MANILA — Financing platform Bukas said Thursday it was offering "affordable" loans for Filipino college students, partnering with several universities in the country in the process.

Bukas offers tuition installment plans for undergraduate and postgraduate students aged 18 and above from its partner schools, with a monthly interest rate of 1.5 percent, payable within 12 months, the company said.

"We want to be able to minimize students dropping out because of financial reasons and that's why we focused on education financing," Bukas Country Manager JR Emlano said in an online press conference.

"What we want to avoid is these students lending from informal lenders," he said.

Emlano said Bukas partners with universities to easily reach students and get the support of the school's management.

"We pay the money directly to the schools upfront, for the entire term or the entire year, depending on the product. That dramatically lowers the [financial] risk of the school," he said.

The loan provider currently has 34 partner schools, including De La Salle University, Far Eastern University, Mapua University, Malayan Colleges Mindanao, Saint Louis University, University of the Visayas and University of Bohol.

Emlano said Bukas was also partnering with schools from other countries for Filipino students who want to study abroad, adding that it was launching one with Spain's IE University in December.

He added that the company does not resort to "scare tactics" in dealing with borrowers who face payment issues, resorting instead to "positive collection" and restructuring.

"We sort of help them navigate how to budget moving forward," Emlano said.

For 2021, Bukas has so far received more than 13,000 student loan applications, higher than 5,000 from the previous year, according to Emlano.

Those interested to apply for a tuition plan can check Bukas' website for more details.

RELATED VIDEO

Watch more in iWantv or TFC.tv