TWENTIETH CONGRESS OF THE 
REPUBLIC OF THE PHILIPPINES 
First Regular Session
iSffifr of ir
)
SENATE 
s. No. 998
25 AUG-6 A 9:59
RHCtl .';:D BV
Introduced by Senator Jinggoy Ejercito Estrada
AN ACT
MANDATING EMPLOYERS TO PROVIDE A PERSONAL FINANCE EDUCATION 
PROGRAM, AMENDING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 
442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE 
PHILIPPINES
EXPLANATORY NOTE
The International Labour Organization emphasized that "Financial education is 
key to ensuring that people, regardless of their income or social status, not only 
have access to relevant financial services but also know how to use them 
effectively."1 The World Bank, in its publication, "Financial Education Programs and 
Strategies: Approaches and Available Resources" defined financial education as "a 
tool for increasing consumer financial literacy. According to OECD, financial 
education is the process by which financial consumers and investors improve their 
understanding of financial products and concepts and, through information, 
instruction and objective advice, develop skills and confidence to become more 
aware of financial risks and opportunities to make informed choices, know where to 
go for help, and take other effective actions to improve their financial well-being."2
Sadly, a global study reveals that the Philippines is in the bottom 30 of 144 
countries in terms of financial literacy and a survey conducted by the Bangko Sentral
1 Financial education (ilo.org)
2 World Bank Document


ng Pilipinas (BSP) showed that only one percent (1%) of surveyed Filipino adults 
answered the questions on financial literacy correctly.3 Meanwhile, the publication, 
"Financial Literacy, Insurance, and Investment Ownership in the Philippines" 
published in September 2022 and authored by Jared Desello of Japan University of 
Economics, about 2 out of 10 respondents of a survey conducted could not get a 
single questions correct; about 43% got one correct answer only; and only a meager 
9% got a perfect score.4 Further, according to World Bank, only 25% of adult 
Filipinos are knowledgeable on basic financial concepts.5
Republic Act No. 10922 or the '‘''Economic and Financial Literacy Act' was 
signed into law in 2016 to mandate the celebration of "Economic and Financial 
Literacy Week" every second week of November. Apart from this law, the BSP and 
other concerned government agencies and private organizations are rolling out 
various programs to improve the financial literacy of our people from various walks 
of life. The role of employers to take a lead in this endeavor cannot be undermined 
because they provide the most accessible venues and channels for such initiatives.
The "Persona! Finance Education in the Workplace Act" mandates the 
employers to provide free financial education program for all its workers and 
employees. This will benefit the employees and workers because it will give them 
the knowledge and skills to effectively and efficiently manage their resources and 
allow them to be financially stable. Consequently, the companies will benefit from 
financially stable employees who are more focused on their tasks, thus more 
productive and satisfied in their work.
The immediate passage of this bill is highly recommended.
INGOPY EJERCITO ESTRADA
3 BSP bridges financial literacy gap among Filipinos I Philippine News Agency (pna.eov.phl
4 ResearchGate
5 BringiriK about a more financially free future through financial literacy I Inquirer Business


TWENTIETH CONGRESS OF THE 
)
REPUBLIC OF THE PHILIPPINES 
)
First Regular Session 
)
s-Tt-n.' •
tOSftrr ihi' ■ " t r,-i -
25 AUG -6 A 9 :59
SENATE 
s. No. ^998
Ri:cEivroBV
Introduced by Senator Jinggoy Ejercito Estrada
AN ACT
MANDATING EMPLOYERS TO PROVIDE A PERSONAL FINANCE EDUCATION 
PROGRAM, AMENDING FOR THE PURPOSE PRESIDENTIAL DECREE NO. 
442, AS AMENDED, OTHERWISE KNOWN AS THE LABOR CODE OF THE 
PHILIPPINES
Be it enacted by the Senate and House of Representatives of the Philippines in 
Congress assembled:
1 
Section 1. Short Title. — This Act shall be known as the "Persona! Finance
2 
Education in the Workplace Act.
3 
Sec. 2. A new Article denominated as Article 217-A is hereby inserted after
4 
Article 217 of Presidential Decree No. 442, as amended, which shall read as follows:
5 
"ARTICLE 217-A. PERSONAL FINANCE
6 
EDUCATION PROGRAM. - EVERY EMPLOYER SHALL
7 
PROVIDE FREE FINANCIAL EDUCATION PROGRAM
8 
FOR ALL ITS WORKERS AND EMPLOYEES WHICH
9 
SHALL INCLUDE;
10 
"(A) BEHAVIORAL FINANCE;
11 
"(B) SAVINGS, EMERGENCY, AND RESILIENCE
12 
FUND DEVELOPMENT;
13 
"(C) DEBT MANAGEMENT;
14 
"(D) 
INVESTMENT, INSURANCE, 
AND
15 
RETIREMENT PLANNING; AND


1 
"(E) OTHER APPLICABLE PERSONAL FINANCE
2 
PROGRAMS."
3 
"THE 
DEPARTMENT OF LABOR AND
4 
EMPLOYMENT (DOLE), IN CONSULTATION WITH THE
5 
BANGKO SENTRAL NG PILIPINAS (BSP) AND OTHER
6 
CONCERNED GOVERNMENT AGENCIES, SHALL MAKE
7 
AVAILABLE THE STANDARD CONTENT OF THE SAID
8 
PROGRAM.
9 
"THE EMPLOYER MAY CONDUCT THE PROGRAM
10 
IN-HOUSE, 
OUTSOURCED OR OTHER AVAILABLE
11 
OPTIONS."
12 
Sec. 3. Implementing Rules and Regulations (IRR). - Within ninety (90) days
13 
from the effectivity of this Act, the Secretary of Labor and Employment shall
14 
promulgate the rules and regulations to effectively implement the provisions of this
15 
Act.
16 
Sec. 4. Separability Clause. - If any provision or part hereof is held invalid or
17 
unconstitutional, the remainder of the law or the provision or part not otherwise
18 
affected shall remain valid and subsisting.
19 
Sec. 5. Repealing Clause. — Any law, presidential decrees, executive orders,
20 
rules and regulations inconsistent with any provisions of this Act shall be deemed
21 
repealed or modified accordingly.
22 
Sec. 6. Effectivity. — This Act shall take effect fifteen (15) days after its
23 
publication in the Official Gazette or in at least two (2) newspapers of general
24 
circulation.
Approved,