A bill requiring personal finance education for those seeking a marriage license has passed the committee stage in the House of Representatives. House Bill 5288, which must be completed before a marriage license is issued, was approved by the House Committee on Population and Family Relations on Tuesday.
Authored by Representative Jose Manuel Alba of Bukidnon’s 1st District, the bill stipulates that couples must show a Certificate of Compliance, confirming their completion of a personal finance program offered by the local Family Planning Office, to obtain their marriage license. The certificate will be provided free of charge.
Alba expressed concern over marital breakdowns due to financial misunderstandings, emphasizing the bill’s aim to prepare couples economically and financially. He stressed the importance of saving and planning for future needs, including childbirth, education, and retirement.
The proposed education program will encompass essential financial topics such as behavioral finance, savings, emergency funds, debt management, investment, insurance, and retirement planning.
This legislative move comes against the backdrop of economic challenges in the Philippines. The economic think tank IBON reported that a decent family living wage in the National Capital Region is P1,164 daily, or P25,327 monthly. This figure contrasts sharply with the minimum wage rates, which range from P306 to P610 per day. Additionally, the Philippine Statistics Authority’s 2021 report sets the poverty threshold at a monthly family income of P12,030.