Jinggoy to employers: Provide financial literacy program to workers

TO help workers make sound financial decisions, Senator Jinggoy Ejercito Estrada has filed a bill seeking to require employers nationwide to provide a free financial literacy program for all its employees.

"The role of employers to take a lead in this endeavor cannot be undermined because they provide the most accessible venues and channels for such initiatives. Kung gugustuhin ng mga employers, magagawan ito ng paraan para maitaas natin ang antas sa kaalaman ng ating mga manggagawa kung paano sila makakapag-ipon, mamuhunan at iba pa," Estrada said in explaining his proposed Personal Finance Education in the Workplace Act contained under Senate Bill No. 2630.

"This will benefit the employees and workers because it will give them the knowledge and skills to effectively and efficiently manage their resources and allow them to be financially stable," the chairperson of the Senate Committee on Labor, Employment and Human Resources Development explained.

He added that companies will likewise benefit from financially-stable employees who are more focused on their tasks, thus more productive and satisfied in their work.

Under the bill, employers will be mandated to provide a personal finance education program for all its workers which will include topics on behavioral finance, savings, emergency and resilience fund development, debt management, investment, insurance and retirement planning, and other applicable personal finance programs.

The Department of Labor and Employment (DOLE), in consultation with the Bangko Sentral ng Pilipinas (BSP) and other concerned government agencies, shall make available the standard content of the program.

The employer may conduct the program in-house, outsourced, or through other available options.

In filing the bill, which seeks to amend a provision in Presidential Decree No. 442, otherwise known as the Labor Code of the Philippines, Estrada said a survey conducted by the BSP showed that only one percent of surveyed Filipino adults answered the questions on financial literacy correctly.

Further, according to the World Bank, only 25% of adult Filipinos are knowledgeable about basic financial concepts.

Employers dapat bigyan ng libreng financial literacy program ang mga manggagawa - Jinggoy

PARA matulungan ang mga manggagawa na makapag-ipon, naghain ng panukalang batas si Senador Jinggoy Ejercito Estrada para ipatupad ng mga employer ang libreng programa na magbibigay ng sapat na kaalaman sa mga trabahante kung paano makakapag-ipon at mapaghahandaan ang kanila retirement.

"Hindi maaaring balewalain ang papel ng mga employer sa ganitong adhikain dahil sila ang magbibigay ng pinakamadaling paraan para sa ganitong inisyatibo. Kung gugustuhin ng mga employers, magagawan nila ng paraan para maitaas ang antas sa kaalaman ng ating mga manggagawa kung paano sila makakapag-ipon, mamuhunan at iba pa," paliwanag ni Estrada sa kanyang paghahain ng panukalang Personal Finance Education in the Workplace Act na nakasaad sa Senate Bill No. 2630.

"Makakatulong ito sa mga manggagawa dahil mabibigyan sila ng sapat na kaalaman at kasanayan sa tamang paghawak ng kanilang kita at ipon maging ng financial stability," sabi pa ng tagapangulo ng Senate Committee on Labor, Employment and Human Resources Development.

Dagdag pa ni Estrada, makikinabang din ang mga kumpanya sa mga empleyado na may matatag na kalagayang pinansyal dahil mas makakatutok sila sa kanilang gawain kaya't mas magiging produktibo at kontento sila sa kanilang trabaho.

Sa ilalim ng SB 2630, kinakailangan na magbigay ng personal finance education program ang mga employer para sa lahat ng kanilang manggagawa. Kasama sa mga ituturo ang mga konsepto ng behavioral finance, savings, emergency and resilience fund development, debt management, investment, insurance and retirement planning at iba pang kaugnay na personal finance programs.

Ang Department of Labor and Employment (DOLE), sa pakikipagtulungan ng Bangko Sentral ng Pilipinas (BSP) at iba pang kinauukulang ahensya ng gobyerno, ay magbibigay ng standard na nilalaman ng programa.

Maaaring isagawa ng employer ang programa sa loob mismo ng kanilang opisina, ipaubaya sa iba o sa pamamagitan ng iba pang available options.

Sa kanyang paghahain ng panukalang batas na layong baguhin ang probisyon sa Presidential Decree No. 442 o mas kilala bilang Labor Code of the Philippines, nabanggit ni Estrada na isang porsyento lamang ng mga Pilipino ang nakasagot ng tama sa mga tanong patungkol sa financial literacy batay sa survey na isinagawa ng BSP.

Bukod pa dito, sinabi ng World Bank na nasa 25% lang ng mga Pilipino ang may kaalaman sa basic financial concepts.