LandBank approves P250M loan for 'study now, pay later' program

State-run LandBank has approved a PHP250 million loan for an unnamed educational institution under its ACADEME program, which aims to provide 'study now, pay later' options for students affected by the pandemic.

The program offers zero percent interest loans and is open to private high schools, TVET institutions regulated by TESDA, and colleges authorized by CHED.

LandBank's PHP3-billion credit support includes a 3-3-3 feature: PHP3 billion in credit support, a fixed 3% annual interest rate, and a maximum three-year maturity for sub-promissory notes issued by schools.