Gatchalian files bill requiring the teaching of financial literacy in schools

Gatchalian files bill requiring the teaching of financial literacy in schools

By Liza Soriano

Scot Scoop News courtesy

MANILA — Educating students in financial literacy at the primary, secondary, and tertiary levels, as well as in technical-vocational schools, is mandated by a measure introduced by Senator Win Gatchalian.

According to the Economics and Financial Literacy Curriculum and Training Act or Senate Bill No. 479, all public and private schools, community colleges, state and private colleges and universities, as well as technical-vocational schools and centers, must create an Economics and Personal Finance (EPF) course that will be a part of their individual curricula.

The EPF course will address fundamental economic concepts at the primary school level, including but not limited to defining financial goals for the self and the family, analyzing spending, and creating a budget.

The course will cover material such as credit, at the secondary, tertiary, and technical-vocational education levels.

“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. (ai/mtvn)

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