/ 2 February 2021

CAMARINES Sur Rep. Luis Raymund Villafuerte wants students to learn the principles of the free enterprise system early, thus he filed a bill that seeks to establish the National Commission on Entrepreneurial Education.

House Bill 8491 or the proposed Entrepreneurial Education Promotion Act, aims to educate the youth on the free enterprise system and encourage them to pursue entrepreneurship.

The lawmaker said the proposed law will instill in students the importance of business ownership and job creation.

In his explanatory note, Villafuerte said that the commission will guide future business owners and operators to be competent in order to boost the economy.

House Bill 8491 mandates the commission to study methods of teaching elementary and secondary school students about free enterprise system.

The study includes an examination of teaching methods in Business formation and operations; Marketing; Finance; Management; Tax and fiscal policies of national and local governments; Investment capital; Product development, production and distribution; Labor relations; Microeconomic and macroeconomic principles and International trade.

The commission shall also study government efforts in foreign countries and come up with recommendations on legislative, administrative and other actions that may be taken to improve entrepreneurial education.