Senator proposes financial literacy in high school curriculum

ABS-CBN News

Posted at Jun 17 2019 03:54 PM

Students from Ramon Magsaysay High School in Quezon City. Mark Demayo, ABS-CBN News/File

MANILA - High school education should include financial literacy, a lawmaker said Monday, after followers of Kapa Ministry International in Davao were allegedly defrauded of up to P50 billion. 

Investment scams proliferate in far-flung areas due to illiteracy and the lack of information campaigns on dubious investment schemes, Senator Sherwin Gatchalian told reporters. 

“Pwede nating umpisang pag-usapan 'to sa high school dahil karamihan sa mga high school especially sa ating system magta-trabaho na 'yan. Mahalagang mapag-usapan na to sa senior high school especially sa mga provinces,” Gatchalian said.

(We can start talking about it in high school because some high school students, under our system, will start to work. It is important that we talk about this in senior high school, especially in the provinces)

Gatchalian, who chairs the Senate Committee on Economic Affairs, said he would schedule a hearing with officials of the Securities and Exchange Commission to discuss the Kapa investment scam and the possible amendments of existing laws.

Astro Del Castillo, managing director at First Grade brokerage, urged the public to refrain from investing in anything that they don’t fully understand.

“Pag hindi nila naiintindihan saan pupunta pera nila 'wag silang magi-invest. Kung duda sila magtanong sila sa mga eksperto,” Del Castillo told ABS-CBN News.

(They should not invest if they don't know where their money would go. If they have doubts, they should ask the experts.)

The SEC earlier said it would file criminal charges against the official of Kapa Ministry International. -- with a report from Sherrie Ann Torres, ABS-CBN News