Landbank tapped for educational loans
MANILA - President Rodrigo Duterte on Thursday asked schools to accept installment-form tuition payment from students amid the coronavirus pandemic.
"'Yung tuition ho sana, I hope that you'd allow staggered payment or installments lang po sa mga iskwelahan," Duterte said in a briefing in Malacañang.
Due to the lockdown placed since March in parts of the Philippines to curb the fast-spreading coronavirus disease, millions of families and individuals suffered income loss as "non-essential" establishments and public transportation were shut down.
Duterte said he tapped the Land Bank of the Philippines to help parents "who have nothing to come up with" for tuition fee payment.
"Itong Landbank bubuksan namin and you can borrow money to finance the education of your children," he said.
The Landbank earlier announced a new lending program, LANDBANK ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities), to boost the capacity of private schools and universities in implementing a "study now, pay later" scheme for students.
The state-run bank said it allotted a total program fund of P3 billion in credit support for private high schools, private technical and vocational education training institutions, as well as colleges and universities.
"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 Borromeo said in a statement.