Makati—(PHStocks)—STI Education Services Group Inc. (STI ESG), a subsidiary of STI Education Systems Holdings Inc. (PSE: STI), has recently signed an agreement with Junior Achievement (JA) Philippines that will equip senior high school students with practical and hands-on experience in financial literacy, work readiness, and entrepreneurship.
The partnership will implement JA Philippines’ Business Skills Pass (BSP) program in select STI ESG schools for Grade 11 students taking up Accountancy, Business, and Management (ABM) track, starting on the first semester of school year 2017-18.
The BSP is a comprehensive and student-led program where students will be trained to operate a “mini-company” and perform the necessary steps involved in putting-up a business. These include capitalization, goal setting, election of the board, research and product development, manufacturing, marketing, and maintaining a financial record system, among others.
“We are excited with this collaboration because it will help us prepare our students for the real world by allowing them to manage an actual business enterprise. This joint effort will also provide opportunities for our students to develop life skills and competencies that are crucial for the 21st century,” said Aisa Q. Hipolito, AVP for Academics of STI ESG.
She further noted that the program will empower the youth for higher education by laying the foundations and tools they need, and can create employment opportunities should they decide to start a venture of their own.
To guide and assist students with their business plans and its implementation, JA Philippines has certified business advisers who will serve as mentors. They will conduct business clinic, consultations, and seminars via online and face-to-face setup.
A mini-MBA training will also be held by JA Philippines industry partners to update, re-tool, and re-train teachers that will handle the business simulation program. At the end of the program, students will undergo assessment and evaluation to gauge the learning outcomes.
According to the Philippine Statistics Authority, there were around 1.32 million unemployed youth, with ages ranging from 15 to 24 years old as of January 2015.
The enactment of the Republic Act 10679 or the Youth Entrepreneur Act in 2015 aims to open more opportunities for the youth through entrepreneurial means. The law mandates the Department of Education (DepEd), the Commission on Higher Education (CHED) and the Technical Education and Skills Development Authority (TESDA) to establish the promotion of programs on entrepreneurship and financial education.