Benitez cries foul on STI PWU foreclosure

PWU cries foul over STI move to foreclose campuses The Benitez family, owners of the Philippine Women’s University (PWU), assailed the move of STI Holdings to foreclose the university’s Manila campus as having no basis. PWU Media Director Lydia BenitezBrown said the family had already filed a case before the Manila regional trial court last month challenging STI’s declaration of default. “STI’s latest move is a legal matter and will be dealt with in the proper legal forum,” she added. “We’ve always said that we will honor all our commitments to Mr. Eusebio Tanco and STI, and we will. But only under fair and just terms. Their demand that we pay 923 million for obligations of 448 million is exorbitant and unacceptable,” Brown said. Brown also said STI Holdings had waived all interests and penalties on the BDO loan of

250 million assumed by Tanco three years ago. “STI acquired the BDO loan and extended a 198million loan to Unlad Resources Development Corporation which was used to buy land in JASMS QC and for school operations,” she explained. During this time, STI/ Tanco appointees controlled the finances of both PWU and Unlad. Brown disclosed that the Benitez family had already sent a formal settlement offer to Tanco/STI last week. The family proposed to pay STI Holdings to cover principal and a “break-up premium.” (JAL)