Key Definitions
- Eligible entities: educational institutions and partnerships with nonprofit organizations, local governments, or learning organizations experienced in financial literacy and entrepreneurship.
- Learning center: physical space for face-to-face learning for out-of-school youths and adults.
- Learning organization: community associations focused on co-creating sustainable community enterprises involving youth.
- MSMED Council: Micro, Small and Medium Enterprise Development Council under DTI.
- Standards and competencies: entrepreneurial knowledge including financial literacy, management, marketing, social entrepreneurship.
- Tertiary education: post-secondary technical, vocational, or degree programs.
- Young entrepreneurs: individuals aged 18 to 30 engaged in managing micro, small or medium enterprises.
Integration into Education System
- Entrepreneurship and financial literacy programs incorporated at all educational levels.
- DepED to incorporate in K to 12 curriculum with a focus on values at elementary level.
- CHED and TESDA to ensure promotion at tertiary and technical education levels.
Entrepreneurship Education Committee (EEC)
- Created with representatives from DepED (chair), CHED, TESDA, DTI, and National Youth Commission.
- Tasks include formulating national plans, standardizing programs, researching best practices abroad, and providing assistance and training.
- Develops mentoring, coaching, and incubation programs.
- Coordinates with agriculture and financial institutions for specialized lending and support.
Grant and Loan Programs
- Capacity-building grants awarded competitively to eligible entities for developing standards, training teachers, and evaluating entrepreneurial education.
- DepED handles elementary and secondary levels; CHED and TESDA handle tertiary levels.
- Project grants and loans available to deserving young entrepreneurs for entrepreneurship projects or studies.
- Agencies may partner with government and private sectors to support entrepreneurship incubators and funding.
- DTI and MSMED Council integrate youth entrepreneurship into national policies and programs.
Oversight and Monitoring
- Joint Congressional Oversight Committee composed of members from Senate and House to oversee implementation.
- EEC submits annual reports on program status and assessments.
- The Oversight Committee conducts yearly review of the Act.
MSMED Council’s Role
- Develops national program and strategies promoting youth entrepreneurship within broader MSMED plans.
- Responsible for facilitating national programs and identifying funding mechanisms.
- Includes youth representation to coordinate mentoring and support.
Budget and Appropriations
- Funding allocated from the budgets of DepED, CHED, TESDA, DTI, and relevant agencies under the General Appropriations Act.
Implementation and Regulation
- Secretary of DepED, Chairperson of CHED, TESDA Director General, and DTI Secretary will promulgate necessary rules within 120 days.
Legal Provisions
- Contains separability clause maintaining unaffected provisions if parts are invalidated.
- Repeals or amends inconsistent laws, decrees, or executive orders.
Effectivity
- The Act takes effect 15 days after full publication in two newspapers of general circulation.