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Manila Bulletin devider Philippines devider National devider Bill batting for personal financial literary course in TVET curriculum OK'd on 3rd reading 

Bill batting for personal financial literary course in TVET curriculum OK'd on 3rd reading 

Published Dec 1, 2023 07:20 am

At A Glance

  • With 246 "yes" votes, a measure seeking to boost financial literacy among Filipinos have been approved on third and final reading in the House of Representatives. 

IMG-fbcbab3b219c56d282a243820c53f18d-V.jpgHouse of Representatives (Ellson Quismorio/ MANILA BULLETIN)

 

 

 

 

 

 

With 246 "yes" votes, a measure seeking to boost financial literacy among Filipinos have been approved on third and final reading in the House of Representatives. 

Given final nod by the chamber was House Bill (HB) No.9292, or the proposed Act mandating the inclusion of a personal financial literary course in the Technical-Vocational Education and Training (TVET) curriculum of technical vocational institutions (TVI) and Technical Education and Skills Development Authority (TESDA) training centers. 

The bill was passed during plenary session Wednesday, Nov. 29. 

It seeks to equip the students with basic knowledge and additional skills in wealth management and contingency planning, especially in properly handling their finances, prepare them to make well-informed financial decisions upon entering the workforce, and help them master financial literacy as an essential life skill in their day-to-day transactions and other activities. 

Speaker Martin Romualdez, leader of the 300-plus strong House, said the proposed law would broaden the opportunities and venues for the teaching a personal financial literacy course to strengthen financial education among Filipinos. 

"Financial literacy is a precious skill that, unfortunately, few have. Filipinos who are financially literate are more likely to avoid financial frauds, develop financial discipline, use debt responsibly, and save their money for education or retirement," Romualdez said in a statement following HB No.9292's final passage. 

The bill says that TVIs and TESDA training centers shall provide the necessary financial education to tech-voc students while helping them learn and develop other practical tech-voc skills and competencies. 

It provides for the mandatory inclusion of Personal Financial Literacy Course (PFLC) in the TVET curriculum. 

"It shall focus solely on personal finance based on the policies, guidelines, and standards set jointly by the TESDA, the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Securities and Exchange Commission (SEC), and the Insurance Commission (IC)," read HB No. 9292. 

A passing grade in the PFLC shall be required for graduation or completion of the course. 

According to the measure, the PFLC shall provide instructions on personal financial literacy and shall include the following contents: a) Concept of personal finance; b) Time value of money; c) Consumer behavior in the context and culture of the Philippines; d) Debt management and rehabilitation; e) Savings, emergency, and resilience fund development; f) Investment concepts and planning; g) Retirement planning; h) Insurance planning; i) Credit scoring and credit reports; j) Concept of financial education; k) Pertinent topics on effective utilization of digital payment platforms, such as modules on observing cyber-hygiene to help safeguard cybersecurity, data integrity, and consumer protection in adopting digital financial services; and l) Other financial literacy issues and concerns. 

"The TESDA shall collaborate with the BSP, DOF, SEC, and IC to develop academic standards, curricula, and materials for the PFLC. These agencies shall jointly issue the proper guidelines for this purpose," the bill read. 

The content of the PFLC shall be aligned with the standards set by the aforementioned agencies. 

 

Related Tags

Financial literacy Third and Final Reading TVET TESDA
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