Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City
NINETEENTH CONGRESS 
Second Regular Session
HOUSE BILL NO. 9888
Introduced by HON. BRIAN RAYMUND S. YAMSUAN
EXPLANATORY NOTE
The 1987 Philippine Constitution ensures the full protection of Philippine labor
and the promotion of the Filipino workers’ welfare1. In the ever-changing landscape
of the Philippine workforce, prioritizing the financial well-being and security of the
Filipino worker is crucial.
Financial literacy is defined as having the knowledge and skills needed to
facilitate informed financial decisions including savings, investments, loans, among
others. A financially literate workforce is vital in propelling economic resilience and
development of a country as a whole. However, according to a study by S&P Rating
Services in 2014, touted as the ‘most extensive measurement of global financial
literacy to date,’ the Philippines is among the lowest 30 out of the 144 countries
surveyed in terms of financial literacy.2 Consequently, a survey by the Bangko
Sentral ng Pilipinas in 2021 showed that only 2% percent of surveyed Filipino adults
correctly answered all questions on basic financial literacy.3
With a significant percentage of Filipinos not having the proper financial
education, the Philippines has also witnessed a rise in financial scams and
fraudulent activities targeting unsuspecting individuals. In 2021, 11% of Filipino
adults lost money due to lottery or prize scams, investment scams, and phishing
tactics.4
Thus, enhancing financial literacy is necessary in empowering workers, not
only by educating them to recognize and safeguard themselves from fraudulent
schemes, but also by educating them to ensure that they have a good understanding
of the fundamental concepts of finances. Ultimately, this would allow them to make
4 Id. at 68.
3 Financial Inclusion Survey 2021, Bangko Sentral ng Pilipinas
2 2014 S&P Rating Services Global Financial Literacy Survey
1 CONST., Art. II, Sec. 18
February 6, 2024
4:59 pm


informed and sound financial decisions which can contribute to a more stable
financial environment.
In view of the foregoing, the approval of this measure is earnestly sought.
BRIAN RAYMUND S. YAMSUAN
Representative
Bicol Saro Party-list


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City
NINETEENTH CONGRESS 
Second Regular Session
HOUSE BILL NO. 9888
Introduced by HON. BRIAN RAYMUND S. YAMSUAN
AN ACT PROVIDING FOR FINANCIAL LITERACY AND FRAUD PREVENTION
PROGRAMS FOR FILIPINO WORKERS
Be it enacted by the Senate and House of Representative of the Philippines in Congress
assembled:
SECTION 1. Short Title. – This Act shall be known as the “Financial Literacy and Fraud
Prevention for Workers Act”.
SECTION 2. Declaration of Policy. – It is the policy of the State to serve and protect the
people and promote the right of all citizens to quality education, taking into account the
sectoral needs and conditions in developing such education policies and programs. This Act
aims to enable a more informed citizenry, by providing workers with access to up-to-date
knowledge on financial literacy, as well as fraud detection and prevention across all
segments of society. Towards this end, the government shall guarantee access to financial
literacy initiatives across all segments of society, and shall actively seek opportunities and
partnerships to expand financial literacy initiatives, specifically reaching members of the
informal sector and gig economy.
SECTION 3. Inclusive dissemination of Financial Literacy Resources. — The Department of
Labor and Employment (DOLE), Department of Trade and Industry (DTI), Bangko Sentral ng
Pilipinas, and other relevant government agencies and government-owned and controlled
corporations and banking and/or credit facilities shall ensure the availability and accessibility
of financial literacy materials across their various platforms.
The materials should be presented in an easily comprehensible format, and translated in
Filipino and Bicolano, and other relevant regional languages and dialects, to ensure a wider
reach of the materials to the intended audience.
SECTION 4. Grants to Eligible Employers. – The Department of Labor and Employment
(DOLE)
is
hereby
empowered
to award grants to eligible employers and working
entrepreneurs through a competitive application process. The grants shall be used by said
entities for conducting comprehensive financial literacy and fraud detection and prevention
seminars and programs for their workforce.


SECTION 5. Application. –
The Department of Labor and Employment (DOLE)
shall
determine the requirements and eligibility of applicants. Applicants under this Act shall
prepare all the requirements as determined by the relevant office or division designated by
DOLE and to be submitted to the office authorized by the same.
SECTION 6. Competitive Selection Process. – The Department of Labor and Employment
shall establish and follow a transparent and competitive selection process for entities
applying for the grants intended for the conduct of financial literacy and fraud detection and
prevention programs. The application process shall be based on such predetermined criteria
set by the DOLE, taking into consideration the feasibility and impact of the proposed
financial literacy and fraud prevention program by the applicants.
SECTION 7. Review and Evaluation. — The DOLE shall conduct regular reviews and
evaluations of the effectiveness of the implementation of the financial literacy and fraud
prevention programs and the impact of the assistance on the implementers’ workforce.
SECTION 8. Integration of Financial Literacy Initiatives. — Government agencies and
government-owned and controlled corporations and banking and credit facilities are
mandated to integrate financial literacy initiatives into their operations and services where
relevant. This includes, but not limited to, organizing regular seminars for employees, and
conducting preparatory sessions or lectures for loan applicants, among others.
SECTION 9. Appropriations. - The amount necessary for the initial implementation of this Act
shall be sourced from the current budgets and development funds of the Department of
Labor and Employment. Thereafter, the funds necessary for the continuous implementation
of this Act in the issuing years shall be included in the respective annual appropriations of
the DOLE in the General Appropriation Act.
SECTION 10. Implementing Rules and Regulations. - The Department of Labor and
Employment in consultation with relevant agencies and stakeholders, shall issue within sixty
(60) days after the effectivity of this Act, the rules and regulations for the effective
implementation of this Act.
SECTION 11. Separability Clause. - If any provision of this Act or any part thereof shall be
declared unconstitutional or invalid, the other provisions, as far as they are separable, shall
remain in force and effect.
SECTION 12. Repealing Clause. – All laws, decrees, orders, rules and regulations or thereof
which are inconsistent with the provisions of this Act are hereby repealed, amended or
modified accordingly.
SECTION 13. Effectivity. - This Act shall take effect fifteen (15) days after its publication in
the Official Gazette or in at least two (2) newspapers of general circulation.
Approved,