MICROCAPITAL BRIEF: Philippine Department of Education (DepEd) Introduces Training on Financial Literacy for Senior High School Students

The Philippine Department of Education (DepEd) recently announced that financial literacy training will be included in the curriculum of senior high school students. The training is part of the implementation of the National Strategy for Financial Inclusion (NSFI), a multi-agency initiative that aims to promote financial inclusion through “policy and regulation, financial education and consumer protection, advocacy programs, and progress monitoring”[1]. The financial literacy training will be integrated in the students’ curricula in one or two weekly sessions. No specific details are available as to when the students will commence the training. DepEd will arrange further education of teachers in this field.

The financial inclusion training will be based on the recommendations of the Organization for Economic Co-operation and Development’s (OECD) Programme for International Student Assessment (PISA) that evaluates the reading, mathematics and science skills of students in the 15-year old age group every three years. Financial literacy became an optional field of assessment of PISA as of 2012.

DepEd is responsible for supervising elementary and secondary education in the Philippines. As of 2016, DepEd supervises approximately 49,200  elementary schools and 13,400 secondary schools.

By Imke Herholdt, Research Associate

The Department of Education (DepEd)
The Department of Education (DepEd) is a Philippine governmental institution that “formulates, implements, and coordinates policies, plans, programs and projects in the areas of formal and non-formal basic education”[4]. DepEd is also responsible for supervising elementary and secondary educational  institutions, both public and private. Currently DepEd supervises approximately 49,200 elementary schools and 13,400 secondary schools.

About the National Strategy for Financial Inclusion (NSFI)
The National Strategy for Financial Inclusion (NSFI) is a Philippine multi-agency initiative that was launched in July 2015. The aim of NSFI is to promote financial inclusion through “policy and regulation, financial education and consumer protection, advocacy programs, and progress monitoring”[3]. The initiative is made up of a number of Philippine governmental and non-governmental entities as well as private institutions.

Sources and Additional Resources
[1] Philippines Information Agency: Basic education curriculum to include financial education
[2] OECD: PISA
[3] National Strategy for Financial Inclusion
[4] Department of Education (DepEd)

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