Financial literacy to be integrated into basic education curriculum

The Department of Education (DepEd) has formed a technical working group (TWG) on financial literacy program in basic education to formulate and adopt policies on implementing and institutionalizing a financial literacy program for all learners.

Education Secretary Leonor Briones announced the creation of the TWG.

She noted that DepEd is mandated to ensure that entrepreneurship, financial education, and literacy is inculcated in all levels of basic education.”

This, she explained, is pursuant to Section 5 of Republic Act (RA) No. 10533 or the “Enhanced Basic Education Act of 2013”; Sections 4 and 6b of RA No. 10679 or the “Youth Entrepreneurship Act” as well as Executive Order (EO) No. 2018 or the “Establishment of the Financial Steering Committee.”

Briones said that the TWG was created to fulfill this mandate.

It will be headed by DepEd Undersecretary for Curriculum and Instruction (CI) Dina Ocampo as Chairperson and Bureau of Curriculum Development (BCD) Director IV Jocelyn Andaya as vice chairperson.

The value of money Briones said that the major responsibility of TWG is to formulate and adopt policies on implementing and institutionalizing financial literacy program for all learners which will focus on making them “understand the value of money and resources; understand ways in which money is acquired or generated; plan and manage the use of money and resources; save and share money and resources; invest money and resources; and apply classroom lessons through financial inclusion mechanisms.”

The TWG, Briones added, will also be responsible for establishing delivery mechanisms and support to the implementation of a financial literacy program through the “development of financial literacy curriculum competencies across learning areas in all grade levels in basic education integrated through the Revitalized Homeroom Guidance Program (RHGP) and co-curricular activities.”

Briones explained that the TWG is also responsible for the development of financial literacy materials and learning resources; design capability programs required for the roll out and establishment of financial inclusion mechanisms schools accessible to learners.”

Tieup with financial institutions The DepEd, through the TWG will collaborate with the Bangko Central ng Pilipinas (BSP) and other financial institutions in the delivery and implementation of the program.

The DepEd and BSP have also entered into a Memorandum of Agreementto develop learner-friendly financial education initiatives.

Briones noted that this is in line with the National Strategy for Financial Inclusion (NSFI) – specifically the pillar of Financial Education and Consumer Protection (FECP) launched by the government and private sector stakeholders.

Briones said that the DepEd has also established partnership with various financial institutions and agencies such as the National Confederation of Cooperatives (NATCCO) and Aflatoun International to promote financial literacy from Kinder to grade 12.