Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL No. 2044 
______________________________________________________________________________ 
Introduced by: HON. CARL NICOLAS C. CARI 
______________________________________________________________________________ 
EXPLANATORY NOTE 
Financial capability and literacy can be defined as “the ability to manage financial resources 
effectively based on knowledge, skills, and access”. This set of skills can help the youth achieve 
financial well-being, which occurs when they can fully meet current and ongoing financial 
obligations, feel secure in their financial future, and are capable of making decisions that allow 
them to enjoy life. Financial education enables the youth to learn these skills through various 
resources. 
Low-income individuals are more likely to be financially illiterate since they often do not 
have easy access to reliable financial data. With this level of illiteracy, children from low-income 
families run the risk of becoming victims of scams or ‘budols’, high-interest loans, and mounting 
debt as adults.  
Economist and former chair of the Federal Reserve of the United States, Alan Greenspan, 
stated, “Financial education is a process that should begin at an early age and continue throughout 
life. This cumulative process builds the skills necessary for making critical financial decisions that 
affect one’s ability to attain assets and improve economic well-being.” 
This bill was previously filed in the 19th Congress by the undersigned and was referred to 
the House Committee on Basic Education and Culture on 07-26-2022. 
In view of the foregoing, the immediate passage of this bill is respectfully sought. 
CARL NICOLAS C. CARI 
Representative          
5th District, Leyte    
July 16, 2025
5:50 pm


Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
TWENTIETH CONGRESS 
First Regular Session 
HOUSE BILL No. 2044 
______________________________________________________________________________ 
Introduced by: HON. CARL NICOLAS C. CARI 
______________________________________________________________________________ 
AN ACT ESTABLISHING A  
YOUTH FINANCIAL CAPABILITY AND LITERACY 
AND APPROPRIATING FUNDS THEREFOR 
Be it enacted by the Senate and the House of Representatives of the  Philippines in Congress 
assembled: 
SECTION 1. This Act may be cited as the “Youth Financial Capability and Literacy Act”. 
SECTION 2. The Department of Education shall integrate financial literacy education into 
public elementary and secondary schools by carrying out the following activities: 
a.
Curriculum development;
b.
Provide guidance and technical assistance to both public and private elementary and
secondary schools;
c.
Conduct monitoring and evaluation of the impact of financial literacy education on
students’ understanding of financial literacy concepts.
d.
Implement, expand, or sustain school-based financial literacy activities and curriculum to
enhance students’ understanding and experimental learning with the consumer, economic, 
entrepreneurship, and personal finance concepts, including personal credit, student loans, 
and financial aid; 
e.
Promote partnerships between government agencies and other non-government
organizations that provide innovative and evidence-based financial literacy activities to 
elementary school or secondary school students, which may include after-school activities; 
f.
Promote professional development programs to embed financial literacy, personal finance,
or entrepreneurship education into a well-rounded education in elementary schools or
secondary schools. 
SECTION 3. The amount necessary to carry out the provisions of this Act shall be included in 
the annual General Appropriations Act. 
SECTION 4. Within ninety (90) days from the approval of this Act, the Department of 
Education shall, in consultation with government agencies and non-governmental organizations, shall 
formulate and issue the appropriate rules and regulations implementing the provisions of this Act. 
SECTION 5. This Act shall take effect fifteen (15) days after its publication in the Official 
Gazette or in a newspaper of general circulation. 
APPROVED,