FIND US

LANDBANK student loan covers gadget purchase for distance learning


March 3, 2021

State-run Land Bank of the Philippines (LANDBANK) has expanded the coverage of its direct loan program for students to cover the purchase of electronic gadgets needed for online learning.

Under the enhanced I-STUDY (Interim Students’ Loan for Tuitions towards Upliftment of Education for the Development of the Youth) Lending Program, LANDBANK is now offering a loan of up to P50,000 per student to finance the purchase of learning gadgets such as laptop, desktop or tablet, that can be included in the maximum loanable amount of P150,000 per student or P300,000 per parent-borrower to cover payment for tuition or enrolment-related fees.

Furthermore, students of legal age are now eligible to apply for the LANDBANK I-STUDY Program if they meet eligibility requirements. When the loan program was initially launched last year, only parents and guardians or benefactors of students could apply for the financial assistance.

“LANDBANK recognizes the need to support students in adapting to distance learning modalities. While we await the resumption of in-person classes, we hope that the I-STUDY Program can help students cover the financial requirements to purchase needed learning equipment and participate in online classes,” said LANDBANK President and CEO Cecilia C. Borromeo.

The LANDBANK move to expand the I-STUDY credit facility comes at the heels of recent government pronouncements for the continued implementation of distance learning as a measure against the spread of COVID-19.

The enhancement of the I-STUDY Program also includes the increase in maximum age eligibility of students from 30 years old to 50 years old; inclusion of scholar students whose scholarships do not fully cover their tuition fees; and the coverage of non-scholar students from private pre-school, primary and secondary schools.

Meanwhile, LANDBANK has approved as of February 16, 2021 loans amounting to P531.5 million to 16 educational institutions through the ACADEME (ACcess to Academic Development to Empower the Masses towards Endless Opportunities) Lending Program. The Program aims to boost the capacity of private academic institutions to implement a ‘study now, pay later’ scheme for its students.

The ACADEME Lending Program forms part of the Bank’s support to the education sector which offers credit to private and non-DepEd high schools, private Technical-Vocational and Education Training (TVET) institutions, and private Higher Education Institutions (HEls) such as colleges and universities to provide continuing education to their students.

The program offers the ‘3-3-3’ feature, 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.

For more details about the features and application requirements of the I-STUDY and ACADEME lending programs, contact the LANDBANK Programs Management Department II at (02) 8405-7198.

For more information about LANDBANK’s other loan products, clients may visit the Bank’s official website (www.landbank.com), or follow the Bank’s official social media channels at @landbankofficial on Facebook and Instagram, @LBP_Official on Twitter, and @LANDBANK on Viber.


Other Stories

LANDBANK bankrolls P1.15-B waste-to-energy power plant in Nueva Ecija

Green Innovations for Tomorrow Corporation’s (GIFTC) rice husk-fueled power plant in Talavera, Nueva Ecija, recycles around 480,000 kg. of rice husks per day and can supply electricity to around 6,480 households. TALAVERA, Nueva Ecija – The Green Innovations for Tomorrow Corporation (GIFTC) has carried out an economical and sustainable solution to address the problem of agricultural waste in this province—recognized as the ‘rice granary’ of the Philippines—by converting rice husks as biomass into renewable energy. With rice production as the major source of livelihood in this palay-producing town, large volumes of rice husks are regularly being disposed of or burned in open fire, posing both environmental and health hazards to the community.  GIFTC aspired to recycle and make this agricultural waste useful by establishing a biomass power plant that would generate electricity for households in the province.  To help make this vision a reality, GIFTC sought financial assistance from the Land Bank of the Philippines (LANDBANK) and was granted loans in 2013 and 2018 totaling P1.15 billion under the Bank’s Renewable Energy Program. Part of the LANDBANK loan bankrolled the construction of GIFTC’s biomass power plant in 2016, which is currently operating at a capacity of 10.8 megawatts electric (MWe).  The rest of the loan was allocated for the reimbursement of cost utilized for warehouses, dormitories and other structures, replacement or repair of power plant parts, permanent working capital, including the acquisition of rice husk.  “LANDBANK was the first financial institution that believed in GIFTC’s vision for a sustainable future for our town, and for the whole country. We wouldn’t be where we are now if it weren’t for their assistance,” said Engr. Martin O. Vendivil, Assistant Chief Operating Officer of GIFTC. Through the services of a grid operator, GIFTC’s biomass power plant can supply electricity to an estimated 6,480 households in selected municipalities and cities in Nueva Ecija, including other areas in neighboring provinces.  The GIFTC power plant consumes around 480,000 kilograms of rice husks per day bought from rice mills in the area, significantly decreasing agricultural waste in the town.  More importantly, the energy corporation helps reduce the emission of greenhouse gases, while preserving the country’s natural resources by manufacturing a renewable energy source.  “LANDBANK fully supports projects that harness the potential of renewable and alternative energy resources. We will continue to work with development partners in preserving our environment and promoting climate change adaptation,” said LANDBANK President and CEO Cecilia C. Borromeo. Through the LANDBANK Renewable Energy Program, the state-run Bank aims to finance the development of renewable energy sources and increase access to reliable, clean and sustainable power to help mitigate the effects of global warming and climate change in the country. Eligible borrowers such as electric cooperatives, local government units (LGUs), government-owned and controlled corporations (GOCCs), and government agencies may borrow up to 90% of the total cost of the project.  Cooperatives, associations and private borrowers categorized as single proprietorships, partnerships, or corporations may also borrow up to 80% of the total project cost under the Program. Term loans for working capital and project preparation are payable up to five (5) years with a six-month grace period on principal payment, while loans for capital expenditure are payable based on the borrower’s cash flow up to 15 years, with a three-year grace period. The interest rate shall be based on the prevailing market rate but not lower than 5% per year. As of 31 March 2022, LANDBANK has approved loans totaling P20.1 billion to 56 borrowers nationwide under the Renewable Energy Program, underscoring the Bank’s thrust of promoting sustainable finance and development. 

