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Manila Bulletin devider Philippines devider National devider Sandro Marcos bill to give rise to 'working entrepreneurs'

Sandro Marcos bill to give rise to 'working entrepreneurs'

Published Sep 15, 2023 02:59 am

At A Glance

  • Presidential son, Ilocos Norte 1st district Rep. Sandro Marcos wants Filipino workers to excel in financial literacy and have their own small business.
  • Marcos is the House senior deputy majority leader. 

IMG-81f9fd52592b92ba9cf971cbec199d51-V(1).jpgIlocos Norte 1st district Rep. Sandro Marcos (PPAB)

Presidential son, Ilocos Norte 1st district Rep. Sandro Marcos wants Filipino workers to excel in financial literacy and have their own small business.

For this purpose, Marcos, the House senior deputy majority leader, filed House Bill (HB) No.8989, also known as the “Financial Literacy for Workers’ Act".

Under the proposed law, employers shall be required to provide financial literacy and entrepreneurship programs to their employees.

Marcos said these programs would empower Filipinos to generate more income and ultimately lead a life of economic and financial freedom.

“At a time of continuously rising prices, the prevalence of financial scams, and also predatory loans, there is a need to empower employees with financial literacy programs that will include debt management, savings and investment, insurance and retirement planning, so as to avoid indigency,” he said.

The 29-year-old congressman noted that people who have better awareness and understanding of how money works and how to handle it responsibly are equipped to reach their financial goals.

The bill defines "working entrepreneurs" as individuals who are employed and engaged in the operations or management of micro, small or medium enterprises (MSMEs).

It also provides that the Department Labor and Employment (DOLE) secretary would award loans and grants, on a competitive basis, to eligible entities to provide financial literacy and entrepreneurship programs to workers.

The DOLE secretary may make available to deserving working entrepreneurs assistance in the form of grants or loans, to provide for the initial launch of their MSMEs.

An eligible entity or entrepreneur that desires to receive a grant or a loan should submit an application to the DOLE secretary accompanied by an itemized budget and other data as required.

HB 8989 is now pending before the House Committee on Labor and Employment.

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