Providing much needed access to education to the Filipino youth, Bukas, a tech-enabled education financing platform, widens its reach with new partner institutions from private universities such as De La Salle University, University of Asia and the Pacific, Panpacific University, Technological Institute of the Philippines, St. Louis University, Colegio de Dagupan, to more specialized schools like SoFA Design Institute, Enderun Colleges, De La Salle Medical and Health Sciences Institute, Avion School, and Uplift Code Camp.
A third of Filipinos have not attained higher education with affordability being a major barrier. In some cases, students may have enrolled for the first few semesters, but their financial situation at home does not make it sustainable for them to continue and finish their degrees. This is reflected in the annual 10-15% dropout rate that many schools in Southeast Asia, including the Philippines, experience.
“This new partnership between DLSU and Bukas is very timely as many of our students continue to feel the effects of the pandemic on their family's resources. With Bukas' tuition installment plans, we can provide our students more options to fund their education so that their learning continues during these difficult times,” shares Dr. Christine Joy A. Ballada, Dean of Student Affairs of De La Salle University.
Committed to serving Filipino students, Bukas is offering an affordable, complementary solution that aims to empower Filipino families to build a better tomorrow through quality education. The offering is accessible to more families and students who are not able to rely on bank loans, or scholarships. With a base monthly interest rate of up to 1.5% that is lower than other financing institutions, and payment installments up to 12 months, Bukas makes it sustainable to parents, and even to working students to manage their school finances.
Bukas’ expansion led by its parent company ErudiFi, which included the onboarding of new educational institutions and key hires across different business functions, was a result of closing a US$5 million Series A round co-led by Monk's Hill Ventures and Qualgro earlier this year. ErudiFi has seen a growth of 3x in 2020 and is continuously expanding its presence in the Philippines with partner schools all over the country. With the onboarding of new partners, Bukas now has a total of 27 partner schools, with presence in 57 campuses, including Mapua University, Far Eastern University, Adamson University, Our Lady of Fatima University, PHINMA Education Network, University of Nueva Caceres, Centro Escolar University, and Eskwelabs, among others.
“Welcoming new partners to our platform gives more and more Filipino students the opportunity to study in their dream schools through more sustainable means. The number of out-of-school youth continues to grow, and we want to be part of the solution as we help set them on the path toward building a better future,” shares Jon Robert Emlano, Country Manager of Bukas.