STI Holdings, owner of one of the country’s largest network of schools, reported a net income of P82.6 million for the first three months of 2021, reversing its P211.6 million net loss in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said The increase in net income follows the group’s decision to prioritize students’ and employees’ welfare a year into the COVID-19 pandemic and related quarantines through different measures.
This includes the implementation of work-from-home arrangements for employees and the continuation of its online classes for students.
Online classes are being conducted under the Online and Onsite Education (ONE) STI Learning Model for the STI Education Services Group and STI WNU, and the Guided Online Autonomous Learning (GOAL) program for iACADEMY.
“While it is vital to continue with the education of our youth even amid the pandemic, it is equally important for us to help make sure that our students and employees can continue doing their respective activities in a safe environment,” said STI Holdings President and CEO Monico V. Jacob.
He added that, “This way, they can continue having the potential of achieving their goals even after the pandemic.”
“Learning should never stop at whatever stage in life, especially in the digital age. This is why we have invested in online learning systems even before this crisis, so that with the power of technology and with just minimal adjustment, we can still facilitate classes even with the pandemic,” said STI Holdings Chairman Eusebio H. Tanco.
He noted that, “Through our online learning programs and by keeping our people safe, we hope to help them move forward and live meaningfully beyond the pandemic.”
Beginning school year 2020-2021, STI Holdings’ Fiscal Year starts on July 1 and ends on June 30 the following calendar year.