The Commission on Higher Education (CHED) has partnered with the Landbank of the Philippines (LBP) to launch a cash card for a efficient disbursement of financial grants to students amid the COVID-19 pandemic.
According to CHED, student beneficiaries of its Tertiary Education Subsidy (TES) program can now easily and safely receive their stipends through the Landbank Mastercard Prepaid Card (LMPC) recently launched by the Commission with the Unified Student Financial Assistance System for Tertiary Education (UniFAST) and LBP.
CHED Chairman J Prospero De Vera III said this latest partnership between government agencies will address the challenges of disbursing the cash assistance to more than 700,000 TES and "Tulong Dunong" program grantees during the health crisis.
"Before, various modalities were available to get their TES subsidy -- some got it through ATM cards, others through lists and payroll of individual universities. We have realized that the restrictions during the time of pandemic made it very difficult for the government to help our needy students," De Vera said in a statement.
"This is a commitment and an assurance from our President that free and quality tertiary education will continue to be offered to provide access to disadvantaged Filipino students by giving them additional funds that will cover not only their educational needs but even their living expenses all over the country as they proceed to complete their degrees," De Vera said.
Aside from its purpose for the TES, De Vera said the card can also be used for payment in any merchants where Mastercard is accepted.
" also has no required maintaining balance, reloadable for free via the Link.BizPortal, transfer and cash out funds through LANDBANK Branches and Agent Banking Partners nationwide among others," De Vera added.
For her part, LANDBANK President Cecillia Borromeo assured that with the launching of the LMPC, student beneficiaries will now receive their TES stipends in a "timely, safe, and convenient manner."
Meanwhile, member agencies of the UniFAST Board - Coordinating Council of Private Educational Associations (COCOPEA), Association of Local Colleges and Universities (ALCU), and Philippine Association of State Universities and Colleges (PASUC) also extended full support for the initiative during the virtual launch.
The TES is one of the major programs under Republic Act 10931 or the Universal Access to Quality Tertiary Education Law, which was signed by President Duterte in 2017.
It is a grant-in-aid program to help qualified financially-needy students and those residing and studying in cities and municipalities without public universities to support their studies.