Banks told to provide more loans to education sector

 

By Rose de la Cruz

 

Iligan City Rep.  Frederick Siao urged the Bangko Sentral to encourage private banks to extend more loans to the educational sector, which compared to car loans is a pittance.

 

Last January, loans extended by the banking sector to the educational institutions reached P32.8 billion while those for motor vehicles was a hefty P262.8 billion, said Siao.

 

Preliminary figures for February 2018 showed loans to the education sector of P33.75 billion compared to car loans of P266 billion.

 

He said the lack of finances available to Philippine education caused the sector to lag behind even with its neighbors in Southeast Asia. Our schools have very limited resources and get very little financial support from the local banking sector, he said.

 

He said the national government must find ways to make loans and grants accessible and affordable to schools.

 

The Bangko Sentral and the Development Bank of the Philippines ought to craft policies for and implement concessional loans to the education sector. An education sector loan facility or window might be appropriate.

 

The Department of Finance can also help by sourcing foreign grants for public and private schools. Huge capital outlays can be funded by education bonds, he said.

 

Private banks must also carry their just share of the burden to improve the quality of education in our country by giving more loans to elementary schools, high schools, colleges, and graduate schools.

 

 

 

 

 

 

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