MANILA, Philippines — Thirty private schools have expressed interest in applying for the Land Bank of the Philippines’ (LandBank) “study now, pay later” program aimed at ensuring the continued formal education of students amid the coronavirus disease 2019 (COVID-19) pandemic, President Rodrigo Duterte said.
In his 12th report to Congress, Duterte said the schools, most of which are located outside Metro Manila, were willing to avail themselves of the Access to Academic Development to Empower the Masses Toward Endless Opportunities (Academe) program of Landbank.
The President said that Landbank has approved a loan application worth P250 million under the program.
Meanwhile, four schools have already submitted partial requirements for the loan, he added.
“To further promote the program, the [Landbank] 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 in his report, made public Monday evening.
The Academe lending program allocates P3 billion in credit support for private educational institutions
It was launched in last month at the height of the strict coronavirus lockdown to ensure that learners could stay in school despite economic difficulties.
The President has appealed to private schools to allow the staggered payment of tuition in light of the economic effects of the pandemic.
The Department of Education (DepEd) had recently announced that classes will start on August 24 with schools adopting various learning delivery options.
DepEd, however, said no face-to-face classes will be done in schools until a COVID-19 vaccine is developed.