In order to help private academic institutions implement a “study now, pay later” scheme for students, the Land Bank of the Philippines is launching the Landbank Access to Academic Development to Empower the Masses towards Endless Opportunities (Landbank ACADEME) lending program.
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The Landbank ACADEME lending program is part of the bank’s investment package that encourages students to pursue and finish their education. The program will be providing credit funds for private high schools, technical and vocational training institutions, as well as colleges and universities to help them continue providing education for their students.
Under this program, eligible institutions can avail of a loan of 70 percent of the sub-promissory notes on a per semester basis, with a fixed interest rate of three percent per annum and payable based on the maturity of the sub-promissory notes but not to exceed three years. P3 billion in credit support has been allotted for this program.
“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,” said Landbank President and CEO Cecilia C. Borromeo.
Earlier this week, Department of Education Secretary Leonor Briones announced that private school can opt to begin online classes as early as June—two months ahead of the planned school year opening—subject to approval of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases.
Header photo courtesy of the Land Bank of the Philippines
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Writer: ANGELA PATRICIA SUACILLO
