Pair financial literacy programs with ideal pay for workers, says lawmaker
Workers at a medicine factory in the Philippines (AFP FILE PHOTO)
MANILA, Philippines — Before financial literacy programs are mandated by the law, the government must ensure livable w for workers, Gabriela party-list Rep. Arlene Brosas said on Wednesday.
During a House deliberation for House Bill 4752, which would mandate employers to provide personal finance education to workers, Brosas said the while the bill has good intentions, decent wages mist first be ensured.
“Hindi tayo pwede mag-usap sa savings at paggamit ng tama sa retirement benefits kung maliit, barat ang pasahod, at kalakarang kontraktwal ang ating manggagawa,” said Brosas during the hearing.
(We cannot talk about savings and using the right retirement benefits if the the worker’s salary is not enough and under contractual status.)
Bukidnon 1st District Rep. Jose Manuel Alba said that it is integral to teach financial literacy, as professional growth is not enough anymore.
“This bill mandates employers to provide employees with continuing access to comprehensive financial education programs, equipping them with the skills and knowledge needed to make sound financial decisions,” Alba said.
Brosas clarified that she is not contradicting Alba’s points but reiterated that the government must work parallel with financial literacy programs to ensure decent living conditions for workers.
“The proposed measures, we think, will not work towards its objective if Filipino workers continue to work from poverty wages,” she said.
Baguio City Rep. Mark Go, however, said that Filipinos who earn P500 a day can still set aside at least 10 percent of their earnings per month.
“You don’t need to have a big sum of money before you start thinking of this program,” said Go i English and Filipino.
Brosas said that poor Filipinos are forced use most of their earnings for basic necessities.
The bill, nonetheless, was approved on the committee level.
