Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
Nineteenth Congress 
Second Regular Session 
HOUSE BILL NO. __________ 
Introduced by Representative Lordan G. Suan 
EXPLANATORY NOTE 
This bill seeks to integrate financial literacy in the senior high school 
curriculum and appropriate funds therefor.  
Section 13 of Article II and Paragraph 2, Section 3 of Article XIV of the 
1987 Constitution provides:  
“The State recognizes the vital role of the youth in nation-building 
and shall promote and protect their physical, moral, spiritual, intellectual, 
and social well-being. It shall inculcate in the youth patriotism and 
nationalism, and encourage their involvement in public and civic affairs.” 
“They shall inculcate patriotism and nationalism, foster love of 
humanity, respect for human rights, appreciation of the role of national 
heroes in the historical development of the country, teach the rights and 
duties of citizenship, strengthen ethical and spiritual values, develop 
moral character and personal discipline, encourage critical and creative 
thinking, broaden scientific and technological knowledge, and promote 
vocational efficiency.” 
Financial literacy is the knowledge and understanding of available 
products and services and the ability to use them to manage one’s financial 
resources. In a nutshell, financial literacy is the ability to manage one’s money 
wisely. Basic concepts of financial literacy include saving, budgeting, borrowing 
and investing. However, many students, even adults, do not know or have less 
exposure to financial literacy.  
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Based on the Bangko Sentral ng Pilipinas (BSP) 2021 Financial Inclusion 
(FI) survey, only 2% of Filipinos answered all six basic financial literacy 
questions correctly. In 2021, almost 70% of adults correctly answered at least half 
of the questions. Most showcased basic division skills and an understanding of 
investment risk-return tradeoffs and diversification. However, in 2021, less than 
half (42%) correctly comprehended the impact of inflation on their purchasing 
power, a decrease from 55% in 2019. The simple and compound interest question 
received the fewest correct responses, with only 30%. A tiny proportion, 7%, had 
participated in a seminar or webinar to boost financial literacy.   
 
The survey result is worrisome since only some adult respondents have 
little to no idea of computing annual interest rates, and most respondents have a 
poor grasp on how interest works on savings and the effect of compounding 
interest. Moreover, only half of the adults expressed interest in attending financial 
literacy training sessions conducted by the BSP.  
 
 
This bill responds to the recognized need to enhance financial literacy in 
the country to improve the economic well-being of every citizen and society. By 
integrating financial literacy into the education system, the proposed measure 
aims to equip students with the knowledge, skills, and attitudes necessary for 
informed financial decision-making, managing personal finances, and 
contributing to the nation's economic development. 
 
 
The bill mandates the Department of Education (DepEd), in consultation 
with the Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP), 
to develop a financial literacy curriculum. The curriculum will cover critical 
aspects of personal finance, including budgeting, saving, investing, 
understanding credit and debt, insurance, taxes, and practical real-world 
applications. 
 
 
With coordination from DOF, BSP, and other financial institutions, the 
DepEd will also provide educational materials for teaching financial literacy and 
conduct training programs for teachers who will deliver this instruction. The bill 
encourages collaboration with relevant financial institutions, educational 
organizations, and experts in financial literacy for curriculum development and 
enhancement.  
 
 
By teaching financial literacy in basic education, we can equip young 
individuals with the knowledge and skills necessary to navigate the economic 
landscape and make informed decisions, promoting their financial well-being and 
contributing to a healthier economy. 
 


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In view of the foregoing, the immediate passage of this bill is earnestly 
sought.  
LORDAN G. SUAN 


Republic of the Philippines 
House of Representatives 
Quezon City, Metro Manila 
Nineteenth Congress 
Second Regular Session 
HOUSE BILL NO. ___________ 
Introduced by Representative Lordan G. Suan 
AN ACT 
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INTEGRATING FINANCIAL LITERACY IN THE SENIOR HIGH 
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SCHOOL CURRICULUM AND APPROPRIATING FUNDS THEREFOR 
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Be it enacted by the Senate and the House of Representatives of the Philippines 
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in Congress assembled: 
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SECTION 1. Short Title. – This Act shall be known as the “Financial 
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Literacy Education Act.” 
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SEC. 2.  Declaration of Policy. –  It is the policy of the State to promote 
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the right of every Filipino to quality education and lay the foundation for lifelong 
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learning. The State also recognizes the need to promote financial literacy in the 
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country as a tool for improving the economic well-being of every citizen and 
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society’s standard of living. Towards these ends, the State shall instill financial 
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literacy in the youth by integrating financial literacy education into the basic 
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education system to equip students with the knowledge, skills, and attitude 
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necessary to make informed decisions, manage personal finances, and contribute 
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to the nation's economic development. 
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SEC. 3. Financial Literacy Education. – Financial literacy education is 
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hereby integrated into the senior high school curriculum. The Department of 
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Education (DepEd) shall, in consultation with the Department of Finance (DOF) 
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and Bangko Sentral ng Pilipinas (BSP), formulate the financial literacy education 
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curriculum.  
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The curriculum shall include a basic understanding of personal finance 
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management, budgeting, saving, investing, credit and debt, insurance and taxes, 
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and practical activities and real-world scenarios to help students apply financial 
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literacy.  
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SEC. 4. Teaching Materials. – The DepEd shall, in coordination with the 
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DOF, BSP and other financial institutions, provide educational materials that are 
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age-appropriate and designed to equip students with the skills and competencies 
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to make sound financial decisions.  
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SEC. 5. Teacher Training. – The DepEd shall, in coordination with the 
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DOF BSP and other financial institutions, conduct training programs for teachers 
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of financial literacy to ensure that they are equipped with adequate knowledge 
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and skills in teaching financial literacy. 
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SEC. 6. Collaboration with Financial Institutions. – The DepEd shall 
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collaborate with relevant financial institutions, educational organizations, and 
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experts in the field of financial literacy to develop and enhance the financial 
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literacy curriculum. Financial institutions and experts may provide resources, 
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training, and educational materials to support the financial literacy education. 
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SEC. 7. Monitoring and Evaluation. – The DepEd shall, in coordination 
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with the National Economic and Development Authority, establish a system of 
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monitoring and evaluation to measure the program's effectiveness, including 
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regular assessments of students’ financial literacy and skills. 
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SEC. 8. Appropriation. – The amount necessary for the initial 
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implementation of this Act shall be charged against the current appropriation of 
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the DepEd.  Thereafter, such sums as may be necessary for the continued 
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implementation of this Act shall be included in the annual General Appropriations 
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Act.  
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SEC. 9. Implementing Rules and Regulations. – Within ninety (90) days 
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from the effectivity of this Act, the Secretary of Education shall, in coordination 
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with the Secretaries of Finance and National Economic and Development 
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Authority and the Governor of the BSP, issue the necessary rules and regulations 
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for the effective implementation of this Act.  
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SEC. 10. Repealing Clause. – All laws, executive orders, issuances, rules, 
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and regulations, or parts thereof, inconsistent with the provisions of this Act are 
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repealed or modified accordingly. 
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SEC. 11. Effectivity. – This Act shall take effect fifteen (15) days after its 
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publication in the Official Gazette, in a newspaper of general circulation, or a 
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website provided for by law. 
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Approved,   
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