STI Partners with Landbank for Study Now, Pay Later Scheme

STI Holdings, owner of one of the largest networks of private schools in the Philippines, has partnered with the Land Bank of the Philippines (Landbank) in a pioneering move to help students continue their education amid the COVID-19 pandemic.

STI Education Services Group (STI ESG), STI Holdings’ largest subsidiary, availed of Landbank’s Access to Academic Development to Empower the Masses towards Endless Opportunities (ACADEME) lending program, a “study now, pay later” scheme offered by the government to select academic institutions for school year 2020-21.

Under the ACADEME program, STI ESG will be able to extend assistance amounting up to ₱250 million through loans that would cover tuition fee and that students may pay for within three years.

The school will then guarantee the loans and assume the 3% interest required by the program, making the loan payments from students interest-free. STI ESG is the first school to avail of this groundbreaking loan facility.

The school also strengthened its partnerships with the Pag-IBIG Fund and the Government Service Insurance System, making available scholarship grants of up to 20% to qualified students.

“Like most Filipinos, we value education and its power to transform lives and communities. Thus, with or without the pandemic, education is our priority and we remain committed to providing the best quality possible,” said STI Holdings President and CEO Monico V. Jacob.

Additionally, the subsidiaries forged partnerships with key telecommunications players so that students and faculty may proceed with their respective classes through the schools’ learning management systems via online and distance learning.

“We are confident that our quick adaptation to the new normal of education will enable and empower our students to keep on learning. What’s important for us now, more than anything else, is to keep moving forward. After all, no matter the situation, learning shouldn’t stop,” said Jacob.

In addition, STI ESG’s Board of Directors has approved the sale of its 20% stake in Maestro Holdings, so it could focus all its resources on its core business. – BusinessNewsAsia.com