MANILA – Members of the Benitez Group have resigned as board members and trustees of Philippine Women's University (PWU), handing over control to STI Holdings Inc.
STI now has eight out of the 10 board seats and 11 of the 15 memberships.
STI earlier served notices of default on PWU and its sister company, Unlad Resources and gave them a week to pay the accumulated amount of P923 million, or turn over the school’s majority.
Monico Jacob, who was elected president and chief executive of PWU, said the university was “deteriorating financially and physically,” and was about to lose its key accreditation because of the decline in its quality of education.
He added that STI has to invest more funds to improve the services of PWU, fix the school premises, and upgrade substantially its quality of education.
“The students are paying good money and deserve good education. We will do our best to deliver on this legacy and promise of PWU,” Jacob said.
The STI members who filled eight seats in the 10-man board of trustees are Eusebio Tanco, who was elected chairman; Jacob; Maria Vanessa Tanco ,who remains as executive vice president and chief operating officer; Jaeger Tanco; Yolanda Bautista; Jesli Lapus; Teodoro Locsin; and Paolo Martin Bautista.
Dr. Helena Benitez serves as chairperson emeritus.