In line with its thrust of extending access to formal banking services, the Land Bank of the Philippines (Landbank) has partnered with the Commission on Higher Education (CHED) and the Unified Student Financial Assistance System for Tertiary Education (UniFAST) to provide efficient and convenient financial support to poor but deserving students.
Landbank President and CEO Cecilia C. Borromeo and CHED and UniFAST Governing Board Chairman J. Prospero de Vera III formally signed the Memorandum of Agreement (MOA) to co-implement the Tertiary Education Subsidy (TES) Program last December 27 at the Centro Escolar University in Manila.
Under the TES Program, more than 400,000 student-granteesfrom public and private higher education institutions nationwide willbe issued Landbank Cash Cards for their monthly stipends to cover expenses for supplies, transportation, room and board, and other personal and school needs.
The collaboration is aligned with Landbank’s continuous commitment to promote financial inclusion and widen access to banking facilities by reaching more underserved Filipinos all over the country.
“Through the use of our Landbank Cash Cards, students will enjoy the ease and convenience of receiving their monthly allowances via our automated teller machines (ATMs) and branches nearest them. More importantly, this ensures the safe and efficient delivery of their stipends for school needs and education-related expenses on time and without any delays,” Borromeo said.
Student-beneficiaries under the TES Program will be able to access their allowances via Landbank’snetwork of 2,195 ATMs and 409 branches nationwide, as well as point-of-sale (POS) facilities.
In addition, student-beneficiaries are qualified to use Landbank’s phone banking and online banking facilities and services for easier and faster financial transactions.
“Rest assured that we will do our share to make this Program successful. We are one with CHED and UniFAST in helping provide inclusive and quality education that will help shape the lives of the country’s future generations,” Borromeo added.
Landbank will receive the list of student-beneficiaries from UniFAST, which includes beneficiaries under the ongoing Expanded Students’ Grant-in-Aid Program for Poverty Alleviation (ESGP-PA) and students belonging to poor or near-poor households based on the Listahanan 2.0 of the Department of Social Welfare and Development (DSWD), among others.
The TES Program forms part of the implementation of Republic Act 10931 or the Universal Access to Quality Tertiary Education Act.
