House bill seeks to integrate financial literacy in gov’t livelihood programs

A BILL has been filed at the House of Representatives to integrate financial literacy training in the government’s livelihood programs to help beneficiaries better manage their earnings.

Six lawmakers filed House Bill 10562 or the Financial Literacy in Livelihood Programs Act, which would require qualified beneficiaries to attend a series of financial literacy workshops before becoming part of a livelihood program.

“It is not enough to provide access to the poor or give them business opportunities” according to a copy of the bill.

The measure would also create a Financial Literacy Inter-agency Committee, to be led by a member of the National Economic and Development Authority, which will be in charge of the proposed law’s implementation.

The Bangko Sentral ng Pilipinas and Land Bank of the Philippines (LANDBANK) will take the lead in creating modules and materials for the financial literacy training.

An information desk will also be established where beneficiaries can make inquiries on financial matters.

Funding for the implementation of the law will be charged from the appropriation of government agencies conducting livelihood programs. — Russell Louis C. Ku