2021-05-19
STI Holdings, owner of
one of the countryâs largest network of schools registered a net income of
Php82.6 million for the three-month period ending March 31, 2021 compared to a
Php211.6 million net loss in the same period last year, it said in a disclosure
to the Philippine Stock Exchange.
The increase in net
income follows the groupâs decision to prioritize studentsâ and employeesâ
welfare a year into the COVID-19 pandemic and related quarantines through different
measures, including the implementation of work-from-home arrangements for
employees and the continuation of its online classes for students.
Online classes are being
conducted under the Online and Onsite Education (ONE) STI Learning Model for
the STI Education Services Group and STI WNU, and the Guided Online Autonomous
Learning (GOAL) program for iACADEMY.
Meanwhile, the companyâs total assets increased to Php15.1 billion
as of end-March 2021 from Php14.8 billion as of end-June 2020 largely due to an
increase in its cash and cash equivalents.
STI Holdingsâ cash and cash equivalents increased by Php669.3
million or 80% due to the collection of tuition and other school fees from
students and collection from the Department of Education and the Commission on Higher Education for the
senior high school vouchers and the tertiary education subsidies, respectively.
âWhile it is vital to continue with the education of our youth
even amid the pandemic, it is equally important for us to help make sure that
our students and employees can continue doing their respective activities in a
safe environment. This way, they can continue having the potential of achieving
their goals even after the pandemic,â said STI Holdings President and CEO
Monico V. Jacob.
âLearning should never stop at whatever stage in life, especially in
the digital age. This is why we have invested in online learning systems even
before this crisis, so that with the power of technology and with just minimal
adjustment, we can still facilitate classes even with the pandemic,â said STI
Holdings Chairman Eusebio H. Tanco.
âThrough our online learning programs and by keeping our people
safe, we hope to help them move forward and live meaningfully beyond the
pandemic,â he said further.
Beginning SY2020-21, STI Holdingsâ Fiscal Year starts on July 1
and ends on June 30 the following calendar year.
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STI Education Systems
Holdings, Inc. (STI Holdings) has three subsidiaries involved in education: the
STI Education Services Group (STI ESG), STI WNU, and iACADEMY.
STI ESG offers associate
and baccalaureate degrees and technical-vocational programs in the fields of
Information and Communications Technology, Business and Management, Hospitality
Management, Tourism Management, Arts and Sciences, Engineering and Education.
It also offers senior high school. STI ESG was given government permits to
offer Bachelor of Science in Retail Technology and Consumer Science Program and
the 2-year Associate in Retail Technology Program starting SY 2020-2021.
STI WNU offers programs
and courses ranging from basic education to graduate levels. Founded on
February 14, 1948, STI WNU was granted its university status by the Commission
on Higher Education on February 11, 2008. STI WNUâs campus sits on a
3.1-hectare property in the heart of Bacolod City.
iACADEMY is the premier school in the group that has senior
high school and college programs centered on computing, business, and design.
It offers specialized courses such as software engineering, game development,
animation, multimedia arts and design, fashion design and technology, film and
visual effects and real estate management. It is offering two new programs
beginning SY 2020-2021, namely: Bachelor of Science in Computer Science major
in Data Science and Bachelor of Science in Computer Science major in Cloud
Computing. iACADEMY has also been given the government permit to offer Bachelor
of Science in Accountancy this school year.
