Republic of the Philippines

HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

Sixteenth Congress
First Regular Session

HOUSE BILL NO. 4482 Sas

Introduced by
HON. ROMERO “MIRO” 8. QUIMBO, HON. MARIA LEONOR GERONA-
ROBREDO, HON. RODEL M. BATOCABE, HON. JOSE CHRISTOPHER ¥.
BELMONTE, HON. ALFREDO D. VARGAS II, and HON. ROMAN T. ROMULO

EXPLANATORY NOTE

‘This proposed measure seeks to develop national consciousness on economic and
financial literacy by establishing the second week of November of every year as
Economic and Financial Literacy Week. The initiatives and activities for the
Economic and Financial Literacy Week shall be spearheaded by government
agencies, secondary schools under DepEd, higher education institutions, and
relevant professional societies.

The value of economics and finance in the people’s lives is one which is commonly
disregarded. More often than not, people tend to deviate from discussions on
economics and finance due to its scholarly and technical reputation. What people
fail to recognize, however, is its indispensability in their daily lives.

Economics and finance are almost always involved as people go about their daily
routine, From deliberations on food choices and prices, to making transportation
decisions in consideration of prevailing fare rates, to talking about tariffs and why
even high-profile celebrities should pay taxes - all of these are economic in nature
On the other hand, the fulfillment of our personal obligations involve financial
decisions, such as plans on where and when to buy a house after marriage, choices
on which job offer to take, which business venture to enter into, where you would
invest for your children’s education and more. Without both economic and financial
literacy, we tend to decide blindly on these simple choices, because we did not have
the capacity to entertain alll the available options from the start.

Financial literacy makes the individual more aware of the repercussions of savings
and investments. Financially literate people are more equipped to make informed
decisions, thus increasing their financial security. The financial security and
achievements of each citizen in turn help in the economic stability of a country, as
it stimulates efficient markets and competition. Economic literacy, on the other
hand, helps people understand the country’s macroeconomic landscape, as well as
the workings of government and markets, resulting in a better capacity to make
financial decisions.

ECONOMIC AND FINANCIAL LITBRACY WEEK


As an intertwined concept, economic and financial literacy underpins more
successful citizen engagement in this environment of transparency and
accountability. Open data alone is not enough if citizens have no appreciation of
their use and relevance. Together with data and process transparency, economic
policy appreciation and financial literacy will help in the empowerment of citizens.
Accordingly, the citizenry will be stimulated to engage in public issues and
contribute ideas on improving policies and programs on economics and finance.
With such knowledge, citizens are also better equipped to enjoy the fruits of overall
increases in national income, thus. promoting inclusive economic growth.

Economie and financial literacy is even more important for public servants as they
directly formulate the policies and implement programs that affect the environment
in which the citizenry operates. The activities for the Economic and Financial
Literacy Week in government agencies will also give a government employee a
sensible appreciation of how economics and finance affect his/her daily work and
vice versa. Such understanding of how a government employee fits as a cog in the
large economic and financial machine transforms the abstract concepts to practical
application. This gives the public sector a better grasp of the implications of their
actions or inactions on matters related to our economy.

Above all, economic and financial literacy is an imperative for the youth. Other
countries have mobilized movements towards economic and financial literacy for
the youth, Financial literacy has in fact been recognized to be as important as
mathematics and science, that the Organization for Economic Co-operation and
Development (OECD) has included it in its Programme for International Student
Assessment (PISA), a test administered to fifteen year olds in different countries to
evaluate education systems worldwide.

In the Philippines, few initiatives have been done to introduce economic and
financial literacy. Some of these include the campaign for financial literacy,
particularly for the youth, of the Bangko Sentral ng Pilipinas (BSP) and Philippine
Deposit Insurance Corporation (PDIC). Inculcating interest and appreciation of
economics and finance at a young age helps them make sound financial decisions
and understand the economic landscape and policies, which accordingly affect
their finances. To this end, initiatives such as these should be strengthened in the
Philippines, especially as a developing country with a considerable potential for
economic growth

‘The Philippine Economic Society (PES) shall lead and encourage the participation of
the private sector and civil society for the Economic and Financial Literacy Week.
Today, the PES is at the forefront of advancing the field of economics in the
country, enabled by its diverse membership of technocrats from the academe,
government, and business sector. The PES, having a network of experts and
stakeholders within itself, can properly represent and mobilize the private sector
and civil society, thus the purposes of this Act will be more effectively achieved,

As the country’s premier socioeconomic planning body, and core of economic
forecasting and policy analysis and research, the National Economic and
Development Authority (NEDA), will spearhead the initiatives in the public
sector. It shall also coordinate with the educational institutions and the PES,
thus harmonizing all efforts for the Economic and Financial Literacy Week.

