Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City
NINETEENTH (19th) CONGRESS
Second Regular Session
HouseBil|No.10'169
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Introduced by: Hon. Ma. Victoria Co -Pilar
EXPLANATORY NOTE
Financial  literacy  is  defined  as  the  "ability  of  a  person/individual  to  make
better and infoi-med financial decisions to manage their wealth properly."
Based  on  the  Bangko  Sentral  ng  Pilipinas'  2021  Financial  Inclusion  Survey,  only  2
percent of Filipinos are able to answer all six basic financial literacy questions, while
69 percent cori-ectly answered half of the six questions.
The  survey  also  showed   that  only  arounci  42  percent  of  respondents  correctly
understood  the  effects  of  inflation  on  their  purchasing  power,  lower  than  the  55
percent recorded in 2019.
This bill seeks to establish a robust framework for enhancing financial literacy across
all   segments   of   society.   Recognizing   the   critical   role   of   financial   education   in
empowering  individuals  to  make  sound  financial  decisions,  the  bill  mandates  the
integration  of comprehensive  financial  literacy  curricula  into  school  systems,  from
elementary  to  high  school  levels.  This  entails  the  clevelopment  of  age-appropriate
content and training programs for educators to effectively deliver financial education.
Additionally,  the  bill  advocates  for  public  awareness  campaigns  to  underscore  the
importance of financial literacy and promote active engagement in financial education
initiatives.  Collaboration  between  educational  institutions  and  financial  entities  is
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encouraged to develop educational materials and workshops aimed at bolstering
financial literacy. Furthermore, the bin supports the implementation of continuing
education  programs  for  adults,  ensuring  access  to  ongoing  financial  education
beyond  formal  schooling.  Regular  evaluation  and  reporting  requirements  are
established to monitor the effectiveness of financial literacy programs. By equipping
individuals with the knowledge and skills to navigate complex financial decisions,
the  Financial  Literacy  Education  Act alms  to  empower  citizens,  reduce financial
vulnerability, and foster long-term economic stability.
6th District, Quezon City
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Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City
NINETEENTH (19th) CONGRESS
Seconcl Regular Session
HouseBillNo.10489
Introduced by: Hon. Ma. Victoria Co -Pilar
1                    AN ACT MANDATING THE INCLUSION OF FINANCIAL LITERACY
2        EDUCATION AS A COURSE IN THE ELEMENTARY, SECONDARY,TERTIARY,
3        AND TECHNICAL-VOCATIONAL EDUCATION CURRICULUM IN ALL PUBLIC
4                             AND PRIVATE SCHOOLS, COLLEGES, AND UNIVERSITIES
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6             Be i[ enacted by the senate and Hoiise of Represenlcllives of the  philippines in congress
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9       SECTION  1. S/jor/  ri.//c.  -This Act shall  be  kiiown as the  "Ft."¢#c/.fi/ Lf./crficjJ E4/itc¢/i.o„
10       Actof the pll.llippines."
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12        SECTION 2. Dcc/"/o//.o# a/Po//.c.y'. -It is hereby declared the policy of the state to promote
13        financial  literacy  among  its citizens through  strengthening the  foundation offinancial  literacy
14        awareness  and  education  throughout  all   the  stages   in  the  Philippine   Education   System   in
15        recognition  of this  essential  life  skill  as  a  vital  tool  in  improving the  socio-economic  welfare
16        of all  Filipinos towards eventually developing a more sustainable economy  in the  long-term.
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18       SiECTloN 3. Integration  of Fillancial  Liter(Icy as a sep(Ir(lie course in tlie curricillilm  -
19        The  Department  of  Education  (DepEd),  Commission  on  Higher  Education  (CHED)`  and
20        Technical  Education  and  skills  Development  Authority  (TESDA)  shall  be  tasked  to  include
21        Financial   Literacy  education   in  their  respective  existing  and   prevailing  curriculum  for  all
22        students. They shall collaborate with the DepartmentofFinance (DOF) andthe Bangko sentral
23        ng  pilipinas  (BSP)  in  developing  academic  standards  and  curriculum  content  for the  purpose
24         of this  bill.
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1      SECTION 4: Corerogr -The DepEd, BSP, and other relevant agencies and stakeholders,
2      shall develop and integrate financial literacy education into the elementary, secondary, tertiary,
3       and  technical-vocational  education  curricula  which  shall  cover,  but  not  be  limited  to  the
4      following topics:
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a.   Basic money management
b.    Savings, banking, and investment
c.    Budgeting and financial planning
d.   Understanding credit and debt management
e.   Fundamentals of Entrepreneurship
f.    Consumer rights and responsibilities
9.   Basic Tax principles
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13      SECTION 5. ,4pprqpri.all.o#§ -The amount necessary for the initial implementation of this
14      Act shall be charged against the current year's appropriations of the departments and agencies
15      concerned. Thereafter, funds necessary to cany out the provisions of this Act shall be included
16      in the General Appropriations Act of the year following its enactment into law and thereafter.
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18      SE:C"OIN 6. Inaplementing Rules and Regulations. -WThin n]mety (90) days from the
19      effectivity of this Act, the DepEd, CHED, TESDA, and DOF shall promulgate the rules and
20      regulations for the effective implementation of this Act.
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22      SECTION   7.  RcpcaJi.#g  CJ¢iisc.   -  All   laws,  presidential   decrees,   executive   orders,
23      memoranda, rules, and regulations contrary to or inconsistent with the provisions of this Acts
24      are hereby repealed, amended or modified accordingly.
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26      SECTION 8.  Scpardrbz.Arty c/ausc. -If any part or provision of this Act is declared
27      uncoustitutional or invalid, the remaining parts of provisions not affected shall remain in full
28      force and effect.
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30      SHCTI0N 9. Ej7rccrfurty. -This Act shall take effect fifteen (15) days after its publication in
31      the o#cz.cr/ Gaze/fe or in a newspaper of general circulation.
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3 5                   Approved,
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