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FOURTEENTH CONGRESS OF THE REPUBLIC) 
Second Regular Session 
OF THE PHILIPPINES 
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SENATE 
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Introduced by Senator Miriam Defensor Santiago 
AN ACT 
TO DEVELOP FINANCIAL LITERACY EDUCATION 
Be it enacted by the Sen.ate and the House of Representatives of the Philippines in 
Congress assembled: 
SECTION 1. Short Title. - This Act shall be known as the “Financial Literacy Act of 
2008.” 
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 
SECTION 3. Grant. - The Secretary shall award grants, on a competitive basis, to 
eligible entities to enable such entities to provide financial literacy courses or course components 
to students. 
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SECTION 4. 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. 
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pesos per grantee. 
SECTION 5. Maximum Amount. - The amount of the grant shall not exceed one million 
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personal financial concepts. 
SECTION 6. Use of Funds. - An eligible entity that receives a grant under this section 
shall use the grant funds to develop and implement financial literacy education, activities, 
student organizations, or counseling that increase student knowledge in consumer, economic, and 
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SECTION 7. 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 ofthe evaluation. 
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SECTION 8. Term. - The term of this project shall be ten years, 
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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. 
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separate item. 
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 
current General Appropriations Act. Thereafter, such sum as may be necessary for its full 
implementalion shall be included in the annual General Appropriations Act as a distinct and 
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valid and subsisting. 
SECTION 11. 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 
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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. 
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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, 
lapml lZ0OS 
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