Senator Sherwin Gatchalian on Thursday pushed for the passage of his bill, requiring the teaching of financial literacy courses from elementary all the way to the tertiary level.

Gatchalian made this call as financial and insurance activities emerged as among the top contributors to the country’s 5.6-percent gross domestic product growth in 2023.

Under his Senate Bill 479 or the Economics and Financial Literacy Curriculum and Training Act, Gatchalian proposed the teaching of an Economics and Personal Finance (EPF) course in schools to improve financial literacy among Filipinos.

“Habang patuloy na lumalaki ang kontribusyon ng financial activities sa paglago ng ating ekonomiya, mahalagang tiyakin din nating may sapat na kaalaman ang ating mga kababayan pagdating sa mga usaping ito (As the contribution of financial activities to our economic continue to grow, it is important to make sure our countrymen have enough knowledge about financial literacy),” he said in a statement.

“Sa pamamagitan ng panukala nating economics and personal finance course na ituturo sa ating mga paaralan, mapapalawak natin ang kaalaman ng ating mga kababayan pagdating sa usapin ng pananalapi (Through our proposal to teach economics and personal finance course in our schools, we will improve the knowledge of our countrymen in handling finances),” the chairperson of the Senate Committee on Basic Education added.

Based on the Bangko Sentral ng Pilipinas’ 2021 Financial Inclusion Survey, only 2 percent of Filipinos are able to answer all six basic financial literacy questions, while 69 percent correctly answered half of the six questions.

The survey also showed that only 42 percent of respondents correctly identified the effects of inflation on their purchasing power, lower than the 55 percent recorded in 2019.

Under Gatchalian’s proposed measure, all public and private schools, local and state universities and colleges, private universities and colleges, and technical-vocational schools and centers are required to develop a course solely focused on EPF, which will be part of their respective curriculum.

At the elementary level, the EPF course shall cover lessons such as making spending decisions, planning and managing personal finances, evaluating expenses and budget preparation, and financial goal setting, among others.

At the secondary, tertiary, and technical-vocational levels, topics shall include the concept of income and preparing a savings plan, understanding the financial landscape, participating in various savings and investment schemes, and investing for retirement, among others.

The proposed measure also seeks to provide EPF professional development to teachers, and an EPF training course to government and private sector employees who will guide the youth in making financial decisions. (PNA)