The country's private higher education institutions (HEIs), government financial institutions (GFIs) and even the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) have expressed their support to a proposed bill that would establish a loan facility for college and university students.
The proposed Senate Bill 3285 authored by Senator Edgardo Angara highlights that the country is behind many countries in financial support for HEIs. HEIs maintain that the cost of higher education continues to rise in the country and across the globe.
Based on the models of Hong Kong, which provides student loans of up to 50 percent of the total cost, and South Korea at 30 percent, Fabella said that the government would have to shell out between P36 billion and P72 billion for the loan facility, writes Marvin Sy for The Philippine Star.