. . 
SIXTEENTH CONGRESS OF THE REPUBLIC 
) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
SENAI1J\2'7 
S.No._~0~-"-
Introduced by Senator Miriam Defensor Santiago 
EXPLANATORY NOTE 
The Constitution, Article 2, Section 17 states: 
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!IUG 15 P3 :24 
SECTION 17. The State shall give priority to education, science and 
technology, arts, culture and sports to foster patriotism, nationalism, accelerate 
social progress and promote total human liberation and development. 
As the global financial crisis looms, our country's unemployment rate increases leaving 
many of our fellow Filipinos without jobs. Many companies, in their effort to cut costs, also 
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reduce their recruitment activities, thereby lessening opportunities for our jobseekers. More and 
more, our low level of entrepreneurial and financial skills is being exposed, as we fall prey to the 
high unemployment rate due to our dependence to foreign employers and investors. 
We need to train our youth on entrepreneurial and financial skills so that we can raise 
generations of entrepreneurs and investors who will create jobs not only for themselves but 
others as well. Our students should know. that entrepreneurship is a. great alternative to. 
employment and should be equipped with all information, from opportunities to existing 
regulations, on entering the business world. 
This bill seeks to mandate the Department of Education to make entrepreneurial and 
financial literacy education an integral part of our secondary education.' 
J. 
J. 
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~/ .. ~ 
MIRIAM DEF~SOR S N~ 
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'This bill was originally filed in the Fourteenth Congress, Second Regular Session. 
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· . 
SIXTEENTH CONGRESS OF THE REPUBLIC 
) 
OF THE PHILIPPINES 
) 
First Regular Session 
) 
'13 
AUG 15 P 3 :24 
SENATE 
S. No. 1 327 
~ . l 
__________________________ 
R_E_,(_~'t_.:_!\,_'I_S.I_i HY:U-- \. 
Introduced by Senator Miriam Defensor Santiago 
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AN ACT 
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TO INCLUDE ENTREPRENEURJAL AN]) FINANCIAL LITERACY EDUCATION FOR 
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SECONDARY SCHOOL STUDENTS 
Be it enacted by the Senate and the House of Representatives of the Philippines in 
Congress assembled: 
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SECTION 1. Short Title. - This Act shall be known as the "Mandatory Entrepreneurial 
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and Financial Education Act" 
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SECTION 2. Definition. - For the purpose of this Act, the term-
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A. 
"Eligible entity" means--
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1. an institution of higher education; or 
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2. a partnership consisting of--
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a. an institution of higher education; and 
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b. a nonprofit organization with experience and a proven track record in 
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quality financial literacy or personal finance education programs; 
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B. 
"Department" means the Department of Education; 
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c. 
"Secretary" means the Secretary of Education; and 
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D. 
"Courses" means entrepreneurial and financial literacy courses. 
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SECTION 3. Entrepreneurial and Financial ~aucation in Curriculum. - The Department 
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shall develop and integrate in the curriculum for secondary school students courses on 
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entrepreneurial and financial literacy. 
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SECTION 4. Grant. - The Secretary shall award grants for a term of not more than four 
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(4) years each, on a competitive basis, to eligible entities to-
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A. 
Develop courses for secondary school students; 
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B. 
Train secondary school teachers all' over the country to teach the conrses 
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developed; 
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C. 
Prepare methods to evaluate to effect of entreprenenrial and financial literacy 
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education and improve the conrses as necessary; and 
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D. 
Develop the conrses for inclusion by the Department in the required education for 
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aspiring secondary school teachers. 
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SECTION 5. Application, - An eligible entity that desires to receive a grant under this 
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Act shall submit an application to the Secretary at such time, in such marmer, and accompanied 
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by itemized budget and such other information as the Secretary may require. 
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SECTION 6. Available Assistance and Training. -
The conrses should include 
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information on available government and nongovemment assistance and training programs 
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which may be availed by the students for further training and possible entreprenenrial and 
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financial ventnres. 
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The conrses should also include an overview on existing laws and simplified instructions 
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on compliance with such laws. 
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SECTION 7. Evaluation. - The Department shall provide for rules on periodic evaluation 
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of the performance of the grantees under this Act. The Department may provide for rules that 
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shall allow them to revoke grants at different stages of the implementation of each project based 
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on the result of the evaluation. 
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SECTION 8. Report. - At the end of the second year after the implementation of this Act 
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and every year thereafter, the Department shall provide the appropriate committees in the Senate 
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and the House of Representatives a status report on the grantees. 
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SECTION 9. Appropriations. - The amount necessary for the initial implementation of 
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this Act shall be charged against the appropriations of the DepaJiment of Education under the 
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current General Appropriations Act. Thereafter, such sum as may be necessary for its full 
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implementation shall be included in the annual General Appropriations Act as a distinct and 
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separate item. 
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SECTION 1 O. Separability Clause. - If any provision or part hereof is held invalid or 
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unconstitutional, the remainder of the law or the provision not otherwise affected shall remain 
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valid and subsisting. 
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SECTION II. Repealing Clause. - Any law, presidential decree or issuance, executive 
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order, letter of instruction, administrative order, rule, or regulation contrary- to or inconsistent 
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with the provision of this Act is hereby repealed, modified, or amended accordingly. 
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SECTION 13. Effectivity Clause. - This Act shall take effect fifteen (15) days after its 
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pUblication in at least two (2) newspapers of general circulation. 
Approved, 
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