At least 30 schools have expressed interest in availing the government’s credit support for private academic institutions to implement a “study now, pay later” scheme for students, President Rodrigo Duterte said.
In his weekly report to Congress, Duterte said most of the 30 schools are located outside Metro Manila while four schools have already submitted partial requirements.
State-run lender Land Bank of the Philippines (LBP) approved last week some P250 million in loans under the P3-billion ACADEME (Access to Academic Development to Empower the Masses towards Endless Opportunities) lending program.
“To further promote the program, the LBP 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.
The program allows qualified borrowers to loan as much as 70% of the total worth of promissory notes issued by parents or benefactors of the students on a per-semester basis. The loans have a 3% interest rate per annum, with a three-year term.
The President earlier said the LBP could lend money to parents struggling to pay their children’s tuition amid the COVID-19 pandemic. — Virgil Lopez/RSJ, GMA News