Top officials of STI Education Systems Holdings Inc., owner of one of the largest networks of private schools in the Philippines, assured students and parents that it is doing its best to ensure the quality of education amid the “new normal.”
“Our faculty, through continuous and rigorous trainings, are well-equipped to deliver lessons and conduct consultations online,” STI Holdings said in a statement, quoting chairman Eusebio Tanco and president and chief executive Monico Jacob.
The company said by demonstrating its commitment to continuing education amid the new normal, it looks forward to bouncing back from the economic effects of the pandemic.
STI Holdings reported total assets of P15.2 billion for fiscal year 2019-2020. Based on the company’s annual report submitted to the Philippine Stock Exchange, the assets’ value increased by P384.3 million from P14.8 billion it posted at the end of the previous fiscal year.
The appreciation in asset values was largely due to the increase in cash and cash equivalents, receivables and property and equipment.
Property and equipment, net of accumulated depreciation, went up by P262.2 million to P10.23 billion from P9.96 billion. The increase includes costs of the recently completed STI Academic Center in Legazpi City. The four-story building, which stands on a 4,149-square meter property, can accommodate around 2,500 students.
Prior to the completion of the STI Academic Center Legazpi, four other academic centers were built in Lipa City, Batangas; San Jose Del Monte City, Bulacan; Sta. Mesa, Manila; and along EDSA in Pasay City.
STI Holdings released its first sustainability report alongside its annual report for its fiscal year ending March 31, 2020. In the sustainability report, the company’s subsidiary schools detailed their respective initiatives towards the attainment of the United Nations’ Sustainable Development Goals.
Among the initiatives are the strengthening of school policies that will safeguard the health and well-being of students and employees and ensuring access to quality education through continuous program reviews as well as financial assistance programs and scholarships.
A key to achieving these goals is STI Holdings’ response to the challenges posed by the COVID-19 pandemic.
“The group has been quick to beef up its already outstanding learning management systems and forge partnerships with key telecommunications players to provide the students with Internet connectivity assistance,” STI Holdings said.
“The group also worked with government institutions to be able to extend financial assistance options such as zero-interest student loans and 20% scholarship grants,” it said.
