Title
Youth Entrepreneurship and Ficial Education Act
Law
Republic Act No. 10679
Decision Date
Aug 27, 2015
The Youth Entrepreneurship Act aims to promote entrepreneurship and financial education among Filipino youth through education and training programs, with the Department of Education, Commission on Higher Education, and Technical Education and Skills Development Authority responsible for implementation and oversight.
youth entrepreneurship
financial education
education and training programs
A

Declaration of Policy

  • State promotes development of young Filipinos in finance and entrepreneurship.
  • Establishes an integrated education and training system to foster entrepreneurial spirit among youth.

Definitions

  • "Eligible entity" includes: educational institutions (formal, nonformal, informal), partnerships involving institutions and nonprofit organizations, local governments, or learning organizations with proven track records.
  • "Learning center" is a physical venue for face-to-face learning, especially for out-of-school youths and adults (per RA 9155).
  • "Learning organization" involves community associations and institutions collaborating for sustainable community enterprises.
  • "MSMED Council" refers to the Micro, Small and Medium Enterprise Development Council under the DTI.
  • "Standards and competencies" encompass entrepreneurial knowledge and skills including financial literacy, agri-entrepreneurship, business plans, social entrepreneurship, etc.
  • "Tertiary education" covers post-secondary education: technical, vocational, or degree programs.
  • "Young entrepreneurs" are persons aged 18 to 30 engaged in micro, small, or medium enterprise business activities.

Youth Entrepreneurship and Financial Literacy Program

  • Programs on youth entrepreneurship and financial literacy must be integrated into all education levels nationwide.
  • DepED supports curriculum inclusion for K to 12; focus at elementary level is on entrepreneurial values.
  • CHED and TESDA promote similar programs for higher education levels.

Entrepreneurship Education Committee (EEC)

  • EEC is created and chaired by DepED Secretary or authorized representative.
  • Membership: representatives from CHED, TESDA, DTI, and National Youth Commission.

Duties of the EEC

  • Formulate national implementation plan.
  • Study and standardize existing entrepreneurship and financial literacy programs.
  • Research foreign government entrepreneurship education efforts for applicable practices.
  • Provide assistance, training, and support, including:
    • Informing students of government and NGO training and assistance.
    • Developing mentoring and coaching programs.
    • Establishing enterprise incubation laboratories and creative spaces.
    • Coordinating agricultural lending/support programs with appropriate agencies.
  • Exercise other powers necessary to fulfill the Act's objectives.

Grants and Loans

  • Two financing types established:
    1. Capacity-Building Grants for Entities Teaching Entrepreneurship:
      • Awarded competitively for up to four years.
      • DepED manages grants for elementary, secondary, and learning centers.
      • CHED and TESDA handle tertiary education grants.
      • Grants used to develop standards, teacher training, evaluation methods, and inclusion in teacher education.
      • Funded from respective agencies' annual appropriations.
    2. Project Grants and Loans for Young Entrepreneurs:
      • Grants/loans offered by DepED, CHED, TESDA to deserving entrepreneurs engaged in studies or projects.
      • Partnerships formed with financial institutions, government bodies, NGOs, private sector for incubation programs.
      • DepED, CHED, TESDA may accept financial contributions from partners.
      • DTI and MSMED Council integrate youth entrepreneurship promotion into MSMED policies.
      • Government agencies and financial institutions provide financing, training, marketing support.

Joint Congressional Oversight Committee

  • Composed of 5 members from Senate and 5 from House, including committee chairpersons on youth and education.
  • At least 2 minority members from each House included.
  • Responsible for oversight, monitoring, and evaluation of Act's implementation.
  • EEC must submit an annual written report on implementation status and assessment.
  • Oversight Committee must review the Act annually post-approval.

National Program to Promote Youth Entrepreneurship Development

  • MSMED Council to develop a national youth entrepreneurship program.
  • Promote youth entrepreneurship as part of MSMED Plan and broader enterprise growth strategy.
  • Identify funding mechanisms for youth enterprise incubation and startup.
  • Youth representative in MSMED Council to coordinate with EEC on mentoring and support.

Appropriations

  • Funding for implementation charged to DepED, CHED, TESDA, DTI, and other relevant agencies' budgets.

Implementing Rules and Regulations

  • DepED Secretary, CHED Chairperson, TESDA Director General, and DTI Secretary to promulgate necessary implementing rules within 120 days of effectivity.

Separability Clause

  • If any provision is invalid or unconstitutional, the remainder shall remain effective.

Repealing Clause

  • Laws, decrees, and executive orders inconsistent with this Act are repealed, amended, or modified accordingly.

Effectivity

  • Act takes effect 15 days after publication in at least two newspapers of general circulation.

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