Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. 3218 
Introduced by HON. BRIAN RAYMUND S. YAMSUAN 
AN ACT 
PROVIDING FOR FINANCIAL LITERACY AND FRAUD PREVENTION 
PROGRAMS FOR FILIPINO WORKERS 
EXPLANATORY NOTE 
The 1987 Philippine Constitution declares that the State shall afford full protection to 
labor,1 protect the rights of workers, and promote their welfare.2 In the ever-changing 
landscape of the Philippine workforce, it is essential not only to ensure adequate 
employment opportunities, but also to establish support and follow-through 
mechanisms that prioritize the financial well-being and security of the Filipino worker. 
Financial literacy may be defined as having the knowledge and skills needed to 
facilitate informed financial decisions about managing one’s money and financial 
resources, including savings, investments, loans, among others.3 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. 
Consequently, a survey by the Bangko Sentral ng Pilipinas in 2021 showed that only 
2% of surveyed Filipino adults correctly answered all questions on basic financial 
1 1987 Constitution, Article XIII, Section 3. 
2 1987 Constitution, Article II, Section 18. 
3https://www.csmd.edu/costs-aid/financial-
literacy/index.html#:~:text=Financial%20literacy%20is%20a%20set,%2C%20planned%20spending%2C%20and
%20investments. 
August 6, 2025
12:42 pm


literacy.4 
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.5 A 2025 report by the 
nonprofit organization Global Anti-Scam Alliance found that Filipinos lost nearly P460 
billion in 2024 due to text messaging scams.6 
Republic Act No. 10922 or the Economic and Financial Literacy Act sought to develop 
national consciousness on economic and financial literacy by declaring the second 
week of November of every year as “Economic and Financial Literacy Week”. It further 
mandated all public and private elementary and secondary schools under the 
Department of Education, the state and private colleges and universities under the 
Commission on Higher Education, the Technical Education and Skills Development 
Authority, and the National Youth Commission to conduct consciousness-raising and 
knowledge-expanding activities on economic and financial literacy. However, these 
efforts are more focused on the education sector and not the labor force.  
In the 2nd District of Parañaque, there are multiple livelihood initiatives and programs 
such as Bigay Negosyo, Dagdag Puhunan Para sa Kabuhayan, and Jobs & Uptraining 
for the Modern Pinoy or JUMP program. These programs aim to connect beneficiaries 
to much needed resources to help them start or grow their own business. However, 
while these initiatives provide valuable material and financial support, there is also a 
pressing need to complement them with the development of essential soft skills, 
particularly in financial literacy, to promote long-term financial security and ensure the 
effective use of the assistance they receive. This is consistent with the discussion 
paper by the Bangko Sentral ng Pilipinas that emphasized the need to increase 
financial education programs, particularly retirement planning and saving.7 
Thus, enhancing financial literacy is necessary in empowering all 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 informed 
and sound financial decisions which can contribute to a more stable financial 
environment. 
4https://www.bsp.gov.ph/Inclusive%20Finance/Financial%20Inclusion%20Reports%20and%20Publications/2021/
2021FISToplineReport.pdf. 
5 Id. at p. 68. 
6 https://newsinfo.inquirer.net/1993340/alarming-p460b-lost-to-scams-in-ph-says-study; 
https://www.bworldonline.com/spotlight/2024/11/11/634054/67-of-filipinos-still-dont-report-scams-to-
authoritiesgasastudy/#:~:text=A%20new%20study%20by%20the%20Global%20Anti%2DScam,2024%2C%22%2
0showed%20the%20need%20to%20encourage%20the 
7https://www.bsp.gov.ph/Pages/MediaAndResearch/PublicationsAndReports/Discussion%20Papers/DP202413.p
df 


In view of the foregoing, the approval of this measure is earnestly sought. 
 BRIAN RAYMUND S. YAMSUAN 
       Representative 
    2nd District of Parañaque 


Republic of the Philippines 
HOUSE OF REPRESENTATIVES 
Quezon City 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL NO. 3218 
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 Representatives 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 (BSP), other relevant government agencies and 
government-owned and controlled corporations (GOCCs), 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 other relevant regional languages and dialects as may be determined 
by DOLE, to ensure a wider reach of the materials to the intended audience. 
 
SECTION 4. Grants to Eligible Employers. – The 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 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 DOLE 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, 
GOCCs, and banking and credit facilities are mandated to integrate financial literacy 
initiatives into their operations and services where relevant. This includes, but is 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 
DOLE. 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 DOLE 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,