STI SHUTS DOWN 12 CAMPUSES FOR LACK OF ENROLLEES
STI Education Services Group Inc. has announced it is shutting down seven of its schools and suspending the operations of five others due to the low turnout of enrollment owing to Covid19 pandemic.
In a regulatory filing with the Philippine Dealing & Exchange Corp., the STI has decided to cease the operations of STI College Bohol, STI College Recto, STI College Pasay, STI College Dipolog, STI College San Francisco, STI College Parañaque, and Sungold Technologies Inc.
“STI-ESG determined that continuing the operations of these schools was no longer viable due to low enrollment turnout and the high cost of facility rental,” the company said.
It also suspended the operations of STI Cebu, STI Iloilo, STI Tuguegarao, STI Pagadian, and STI Quezon Ave. for the academic year 2020-2021.
The company reiterated the closure of operations of these STI campuses will not have financial impact on the corporation, thus students currently enrolled in the affected schools will be given the option to transfer to other STI branches.
“The suspension and cessation of operations of the STI schools mentioned will not have a material financial impact on the corporation since most of the affected students will be transferred to other STI schools and the savings on costs outweigh the revenues to be received,” the company said.
STI-ESG has a network of 76 schools with 38 company-owned and 38 franchised schools across the country by the end of 2019.
It offers degree programs in information technology, business and management, tourism, computer engineering, accountancy, communications, multimedia arts, and senior high school curriculums.