Dit: ofi. JUL 16 P4:08 TWENTIETH CONGRESS OF THE REPUBLIC OF THE PHILIPPINES First Regular Session RECENT D SENATE S. No. 672 Introduced by Senator Christopher Lawrence "Bong" T. Go AN ACT REQUIRING THE INCLUSION OF FINANCIAL LITERACY ENTREPRENEURSHIP AS SEPARATE CORE SUBJECTS IN THE JUNIOR AND SENIOR HIGH SCHOOL CURRICULA OF THE K-12 PROGRAM, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 10679, OTHERWISE KNOWN AS THE "YOUTH ENTREPRENEURSHIP ACT" EXPLANATORY NOTE The importance of entrepreneurship education in fostering economic growth and development has been recognized by the Philippines as a means of addressing poverty and unemployment. Republic Act No. 10679, or "An Act Promoting Entrepreneurship and Financial Education Among Filipino Youth," was enacted to promote entrepreneurship among young Filipinos by providing programs and services that support the development of their entrepreneurial skills and mindset. The law declares a policy of the State the promotion of "the sustained development of young Filipinos whose aptitude and skill in the field of finance and entrepreneurship shall be encouraged and honed through education and specialized training programs." In 2015, the Global Entrepreneurship Monitor (GEM) indicates that 46% of Filipinos have a very positive view of entrepreneurial opportunities in the country. The younger " http://gem-consortium.ns-client.xyz/economy-profiles/philippines/policy
generation is progressively viewing entrepreneurship as a viable alternative to employment for improving their social and economic status. Entrepreneurship and financial literacy education can help the youth become more resilient during economic crises such as the recent global pandemic. By learning how to manage finances, and start and manage a business, students can gain a better understanding of financial management, including budgeting, cash flow management, even marketing, and investment. This can help them become job creators rather than job seekers, particularly in times of economic uncertainty. Although entrepreneurship is already included as one of the applied track subjects in the K to 12 curricula, this bill aims to introduce financial literacy and entrepreneurship as separate core subjects along with mathematics, science, communication, among others. Teaching entrepreneurship at an early age in school can help create a culture of innovation and entrepreneurship in the country, enabling students to develop essential skills such as critical thinking, problem-solving, creativity, communication, leadership, and financial literacy. In view of the foregoing, the approval of this measure is earnestly sought. SENATOR CHRISTOPHER LAWRENCE "BONG" T. GO
Oh: 6.1 JUL 16 P4:08 TWENTIETH CONGRESS OF THE REPUBLIC OF THE PHILIPPINES First Regular Session ) RECEI SENATE S. No. _ Introduced by Senator Christopher Lawrence "Bong" T. Go AN ACT REQUIRING THE INCLUSION FINANCIAL LITERACY AND ENTREPRENEURSHIP AS SEPARATE CORE SUBJECTS IN THE JUNIOR AND SENIOR HIGH SCHOOL CURRICULA OF THE K-12 PROGRAM, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 10679, OTHERWISE KNOWN AS THE "YOUTH ENTREPRENEURSHIP ACT" Be it enacted by the Senate and the House of Representatives of the Philippines in Congress assembled:
Section 1. Financial Literacy and Entrepreneurship subjects. - Section 4 of Republic
2 Act No. 10670 is hereby amended to read as follows: "SEC. 4. Youth Entrepreneurship and Financial Literacy Program. - The promotion 4 of youth entrepreneurship and financial literacy program shall be inculcated in all levels 5 of education nationwide. Consistent with Section 5 of Republic Act No. 10533, or the 6 "Enhanced Basic Education Act of 2013", the Department of Education (DepED) shall ensure that the K to 12 curriculum shall be supported by programs on entrepreneurship and financial literacy: Provided, That at the elementary level, the programs referred to shall principally focus on the ideal values necessary to become successful entrepreneurs. THERE SHALL BE SEPARATE CORE SUBJECTS ON FINANCIAL LITERACY 11 AND ENTREPRENEURSHIP IN THE JUNIOR AND SENIOR YEAR CURRICULA OF 12 BOTH PUBLIC AND PRIVATE SECONDARY SCHOOLS NATIONWIDE.
The Commission on Higher Education (CHED) and the Technical Education and 2 Skills Development Authority (TESDA) shall ensure the promotion of programs on 3 entrepreneurship and financial literacy."
Sec. 2. Development of Subject Content. - Section 6 of Republic Act No. 10670 is
hereby amended to read as follows: "SEC. 6. Duties of the EEC. - The EEC shall: (a) Formulate a national plan of action for the implementation of this Act; (b) Study and standardize all current programs of schools and institutions on entrepreneurship and financial literacy; (c) Research current government efforts in foreign countries with the end view of applying relevant practices in our education system; (d) Provide assistance, training, and support to ensure coherence and clear progression of the objectives of this Act, namely: (1) Provide information on available government and nongovernment assistance and training programs that may be availed of by students for further training and possible entrepreneurial and financial ventures; (2) Develop mentoring and coaching programs for young entrepreneurs in coordination with eligible entities to facilitate sharing of technical knowledge and skills/technology transfer; (3) Set up enterprise incubation laboratories and creative spaces in schools and communities in coordination with eligible entities to encourage enterprise creation and development; and (4) Coordinate with the Department of Agriculture and Land Bank of the Philippines to develop lending and other support programs specifically for agriculture-related entrepreneurship activities; [and]
(E) CONDUCT A MULTI-SECTORAL CONSULTATION WITH EDUCATORS FROM PUBLIC AND PRIVATE HIGH SCHOOLS, MEMBERS OF THE NATIONAL 3 CHAMBERS OF COMMERCE AND INDUSTRY, LEADING ENTREPRENEURS AND 4 THE PUBLIC AT LARGE FOR THE PURPOSE OF DETERMINING THE 5 APPROPRIATE CONTENT AND SCOPE OF THE FINANCIAL LITERACY AND ENTREPRENEURSHIP SUBJECTS; AND [(e)] (F) Exercise such other powers as may be necessary to carry out the purposes of this Act."
Sec. 3. Implementing Rules and Regulations. - The Secretary of the Department
of Education shall formulate the rules and regulations necessary for the effective 12 implementation of this Act.
SEC 4. Separability Clause. - Any portion or provision of this Act that is declared
unconstitutional shall not have the effect of nullifying other portions or provisions hereof as long as such remaining portions can still subsist and be given effect in their entirety.
SEC 5. Repealing Clause. - All laws, ordinances, rules, regulations, other issuances
or parts thereof, which are inconsistent with this Act, are hereby repealed or modified accordingly.
SEC 6. Effectivity. - This Act shall take effect fifteen (15) days after its publication
in the Official Gazette or in a newspaper of general circulation. Approved,