er
” RECEIVED

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Republic of the Philippines! UAT BEE .
HOUSE OF REPRESENTATIVES,

Quezon City

NINETEENTH CONGRESS
First Regular Session

No, 4752

HOUSE BILL NO

Introduced by Hon. Jose Manuel F. Alba

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 absenteeism, 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 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.

Immediate passage of this bill is earnestly sought.

Jo: A F ALBA
Representativy, 1“ District, Bukidnon


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City

NINETEENTH CONGRESS
First Regular Session

witz wo 4752

HOUSE BILL NO.

Introduced by Hon. Jose Manuel F. Alba

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

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

SECTION 1. Shout Title. — This Act shall be known as the ‘Personal Finance Education
in the Workplace Act”.

Sec. 2. A new Article 210-A of the Labor Code of the Philippines, as amended, is
hereby provided to read as follows:

“ARTICLE 210-A. PERSONAL FINANCE EDUCATION PROGRAM. -
Every employer shall provide a financial education program for all its workers and
employees, which must include:

. Behavioral Finance;

. Savings, Emergency Resilience Fund Development;
Debt Management;

|. Investment, Insurance, and Retirement Planning, and
. Other applicable personal finance programs.”

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Sec. 3. Implementing Rules and Regulations. — The Secretary of Labor and
Employment shall promulgate the necessary implementing rules and regulations within
thirty (30) days from the effectivity of this Act.

Sec. 4. Repealing Clause. — All laws, presidential decrees or issuances, executive
orders, letters of instruction, administrative orders, rules or regulation inconsistent with

the provisions of this Act are hereby repealed or modified accordingly.

Sec. 5. Separability Clause. ~ Should any part of this Act be declared unconstitutional,
the validity of remaining provision hereof shall remain in full and effect.

Sec. 6. Effectivity Clause. ~ This Act shall take effect fifteen (15) days from its
publication in a newspaper of general circulation.

Approved