The Benitez family, owner of the Philippine Women’s University (PWU), is calling on the Tanco-led STI Holdings Inc. to consider its settlement offer of P550 million to clear its obligations with the listed educational firm and not push through with the foreclosure proceedings.
The foreclosure proceedings on three properties of the Benitezes —PWU’s properties in Manila, Quezon City and Davao—was the STI Group’s response to the Benitez Group’s inability to pay its debts to the Tanco-led educational institution, which ballooned to P923 million from the original P448 million due to appreciation, interests and cost of money over time.
The PWU owners are asking the Tanco Group to accept their P550 million offer, saying the foreclosure will hurt the students and the 96-year old institution.
“The forelosure petitions reveal STI Holdings’ blatant disregard for the school, the staff, and the students, who will be the most affected by this move. We call on STI Holdings and Mr. Eusebio Tanco to seriously consider their legal actions and take into account the welfare of the employees and the students of PWU and JASMS (Jose Abad Santos Memorial School),” PWU Media Director Lydia Benitez-Brown was quoted as saying.
The three properties being foreclosed are the PWU Manila campus along Taft Avenue; the JASMS Quezon City campus; and a Davao property under the Benitezes’ corporate arm Unlad Resources Development Corp.