Tanco-Benitez row takes toll on schools
Facade of Philippine Women’s University at Taft Avenue, Manila. NIÑO JESUS ORBETA/INQUIRER FILE PHOTO
The squabble between the Tanco and Benitez groups is taking its toll on the 96-year-old Philippine Women’s University by curbing enrolment, according to the Benitez family.
With the foreclosure proceedings against PWU campuses in Manila and Quezon City alongside another property in Davao, a spokesperson from the Benitez clan on Wednesday accused businessman Eusebio Tanco-led STI Holdings of putting “business ahead of education.”
“The foreclosure petitions reveal STI Holdings’ blatant disregard for the school, the staff and the students, who will be the most affected by this move. We call on STI Holdings and Eusebio Tanco to seriously consider their legal actions and take into account the welfare of the employees and the students of PWU and JASMS (Jose Abad Santos Memorial School),” PWU media director Lydia Benitez-Brown said in a statement.
Since the legal woes with STI began, Brown said the university had seen a slight decrease in enrolment.
“This foreclosure issue merely highlights the concerns we had last year, concerns shared by the PWU-JASMS community, that the not-for-profit character of PWU and JASMS would be in conflict with STI,” she said.
“Nowhere is that more evident than now, with this foreclosure issue foisted over our heads. The welfare of the employees and students of PWU and JASMS were clearly the last thing on STI’s mind, and the future of the schools evidently a non-consideration as far as Tanco is concerned,” Brown added.
Asked about his side on this matter, Tanco said: “We, at STI, we honor bilateral contracts. We practice good corporate governance and we manage our affairs well.”
“The reason why they are in trouble is because basically they mismanaged the school. Because if they managed it well, they should be able to pay their debt and they should be growing. They should not blame other people especially their creditors for their misfortune,” he said.
STI has filed separate foreclosure petitions against PWU properties: The Taft and Indiana campuses in Manila, the JASMS Quezon City campus and a property in Davao under the name of Unlad Resources Development Corp. (Unlad), the corporate arm of the Benitez family.
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