Law aiming to create entrepreneurial mindset among Filipinos enacted

The Youth Entrepreneurship Act is now a law which will strengthen the government’s effort to address the growing number of unemployed young people in the country. The Youth Entrepreneurship Act, now known as Republic Act No. 10679, was signed by the President last August 27, 2015.

“Now that it has become a law, the government now has an additional means to address and combat the growing number of jobless youths,” said Sen. Bam Aquino, author and prinicipal sponsor of the Youth Entrepreneurship Act.

“This law will open more opportunities for the youth to become more productive citizens of the country through entrepreneurial means,” added Sen. Bam, chairman of the Committee on Youth, and Trade, Commerce and Entrepreneurship.

According to Philippines Statistics Authority (PSA) there are around 1.32 million unemployed youth, with ages ranging from 15 to 24 years old as of January 2015. The Act mandates to create financial literacy modules in all levels of Philippine education, to inculcate a culture of enterprise development among the Filipino youth.

“This Act will help revolutionize our mindset as a people from wanting to be an employee of a company to being a boss of our own enterprise,” Sen. Bam stressed. The Act also provides would-be youth entrepreneurs access to financing, training, market linkages, and other means of support that will help them run and develop their own business.