Economic and Financial Literacy Act"

Case Overview and Summary

Summary of Republic Act No. 10922 (Economic and Financial Literacy Act)

Declaration of Policy (Section 2):
- Declares the policy of the State to develop national consciousness on economic and financial literacy.
- Recognizes the growth potential of the country through a financially literate people who make sound financial decisions, mobilize savings, and contribute ideas on improving economic and financial policies and programs.

Participating Government Agencies (Section 3):
- The National Economic and Development Authority (NEDA) shall lead the participation of government agencies and instrumentalities during the Economic and Financial Literacy Week.
- NEDA shall plan, initiate, execute, and encourage knowledge-expanding activities on economic and financial literacy.
- NEDA shall convene relevant agencies, including the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Department of Education (DepED), the Commission on Higher Education (CHED), the National Youth Commission (NYC), and the Department of the Interior and Local Government (DILG).
- All heads of government agencies and instrumentalities, including local government units (LGUs), government-owned and -controlled corporations (GOCCs), and those identified by the NEDA as relevant agencies, are directed to collaborate and cooperate with the lead agency.

Economic and Financial Literacy of Students and the Youth (Section 4):
- All public and private elementary and secondary schools under the DepED, state and private colleges and universities under the CHED, the Technical Education and Skills Development Authority (TESDA), and the NYC, in coordination with the NEDA, are mandated to conduct consciousness-raising and knowledge-expanding activities on economic and financial literacy, including setting up literature corners, organizing fora, trainings, and conducting basic economic and financial management classes.
- The DepED is encouraged to assess and revise the high school economics curriculum to make it more age-appropriate and ensure that economic and financial education becomes an integral part of formal learning.

Communication Arm (Section 5):
- The Philippine Information Agency (PIA) and the Presidential Communications Development and Strategic Planning Office (PCDSPO) are mandated to allot airtime for programs, and produce and disseminate printed and online materials for economic and financial literacy awareness and enhancement.

Private Sector Participation (Section 6):
- The NEDA, in coordination with the Philippine Economic Society (PES), and in partnership with other academic and professional institutions, shall lead and encourage the participation of the private sector and civil society during the Economic and Financial Literacy Week.
- The PES shall plan, initiate, and encourage knowledge-expanding activities on economic and financial literacy which may be adopted by the private sector and civil society in their respective offices.

Separability Clause (Section 7):
- If any provision or part of the law is held invalid or unconstitutional, the remainder of the law or the provision not otherwise affected shall remain valid and subsisting.

Repealing Clause (Section 8):
- All laws, decrees, orders, rules and regulations or parts thereof inconsistent with this Act are hereby repealed or modified accordingly.

Effectivity (Section 9):
- This Act shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation.