2024-03-12
MANILA
- STI Holdings, owner of the largest network of private schools in the
Philippines, today said that the company's decision to acquire the Philippine
School of Business Administration (PSBA) in both Quezon City and Manila, is a
strategic move aimed at bolstering business and entrepreneurship education in
the country.
STI
Holdings disclosed last Tuesday to the Philippine Stock Exchange (PSE) that its
board has given the green light to a term sheet for the takeover of PSBA, which
includes operations of the 61-year-old school, as well as the acquisition of
licenses, trademarks, trade names and school-related assets owned by PSBA.
The
decision comes in response to a noticeable shift in sentiment among Filipino
Gen Zs, with an increasing number expressing a preference for entrepreneurship
over traditional corporate career paths, according to STI Holdings President
Monico V. Jacob.
"We
are now seeing how the landscape of employment evolves. It makes sense that
education must evolve as well. The acquisition is a significant step in this
direction for the company," he said.
This
inclination towards entrepreneurship among the younger generation is
corroborated by a study conducted by PhilCare, a leading HMO and affiliate of
STI Holdings, which revealed a strong desire among Filipino GenZs, millennials,
and Gen Xers to venture into business.
The
PhilCare study said Filipino Gen Z individuals displayed a clear preference for
entrepreneurship, as evidenced by their strong inclination towards starting
their own businesses. This was closely followed by a desire for flexible work
arrangements over rigid schedules; a preference for multiple part-time
positions, or what they call "gigs"; and a penchant for independent work rather
than collaborative environments.
A
separate survey, also commissioned by PhilCare, underscored this trend even
among other Filipinos, revealing that a significant 53 percent of respondents
from both the millennial and Gen X demographics expressed a strong preference
for entrepreneurship over traditional employment.
Jaeger
Tanco, President of PhilCare and Vice President for Investor Relations at STI
Holdings, emphasized that this trend underscores the importance of the
education sector adapting to meet evolving demands, with entrepreneurship
offering significant potential for economic growth and job creation.
âOur
studies show that for many young Filipinos, entrepreneurship is not just a
college course or a subject; it has become a mindset. Institutions must
reimagine their role in shaping the future workforce. It's no longer enough to
impart knowledge; we must also nurture this entrepreneurial spirit through
hands-on experiences, mentorship programs, and real-world challenges," he said.
Founded
in 1963, PSBA has evolved into one of the country's premier business schools,
offering a range of undergraduate and graduate programs, including Accountancy,
Business Administration, and specialized MBA programs.
STI
Holdings owns three major institutions in the education sector: STI Education
Services Group, STI West Negros University, and iACADEMY, offering a diverse
array of programs from ICT to business and design.
The
acquisition of PSBA by STI Holdings, subject to regulatory approvals and final
agreements, marks a significant expansion in the educational portfolio of the
company, aligning with its commitment to provide quality education and meet the
evolving needs of the workforce.
Recent
financial disclosures from STI Holdings reveal robust growth, with a net income
after tax of ₱517.8 million for the six-month period ended December 31, 2023,
representing a remarkable 132% increase from the previous year.
The
surge in enrollment numbers, surpassing the six-digit mark for the 2023-2024
academic year, has been a key driver of this financial success, indicating
strong demand for educational offerings provided by STI Holdings.
###
STI Education Systems Holdings, Inc. (STI Holdings) has
three subsidiaries involved in education: the STI Education Services Group (STI
ESG), STI West Negros University (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, Education, Psychology and
Criminology. It also offers junior and senior high school.
STI WNU offers programs and courses ranging from
pre-elementary 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 offering
specialized programs in senior high school and college that are centered on
Computing, Business and Design. It is known for its strong industry
partnerships and non-traditional programs such as Software Engineering, Game
Development, Web Development, Real Estate Management, Animation, Multimedia
Arts and Design, Fashion Design and Technology, Music Production and Sound
Design, Film and Visual Effects, Data Science, and Cloud Computing. iACADEMY
also offers programs in Accountancy, Marketing Management and Psychology.
