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Aquino thinks more Pinoys should learn to be savvy with money

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Senator Bam Aquino hopes that by next school year, financial literacy and entrepreneurship will be taught in public schools.

He said that money management and business training must taught in public schools to equip students with the needed knowledge in managing their finances and encourage them to become entrepreneurs in the future.

In a speech at the 6th UNESCO-APEID meeting on entrepreneurship education at Miriam College recently, Aquino told participants that the Youth Entrepreneurship Act has already been enacted into law as Republic Act 10679 in 2015.

“The law encourages young would-be entrepreneurs to establish their own business by providing them access to capital and other support,” he said.

“It also creates financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth,” Aquino added.

He deplored that the Philippines ranked 68th in the world in terms of financial literacy in 2015, way behind its neighbors Malaysia, Thailand, Hong Kong and Singapore.

He also said that a 2015 survey by Standard & Poor’s revealed that only 25 percent of Filipino adults are knowledgeable on basic money management.

Aquino hopes that the country will learn from the experience of different participants of the conference to enhance financial literacy and entrepreneurship education in the country.