Financial Literacy

Sen. Bam: Public schools to teach financial literacy soon

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.

Sen. Bam to DepEd: Teach financial literacy in schools

The Department of Education has yet to roll out the law mandating financial literacy and entrepreneurial training in basic education.

“Two years have passed since the Youth Entrepreneurship Act was passed into law but there is still no movement in its implementation,” said Sen. Bam, the principal sponsor and co-author of Republic Act No. 10679 in the 16th Congress.

The law mandates that the implementing rules and regulations (IRR) be promulgated within one hundred twenty (120) days from its effectivity.

“We need to teach young Filipinos about money and savings as soon as possible. Financial literacy and basic training in business can help the next generation overcome poverty,” added Sen. Bam, an advocate for the empowerment of the Filipino youth.

The Youth Entrepreneurship Act or R.A. 10679 requires financial literacy to be included in our basic curriculum and encourages young would-be entrepreneurs to establish their own business.

“This can also help address unemployment as it gives students the know-how to start a business, an alternative to seeking employment,” added Sen. Bam.

Sen. Bam also passed the Go Negosyo Act, establishing over 600 Negosyo Centers and counting across the Philippines to help our countrymen build a successful business as a source of livelihood.

The senator is also the principal sponsor of the Universal Access to Quality Tertiary Education Act, providing free tuition and miscellaneous fees in public universities and colleges.

P-Noy Signs Youth Entrepreneurship Act into Law, Boosts Fight Against Unemployment

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.

Negosyo, Now Na!: Pagpapagalaw ng Pera

Mga Kanegosyo, sa ating karanasan bilang isang social entrepreneur, naging batid natin ang kahalagahan ng pagkakaroon ng kaalaman sa paghawak ng pera sa ikatatagumpay ng ating negosyo.

Noong nasa Hapinoy pa tayo, nakita natin na isa sa mga dahilan ng paglago ng mga nanay na may-ari ng sari-sari store ay ang pagkatuto nila ng tamang accounting ng kanilang mga gastos at kita at tamang pagpapa-ikot ng kanilang puhunan, kahit na napakaliit nito.

Napakahalaga ng pagtutok sa galaw ng ating pera sa pagnenegosyo at ito ang ating tinalakay kasama si Tess Dimaculangan, isang kilalang accountant at financial management mentor ng maliliit na negosyante.

*** 

Ayon sa kanya, sa karanasan niyang tumulong sa mga negosyante, mas madalas daw tinututukan ng mga negosyante ang sales at marketing at isinasantabi muna ang pagkakaroon ng malinaw na business plan, kabilang ang accounting.

Ang tingin ng iba sa business plan, tila napakakumplikadong gawin at kailangang maging graduate mula sa napakagandang paaralan.

Ngunit, ang payo niya, kayang kayang upuan ito at pagtiyagaan dahil nakasalalay dito ang paglago at ang kakayahang pinansiyal ng negosyo. Kaya, mga Kanegosyo, halina’t kumuha ng papel at lapis at upuan na natin ang pagbuo ng financial statement.

Magkano ba ang ating puhunan? Kanino manggagaling ito – mula sa naipon natin, sa mga magulang, o pautang ng kaibigan o sa micro financing?

Pagkatapos mailista at mabuo ang kapital, anu-anong mga gastos ang kailangan para mabuo ang negosyo – renta ng puwesto, pagawa ng eskaparate, kuryente at tubig, mga produktong ibebenta at iba pa.

Ika niya, huwag na huwag paghahaluin ang gastos sa bahay at sa negosyo. Maglaan lamang sa kikitain mula sa negosyo ang ipanggagastos sa bahay. Baka maubos ang kinikita ng pangkabuhayan at mawalan ng pampaikot ito.

*** 

Ang isa pang payo na ating nakuha ay kahit gaano kalaki o kaliit ang ating negosyo, mahalaga ang paglilista ng galaw ng ating pera araw-araw, ang inilalabas natin para sa mga gastos at ang mga pumapasok na kita.

Sa ganitong paraan, mapag-aaralan nating mabuti ang kilos ng ating negosyo, kung anong mga araw kung saan maglalabas ng malaking puhunan, kung anong panahon matumal ang benta at kung kailan kikita nang bonggang bongga.

Sa masusi at matiyagang pagbabantay ng galaw ng pera ng ating negosyo, matutuklasan natin ang malalakas na produkto, mabentang diskarte at mga panalong pakulo na ating ginagagawa.

Sa ganitong paraan, makikita natin ang dahan-dahang paglago ng ating negosyo.

*** 

Kapag kumita nang kaunti, huwag kaagad magdiwang at gastusin ang lahat ng kinita. Baka kaagad na bumili ng bagong cellphone o kaya’y magpakain sa baranggay.

Sabi nga raw ng matatanda, “matutong mamaluktot kapag maiksi ang kumot.”

Mga Kanegosyo, magtiyaga muna tayo sa kaunting ginhawa lalo na’t pinapalaki ang ating kita.  Kapag malaking malaki na ito at tuluyan nang lumago, tsaka tayo maging marangya na naaayon sa ating kaya.

Simulan ang tamang paghawak sa ating puhunan at masusing pagbabantay ng ating kita nang mapagtagum­payan natin ang buhay!

 

First Published on Abante Online

 

Congress Ratifies Youth Entrepreneurship Act

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.

Sen. Bam to Parents: Teach Financial Literacy to Children

Senator Bam Aquino calls on parents to put this two-month summer vacation to good use by introducing their children to financial literacy, saying it’s a good jump-off point to a successful career in business and entrepreneurship.

“Financial literacy is a good jump-off point in business and entrepreneurship. Who knows, maybe the owner of the country’s next big company could be your son or daughter,” said Aquino, chairman of the Senate Committee on Trade, Commerce and Entrepreneurship and Committee on Youth.

Aquino said parents should establish a small business that can be run by children, like a candy store, ice candy or a sago-gulaman stand.

“This way, we can teach our children the importance of saving and spending money wisely.  While doing the small business venture, we can have quality bonding time with them this summer vacation,” the senator emphasized.

Aquino believes that by starting them young, today’s children will be equipped with knowledge and foundation to become the next big names in business and entrepreneurship in the future.

“A sound financial knowledge and skill set is needed to start a good business and turn it into a success,” Aquino said.

As an example, Aquino cited the Tagum City Youth Laboratory Cooperative (Mindanao), which was adjudged as one of the Ten Outstanding Youth Organizations (TAYO) for its project: “Financial Literacy for Youth Program”.

The senator said that TCYLC went around schools in Tagum City to teach students the basics of saving and encourage them to join the cooperative.

TCYLC started with 48 members, with savings amounting to P8,000 four years ago. At present, it has more than 1,000 members and about P2 million in savings.

Recently, Aquino’s two committees conducted hearings on several measures seeking to teach students about financial literacy in schools.

During the hearing, Aquino was informed by the Department of Education (DepEd) that it has already started teaching financial literacy in elementary schools.

“According to recent studies, financial literacy should be taught in the elementary level, especially to Grade 3 and Grade 4 students,” Aquino emphasized.

Aside from the DepEd, other agencies such as the Commission on Higher Education and Technical Education and Skills Development backed proposal to teach financial literacy to young students.

Aside from financial literacy, these bills seek to establish funds where students can borrow seed money to start their own small business.

 

Photo source: DTI Website

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