In view whereof, the expedient approval of this bill is requested.

ECONOMIC AND FINANCIAL LITERACY WEEK


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HON. ROMERO “MIRO” S. QUIMBO
Marikina City, 24 District

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HON, JOSE CHRISTOPHER Y. BELMONTE HOW. ALF! VARGAS IIT
Quezon City, 6' District Quezon City, 5% Déstrict

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HON. ROMAN T. ROMULO
Pasig City, Lone District

ECONOMIC AND FINANCIAL LITERACY WEEK


Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Metro Manila

Sixteenth Congress
First Regular Session

HOUSE BILL No, 4482

Introduced by
HON. ROMERO “MIRO” S. QUIMBO, HON. MARIA LEONOR GERONA-
ROBREDO, HON. RODEL M. BATOCABE, HON. JOSE CHRISTOPHER Y.
BELMONTE, HON. ALFREDO D. VARGAS III, and HON. ROMAN T. ROMULO

AN ACT TO DECLARE THE SECOND WEEK OF NOVEMBER OF EVERY YEAR
AS ECONOMIC AND FINANCIAL LITERACY WEEK

Be it enacted by the Senate and the House of Representatives of the Philippines in
Congress assembled:

SECTION 1. To develop national consciousness on economic and financial literacy,
the Second Week of November of every year is hereby declared as “Economic and
Financial Literacy Week”

SECTION 2. To ensure meaningful observance of the Economic and Financial
Literacy Week as herein declared, the National Economic Development Authority
(NEDA) shall lead the participation of government agencies and instrumentalities
during the Economic and Financial Literacy Week, The National Economic
Development Authority shall plan, initiate, and encourage knowledge-expanding
activities on economic and financial literacy, which may be adopted by government
agencies and instrumentalities, including local government units and educational
institutions.

All heads of government agencies and instrumentalities, including local government
units, shall encourage and afford sufficient time and opportunities for their
employees to engage and participate in any activity conducted within the premises
of their respective offices or institutions to celebrate the Economic and Financial
Literacy Week.

SECTION 3. To improve the economic and financial literacy of the youth, all
secondary schools under the Department of Education (DepEd) and all higher
education institutions (HEIs), in coordination with the National Economic
Development Authority, are hereby mandated to conduct consciousness-raising
and knowledge-expanding activities on economic and financial literacy including
but not limited to conducting basic economic and financial management classes,
setting up literature corners on economics and finance, and organizing fora and
trainings.

ECONOMIC AND FINANCIAL LITERACY WEEK


SECTION 4. The Philippine Information Agency (PIA) is hereby mandated to allot
airtime for programs raising awareness on economic and financial literacy. The PIA
is further mandated to produce and disseminate printed and online materials for
economic and financial literacy enhancement.

SECTION 5. The Philippine Economic Society (PES), in partnership with other
academic and professional institutions, and in coordination with the National
Economic Development Authority (NEDA), shall lead and encourage the
participation of the private sector and civil society during the Economic and
Financial Literacy Week. The Philippine Economic Society shall plan, initiate, and
encourage knowledge-expanding activities on economic and financial literacy,
which may be adopted by the private sector and civil society in their respective
offices.

SECTION 6. If any provision or part hereof, is held invalid or unconstitutional, the
remainder of the law or the provision not otherwise affected shall remain valid and
subsisting.

SECTION 7. Repealing Clause - All laws, issuances or any part thereof inconsistent
with this Act are hereby repealed or modified accordingly.

SECTION 8. This Act shall take effect fifteen (15) days following its publication in
the Official Gazette or in two (2) newspapers of general circulation.

Approved,

ECONOMIC AND FINANCIAL LITERACY WEEK