INCLUDE FINANCIAL EDUCATION IN THE SECONDARY AND
TERTIARY EDUCATION CURRICULUM

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 “Financial
Education Act of 2010.”

Section 2. Declaration of Policy. -- It is the policy of the State to promote
the economic well-being of the people and to help them become economically
secure and independent.

Section 3. Definition of Terms. -- For purposes of this Act, the term:

(A) “Financial Education” means the teaching of personal finance, money
management, savings, and investments.

(B) “DepEd” means the Department of Education

(C) “CHED” means the Commission on Higher Education

Section 4, Inclusion of Financial Education in Secondary Curriculum .
- The Department of Education is hereby ordered to come-up with mandatory
subject(s) or course (s) on financial education that will be separately offered
or incorporated to existing subjects in the secondary curriculum.

Section 5. Inclusion of Financial Education in College Curriculum . -
The Commission on Higher Education is hereby mandated to develop
mandatory subject(s) or course (s) on financial education that will be
separately offered or incorporated to existing subjects in the college
curricula.


Section 6. Appropriations. - Such sums as may be necessary for the initial
implementation of this Act shall be taken from the current appropriations of
the Department of Education and Commission on Higher Education.
Thereafter, the fund necessary to carry out the provisions of this Act shall be
included in the annual General Appropriations Act.

Section 7. Repealing Clause. - Any lavi, presidential decree or issuance,
executive order, presidential proclamation, rule and regulation or parts
thereof inconsistent with the provisions of this Act, are hereby repealed,
modified, or amended accordingly.

Section 8. Separability Clause. - If any provision of this Act is declared
unconstitutional, the same shall not affect the validity and effectivity of the
other provisions hereof.

Section 9. Effectivity. - This Act shall take effect fifteen (15) days after its
publication in at least two newspapers of general circulation.

Approved,