TECHNOLOGY-ENABLED education financing platform Bukas is expanding its reach by offering affordable student loans to its new partner-academic institutions.

These include 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, St. Paul University-Quezon City, Baliuag University, and University of the Visayas, as well as specialty schools like SoFA Design Institute, Enderun Colleges, De La Salle Medical and Health Sciences Institute, Avion School, and Uplift Code Camp.

Studies reveal a third of Filipinos fail to obtain higher education, with affordability being a major barrier. In some cases, students may have enrolled for the first few semesters, but their financial situation falls short of being sustainable for them to continue and finish their degrees. This is reflected in the 10- to 15-percent yearly dropout rate many schools in Southeast Asia experience, including the Philippines.

“[The] 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,” said Dr. Christine Joy A. Ballada, dean of DLSU’s Student Affairs. “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.”

Bukas is offering an affordable, complementary solution to more families and students who cannot rely on bank loans or scholarships. With a base monthly interest rate of up to 1.5 percent, which is lower than other financing institutions, and payment installments up to 12 months, the platform makes it sustainable for parents, and even for working students, to manage their school finances.

The expansion of Bukas 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 $5-million, Series A round co-led by Monk’s Hill Ventures and Qualgro earlier this year. In 2020 ErudiFi’s business grew three times. It constantly widens its presence in the Philippines with partner-schools nationwide.

Counting the newly onboarded institutions, 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…Filipino students the opportunity to study in their dream schools through more sustainable means,” Bukas Country Manager Jon Robert Emlano said. “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.”

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