STI Education Systems Holdings Inc. has filed anew for foreclosure of another property of Benitez-owned Philippine Women’s University (PWU) in Quezon City (QC).
In a disclosure to the stock exchange, STI said the company — together with its wholly owned unit Attenborough Holdings Corp. (AHC) — sought for another measure from the Regional Trial Court of Quezon City to foreclose parcels of land in QC site of Jose Abad Santos Memorial School, registered under Unlad Resources Development Corp., the sister company of non-stock PWU.
It was recalled that STI and AHC signed an omnibus agreement in June 2012 to grant Unlad loans in amounts of P198 million and P221 million for the upgrade of the facilities of PWU.
The loans granted were secured by mortgage of Unlad’s properties in Quezon City and Davao.
With its efforts to foreclose PWU Manila campus and Unlad’s QC property, the STI Group said foreclosure of the Davao property will follow.
STI’s move to seek extra-judicial help to foreclose the three properties is due to the Benitezes’ inability to pay its debts to STI and AHC.
The PWU tug-of-war rooted from the Benitezes’ failure to pay the loans of PWU its sister firm Unlad to Banco de Oro in 2011, amounting to P230 million. The STI Group settled PWU’s loans that saved the university from foreclosure, as well as funding the operations of Benitez-owned PWU and Jose Abad Santos Memorial School (JASMS) since 2011, which totaled to P448 million.
Due to appreciation, interests and cost of money over time, the debt expanded to P923 million from the original P448 million handed down by STI.