Signed last August 27 by President Benigno Aquino III, Republic Act No. 10679 or the Youth Entrepreneurship Act mandates all levels in schools across the nation to implement a financial literacy and entrepreneurship program for its students.
The new law aims to promote a better understanding of money and to establish a business mindset in the Filipino youth early on.
“…the State shall establish, maintain, and support a complete, adequate and integrated system of education and training to encourage the entrepreneurial spirit among our youth as well as support and promote the growth of young entrepreneurs nationwide,” reads the new law.
The new law will: train teachers on how to teach entrepreneurship and financial literacy to students; provide mentoring and coaching programs to young entrepreneurs, set up creative spaces and laboratories in schools and communities to encourage enterprise creation and development; and give grants and loans to young entrepreneurs.
The Department of Education (DepEd) will be ensuring that financial literacy and entrepreneurship programs will be supported by the K to 12 curriculum, as said by RA 10679. “Provided, That at the elementary level, the programs referred to shall principally focus on the ideal values necessary to become successful entrepreneurs,” read the law.
A new committee headed by the DepEd Secretary or a representative, named the Entrepreneurship Education Committee (EEC), will also be created as dictated by the new law.
Among its duties, the EEC will be formulating a national plan of action for the implementation of RA 10679. It will also be studying and standardizing already existing financial literary and entrepreneurship programs in schools and institutions.
The Commission on Higher Education (CHED) and the Technical Education and Skills Development Authority (TESDA) are assigned to ensure the development, promotion and implementation of the components of the new law.
Members of the EEC will include a representative from CHED, TESDA, the Department of Trade and Industry (DTI) and the National Youth Commission (NYC).
The new law aims to cover financial and entrepreneurial areas such as: financial literacy, accounting, agri-entrepreneurship, agribusiness management, securing capital and borrowing, business plan conception and drafting, management, marketing, design thinking, social entrepreneurship, and community organizing.