Republic of the Philippines
HOUSE OF REPRESENTATIVES,
Quezon

FIFTEENTH CONGRESS
First Re Ss

Introduced by HONORABLE JUAN EDGARDO “SONNY” M. ANGARA

EXPLANATORY NOTE

Article 2 Section 17 of the Constitution states:
“Section 17. The State shall give priority to education, science and technology,

arts, culture and sports to foster patriotism, nationalism, accelerate social progress and

promote total human liberation and development.”

As the global financial crisis looms, our country’s unemployment rate increases leaving
many of our fellow Filipinos, here and abroad without jobs. Many companies, in their effort to
cut costs, also reduce their recruitment activities, thereby lessening opportunities for our
jobseekers. More and more, our low level of entrepreneurial and financial: skills is being
exposed, as we fall prey to the high unemployment rate due to our dependence to foreign
employers and investors.

We need to train our youth on entrepreneurial and financial skills so that we can raise
generations of businessmen and investors who will create jobs not only for themselves but to
others as. well. Our students should know that entrepreneurship is a great alternative to
employment and should be equipped with all information, from opportunities to existing
regulations, on entering the business world.

This bill seeks to mandate the Department of Education to make entrepreneurial and

1
financial literacy education an integral part of our secondary education.

|. ANGARA


FIFTEENTH CONGRESS OF THE )
REPUBLIC OF THE PHILIPPINES )
First Regular Session )

7 559

H.B. No.

Introduced by Honorable JUAN EDGARDO “SONNY” M. 4ANGARA

AN ACT
TO INCLUDE ENTREPRENEURIAL AND FINANCIAL LITERACY EDUCATION FOR
SECONDARY SCHOOL STUDENTS

Be it enacted by the Senate and the House of Representatives of the Philippines in
Congress assembled:
SECTION 1. Short Title. ~ This Act shall be known as the “Mandatory Entrepreneurial

and Financial Education Act of 2009.”

SECTION 2. Definition. — For the purpose of this Act the term —
A. “Eligible entity” means--
1. an institution of higher education; or
2. partnership consisting of--
a.an institution of higher education; and
b.a nonprofit organization with experience and a proven track record
in quality financial literacy or personal finance education
programs.
B. “Department” means the Department of Education
C. “Secretary” means the Secretary of Education

D. “Courses” means entrepreneurial and financial literacy courses

SECTION 3. Entrepreneurial and Financial Education in Curriculum. ~ The Department
shall develop and integrate in the curriculum for secondary school students courses on

entrepreneurial and financial literacy.


SECTION 4. Grant. — The Secretary shall award grants for a term of not more than four
years each, on a competitive basis, to eligible entities to—
1. Develop courses for secondary school students;
2. Train secondary school teachers all over the country to teach the courses develojied;
3. Prepare methods to evaluate to effect entrepreneurial and financial literacy education
and improve the courses as necessary; and
4, Develop the courses for inclusion by the Department in the required education for

aspiring secondary school teachers.

SECTION 5. Application. ~ An cligible entity that desires to receive a grant under this
section shall submit an application to the Secretary at such time, in such manner, and

accompanied by itemized budget and such other information as the Secretary may require.

SECTION 6. Available Assistance and Training. — The courses should include
information on available government and non-government assistance and training programs
which may be availed by the students for further training and possible extrepreneurial and

financial ventures.

SECTION 7. Compliance Training. ~ The courses should also include an overview on

. existing laws and simplified instructions on compliance with such laws.

SECTION 8. Evaluation. - The Department shall provide for rules on periodic evaluation
of the performance of the grantees under this Act. The Department may provide for rules that
shall allow them to revoke grants at different stages of the implementation of each project based

on the result of the evaluation.

SECTION 9. Report, — At the end of the second year after the implementation of this Act
and every year thereafter, the Department shall provide the appropriate committees in the Senate

and the House of Representatives a status report on the grantees.

SECTION 10. Appropriations. -The amount necessary for the initial implementation of

this Act shall be charged against the appropriations of the Department of Education under the


current General Appropriations Act. Thereafter, such sum as may be necessary for its full
implementation shall be included in the annual General Appropriations Act as a distinct and

separate item.

SECTION 11. Separability Clause. — If any provision or part hereof, is held invalid or
unconstitutional, the remainder of the law or the provision not otherwise affécted shall remain

valid and subsisting.

SECTION 12. Repealing Clause. — Any law, presidential decree or issuance, executive
order, letter of instruction, administrative order, rule or regulation contrary to or is inconsistent

with the provision of this Act is hereby repealed, modified, or amended accordingly.

SECTION 13. Efectivity Clause. — This Act shall take effect fifteen (15) days after its

publication in at least two (2) newspapers of general circulation.

Approved,