Question & AnswerQ&A (Republic Act No. 10679)
The short title of Republic Act No. 10679 is the 'Youth Entrepreneurship Act.'
The State aims to promote the sustained development of young Filipinos by encouraging and honing their aptitude and skills in finance and entrepreneurship through education and specialized training programs.
Young entrepreneurs are individuals aged eighteen (18) to thirty (30) years old engaged in the design, creation, establishment, and/or management of a micro, small, or medium enterprise.
An eligible entity includes an institution for formal, nonformal, or informal education; or a partnership between a tertiary education institution and a nonprofit organization with proven experience in financial literacy, entrepreneurship, or personal finance programs; or a local government; or a learning organization with relevant experience.
The Department of Education (DepED), Commission on Higher Education (CHED), and Technical Education and Skills Development Authority (TESDA) are mandated to integrate entrepreneurship and financial literacy programs at all levels of education.
The EEC is responsible for formulating a national plan of action, standardizing programs, researching international practices, providing assistance and training, developing mentoring and incubation programs, and coordinating with relevant agencies to promote entrepreneurship and financial literacy among youth.
The two types of financing are: (1) Capacity-building grants for entities teaching entrepreneurship at elementary, secondary, learning centers, and tertiary levels; and (2) Project grants and loans for deserving young entrepreneurs pursuing entrepreneurship projects or studies.
They are sourced from the respective annual appropriations of the DepED, CHED, and TESDA.
It is composed of five members each from the Senate and the House of Representatives, including chairpersons of relevant committees on youth, education, and sports development, with at least two minority members per House.
The MSMED Council is tasked to develop a national program to promote youth entrepreneurship, facilitate national programs, identify funding mechanisms, and coordinate with the EEC on mentoring and support programs for young entrepreneurs.
It took effect fifteen (15) days after its complete publication in at least two newspapers of general circulation following its approval on August 27, 2015.