The coronavirus pandemic proved to be a dampener to students’ dreams of continuing school.
Under financial pressure from the pandemic and low enrolment, STI Education Services Group Inc. of businessman Eusebio Tanco suspended the operations of five of its schools for this school year. These include STI Cebu, STI Iloilo, STI Quezon Avenue, STI Tuguegarao and STI Pagadian.
“STI ESG determined that continuing operations of these schools was no longer viable due to low enrollment turnout and the high cost of facility rental,” the company said in a regulatory filing.
Seven franchised-owned STI education centers likewise shut their doors permanently — STI College Bohol, STI College Recto, Sungold Technologies, STI College Pasay, STI College Dipolog, and STI College San Francisco. STI College Paranaque likewise decided to suspend its operations for this school year because of declining enrollment.
The group emphasized that the “suspension and cessation of operations of the STI schools would not have a material impact on the corporation since most of the affected students would be transferred to other STI schools.”
STI ESG said the savings to be derived from the closure of these educational institutions outweigh the revenues to be received.
Source: Bilyonaryo.com.ph
Source: Peso Economics
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