Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City,  Metro Manila
NINETEENTH CONGRESS
Second Regular Session
'House Bill No.  8989
Introduced by Rep. FERDINAND ALEXANDER A. MARCOS
lst District,  Ilocos Norte
EXPLANATORY NOTE
This  bill  would  require  employers  to  provide  financial  literacy  and  entrepreneurship
programs to their employees.
At  a time of continuously  rising  prices,  the  prevalence  of financial  scams,  and  also
predatory   loans,   there   is  a   need   to   empower  employees  with  financial   literacy
programs that will include debt management, savings and investment, insurance and
retirement planning, so as to avoid  indigency.
A financial  literacy and  entrepreneurship  program for workers will  empower them to
generate more income and ultimately lead a life of economic and financial freedom.
Among  the  challenges to  developing  entrepreneurial  skills  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.
Through better awareness and understanding of how money works and how to handle
it responsibly,  people are equipped to  reach their financial goals,  especially financial
stability and  prosperity.
In light of the foregoing, the early approval of this measure is earnestly sought.
FERDINAND ALEXIANDER A. MARCOS


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City,  Metro Manila
NINETEENTH CONGRESS
Second Regular Session
``'House Bill No.   8989
Introduced by Rep. FERDINAND ALEXANDER A. MARCOS
|st District,  llocos Norte
AN ACT
PROVIDING FINANCIAL LITERACY AND ENTREPRENEURSHIP PROGRAMS
FOR WORKERS
Be  it  enacted  by  the  Senate  and  House  of  Representatives  of the  Philippines  in
Congress assembled:
SECTION  1.  Short  77.I/e.  -This  Act  shall  be  known  as  the  "Financial  Literacy  for
Workers Act."
SEC. 2. Der/'n/'f/.on of Terms. -For purposes of this Act, the following terms are hereby
defined:
(A) Eligible 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 enterprise;
(C) Department means the Department of Labor and Employment;
(D)Secretary means the Secretary of Labor and Employment;
SEC.  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.
SEC.  4.  App//`caf/.on,  -  An  eligible  entity  and  working  entrepreneur that  desires  to
receive a grant and loan under this section shall submit an application to the Secretary
accompanied by itemized budget and other data as the Secretary may require.
SEC. 5. Appropr7'af/'ons. -The amount necessary for the initial implementation of this
Act   shall   be   sourced   from   the   current   budget   and   development  funds   of  the
Department  of  Labor  and   Employment.  Thereafter,  the  funds  necessary  for  the
continuous  implementation  of this  Act  in  the  ensuing  years  shall  be  included  in  the
annual appropriations of the Department in the General Appropriations Act.
SEC.  6.  Implementing  Rules  and  Regulations.  -  The  Department  Of  Labor  anc]
Employment,  jn  consultation  with  relevant  stakeholders  shall  issue within  sixty  (60)


days  after  the  effectivity  of  this  Act,  the  rules  and   regulations  for  the  effective
implementation thereof.
SEC. 7. Separabt./t.fy C/ause. - lf 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.
SEC.  8.  Rapea//.ng  C/ause.  -  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.
SEC. 9. Eifecf/-v/.fy. -This Act shall take effect fifteen (15) days after its publication  in
the Official Gazette or in a newspaper of general circulation.
Approved,