Youth Entrepreneurship Act

Case Overview and Summary

Summary of Republic Act No. 10679 (Youth Entrepreneurship Act)

Objectives and Policies:
- Promote the development of young Filipinos in finance and entrepreneurship through education and training programs. (Section 2)
- Establish an integrated system of education and training to encourage entrepreneurial spirit among youth and support young entrepreneurs nationwide. (Section 2)

Definitions:
- Eligible entity: Institutions for formal, nonformal, or informal education; partnerships between tertiary institutions and nonprofit organizations, local governments, or learning organizations with experience in financial literacy, entrepreneurship, or personal finance programs. (Section 3)
- Learning center: Physical space for learning resources and facilities for out-of-school youths and adults. (Section 3)
- Learning organization: Community association where people and institutions co-create community enterprises with children and youth. (Section 3)
- MSMED Council: Micro, Small and Medium Enterprise Development Council under the Department of Trade and Industry. (Section 3)
- Standards and competencies: Entrepreneurial knowledge, skills, and attitudes covering financial literacy, accounting, agri-entrepreneurship, business plan conception, management, marketing, design thinking, social entrepreneurship, and community organizing. (Section 3)
- Tertiary education: Post-secondary education, including technical, vocational, or degree programs. (Section 3)
- Young entrepreneurs: Individuals aged 18 to 30 engaged in micro, small or medium enterprises. (Section 3)

Youth Entrepreneurship and Financial Literacy Program:
- DepED to ensure K to 12 curriculum includes entrepreneurship and financial literacy programs, focusing on values at elementary level. (Section 4)
- CHED and TESDA to promote entrepreneurship and financial literacy programs. (Section 4)

Entrepreneurship Education Committee (EEC):
- Chaired by DepED Secretary with members from CHED, TESDA, DTI, and NYC. (Section 5)
- Duties include formulating a national plan, standardizing programs, researching foreign practices, providing assistance and training, developing mentoring and coaching programs, setting up enterprise incubation laboratories, and coordinating with agencies for agriculture-related entrepreneurship. (Section 6)

Grants and Loans:
- Capacity-Building Grants for Entities Teaching Entrepreneurship:
- DepED to award grants for up to 4 years to eligible entities for developing standards and competencies, training teachers, evaluating effects, and including standards in teacher education. (Section 7)
- CHED and TESDA to award grants for up to 4 years to eligible entities for similar purposes at the tertiary level. (Section 7)
- Grants sourced from respective agencies' annual appropriations. (Section 7)
- Project Grants and Loans for Young Entrepreneurs:
- DepED, CHED, and TESDA may provide grants or loans to deserving young entrepreneurs based on qualifications and standards. (Section 7)
- Agencies to partner with financial institutions, LGUs, NGOs, and private entities to launch enterprise incubation programs and provide funding and support. (Section 7)
- DTI and MSMED Council to integrate youth entrepreneurship promotion into national policies and programs for MSMEs. (Section 7)
- Relevant agencies and financial institutions to establish financing, information services, training, and marketing support programs for young entrepreneurs. (Section 7)

Joint Congressional Oversight Committee:
- Composed of 5 members each from the Senate and House of Representatives, including committee chairpersons related to youth, education, and entrepreneurship. (Section 8)
- EEC to submit annual written reports on implementation status and assessment. (Section 8)
- Mandatory review of the Act every year. (Section 8)

National Program to Promote Youth Entrepreneurship Development:
- MSMED Council to develop a national program promoting youth entrepreneurship, including strategies for promoting enterprise viability and growth, identifying funding mechanisms, and coordinating with EEC on mentoring and support programs. (Section 9)

Appropriations and Implementing Rules:
- Necessary funds to be charged to the budgets of DepED, CHED, TESDA, DTI, and other relevant agencies. (Section 10)
- Implementing rules and regulations to be promulgated within 120 days by DepED, CHED, TESDA, and DTI Secretaries/Heads. (Section 11)