Both houses of Congress have ratified the Youth Entrepreneurship Act, seen as an effective tool to address the growing number of jobless young people in the country, which currently stands at 1.32 million.
“With its imminent passage into law, the government can now meet the challenges of youth unemployment head on,” said Sen. Bam Aquino, chairman of the Committee on Youth, and Trade, Commerce and Entrepreneurship.
“The passage of this law only shows that the government is serious in addressing youth unemployment, which I consider as a growing epidemic that should be looked into immediately,” added the senator.
In their latest report, the Philippines Statistics Authority (PSA) and National Statistics Office (NSO) said that there are 1.32 million youth from ages 15 to 24 years old as of January 2015.
“This is unacceptable because we have a lot of promising youth whose talents are going down the drain because of lack of employment and entrepreneurial opportunities,” said Sen. Bam.
Sen. Bam said that European countries have provided billions of Euros worth of loans for the youth to help them start their own businesses.
The measure aims to change the public school curriculum and paradigm, as it creates financial literacy modules in all levels of Philippine education, to inclucate a culture of enterprise development among the Filipino youth.
“This Act has the potential to revolutionize our mindset as a people from wanting to be an employee of a company to being a boss of their own enterprise,” Sen. Bam emphasized.
The Act also provides would-be youth entrepreneurs access to financing, training, market linkages, and other means of support that will help them run and develop their own business.