Thirty private schools are interested in a “Study Now, Pay Later” program by LandBank.
The LandBank of the Philippines is launching a new lending program to boost the capacity of private academic institutions to implement a “Study Now, Pay Later” scheme for its students. The program of LandBank aims to ensure the continued education of students during the coronavirus pandemic.
Monday, June 15, President Rodrigo Duterte said in a report, most of the 30 educational institutions that were willing to avail of the Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) program were located in Metro Manila.
The President said the LandBank has approved a loan application worth P250 million under the program. Meanwhile, four schools have already submitted partial requirements for the loan, he added.
“To further promote the program, the [Landbank] has been arranging teleconference meetings with school administrators and sending information materials to potential borrowers via traditional and electronic mail, as well as traditional and social media,” Duterte said in his report.
LandBank has allocated a total program fund of P3 billion in credit support for private high schools, private technical and vocational education training institutions, as well as Higher Education Institutions (HEIs) such as colleges and universities, to provide continuing education to their students.
The program offers ‘3-3-3’ features with a P3-billion-program fund in credit support, a very low fixed interest rate of only 3% per annum, and payable based on the maturity of the sub-promissory notes but not to exceed three (3) years.
“Given the financial constraints brought about by the COVID-19 pandemic, LANDBANK is financing interventions to ensure that students will be able to enroll in school when classes finally resume. The LANDBANK ACADEME Lending Program supports the education sector in providing students greater access to quality education amid the health crisis we are all facing,” LANDBANK President and CEO Cecilia C. Borromeo said.