EIGHTEENTH CONGRESS OF THE )

REPUBLIC OF THE PHILIPPINES )
First Regular Session )
HOUSE OF REPRESENTATIVES

HOUSE BILL No. _ 980

Introduced by Representative JANETTE LORETO-GARIN

AN ACT
MANDATING THE INCLUSION OF FINANCIAL LITERACY AS A SEPARATE
SUBJECT IN THE CURRICULUM OF ELEMENTARY, SECONDARY, TERTIARY,
AND TECHNICAL-VOCATIONAL EDUCATIONAL INSTITUTIONS,
APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES

EXPLANATORY NOTE

It was on November 2018 when the Bangko Sentral ng Pilipinas (BSP) has launched
its first ever Financial Education Stakeholders Expo. The BSP, Department of Education
(DepEd), and other key financial education stakeholders have gathered to engage and
pave the way for greater productivity in the financial education, with an end-goal of
shifting into higher gear the level of financial literacy in the country.

However, these financial literacy programs, while advocating for a very positive cause,
may be more suitable if institutionalized in our education system.

Many Filipinos belong to low income families. No less than the World Bank has stated
that less than 10% of the population could be considered middle class in 2015 — a
figure that has remained fairly stagnant since 2002'.

And with the advent of social media, various digital investment scams have also been
exponentially propagated. The rise of numerous illegal activities could possibly be
rooted in the absence of acceptability on the tenets of financial literacy. It therefore
produces victims that has already made a fiscally unsound choice.

Teach our children and we guide them along the way. Equipping the young minds
with proper tools to be learned on financial education will ensure their security and

1 As contained in: https://www.bworldonline.com/lets-do-more-for-financial-literacy-in-the-philippine:



well-being, as we Produce individuals capable of making well-informed financial
decisions.

It is imperative to empower our next generation so they can have a better catch to
€conomic opportunities, diminish their losses, and contribute to an inclusive Philippines
in years’ time from now.

In view thereof, I am soliciting the unwavering support colleagues and for the swift
approval of this proposed measure.

JANET LORI ‘GARIN


ONO On =

EIGHTEENTH CONGRESS OF THE )

REPUBLIC OF THE PHILIPPINES )
First Regular Session )
HOUSE OF REPRESENTATIVES
HOUSE BILL No. °080

Introduced by Representative JANETTE LORETO-GARIN

AN ACT
MANDATING THE INCLUSION OF FINANCIAL LITERACY AS A SEPARATE
SUBJECT IN THE CURRICULUM OF ELEMENTARY, SECONDARY, TERTIARY,
AND TECHNICAL-VOCATIONAL EDUCATIONAL INSTITUTIONS,
APPROPRIATING FUNDS THEREFOR, AND FOR OTHER PURPOSES

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 "Financial Literacy Education
Act of 2020.”

Sec. 2. Declaration of Policy. It is hereby declared the policy of the State to
‘strengthen the foundations of financial literacy all throughout the stages of years in
Philippine Education System by enriching the financial intelligence of the youth to
produce a more-informed future generations of Filipinos. Therefore, the role of
teachers and educators shall be essential in the furtherance of bridging the gaps of
financial illiteracy all throughout the country.

Sec. 3. Inclusion of Financial Literacy as a Separate Subject in the Curriculum.
—The Department of Education (DepEd), Commission on Higher Education (CHED),
and Technical Education and Skills Development Authority (TESDA) shall be tasked to
include Financial Literacy in their respective existing and prevailing curriculum for all
students.

The DepEd, CHED, and TESDA shall collaborate with the Bangko Sentral ng
Pilipinas (BSP) and the Department of Finance (DoF) in developing the academic


standards for the curriculum and jointly issuing the appropriate guidelines for this
purpose.

Sec. 4. Appropriations. -The funds necessary to carry out the provision of this
Act shall be included in the General Appropriations Act of the year following its
enactment into law and thereafter.

Sec. 5. Implementing Rules and Regulations. -The DepEd, the CHED, and the
TESDA, in consultation with BSP and DOF shall jointly promulgate, within sixty (60)
days after the effectivity of this Act, issue the necessary rules and regulations to
implement the provisions of this Act.

Sec. 6. Separability Cause. — If any part or provision of this Act shall be held
unconstitutional or invalid, other provisions thereof which are not affected thereby
shall continue to be in full force and effect.

Sec. 7. Repealing Clause. - All laws, decrees, executive orders, and other
presidential issuances which are inconsistent with this Act are hereby repealed,
amended or modified accordingly.

Sec. 8. Effectivity. - This Act takes effect sixty (60) days after its publication in
at least two (2) national newspapers of general circulation.

Approved,