STI announces settlement with the Benitez family
The STI Group of businessman Eusebio Tanco and the Benitez family announced that they have settled their dispute over the Philippine Women’s University (PWU) through dacion en pago, a special mode of payment where assets are given in lieu of money.
The Benitez family, through Unlad Resources Development Corp., transferred its transferred its Quezon City and Davao properties to STI as part of the debt settlement agreement.
Both groups also agreed that the Jose Abad Santos Memorial School (“JASMS”) will remain on the Quezon City campus along EDSA until the end of school year 2017 after which it will be moved to a new location.
Apart from this, PWU will retain its Manila campuses on Taft Avenue and Indiana Street in Manila.
At the same time, STI representatives will resign from PWU, which will remain under the control of the Benitez family.
PWU president Francisco B. Benitez heralded the settlement as “a mandate to rebuild PWU and JASMS while remaining true to the educational legacy of our founders.”
Benitez also disclosed that talks are underway to open new campuses outside Metro Manila in time for PWU’s centennial celebration in 2019.