MANILA, Philippines — STI Education Systems Holdings Inc. is investing at least P10 billion up to next year to embark on an aggressive expansion of its school network.
STI chair Eusebio Tanco said the group is opening at least 10 large campuses this year up to next year, with each school costing P1 billion.
“We will probably finish five large campuses within the year. The other five probably next year,” he said.
Construction for the new sites of STI Lipa, STI Sta. Mesa, STI Pasay-EDSA and a green field school in San Jose del Monte are also in full swing.
The construction project in Lipa is expected to be completed this month, while the rest are expected to be finished in November.
Among the locations identified for the new campuses that will open next year are Legazpi City, Iloilo, and Davao, according to Tanco.
“These are campuses that would be very conducive for education. We are very bullish about education,” he said.
Tanco said the company has enough cash to fund the construction of the new campuses up to next year, and does not see the need to raise funds at the moment.
STI, a publicly listed company, is the owner of one of the biggest networks of private schools in the country.
The company breached the P3-billion mark in revenues as its schools managed to sustain positive enrollment numbers for the academic year 2017-2018.
STI Holdings follows an April to March fiscal year mirroring that of an academic cycle in the Philippines since the bulk of its income comes from its education services.
For school year 2017-2018, a total of 105,031 students enrolled in schools within the company’s network.