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LANDBANK offers ‘study now, pay later’ program for private schools


May 5, 2020

The Land Bank of the Philippines (LANDBANK) 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 LANDBANK ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities) Lending Program, LANDBANK has allotted a total program fund of P3-billion in credit support for private high schools, private technical and vocational education training institutions, as well as Higher Education Institutions (HEIs) such as colleges and universities, to provide continuing education to their students.

The program offers ‘3-3-3’ features with a P3-billion-program fund in credit support, a very low fixed interest rate of only 3% per annum, and payable based on the maturity of the sub-promissory notes but not to exceed three (3) years. It forms part of LANDBANK’s social investment package to encourage students to pursue and finish their education.

The LANDBANK ACADEME Lending Program is open to private/non-DepEd Junior/Senior High Schools with permit to operate by DepEd, as well as to private Technical-Vocational and Education Training (TVET) Institutions in partnership with and being regulated by the Technical Education and Skills Development Authority (TESDA).

Eligible borrowers of the newly launched LANDBANK ACADEME Lending Program also include Private Higher Education Institutions (HEIs) such as Colleges and Universities with undergraduate programs authorized by Philippine Commission on Higher Education (CHED) and the HEIs are accredited by either any of the following:

Philippine Accrediting Association of Schools, Colleges and Universities (PAASCU), Philippine Association of Colleges and Universities' Commission on Accreditation (PACUCOA), Association of Christian Schools, Colleges and Universities Accrediting Association Inc. (ACSCU-AAI) or Federation of Accrediting Agencies of the Philippines (FAAP).

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

The LANDBANK ACADEME Lending Program offers refinancing or rediscounting of promissory notes issued by the parents or benefactors of students for school loans. Eligible schools can borrow up to 70% of the sub-promissory notes on a per semester basis and 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 LANDBANK. The LANDBANK ACADEME Lending Program will be available until June 30, 2021.

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

For more updates, please refer to the official LANDBANK Facebook and Instagram accounts (@landbankofficial) and Twitter (@LBP_Official) or the LANDBANK website (www.landbank.com).

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LANDBANK grants 60-day timeout on loan payments

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LANDBANK’s online accounts opening breaches 1-M mark

The boom in digital banking being experienced in the country as a result of the Covid-19 pandemic has resulted in an increase in online account opening and other digital banking services, said the Land Bank of the Philippines (LANDBANK). The Bank has recorded 1,039,926 accounts opened online through its Digital Onboarding System (DOBS), as demand for online banking services as well as safer and more convenient ways to transact with banks continue to surge. About 492,156 accounts were opened from January to September 2020, including 11,972 for Overseas Filipino Bank accounts—LANDBANK’s digital-only branchless bank subsidiary. “This milestone is a welcome development for the Bank as it proves that Filipinos are responsive to the improvements and innovations that we implement, designed to provide them additional channels for their banking needs, as well as a more convenient banking experience in this digital age,” said LANDBANK President and CEO Cecilia C. Borromeo. LANDBANK DOBS, a pioneering web application among Philippine banks, was launched in 2019 with the goal of reducing the account opening time from 30-45 minutes to only 10 minutes. It also simplifies the account enrolment process for individuals and institutional clients. Aside from hassle-free account opening, DOBS also provides automatic enrollment to LANDBANK iAccess for internet banking, the LANDBANK Mobile App for convenient banking transactions through their smartphones, and the LANDBANK Link.BizPortal for payment of bills, products and services to the enrolled merchants in the system. The system also allows existing DOBS account holders to update their information through the system, a move to decongest client visits in Bank’s branches, especially in this time of pandemic. “This is only the start for the Bank’s digitization agenda as we also look forward to streamlining other Bank processes using new technologies such as loan application, among others,” President Borromeo said. For this banking innovation, LANDBANK has been recognized as “Asia’s Most Inclusive Bank” by the Financial Insights Innovation Awards 2019, and was conferred as “Digital Trailblazer in Financial Services” by the Bangko Sentral ng Pilipinas (BSP). Access the DOBS through the LANDBANK’s official website (www.landbank.com) or through the Digital Corner of selected LANDBANK branches dedicated for walk-in clients who wish to access the system. Watch the tutorial video on how to apply thru DOBS via the LANDBANK YouTube Channel (www.youtube.com/c/LANDBANKOfficial) For more information about LANDBANK’s DOBS, clients may contact the nearest open LANDBANK Branch nationwide, or call LANDBANK’s customer service hotline at (02) 8-405-7000 or at PLDT Domestic Toll Free 1-800-10-405-7000.

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Institutional investor wins Premyo Bonds Rewards third-quarter grand prize

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