MANILA, Philippines — The government will offer tuition loans of up to 100,000 pesos by September, Finance Secretary Carlos Dominguez III announced on Wednesday.
In a pre-state of the nation forum, Dominguez said the Government Services Assurance System (GSIS) will offer a loan program of up to P100,000 to a qualified borrower.
“GSIS will launch an educational loan program for its members in September to help pay tuition and other educational costs for their designated student beneficiaries,” Dominguez said.
“The maximum loan amount that can be taken out by a borrower for any given school year is 100,000 pesos. This will be payable after five years from the initial subscription of the loan,” he explained.
Dominguez added that GSIS will also offer a loan of P30,000 to its members for the purchase of personal computers needed for distance learning caused by the coronavirus disease (COVID-19) health crisis.
“Next month, GSIS will introduce a new P30,000 computer loan program to active members to help them purchase a laptop or desktop computer in light of the new standard of remote or online,” Dominguez said.
“The loan is repayable in three years at an interest rate of six percent per annum,” he added.
The Department of Education said it reschedule face-to-face classes until a COVID-19 vaccine is available.
The school year is due to start on August 24.
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