Question & AnswerQ&A (Republic Act No. 10679)
The short title of Republic Act No. 10679 is the "Youth Entrepreneurship Act."
The State's policy is to promote the sustained development of young Filipinos' aptitude and skill in finance and entrepreneurship through education and specialized training programs, supporting the growth of young entrepreneurs nationwide.
Eligible entities include institutions for formal, nonformal, or informal education; partnerships between tertiary education institutions and nonprofit organizations with proven track records in financial literacy or entrepreneurship, local governments dedicated to uplifting constituents, and learning organizations with relevant experience.
Young entrepreneurs are individuals aged 18 to 30 years engaged in designing, creating, establishing, and/or managing a micro, small, or medium enterprise.
The EEC is chaired by the DepED Secretary or an authorized representative and includes representatives from the Commission on Higher Education (CHED), Technical Education and Skills Development Authority (TESDA), Department of Trade and Industry (DTI), and the National Youth Commission (NYC).
The EEC formulates national action plans, standardizes current entrepreneurship programs, researches foreign programs, provides training and mentoring, sets up enterprise incubation spaces, coordinates agriculture-related lending programs, and exercises necessary powers to implement the Act.
There are capacity-building grants for entities teaching entrepreneurship at various educational levels and project grants and loans for deserving young entrepreneurs pursuing entrepreneurial projects or studies.
The Department of Education (DepED) awards grants for elementary and secondary levels and learning centers; the Commission on Higher Education (CHED) and TESDA award grants for the tertiary level.
The MSMED Council develops national programs to promote youth entrepreneurship, integrates youth entrepreneurship in national MSMED policies, identifies funding mechanisms to support young entrepreneurs, and coordinates with the EEC on mentoring and support programs.
The Committee must oversee, monitor, and evaluate the Act’s implementation, include members from both Senate and House of Representatives, conduct annual reviews, and receive written implementation and assessment reports from the EEC.
The Secretaries of DepED, CHED, TESDA, and DTI must promulgate the necessary rules and regulations within 120 days from the effectivity of the Act.
The separability clause provides that other provisions not affected shall continue to be in full force and effect.
The Act took effect 15 days after its complete publication in at least two newspapers of general circulation.