Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No. _______ 
INTRODUCED BY REP. PM VARGAS 
AN ACT 
PROVIDING FINANCIAL LITERACY AND ENTREPRENEURSHIP PROGRAMS 
FOR WORKERS 
EXPLANATORY NOTE 
Article XII Section 14 of the 1987 Philippine Constitution provides that 
the sustained development of a reservoir of national talents which includes 
Filipino entrepreneurs and managers shall be promoted by the State. 
The Philippines is an entrepreneurial country. Slowly, entrepreneurship 
is becoming the backbone of the country’s economy. Micro, small, and 
medium-sized enterprises (SMEs) comprise around 99% of the establishments 
in the country and provide 66% of total employment in the private sector. 
However, a number of problems continue to hold back Filipinos from realizing 
their entrepreneurial aptitude. Among these challenges include lack of 
adequate knowledge on financial management, high cost of doing business, 
lack of access to finance and market information, and low productivity and 
competitiveness due to the lack of economic capacity. 
Recognizing these caveats, the former Representative of the Fifth District 
of Quezon City, Rep. Alfred Vargas has authored the “Youth Entrepreneurship 
Act” in the 16th  Congress. This intends to address the low level of 
entrepreneurial and financial skills among young Filipinos through the delivery 
of highly relevant programs to our students. Now, this Representation seeks to 
establish a financial literacy and entrepreneurship education program for 
July 8, 2022
11:24 am
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Filipino workers to empower them to generate more income and ultimately lead 
a life of economic and financial freedom. 
 
This bill mandates the Department of Labor and Employment to provide 
assistance, in the form of grants or loans, to deserving working entrepreneurs 
to enable them to launch their own small or medium enterprises. The 
Department is also directed to offer grants and loans to eligible entities that 
will provide financial literacy and entrepreneurship programs to workers. 
 
In view of the foregoing, the immediate passage of this bill is earnestly 
sought. 
 
 
 
 
REP. PM VARGAS   
 
Fifth District, Quezon City 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
NINETEENTH CONGRESS 
First Regular Session 
House Bill No. _______ 
INTRODUCED BY REP. PM VARGAS 
AN ACT 
PROVIDING FINANCIAL LITERACY AND ENTREPRENEURSHIP PROGRAMS 
FOR 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 for 
Workers Act”. 
SECTION 2. Definition of Terms. – For purpose of this Act, the following terms 
are hereby defined: 
a) Eligibly entity refers to the employer;
b) Working entrepreneurs refers to individuals who are employed
and engaged in the operations and/    or management of a micro,
small or medium enterprises;
c) Department means the Department of Labor and Employment;
d) Secretary means the Secretary of Labor and Employment
SECTION 3. Grants and Loans. – The Secretary shall award grants and loans, 
on a competitive basis, to eligible entities to enable such entities to provide 
financial literacy and entrepreneurship programs to workers. The Secretary 
may make available to deserving working entrepreneurs, assistance in the form 
of grants or loans, to provide for the initial launch of their small or medium 
enterprises. 
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SECTION 4. Application. – An eligible entity and working entrepreneur that 
desires to receive grant and loan under this section shall submit an application 
to the Secretary accompanied by the itemized budge and other data as the 
Secretary may oblige. 
SECTION 5. 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 Department 
in the General Appropriation Act. 
SECTION 6. Implementing Rules and Regulations. - The Department of 
Labor and Employment, in consultation with relevant 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 7. 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 8. Repealing Clause. – All laws, decrees, orders, rules and 
regulations or thereof which are inconsistent with the provisions of this Act is 
hereby repealed, amended or modified accordingly. 
SECTION 9. 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,