Private Schools Can Avail Landbank's Lending Program

Landbank’s Lending Program Provides Credit Fund To Private Schools

PRIVATE SCHOOLS – The Land Bank of the Philippines (LANDBANK) launced a new lending for private schools.

The Philippines is among the countries that were affected by the 2019 novel coronavirus (COVID-19). The government immediately suspend the classes and government work following the positive cases in the country.

President Rodrigo Roa Duterte’s admin suspended face to face-to-face classes in pre-school, elementary, secondary, and tertiary levels. The Department of Education (DepEd) announced that the next school year will open on August 24. However, several politicians were against this decision.

Landbank — Photo Source: CNN Philippines

Presidential Spokesperson Harry Roque previously announced that the enrollment for the school year 2020-2021 will proceed on June 1. In a report, DepEd Secretary Nepomuceno Malaluan advised parents not to go to school on June 1 but instead wait for their call.

Based on a report from ABS-CBN, the group Coordinating Council of Private Educational Associations (COCOPEA) predicted that 2 million students from private schools will transfer to public schools or drop out due to COVID-19 crisis. The group said that during the Senate hearing last month.

Private-schools — Photo Source: Technological Institute of the Philippines

According to the report, the Land Bank of the Philippines on Wednesday, May 3, said that they will continue accepting applications from private institutions. The government financial institution said their lending program will help the students who are struggling to pay their tuition.

Landbank President Cecilia Borromeo said they have allotted P3 billion for their Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) program.

“Ang mga magulang o guardian ng atin ng mga estudyante ay maaring maghiram sa mga private schools, na ito po iyong mga schools na iyan ang pupunta Landbank…”

“Puwede ho namin sila bigyan ng pautang na equivalent sa 70 percent of the total promissory notes of their students,” she added.