INGRESS OF THE PHILIPPINES
NINETEENTH CONGRESS
First Regular Session

HOUSE OF REPRESENTATIVES

“House Bill nol 333

‘By HON. JOSE MANUEL F. ALBA

EXPLANATORY NOTE

‘The Technical Education and Skills Development Authority (TESDA) is the government
agency tasked with managing and supervising technical education and skills development in the
Philippines. Their close to three decades of operation have produced thousands of skilled workers
in all aspects of the service industry. TESDA has boosted our young people’s employability to solve
the employment crisis in our country.

However, technical competencies alone are not enough to achieve sustainable integration in
the world of work. With the recent economic setback and technological advances, the right
information, skills, and attitude on personal finance have become indispensable additions to the
skills of our graduates of technical and vocational courses. Basic personal financial education will
help them prepare and successfully navigate the financial realities once they are part of our labor
market.

TESDA trainings create job-ready professionals. They possess foundational skills, but one of
the most important foundational skills is personal financial literacy. Personal financial literacy—
from understanding budgeting and spending to wisely managing credit and debt—can help our tech-
voc graduates not only get a job but also keep it once they have it.

Providing personal financial education to our job seckers is essential to ensuring their security
and well-being in the future. A financially literate Filipino worker will be able to make well-
informed decisions that will positively impact personal financial circumstances, empowering them
to take better advantage of livelihood and economic opportunities and consequently contributing to
inclusive and sustained economic development.

‘The passage of this measure is earnestly sought.

MAN} Mh F. ALBA
ive, Ist District, Bukidnon


NINETEENTH CONGRESS

CONGRESS OF THE PHILIPPINES
First Regular Session }

HOUSE OF REPRESENTATIVES
at) 7333

'BY HON. JOSE MANUEL F. ALBA.

AN ACT REQUIRING THE COMPLETION OF PERSONAL FINANCE LITERACY COURSE
IN TECHNICAL VOCATIONAL SCHOOLS AND CENTERS AND TEACHING FINANCIAL
LITERACY TO PF PARTNERS, AND FOR OTHER PURPOSES

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 “Personal Financial Education for Tech-Voc
Schools and Centers,

Section 2. Declaration of Policy and Objectives ~ Recognizing financial literacy as an essential life
skill and the complementary role of financial education in promoting the economic well-being of
Filipinos, it is hereby declared a policy of the State to establish a strong foundation of financial literacy
by focusing on the financial education of students and trainees to create a more skilled, knowledgeable
and well-informed future generations of Filipinos.

Section 3. Inclusion of Financial Literacy in Technical-Vocational Education Curricula. - All
technical-vocational schools and centers are required to develop and include as part of their respective
curriculum the teaching of a course focused solely on Personal Finance (PF) in technical-vocational
education.

The Technical Education and Skills Development Authority shall collaborate with the Bangko Sentral
ng Pilipinas (“BSP”), the Department of Finance (“DOF”), and the Securities and Exchange
Commission (“SEC”) in developing academic standards, curricula, and materials for the PF course
and jointly issuing the proper guidelines or rules and regulations for this purpose. The content of the
PF course shall be aligned with the standards set by the aforementioned government entities. A passing
grade shall be required for graduation or completion of the course of study,

Section 4. Content of the PF Curriculum - The PF course for the technical-vocational education
level shall provide instructions on personal financial literacy that shall include, but not limited to, the
following:

(1) Understanding the Concepts of Personal Finance


(2) Understanding the “Time Value of Money”

(3) Consumer behavior in the context and culture of the Philippines;
(4) Debt Management and Rehabilitation;

(5) Savings, Emergency and Resilience Fund Development;

(6) Understanding Investment Concepts and Planning.;

(7) Retirement Planning;

(8) Insurance Planning;

(9) Credit scoring and credit reports;

(10) Teaching financial education; and

(11) Other relevant and financial literacy issues.

Section 5. Implementing Rules and Regulation - The TESDA in consultation with the BSP, the
DOF, and the SEC, shall promulgate jointly the implementing rules and regulations to implement the
provisions of this Act within sixty (60) days from its effectivity.

Section 6. Separability Clause - All laws, presidential decrease, executive orders, administrative
orders, rules and regulations, issuances, or parts thereof contrary to or inconsistent with the provisions
of this Act are hereby repealed or amended accordingly.

Section 7. Effectivity - Notwithstanding the non-issuance of the IRR, this Act shall take effect fifteen
(15) days after its publication in the Official Gazette or in a newspaper of general circulation

Approved