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STI investing P3.6b to build 4 big schools—Jacob

[ manilastandardtoday.com] July 20, 2011

Private school chain Systems Technology Institute is investing P3.6 billion to put up four big schools in various parts of the country.

STI president Monico Jacob said in an interview during the groundbreaking ceremony for the five-story STI Academic Center in Novaliches, Quezon City that the company was building academic centers in Caloocan, Calamba and Buendia in Makati.

Jacob said the company was spending P300 million to construct the STI academic center in Novaliches on a 5,000-square meter lot along Quirino Highway allotting P300 million for the STI Calamba school.

STI has earmarked P2 billion to develop a 3,300-sq.m. property in Buendia. Jacob said the Buendia property would house a school and office for the STI group.

Another P1 billion will be spent to develop a 1.3-hectare property in Caloocan City.

Construction of the new academic center in Novaliches will start this year and open by June 2012 while the construction for the three other schools will begin next year.

Early this year, STI unveiled new academic centers in Naga City, Fairview in Quezon City and Alabang. Funding for these new schools will come from internally generated funds and from borrowings.

Jacob said the company was also in the final stages of consolidating all company—owned schools in preparation for the company’s listing in the Philippine Stock Exchange.

STI in 2008 had planned to list in the stock exchange to finance the school’s expansion plans. STI at that time was looking to raise between P1 billion and P2 billion from a share sale to finance the construction of more schools across the country.

STI deferred the IPO several times due to unstable market conditions.

Aside from expanding to new sites, Jacob said the company would also be offering new courses to college students. The company by next year hopes to start offering Mass Communication and BS Accountancy courses.

Established in 1983, STI has a network of over 100 campuses, high schools, grade schools and pre-schools all over the country. It started as an information technology school and recently started offering nursing, hotel and restaurant management and other healthcare and hospitality-related courses. Jenniffer B. Austria
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