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!