Title
Economic and Ficial Literacy Week Act
Law
Republic Act No. 10922
Decision Date
Jul 22, 2016
Republic Act No. 10922 establishes Economic and Financial Literacy Week in the Philippines, aiming to raise awareness and promote financial literacy among Filipinos through the involvement of government agencies, educational institutions, private sector, and civil society.

Law Summary

Declaration of Policy

  • Declares the second week of November of every year as "Economic and Financial Literacy Week".
  • Aims to develop national consciousness on economic and financial literacy.
  • Recognizes the country's growth potential through a financially literate populace.
  • Emphasizes sound financial decision-making, mobilization of savings, and contributions to economic and financial policies.

Participating Government Agencies

  • National Economic and Development Authority (NEDA) designated as the lead agency.
  • NEDA's responsibilities include planning, initiating, executing, and encouraging economic and financial literacy activities.
  • Inclusive participation from government agencies, local government units (LGUs), government-owned and -controlled corporations (GOCCs), and educational institutions.
  • Relevant agencies include Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Department of Education (DepED), Commission on Higher Education (CHED), National Youth Commission (NYC), Department of the Interior and Local Government (DILG).
  • All heads of agencies and instrumentalities mandated to cooperate with NEDA.

Economic and Financial Literacy of Students and the Youth

  • Mandates all public and private elementary and secondary schools (DepED), state and private colleges and universities (CHED), Technical Education and Skills Development Authority (TESDA), and National Youth Commission (NYC) to conduct literacy activities.
  • Activities include literature corners, forums, trainings, and basic economic and financial management classes.
  • DepED encouraged to assess and revise the high school economics curriculum for age-appropriateness.
  • Economic and financial education to become an integral part of formal learning.

Communication Arm

  • Mandates the Philippine Information Agency (PIA) and the Presidential Communications Development and Strategic Planning Office (PCDSPO) to provide airtime for programs and produce/disseminate printed and online materials.
  • Aims to enhance awareness and education on economic and financial literacy.

Private Sector Participation

  • NEDA, in coordination with the Philippine Economic Society (PES) and academic/professional institutions, to encourage private sector and civil society involvement.
  • PES tasked with planning and encouraging literacy activities for adoption by the private sector and civil society.

Separability Clause

  • Any provision declared invalid or unconstitutional shall not affect the validity of the rest of the law.

Repealing Clause

  • All laws, decrees, orders, rules, regulations or parts inconsistent with this Act are repealed or modified.

Effectivity

  • The Act takes effect 15 days after publication in the Official Gazette or a newspaper of general circulation.

Legislative History and Approval

  • Passed by the House of Representatives as HB No. 5452 on February 23, 2015.
  • Adopted by the Senate as an amendment to SB No. 2779 on June 6, 2016.
  • Lapsed into law on July 22, 2016, without presidential signature, per constitutional provision.

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