Ayala Corp. chair and CEO Jaime Augusto Zobel de Ayala
Conglomerate Ayala Corp. has signed a deal to acquire 96 percent of National Teachers College, an institution that pioneered educating future teachers in the country.
The acquisition – which will be made through AC Education – is still subject to closing conditions, based on an Ayala disclosure to the Philippine Stock Exchange on Thursday.
NTC is located on Nepomuceno Street, Quiapo, Manila and was founded in 1928, as the first school in the country to offer General Education leading to a Bachelor of Science in Education. It has a long track record of commitment to excellence in teaching, growth and inclusion, with almost 10,000 students from Basic to Higher education.
NTC was described as one of the most well-recognized teacher education institutions in the country. It is accredited by the Philippine Association of Colleges and Universities Commission on Accreditation (PACUCOA) for its Bachelor programs in Elementary and Secondary Education. It has over 3,500 Education students in both college and graduate programs.
The institution has also established growing Colleges of Accountancy & Business, Arts & Science, Hospitality Management and Information Technology, and a School of Advanced Studies.
“We are very grateful that several groups had expressed their sincere interest in continuing the legacy of National Teachers College as established by our forebears. In selecting the buyer who shall acquire the shares of NTC, it was important to look not only at the capability to expand the school’s horizons, but also at the alignment of values and vision for raising our Filipino youth to be excellent teachers, industry leaders, or capable, competent individuals, in whatever path they may choose,” said NTC chair Rolando De Castro.
“We look forward to working with AC Education in this transition process and in moving NTC closer to becoming the world- class institution it was intended to be. We are honored to pass on the torch to AC Education, which we are confident will remain committed to building on the ideals upon which NTC was founded,” he added.
“The Ayala group is committed to investing in the education sector because we recognize that it is critical to building our nation. We believe that NTC can play an integral role in our efforts to contribute to a better education system in the Philippines, because of NTC’s long and successful track record in producing quality educators who go on to teach in both public and private schools,” said Jaime Augusto Zobel de Ayala, chair and chief executive officer of Ayala Corp.
AC Education CEO Alfredo Ayala said NTC would be a key strategic element in the merger proposed between AC Education and the Yuchengco group’s iPeople.
Together with APEC Schools and UNC, NTC will be part of the assets that AC Education will contribute to its potential merger with iPeople, the parent of Mapua University, Malayan Colleges Laguna and Malayan Colleges Mindanao.
Last month, AC Education and iPeople announced that they had executed a non-binding term sheet for a potential merger.
AC Education owns and operates University of Nueva Caceres, one of the oldest and largest universities in Bicol as well as APEC Schools, the largest stand-alone chain of private high schools in the country.
BPI Capital Corporation acted as the financial advisor of AC Education for the acquisition.