Republic of the Phhippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila
NINETEENTH CONGRESS
Second Regular Session
HOUSE BILL No.9767
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Introduced by Representative Eduardo Roa Rama ]r.
EXPIANATORY NOTE
Thestaterecognizesfinancialliteracyasacorehfeskillthatleadstofinancialstabifty
and financial freedom. It has been widely recognized that financial hteracy matters
for poverty reduction and economic growth.
However, a global study shows that the Phhippines ranks at the bottom 30 out of
144 c`ountries in terms of financial riteracy. A recent Bangko Sentral ng PiHpinas
survey showed that with questions on  basic  financial hteracy,  only  1  percent of
surveyedFifipinoadultscorrectlyansweredquestions.]Poorfinancialdecisionshave
a long-lasting impact on individuals, famhies, and their communities. Low levels of
financial hteracy are associated with a lower standard of living, overau well-being,
and increased reliance on government support.
This legislative measure seeks to include Basic Financial Literacy as a separate can
subject in the K-12 program. The inclusion of basic financial education as part of
the  formal school curiculum  is  an efficient poHcy tool and a  critical long-term
investmentineconomicdevelopment.Financialliteratecitizenscancontributemore
productively to inclusive growth and be more efficient agents of nation -building.
In view of the foregoing, the passage of this bill is earnestly sought.
EDUARD0 ROA RAMA ]R.
Td District, Ceb" City
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I Kris  Crismundo, "BSP bridges financial literacy gap among Filiriinos", Phhippine News  Agency,
httDs://www.nna .sov.oh/articles/ 1206091  .


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila
NINETEENTH CONGRESS
Second Regular Session
HoUSE BILL No.  9767
Introduced by Representative Eduardo Roa Rama ]r.
AN ACT INTEGRATING BASIC FINANCIAL LITERACY AS A CORE
SUBJECT IN TIIE K-12 CURRICULUM AND APPROPRIATING
FUNDS TREREFOR
Be  it  enacted ky  the  Senate amid  the House Of Rapre§entatives Of the Pbil¢Pim  in  Cong!ress
assembled:
SECTION 1.   rj.rfe. -  This Act  shall  be  known as  the  `B¢j.z.f Fz.#tz#cz.zz/ I./grzzey
Education Ad. "
SECTION 2. Dec/aratr.on ofpodr.cy. -It is the poricy of the State to protect and
promote the right of aft citizens to quarity education, to take into account regional
and sectoral needs and conditions, and to encourage local planning in the
development of educational policies and programs.
Towards this end, the State seeks to:
a. Introduce Basic Financial hiteracy as a core subject in the basic education
curriculum.
b.Ensurethatfmancialeducationbecomesanintegralpartoffomalleaming.
c. Enhance financial hteracy and financial capability of all young Filipinos.
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d. Empower and equip the Fhipinos with the knowledge and skins to make
sound financial decisions.
e. Promote quality education that ensures an increasing number of Filipinos
with  relevant  skills   and  competencies  for  productive  lives  and  povetty-
reduction.
SECTION 3. Basj.c Ffaanc[.alzir.feracyEdticaff.oj]. -There shall be a separate
subjectonBasicFinancialhiteracyintheK-12curriculumofbothpubricandprivate
schools nationwide.
SECTION  4.   CzJJ:+I.czz/trm.  -  The  Department  of  Education  (DepEd),  in
couabofation with the appropriate agencies, shall create a curriculum for a separate
subject on Basic Financial hiteracy.
The core subject on Basic Financial hiteracy shall include an understanding of the
fonowing topics, which sham be adapted as necessary according to school level, and
to national, regional, or local circumstances:
a. Basic Financial Concepts
i. Credit
ii. Debt
in. Deposit
iv. Income
v. Insurance
vi. Interests
vii. Investments
vin. Savings
b. Opening a Savings Account
c. Resource Management
d. Budgeting and Planning
e. Banks and Other Financial Institutions
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f. Financial Cooperatives
9. Digital Financial Services
h. Basic Tax Principles
i. Retirement
SECTIONS.Zir.brz!jr.cs.-Thereshallbeaseparatesectioninthepubricandprivate
school libraries exclusively for financial education.
S;EC;"OiN6.MinimumQualificationsofTeachingPersonnel.-TheDapEjl
shall provide the guidelines on the minimum qualifications and competencies of
financialeducators,whichshallbeadaptedasnecessarytonational,regional,orlocal
circumstances.
SECTION 7. rrahaing and Capac7tyBzzfld!fag. -The DepEd sham conaborate
with  the necessary  educational organizations,  financial institutions, and  finance
experts to conduct training and capacity building programs for teachers. They sham
receive continuous support and training to strengthen their skills and effectiveness
On:
a. Designing a curriculum.
b. Assessing leamer's needs.
c. Emplo)ing educational strategies.
d. Improving teaching methods.
e. Upgrading leaming tools and pedagogical resources.
SECTION 8. .Woj]r.rochg andETialzzafr.on. -The DepEd shall, in coordination
with the appropriate agencies, establish a  system of monitoring and evaluation,
which includes:
a. Monitoring the actual teaching of basic financial literacy in schools through case
studies and various oversight mechahisms at the local, regional, and national levels.
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b.Evaluationofthecompetendesofstudentsinbasicfinancialhteracythroughout
the curiculm via formal examinations, and conduct of ad hoc regional or national
contests.
c. Establishment of baseline surveys on the level of financial literacy and skins of
students to set a benchmark, recognize gaps, and measure progress over time.
SECTION  9.   4zpropfl.afr.ons.   -  The   amount   necessary  for   the   initial
implementation of this  Act  shall be  charged against the appropriations of the
Department of Education. Thereafter, such  sums  as  may be  necessary for the
continued implementation of this Act  sham be included in  the annual General
Appropriations Act.
SEC:HIOINcO.ImplementirigRulesandRegulations.-VIJ.rrhirLninety(9CJ»ha:ys
fromtheeffectivityofthisAct,theSecretaryofEducation,incoordinationwiththe
Secretaries of the Department of Finance, National Economic and Development
Authority, and the Governor of the Bangko Sentral ng Phipinas asp), formulate
the rules and regulations for the implementation of this Act.
SECTION 11. Hcperfug Cyazzsc. -All laws, ordinances, rules, regulations, and
other issuances, or parts thereof, inconsistent with the provisions of this Act are
repealed or modified accordingly.
SECTION 12. A+Tecff.wry. -This Act shaft take effect fifteen (15) days after its
pubhcation in the Official Gazette, or in a newspaper of general circulation in the
Phhippines.
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