QuestionsQuestions (Republic Act No. 10679)
The Act is entitled the “Youth Entrepreneurship Act.”
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, supported by an integrated system of education and training to foster entrepreneurial spirit and growth of young entrepreneurs nationwide.
Individuals aged eighteen (18) to thirty (30) years old who are engaged in the design, creation, establishment, and/or management of a micro, small or medium enterprise.
An institution for formal, nonformal, or informal education; or a partnership between (1) a tertiary education institution and (i) a nonprofit organization with a proven track record in quality financial literacy/entrepreneurship/personal finance programs and/or (ii) a local government dedicated to uplifting constituents and/or (iii) a learning organization with a proven track record in quality programs.
As provided by RA 9155, it is a physical space housing learning resources and facilities for out-of-school youths and adults, serving as a venue for face-to-face learning activities and other community development opportunities.
The EEC is a committee created under Section 5. It is chaired by the DepED Secretary or a duly authorized representative and includes representatives from CHED, TESDA, DTI, and the National Youth Commission (NYC).
Among others: (1) formulate a national plan of action; (2) study and standardize current school/institution programs on entrepreneurship and financial literacy; (3) research foreign practices for application; (4) provide assistance, training, and support for coherence/progression of objectives including information dissemination, mentoring/coaching, incubation laboratories/creative spaces, and coordination with DA and Land Bank for agriculture-related lending/support; and (5) exercise other necessary powers.
All levels of education nationwide. DepED ensures K to 12 curriculum support; elementary focuses principally on values for successful entrepreneurship; CHED and TESDA ensure promotion of programs on entrepreneurship and financial literacy in higher education and technical-vocational contexts.
(1) Capacity-Building Grants for entities teaching entrepreneurship; and (2) Project Grants and Loans for young entrepreneurs pursuing entrepreneurship-related projects or studies.
Grants may be awarded for a term of not more than four (4) years each. DepED awards for elementary/secondary/learning centers; CHED and TESDA award for tertiary levels.
The EEC shall meet annually to monitor absorptive capacity of receiving entities, fund utilization, and progress.
They may partner with government financial institutions, banks, national government agencies, local government units, NGOs, foundations, private corporations, and individuals (foreign or local) to launch enterprise incubation programs and provide young entrepreneurs funding and support for incubation projects; they may also accept financial contributions from partner institutions.
The DTI and the MSMED Council are responsible for integrating youth entrepreneurship promotion into national policies and programs supporting MSMED.
To oversee, monitor, and evaluate the implementation of RA 10679; to require an annual written report submitted by the EEC; and to conduct a mandatory review of the Act every year from its approval.
An implementation status report and an overall assessment of standards, competencies, teaching methods, and mentoring programs.
Rules and regulations must be promulgated within one hundred twenty (120) days from the effectivity of the Act by the DepED Secretary, CHED Chairperson, TESDA Director General, and DTI Secretary.
Fifteen (15) days after its complete publication in at least two (2) newspapers of general circulation.