MIRIAM FILES BILL FOR FINANCIAL LITERACY

As Congress is still in the process of deliberating the 2009 budget in the context of a global financial crisis, Sen. Miriam Defensor Santiago filed a bill encouraging the development of financial literacy programs in educational institutions and the private sector.

Santiago's Senate Bill No. 2933, also known as the "Financial Literacy Act of 2008," aims to equip Filipinos with the knowledge to properly manage their finances and make informed financial decisions.

"Filipinos should be taught to be smart on money matters--how to save money, spend it wisely, and make it grow," Santiago said.

Santiago said that raising the levels of financial literacy in Filipinos should encourage them to seek information about their financial options.

"Financial literacy can help Filipinos avail of financial reliefs provided by our government to help them prepare for their future," Santiago said.

There are no separate courses for financial literacy in public school curricula, but officials from the Department of Education say that a program called "Estudyantipid" is being integrated in the Makabayan course, a regular subject which integrates history, society, and culture. Other countries like Australia, Japan, the United States, and the United Kingdom now have government programs for raising levels of financial literacy.