An Act Providing Greater Access to Post-Secondary Education by Establishing An Educational Loan Program, Amending for the Purpose Executive Order No. 81, Otherwise Known as ‘The 1986 Revised Charter Of The Development Bank Of The Philippines,” As Amended Filed on July 16, 2013 by Recto, Ralph G.
- Seeks to add more facilities for financing education aside from the current scholarships, study-now-pay-later and grants-in-aid programs of the Commission on Higher Education (CHED)
- Includes ‘financing for education’ in DBP’s key thrusts by institutionalizing an educational loan program to poor but deserving students pursuing technical/vocational or higher education nationwide
- Note: DBP currently has a P2 Billion Higher Education Loan Program for Students (DBP HELPS) for lending to qualified schools and other educational institutions, for re-lending to poor but deserving students thru its
- Sets a maximum of 10% of DBP’s loan portfolio for the grant of the educational loans
- Note: The 2013 1st Quarter DBP gross loan portfolio is P143.77 Billion
- Repayments for the loan shall commence once the student finishes/leaves the educational institution