SENATOR Sherwin Gatchalian reiterated the need to improve financial literacy among Filipinos, with financial and insurance activities topping the contributors to the country’s growth for the full year last year.

One of Gatchalian’s proposals to improve financial literacy in the country is the teaching of an Economics and Personal Finance course from elementary to the tertiary level, a proposal which he made in the Economics and Financial Literacy Curriculum and Training Act or Senate Bill No.479.

“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. 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,” said Gatchalian, Chairperson of the Senate Committee on Basic Education.

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

The same survey also revealed that only 42% of respondents correctly identified the effects of inflation on their purchasing power, lower than the 55% 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 level, 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.