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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.


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LANDBANK certified anew to ISO standards amid pandemic

  State-run Land Bank of the Philippines (LANDBANK) has secured continuous certification for ISO 9001:2015 Quality Management System (QMS) and ISO 14001:2015 Environmental Management System (EMS) standards until December 2022, underscoring the Bank’s steadfast commitment to delivering quality financial and support services towards promoting sustainable and inclusive development. Certification International Philippines, Inc. (CIP)—a local consulting company that specializes in ISO recognition—completed the remote second surveillance audit of the Bank’s Head Office, 13 branches, and four field units from July to September 2021. “This recognition is in line with our thrust to promote excellent customer service as part of serving the nation. Next year, we will raise the bar even higher by expanding our performance commitments to include the continued certification to the EMS standards to fully comply with the Sustainable Finance Framework of the Bangko Sentral ng Pilipinas (BSP),” said LANDBANK President and CEO Cecilia C. Borromeo. During the closing meeting on 29 September 2021, CIP commended LANDBANK’s Management System and personnel for its adaptability to the changing demographics, risks, market demands, and innovations in the industry while navigating the challenges of the COVID-19 crisis. “The commitment of the competent LANDBANK personnel is a key driver in its successful maintenance of the Integrated Management System (IMS). LANDBANK remains very strong and is even stronger during the pandemic,” CIP said. CIP also gave positive feedback to the Bank’s regular conduct of Management Review and Field Unit staff meetings, which was classified as an excellent way of constantly reviewing the Bank’s performance. The Bank was also commended for its consistency in upholding internal policies and procedures from the head office to the field units, as sampled units continued to achieve high targets despite the challenging task of physically reporting for work at the height of the pandemic. ISO 9001:2015 is an international standard dedicated to Quality Management Systems (QMS). It outlines a framework for improving quality and a vocabulary of understanding for any organization looking to provide products and services that consistently meet the requirements and expectations of customers and other relevant interested parties in the most efficient manner possible. LANDBANK’s continued certification to the QMS standards is part of its 2021 performance commitments to the Governance Commission for GOCCs (GCG), while the EMS standards signifies the Bank’s continued commitment to the preservation of the environment and the efficient management of its resources.

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LANDBANK retail dollar bond sales top US$205-M

  The Land Bank of the Philippines (LANDBANK) contributed US$205.27 million or close to 13% of the US$1.593 billion generated from the maiden Retail Dollar Bond (RDB) offering of the Bureau of the Treasury (BTr). The proceeds will fund infrastructure projects and boost health services to fast-track the country’s ongoing economic resurgence, after suffering from debilitating effects of the COVID-19 pandemic. From 15 September to 1 October 2021, the state-run Bank sold the RDB offer through various investment channels, which allowed Filipino retail investors worldwide to participate in the said offering safely and conveniently. Of LANDBANK’s total RDB sales, US$95 million was raised during the rate-setting auction at the launch event held on September 15. The remaining US$109.94 million and US$329,700 were facilitated via over-the-counter placements at LANDBANK branches and online channels, respectively. About US$203,500 of LANDBANK’s RDB sales online was facilitated through the mobile banking application (MBA) of the Overseas Filipino Bank (OFBank)—the official digital bank of the Philippine government and a subsidiary of LANDBANK. Likewise, US$107,800 was transacted using the LANDBANK MBA, while the remaining US$18,400 was processed through the BTr’s Online Ordering Facility via LANDBANK’s Link.BizPortal. “A significant draw to the RDB offering was the availability of various investment channels that provided greater convenience and accessibility to retail investors worldwide. The wide participation in this offering also demonstrates the increasing appreciation for the government’s affordable and higher-yielding investment instruments that spur economic recovery and development,” said LANDBANK President and CEO Cecilia C. Borromeo. The RDBs are United States (US) dollar-denominated bonds offered at a minimum investment of US$300 and increments of US$100 thereafter, with annual interest rates of 1.375% and 2.25% for the five- and 10-year bonds, respectively. Interest payments will be paid quarterly during the term of the bond. LANDBANK is Joint Lead Issue Manager for the RDB issuance, as part of its continued support to advance greater financial inclusion and raise state resources for timely and responsive recovery and development initiatives.

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LANDBANK’s P50-M loan ‘links’ La Union town to a promising future

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