Noticias de la Cámara
PETNET Forex Solutions and Convera partner to help students to send tuition overseas24/01/2024
Expanding into the Philippines: A new student payment type with PETNET.
Philippine economic growth & opening education borders.
The Philippines is the 10th most populous nation in the world and is forecast to grow to 145 million by 2045. With a significant portion of the population being under 15 years old, they are also projected to have the most significant growth in its university-age population (20–24-year-olds) compared to other ASEAN (Association of South-East Asian Nations) countries.1
Alongside the forecasted population growth, The Philippine economy is following suit, growing in recent years from 5.6% in 2021 to 7.6% in 2022 . This recipe for expansion is further supported by the Transnational Higher Education Act, passed in 2019, where higher education providers in the Philippines can partner with other universities overseas to provide quality education in-country and transnational campuses worldwide.
It therefore comes as little surprise that the Philippines now accounts for one of the top source countries for students studying abroad, placing 3rd highest after India and China, according to the latest IDP Emerging Futures 4 survey.
Supporting payers from the Philippines
At Convera we support over 900+ institutions worldwide with their international payments and are growing our payment network to meet shifting student mobility and economic trends. As the Philippines is a growing market, we have partnered with PETNET Forex Solutions to offer students a new online banking payment option through the Convera GlobalPay for Students platform. PETNET is majority-owned by City Savings Bank, Inc. and Union Properties, Inc., both wholly-owned subsidiaries of Union Bank of the Philippines (UnionBank), and offers convenient and innovative cross-border payment solutions. This option allows students in The Philippines to pay their fees in Philippine peso (PHP) and upload required documentation within the same screen for ease.
Click here for the whole article, and to see how the payment works.