April 22, 2024

The Land Bank 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.

Under the Land Bank Access to Academic Development to Empower the Masses towards Endless Opportunities (Academe) Lending Program, Land Bank has allotted P3 billion in credit support for private high schools, private technical and vocational education training institutions, and higher education institutions.

The program offers “3-3-3” features with P3B in credit support, an interest rate of three percent per annum, and payable based on the maturity of the sub-promissory notes but not to exceed three years.

The Land Bank Academe Lending Program is open to private junior/senior high schools with permit to operate from the Department of Education, as well as to private Technical-Vocational and Education Training institutions in partnership with and regulated by the Technical Education and Skills Development Authority.

Eligible borrowers also include private higher education institutions with undergraduate programs authorized by the Commission on Higher Education and accredited by either the Philippine Accrediting Association of Schools, Colleges, and Universities, Philippine Association of Colleges and Universities’ Commission on Accreditation, Association of Christian Schools, Colleges and Universities Accrediting Association, Inc. or Federation of Accrediting Agencies of the Philippines.

“Given the financial constraints brought about by the Covid-19 pandemic, Land Bank is financing interventions to ensure that students will be able to enroll in school when classes finally resume. The Land Bank Academe Lending Program supports the education sector in providing students greater access to quality education amid the health crisis we are all facing,” Land Bank President and CEO Cecilia C. Borromeo said.

For details about the program’s features and application requirements, interested borrowers may contact the nearest open Land Bank Lending Center or Branch nationwide, or call Land Bank’s hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000. – Press release