The Youth Entrepreneurship Act (Republic Act 10679) was signed into law by President Benigno Aquino III last August 27.
The law seeks to inculcate a culture of entrepreneurship among the Filipino youth by mandating the inclusion of financial literacy modules at all levels of education.
It also provides young entrepreneurs access to financing, training, market linkages and other means of support that will help them start, run, and grow their own small enterprises.
Senator Bam Aquino, the principal author of the law, said that the legislation will help reorient the national mindset from wanting to seek employment to a more self-reliant one of starting a business and providing employment for themselves and for others.
The law is expected to contribute to job creation, considered crucial in the light of the growing number of unemployed young people in the country. The Philippine Statistics Office (PSA) estimates there are about 1.32 million unemployed young people, 15 to 24 years of age, as of January 2015.
With the enactment of the Youth Entrepreneurship Law, the government has an additional means to address the growing joblessness among the youth, Sen. Aquino said. “This law will open more opportunities for the youth to become more productive citizens of the country through entrepreneurial means.”
Senator Aquino also authored the Go Negosyo Act which was approved last year.
The Act provided for the creation of Go Negosyo Centers across the country which would provide crucial business development services to micro, small and medium enterprises.
Photo: from bamaquino.com