Senator Win Gatchalian has filed a bill that will require the teaching of financial literacy in elementary, secondary, and tertiary levels, including technical-vocational institutions.
At the elementary level, the EPF course will cover basic economic principles such as, but not limited to, individual and family financial goal setting, evaluating expenses, and budget preparation. At the secondary, tertiary, and technical-vocational education levels, the course will cover topics such as credit, savings, investment, and retirement, among others.
“Providing financial education to the younger generation is essential to ensure their security and well-being in the future. A financially literate Filipino youth will be able to make well-informed financial decisions that will positively impact their personal financial circumstances, empowering them to take better advantage of economic opportunities,” said Gatchalian, Chairman of the Senate Committee on Basic Education.
“Sa mahabang panahon ng pag-aaral ng ating mga kabataan, tinuturuan natin sila ng kaalaman at kakayahan upang makakuha ng maayos na trabaho, ngunit hindi natin itinuturo kung paano ang tamang paggamit ng salapi. Kung matuturuan natin sila ng financial literacy, matuturuan natin silang makamit ang pag-asenso at mamuhay nang mas matiwasay,” he added.
Gatchalian pointed out that while 89% of Filipino youth rely on their parents’ financial knowledge, the Global Financial Literacy Survey conducted by Standard and Poor’s shows that only 25% of Filipinos are financially literate. This means that 75% of Filipino adults, including the parents and teachers who will be the younger generation’s source of financial knowledge, are not financially literate.
While government agencies such as the Bangko Sentral ng Pilipinas, the Department of Finance (DOF), the Securities and Exchange Commission (SEC), the National Credit Council (NCC), and the Department of Education (DepEd) have all launched financial literacy programs, Gatchalian pointed out that these may not be sustainable if not institutionalized within the education system.
The proposed measure also seeks to provide EPF professional development to teachers.