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PR - LANDBANK, STI Ink P250M Agreement To Fund Study Now, Pay Later' Scheme
PR - LANDBANK, STI Ink P250M Agreement To Fund Study Now, Pay Later' Scheme
PR - LANDBANK, STI Ink P250M Agreement To Fund Study Now, Pay Later' Scheme
LANDBANK, STI ink P250M agreement to fund ‘study now, pay later’ scheme
(Clockwise, from upper left) Land Bank of the Philippines (LANDBANK) President and CEO Cecilia C.
Borromeo leads the virtual signing of a P250-million loan agreement with STI Education Services
Group, Inc. (STI-ESGI) Executive Committee Chairman Dr. Eusebio H. Tanco and STI-ESGI Chief
Executive Officer Monico V. Jacob for the LANDBANK ACADEME Lending Program to finance STI’s
‘study now, pay later’ program for its students in the coming school year 2020-2021. Signing as
witnesses are STI-ESGI Chief Finance Officer and Treasurer Yolanda M. Bautista, and LANDBANK
Agricultural and Development Lending Sector Officer-In-Charge Senior Vice President Ma. Celeste A.
Burgos.
THE Land Bank of the Philippines (LANDBANK) and STI Education Services Group,
Inc. (STI-ESGI) signed a P250-million Term Loan Rediscounting Line agreement
under the ACADEME (ACcess to Academic Development to Empower the Masses
towards Endless Opportunities) Lending Program to finance the institution’s ‘study
now, pay later’ program for its students amid the financial difficulties facing families
due to the COVID-19 pandemic.
The STI-ESGI, which is the largest subsidiary of STI Holdings, is the first academic
institution that availed of the ACADEME Lending Program. The institution offers
secondary and tertiary programs, as well as post-graduate and associate programs.
“We would like to thank Chairman Tanco and the rest of STI-ESGI management
team for putting faith in LANDBANK and our ACADEME Program to finance and
ensure the enrollment of around 15,000 to 25,000 students in STI colleges and
academic centers this upcoming school year,” LANDBANK President and CEO
Borromeo said in her message.
“Almost 70% of our students are supported by overseas workers, who are being
repatriated during this pandemic. This LANDBANK facility provides the much needed
relief. STI has also agreed not to pass on the 3% interest of this facility. We will
absorb this cost, and we thank LANDBANK for being the first bank to offer a study
now, pay later plan. We are committed to the education of our youth, and we are
happy to work with LANDBANK to make sure their future will continue to be bright
and hopeful,” STI-ESGI CEO Jacob said in his response.
For more 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.