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For some reason, this made us feel sad.
“In a disclosure to the Philippine Stock Exchange, STI Education System Holdings Inc said the Regional Trial Court (RTC) of Manila declared STI as winning bidder in the auction of properties on which the Philippine Women’s University (PWU) Manila campus sits,” reports InterAksyon.com.
The report noted: “The properties subject of the foreclosure were along Taft Avenue in Malate, Manila and covered by Transfer Certificate of Title nos. 227390, 227391, 227392, 227393 and 227394 and registered under the name of PWU, as well as a separate property along Pilar Hidalgo Lim Street covered by TCT No. 112932, also registered in the name of PWU.”
In Feb, STI moved to foreclose on the properties, which were pledged as collateral for a loan that PWU took out from BDO Unibank.
The report indicated that “STI assumed the loan as part of a deal wherein PWU was supposed to transfer its assets to sister-company Unlad Resources Development Corporation. In turn, Unlad should have issued stocks in favor of STI, giving it control of the former.”
However, as the report continued to explain, “that deal fell through, leading STI to declare PWU and Unlad in default, and to initiate foreclosure proceedings.”
The report likewise revealed that “after STI moved to foreclose on the PWU properties, former senator Helena Z. Benitez, whose family owns the university, filed for corporate rehabilitation.” The court has not yet acted on the petition.
Photo: WikiCommons
