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 
ESTABLISHING A GRANT PROGRAM TO ENHANCE FINANCIAL AND 
RETIREMENT LITERACY FOR MID-LIFE AND OLDER FILIPINOS 
EXPLANATORY NOTE 
Article II Section IX of the 1987 Constitution provides that: 
“The State shall promote a just and dynamic social order 
that will ensure the prosperity and independence of the nation 
and free the people from poverty through policies that provide 
adequate social services, promote full employment, a rising 
standard of living, and an improved quality of life for all.” 
There is a growing concern in the country that millions of Filipinos are 
not prepared for retirement and feared they will be financially dependent on 
their children during their twilight years. To ensure that our youth will not fall 
prey to this circumstance, this Representation championed the approval of 
Republic Act 10679, otherwise known as 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.  However, we still recognize that this initiative is 
not enough as financial literacy and retirement readiness is critical to Filipinos 
of all ages.  
A study conducted among employed individuals who are 40 to 65 years 
old show that middle-income Filipinos feel less prepared for retirement and 
are not prepared in terms of contingency planning. While the responsibility of 
retirement funding solely lies on the individual, the State must do more in 
educating employees and providing them with the appropriate information to 
enable them to effectively plan their retirement. 
July 8, 2022
11:24 am
1634


This bill seeks to establish a grant program to enhance financial and 
retirement literacy for mid-life and older Filipinos. We seek to support middle-
aged and older Filipinos to continue to be productive members of society. 
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 
ESTABLISHING A GRANT PROGRAM TO ENHANCE FINANCIAL AND 
RETIREMENT LITERACY FOR MID-LIFE AND OLDER FILIPINOS 
Be it enacted by the Senate and the House of Representatives of the Philippines 
in Congress assembled: 
SECTION 1. Short Title. -  This Act shall be known as the “Retirement Security 
Education Act”. 
SECTION 2. Definition of Terms. – As used in this Act, the term- 
A.
“Financial Education” refers to education that promotes an
understanding of consumer, economic, and personal finance concepts, 
including saving for retirement, long-term care, and estate planning and 
education on predatory lending, identify theft, and financial abuse schemes. 
B.
“Mid-Life Individual” refers to an individual aged 45 to 64 years.
C.
“Older Individual” refers to an individual aged 65 or older.
D.
“Secretary” refers to the Secretary of Labor and Employment.
SECTION 3. Grant Program to Enhance Financial and Retirement 
Literacy and Reduce Financial Abuse and Fraud among Mid-Life and 
Older Filipinos. -  
A.
Authority – The Secretary is authorized to award to eligible
entities to provide financial education programs to mid-life and older 
individuals who reside in local communities in order to – 
1634


 
 
 
 
1. enhance and promote knowledge of financial issues, long-term 
care, and retirement issues among such individuals; and  
 
2. reduce financial abuse and fraud, including telemarketing, 
mortgage, and pension fraud, among such individuals. 
 
B. 
Eligible Entities – An entity is eligible to receive a grant under 
this section if such entity belongs to the following categories. 
 
1. a government agency or area agency on aging; or 
 
2. a non-profit organization with a proven record of providing – 
 
a. services to mid-life and older individuals; 
 
b. consumer awareness programs; or 
 
c. supportive services to low-income families. 
 
C. 
Application – An eligible entity desiring a grant under this section 
shall submit an application to the Secretary in such form and containing such 
information as the Secretary may require, including a plan for continuing the 
programs provided with grant funds under this section after the grant expires. 
 
D. 
Limitation on Administrative Costs – A recipient of a grant under 
this section may not use more than four (4) percent of the total amount of the 
grant in each fiscal year for the administrative costs of carrying out the 
programs provided with grant funds under this section. 
 
E. 
Evaluation and Report – 
 
1. Establishment of Performance Measures – The Secretary shall 
develop measures to evaluate the programs provided with 
grant funds under this section. 
2. Evaluation According to Performance Measures – applying the 
performance measures developed under paragraph (1), the 
Secretary shall evaluate the programs provided with grant 
funds under this section in order to- 
a. judge the performance and effectiveness of such 
programs; 


 
 
b. identify which programs represent the best practices of 
entities developing such programs for mid-life and older 
individuals; and  
c. identify which programs may be replicated. 
 
F. 
Annual Reports – For each fiscal year in which a grant is awarded 
under this section, the Secretary shall submit a report to Congress containing 
a description of the status of the grant program under this section, a 
description of the programs provided with grant funds under this section, and 
the result of the evaluation of such programs under paragraph (2). 
SECTION 4. National Training and Technical Assistance Program. –  
A. 
Authority – The Secretary is authorized to award a grant to one or 
more eligible entities to- 
1. create and make available instructional materials and 
information that promote financial education; and  
2. provide training and other related assistance regarding the 
establishment of financial education programs to eligible 
entities awarded a grant under Section 3. 
 
B. 
Eligible Entities – An entity is eligible to receive a grant under this 
section if such entity is a nonprofit organization with substantial experience 
in the field of financial education. 
 
C. 
Application – An eligible entity desiring a grant under this section 
shall submit an application to the Secretary in such form and containing such 
information as the Secretary may require. 
 
D. 
Basis and Term – The Secretary shall award a grant under this 
section on a competitive, merit basis. 
SECTION 5. Appropriations. – The amount necessary for the implementation 
of this Act shall be charged to the budget allocated to the Department of Labor 
and Employment and other relevant government agencies and institutions 
under the General Appropriations Act. 
SECTION 6. Implementing Rules and Regulations. – The Secretary of Labor 
and Employment, shall promulgate the rules and regulations necessary for 
the proper implementation thereof within one hundred twenty (120) days from 
the effectivity of this Act. 
SECTION 7. Separability Clause. – If any provision or part thereof is held 
invalid or unconstitutional, the remainder of the law or the provision not 
otherwise affected shall remain valid and subsisting. 


 
 
SECTION 8. Repealing Clause. – All laws, presidential decree or issuance, 
executive orders, letter of instruction, administrative order, rule and 
regulation contrary to or inconsistent with the provisions of this Act are hereby 
repealed, modified, or amended 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,