Section 3Sec./Art. 3

Definition. As used in this Act, the following terms are referred to as follows:

(a) Eligible entity refers to:

(1) An institution for formal, nonformal, or informal education; or

(2) A partnership between an institution for tertiary education; and:

(i) A nonprofit organization with experience and proven track record in quality financial literacy, entrepreneurship, or personal finance programs; and/or

(ii) A local government dedicated to uplifting the lives of its constituents; or

(iii) Learning organization with experience and proven track record in quality financial literacy, entrepreneurship, or personal finance programs;

(b) Learning center, as provided by Republic Act No. 9155, otherwise known as the "Governance of Basic Education Act of 2001", refers to a physical space to house learning resources and facilities of a learning program for out-of-school youths and adults. It is a venue for face-to-face learning activities and other learning opportunities for community development and improvement of peoples quality of life;

(c) Learning organization refers to the community association wherein the people and institutions, such as the family, the school, the church, and businesses are together continually learning how to co-create community enterprises with their children and the youth, in general, towards a sustainable life;

(d) MSMED Council refers to the Micro, Small and Medium Enterprise Development (MSMED) Council under the Department of Trade and Industry (DTI);

(e) Standards and competencies refers to entrepreneurial knowledge, understanding, skills, abilities, and attitudes that cover areas of, but is not limited to, financial literacy and accounting, agri-entrepreneurship, agribusiness management, securing capital and borrowing, business plan conception and drafting, management, marketing, design thinking, social entrepreneurship, and community organizing;

(f) Tertiary education refers to any post-secondary education may it be a technical, vocational, or degree program; and

(g) Young entrepreneurs refer to individuals within the age of eighteen (18) and thirty (30) years old who are engaged in the design, creation, establishment, and/or management of a micro, small or medium enterprise.