Tanco group-led STI Holdings, one of the country’s leading private school operators, signed up for Land Bank of the Philippines’ “study now, pay later” program for school year 2020-2021.
Through subsidiary STI Education Services Group (STI ESG), the group is the first school to tap Landbank’s P3-billion Access to Academic Development to Empower the Masses towards Endless Opportunities (Academe) lending program that provides credit support for private high schools, private technical and vocational education training institutions, and higher education institutions such as colleges and universities.
Academe is part of Landbank’s social investment package to encourage students to pursue and finish their education despite financial constraints arising from the COVID-19 pandemic.
Eligible schools can borrow up to 70 percent of the sub-promissory notes on a per semester basis subject further to a maximum amount based on the school’s net borrowing capacity. The loan will be released either in lump sum or staggered basis per semester, and will be directly credited to the deposit account maintained by the school with the state-owned bank.
For its part, STI plans to build on a loan program, amounting up to P250 million, to help students cover their tuition.
The school will then guarantee the loans and assume the 3-percent per annum interest required by the program, making the loan payments from students interest-free.
“Like most Filipinos, we value education and its power to transform lives and communities. Thus, with or without the pandemic, education is our priority and we remain committed to providing the best quality possible,” STI Holdings president and chief executive Monico Jacob said.—DORIS DUMLAO-ABADILLA INQ