Gov't to roll out loan programs to assist Pinoys in purchasing laptops, tuition payments

The government is set to roll out at least two loan programs to assist Filipinos in purchasing laptops or desktops, and pay for tuition.

According to Finance Secretary Carlos Dominguez III, the two loan programs will be introduced by the Government Service Insurance System (GSIS) and the Social Security System (SSS) in the coming months.

"Next month, GSIS will introduce a new P30,000 computer loan program to its active members to help them purchase a laptop or desktop in light of the new normal of holding distance or online classes," he said during the Pre-SONA virtual presser on Wednesday.

Dominguez said the loans will be payable in three years at a 6% interest rate.

With quarantine restrictions still in place, a number of businesses have shifted their operations online to minimize unnecessary outside exposure amid the coronavirus pandemic.

"In addition, the SSS will launch in September an educational loan program for its members to help pay tuition and other school fees for their nominated student beneficiaries," said Dominguez.

Such loans will be capped at P100,000 and payable after five years from the initial loan take out.

Further information for both loan programs were not immediately available.

The Department of Education (DepEd) last month already reiterated that there will be no face-to-face classes until a vaccine against the coronavirus disease will be available.

Metro Manila and several other high-risk areas were under the enhanced community quarantine (ECQ) from March 17 to May 15, followed by a modified enhanced community quarantine (MECQ) until May 31.

A general community quarantine (GCQ) was put in place from June 1 to 15, and has since been extended until June 30.

As of Tuesday, July 7, 2020, the Philippines has so far recorded a total of 47,873 confirmed cases of COVID-19. This includes 12,386 recoveries and 1,309 deaths. --KBK, GMA News