PWU owners ask STI to reconsider foreclosure move

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.