President Aquino has signed the Youth Entrepreneurship Act into law, strengthening the government’s push to address the growing number of unemployed young people in the country.
The Youth Entrepreneurship Act, now known as Republic Act No. 10679, was approved by the Chief Executive last August 27, 2015.
“Now that it has become a law, the government now has an additional means to address and combat the growing number of jobless youths,” said Sen. Bam Aquino, author and prinicipal sponsor of the Youth Entrepreneurship Act.
“This law will open more opportunities for the youth to become more productive citizens of the country through entrepreneurial means,” added Sen. Bam, chairman of the Committee on Youth, and Trade, Commerce and Entrepreneurship.
The Philippines Statistics Authority (PSA) said that there are around 1.32 million unemployed youth, with ages ranging from 15 to 24 years old as of January 2015.
The measure creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.
“This Act will help revolutionize our mindset as a people from wanting to be an employee of a company to being a boss of our own enterprise,” Sen. Bam stressed.
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.
With the approval of the Youth Entrepreneurship Act, Sen. Bam now has five laws to his credit in two years.
The neophyte senator principally sponsored and co-authored the Philippine Competition Act or Republic Act 10667. He also principally sponsored the Foreign Ships Co-Loading Act or Republic Act 10668.
Last year, the President approved the Go Negosyo Act, which was principally authored and sponsored by Sen. Bam, and the Philippine Lemon Law.
In addition to his laws, Sen. Bam has initiated investigation into the slow and expensive Internet in the country and the congestion that hounded Port of Manila early this year. It was resolved and operations went to normal capacity early this year.
Moreover, Sen. Bam has filed resolutions to investigate the Bureau of Customs’ controversial policy on balikbayan boxes and look into possible means to alleviate the Metro Manila traffic problem.