LEARN MORE

LANDBANK scales up support for Bulacan with new corporate center

LANDBANK President and CEO Cecilia C. Borromeo (3rd from left), Bulacan State University President Dr. Cecilia S. Navasero-Gascon (5th from left), and Dr. Yanga’s Colleges, Inc. President Michael S. Yanga (4th from left) lead the inauguration of the LANDBANK Bulacan Corporate Center along McArthur Highway in Brgy. Dakila, Malolos City on 13 May 2022. Joining them are LANDBANK Executive Vice Presidents Julio D. Climaco, Jr. (leftmost) and Alan V. Bornas (rightmost), and LANDBANK Senior Vice President Randolph L. Montesa (2nd from left). MALOLOS CITY, Bulacan – Land Bank of the Philippines (LANDBANK) recently inaugurated a three-story corporate center along McArthur Highway in Brgy. Dakila, Malolos City to provide Bulaceños convenient access to a wide array of banking services.  The LANDBANK Bulacan Corporate Center is designed as a one-stop shop for various banking and financial services, as it houses the Bank’s major touchpoints and offices.  Located at the ground floor of the corporate center is the LANDBANK Malolos Highway Branch, which caters to nearby local government units, academic institutions, corporations, and individual depositors from the 51 barangays of Malolos City and the 29 barangays of the Municipality of Calumpit.  Also situated in the building is the LANDBANK Bulacan Lending Center, which offers affordable financing for farmers and fishers, agribusinesses, micro, small and medium enterprises (MSMEs), countryside financial institutions, and local government units (LGUs), among others.  LANDBANK President and CEO Cecilia C. Borromeo, Bulacan State University President Dr. Cecilia S. Navasero-Gascon, and Dr. Yanga’s Colleges, Inc. President Michael S. Yanga led the inauguration rites for the LANDBANK Bulacan Corporate Center on 13 May 2022. They were joined by LANDBANK Executive Vice Presidents Julio D. Climaco, Jr. and Alan V. Bornas, Senior Vice President Randolph L. Montesa, and other LANDBANK officials.   “The LANDBANK Bulacan Corporate Center illustrates our continuing commitment to provide greater banking convenience and accessibility to our growing customers. We also hope that this serves as a landmark to generate livelihood and business opportunities to bolster Bulacan’s local economy,” said President and CEO Borromeo.  Other LANDBANK field offices stationed in the Bulacan Corporate Center are the Bulacan Accounting Center, Field Legal Services, Area Legal Unit II, Property Valuation and Credit Information Department-Bulacan Field Team, and the Bulacan Loans Operations Field Unit. A dedicated space for the Commission on Audit Regional Office III was also provided within the corporate center. As of end-April 2022, LANDBANK has a total of 12 branches, one (1) lending center, and 51 automated teller machines (ATMs) across the Province of Bulacan.  LANDBANK is the only bank present in all 81 provinces in the Philippines, with its continued expansion geared towards servicing the requirements of its diverse customer base, especially in unbanked and underserved areas. 

LEARN MORE

LANDBANK loans to agri sector reach P237-B as of Q1 2022

The Land Bank of the Philippines (LANDBANK) remains the biggest lender to the agriculture sector, with loans reaching P236.8 billion as of 31 March 2022.  The loans were used to finance various economic activities of major players in the industry—from small farmers and fishers to large agribusiness enterprises, as well as local government units (LGUs) and government-owned and controlled corporations (GOCCs) for agri-aqua related projects and construction of needed infrastructure such as public markets, cold storages, irrigation systems, farm-to-market roads, warehouses, and slaughterhouses.  Small farmers and fishers benefited from the P35 billion loans channeled through cooperatives and farmers’ associations, rural financial institutions and other partner conduits of LANDBANK.  “We continue to intensify our support to the agri sector, particularly the farmers and fishers whom we celebrate in this month of May. LANDBANK is committed in delivering timely and responsive support to boost their production and income,” said LANDBANK president and CEO Cecilia C. Borromeo.  Financing for small, medium, and large agribusiness enterprises accounted for P146.62 billion of the total loans, P55.19 billion supported LGUs and GOCCs, and the remaining P99.64 billion backed the construction and improvement of essential infrastructure. In terms of economic activities, P56.39 billion of LANDBANK’s total agri sector loans financed crops, livestock, and fisheries, while P80.83 billion was channeled to agri-processing and trading.  As part of its intensified support to the agriculture sector, LANDBANK continues to implement regular loan offerings alongside lending programs in partnership with the Department of Agriculture (DA) and the Department of Agrarian Reform (DAR).  As of 31 March 2022, LANDBANK has released a total of P12.51 billion under the programs administered for DA, which include the Agricultural Competitiveness Enhancement Fund (ACEF), the Socialized Credit Program under the Sugarcane Industry Development Act (SCP-SIDA), the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund (ERCA-RCEF), the Survival and Recovery Assistance Program for Rice Farmers (SURE Aid), and SURE COVID-19. Meanwhile, the Bank’s cumulative loan releases under DAR’s Credit Assistance Program for Program Beneficiaries Development (CAP-PBD) has reached P700 million.  LANDBANK remains fully committed towards advancing a more vibrant, productive, and resilient agriculture sector in line with serving the nation.

LEARN MORE