Sen. Bam Aquino expects that money management and business training will be taught in public schools starting next school year to equip students with the needed knowledge in managing their finances and encourage them to become entrepreneurs in the future.
During this speech at the 6th UNESCO-APEID meeting on entrepreneurship education atMiriam College recently, Sen. Bam informed participants that the Youth Entrepreneurship Act has already been enacted into law as Republic Act 10679 in 2015.
The law encourages young would-be entrepreneurs to establish their own business by providing them access to capital and other support. It also creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.
Sen. Bam said the Department of Education (DepEd) is currently finalizing the implementing rules and regulations (IRR) for RA 10679.
“We hope that by next school year, financial literacy and entrepreneurship will be taught in our public schools,” said Sen. Bam, the principal sponsor and co-author of RA 10679 in the Senate as chairman of the Committee on Trade, Commerce and Entrepreneurship in the 16th Congress.
Sen. Bam underscored the need to inculcate financial literacy to the hearts and minds of young Filipinos, saying the country ranked 68th in the world in terms of financial literacy in 2015, way behind our neighbors Malaysia, Thailand, Hong Kong and Singapore.
Furthermore, Sen. Bam said a 2015 survey by Standard & Poor’s revealed that only 25 percent of Filipino adults are knowledgeable on basic money management.
Sen. Bam hopes that the country will learn from the experience of different participants of the conference to enhance financial literacy and entrepreneurship education in the country.
Around 140 participants from the Asia-Pacific region, composed mainly of policy makers, educators, entrepreneurs and youth representatives, joined the 6th UNESCO-APEID meeting.