SENATOR Raffy Tulfo filed a measure that seeks to include economics and personal finance literacy programs in the curriculum in elementary, high school and college in public and private schools.

In filing Senate Bill 1872 or the proposed Economics and Personnel Finance Education Act of 2023, Tulfo defined financial literacy as the capability of a person to effectively budget, invest and manage their personal financial resources.

“For developing countries, financial literacy co-functions with economic development since the effective management of savings and investments can have a positive impact on the overall economic growth,” Tulfo said in his explanatory note.

He said that financial literacy cannot be learned overnight and has to be deeply ingrained in the subconscious of a person.

“The efforts of various government agencies in campaigning for the awareness of this type of literacy will not be in futility if it has been institutionalized in our educational system,” the senator added.

He said that financial literacy is crucial among the earning class because they contribute to the growth of the economy.