With the back-to-school season nearing,
Philippine youth groups are questioning the impending tuition increase in
select state universities, colleges, and private schools nationwide. This fee
hike looms even while the country’s inflation rate remains high at 6.1%, as the
Philippine Statistics Authority (PSA) reported in June 2023.
As more and more Filipino families feel the
weight of the tuition hike, the Philippines’ #1 e-wallet app, GCash, offers
several solutions to make paying for schooling-related fees more affordable and
less stressful.
“We understand that with the upcoming school
year’s tuition hike paired in parallel with the country’s high inflation rates,
Filipino families are starting to view back-to-school expenses as an added
struggle. It is exactly why we continue to
maintain our lending solutions to be as accessible as possible,” Zo Canaria,
Head of Growth Marketing at FUSE Lending Inc. underscored. “The more solutions we can offer to ease Filipinos of
financial burden, the more lives we can help elevate.”
The Philippines has been accustomed to the
stigma that comes with borrowing money. In fact, the Bangko Sentral ng
Pilipinas’ 2021 Financial Inclusion Report found that 50% of Filipino adults
perceive borrowing from formal institutions to be “difficult” due to income and
documentation requirements upon application.
GCash is working to change this belief by
offering readily-available lending solutions for different financial needs,
allowing users to view loans as an effective tool in achieving their goals
while staying within their means.
As of the first quarter of 2023, 2.8 million
Filipino users have loaned via GCash, 35% of which are business owners who use
the loan to grow their businesses. Still, it remains to be a little-known fact
that aspiring borrowers may also apply for a loan to fund their or their
children’s education.
Here are some of the ways that GCash’s
borrowing solutions, may be used for schooling-related purposes:
Affording
tuition and school-related fees via GLoan
With the Coordinating Council of Private
Educational Associations (COCOPEA) expecting a tuition hike average of 3-4% in
some private schools this year, parents and sponsors might opt to secure a loan
to continue funding their child’s education.
With GLoan, eligible borrowers may loan up to
Php 125,000, instantly sent to their e-wallet within 24 hours. Canaria
emphasized, “Education is essential, and people loan for it all the time —
whether through friends and family, banks, or even academic offerings. What
makes GLoan superior to all other options is its ease of access and flexibility
upon application, while still leveraging on the credibility and the security of
the GCash app.”
Embracing
hybrid learning with the right tools via GGives
To keep up with the times, many schools have
also transitioned to a more modern way of learning. In fact, the Department of
Education in a recent statement said that they are in search of ways to promote
the use of technology in education, suggesting the long-term implementation of
digital or hybrid learning arrangements.
Through GGives, borrowers may acquire new
laptops and tablets in over 110,000 merchants,
and pay for it in installments. Canaria shared,
“Materials that can effectively support students’ schooling experience have
transformed. We understand that this is a costly shift for most Filipinos and
funds for gadgets are hard to come by, and this is one of the reasons why
GGives specifically allows partial payments of up to 24 months with zero down
payments.”
Paying
for supplies and day-to-day essentials via GCredit
Even as the inflation rate eased as reported
by PSA, Filipinos are still experiencing the effects of the Philippine peso
weakening at a concerning rate. This has made careful budgeting for school
supplies, snacks, allowance, and daily commute fees more difficult.
GCredit, Powered by CIMB, has a readily
available credit line built to support eligible users in times like these,
enabling borrowers with a limit of up to Php 50,000 at a pro-rated interest
rate. Canaria said, “Because of price hikes
everywhere, the feeling of ‘being stuck in a tight spot’ is becoming more and
more pronounced nowadays. With classes either back to face-to-face or
transitioning to hybrid, GCredit can help users manage daily expenses more
confidently. It has a wide range of merchants for every need, from lifestyle
and food to transportation and groceries.”
“We at GCash have always believed that
education is a right for all Filipinos, not just a privilege, and these lending
solutions are our way of making this right more apparent for our fellow
countrymen. As the leading e-wallet app in the market, providing easy access to
extra funds and empowering users with resources that bolster their growth is
our duty to the 70 million users we serve,” Canaria concluded.
To be eligible for GLoan, GGives, and GCredit,
users must have a fully verified GCash profile and must continue using GCash
and its services, such as maintaining a high wallet balance, regularly cashing
in and paying your dues early or on time.
Access GCredit through your GCash dashboard or
find it under “Borrow.” No GCash yet? Download the GCash App on the Apple App
Store, Google Play Store, or Huawei App Gallery! Kaya mo, i-GCash mo!
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