STI Education Services Group, Inc. (STI ESG) has entered into an agreement with Junior Achievement (JA) Philippines to equip senior high school students with practical and hands-on experience in financial literacy, work readiness, and entrepreneurship.
The partnership will implement JA’s Business Skills Pass (BSP) program in select STI ESG schools for Grade 11 students taking up Accountancy, Business, and Management courses starting in the first semester of school year 2017 to 2018.
STI ESG is a subsidiary of listed STI Education Systems Holdings, Inc. (STI).
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,” STI Assistant Vice President for Academics Aisa Hipolito said in a disclosure to the Philippine Stock Exchange (PSE).
To guide and assist students with their business plans and implementation, JA Philippines has certified business advisers who will serve as mentors. They will conduct business clinics, consultations, and seminars via online and face-to-face setup.
A mini MBA training will also be held by JA Philippines with 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.
Based on a report from the Philippine Statistics Authority (PSA), around 1.32 million Filipino youths are unemployed, with ages ranging from 15 to 24 years old, as of January 2015.
The enactment of Republic Act 10679, or the Youth Entrepreneur Act of 2015, aims to open up 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.
Junior Achievement Philippines, a member of international organization Junior Achievement Worldwide, is a non-profit group dedicated to educating young minds with critical thinking, leadership, creativity and innovation, and the application of entrepreneurial concepts to real life business decisions.