PNoy signs law promoting financial literacy, entrepreneurship among students

MANILA, Philippines - President Benigno Aquino III has signed the law promoting entrepreneurship and financial education among young Filipinos.

Aquino signed Republic Act 10679 or the Youth Entrepreneur Act on August 27.

The new law mandates the Department of Education (DepEd), the Commission on Higher Education (CHED) and the Technical Education and Skills Development Authority (TESDA) to establish the promotion of programs on entrepreneurship and financial literacy.

DepEd shall also ensure that the K to 12 curriculum shall be supported by such programs. However, at the elementary level, the programs shall be focused on the ideal values necessary to become successful entrepreneurs.

The new measure empowers the DepEd, CHED and TESDA to award grants for a term of not more than four years to eligible entities teaching entrepreneurship.

The said agencies shall also assist, in the form of grants or loans, deserving young entrepreneurs who are pursuing a project or study on entrepreneurship.

An Entrepreneurship Education Committee will be created and formulate a national plan of action for the implementation of the new law, which will overseen, monitored and evaluated by a Joint Congressional Oversight Committee.