Officials of the Entrepreneurship Education Committee (EEC) signed the Implementing Rules and Regulations (IRR) of the Republic Act 10679, also known as the Youth Entrepreneurial Act, during the Youth Entrepreneurship Program (YEP) Mindanao Roadshow yesterday at the SMX Convention Center.
The IRR was promulgated by the EEC, whose members include the Department of Education (DepEd) secretary, Commission on Higher Education (CHED) chairperson, Technical Education and Skills Development Authority (TESDA) director general and the Department of Trade and Industry (DTI) secretary.
The law applies to all public and private basic education institutions, learning centers, higher education, technical – vocational institutions, nonprofit organizations, local government units (LGUs), learning organization and the youth entrepreneurs.
The law encourages students and graduates to venture into business and was passed last August 2015 but the formulation of IRR was just recently approved.
The law, aside from opening doors for the Filipino youth to access capital and other needed support for setting up their businesses, also creates financial literacy modules that will be made available for all levels of Philippine education with the goal of inculcating the culture of enterprise development to the youngsters.
Under the IRR, EEC is mandated to develop framework for entrepreneurship and financial literacy where they will consult stakeholders. The framework covers pillars of the entrepreneurship ecosystem and other relevant entrepreneurial knowledge.
There will also grants available to the deserving youth entrepreneurs who are pursuing a project or study on entrepreneurship.
Meanwhile, the EEC is yet to issue the corresponding guidelines for the monitoring and evaluation of the programs among agencies and partners.