Created by a Memorandum of Understanding (MOU) between UP President Alfredo E. Pascual and CARD-MRI Development Institute’s Dr. Jaime Aristotle B. Alip, an award-winning microfinance expert, the project aims to mobilize funds from UP alumni to assist Mga Iskolar ng Bayan in need.
To be administered by the UPAA, the student loans will come from donations by UP alumni, matched with identical amounts by CARD-MRI for livelihood loans to help the parents with the repayments. UP alumnus Atty. Arnel Casanova, BCDA President, jumpstarted the project with a donation of PhP100,000.00, while CARD-MRI put up the same amount as counterpart.
The student loans will be up to PhP10,000.00 each, at an interest of 1% per month on a diminishing method, payable in 1, 3, or 6 months, on a weekly, semi-monthly, monthly, or lump sum basis.