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Manila Bulletin devider Business devider The Stock Market devider STI-PSBA to encourage Gen Z entrepreneurship

STI-PSBA to encourage Gen Z entrepreneurship

Published Mar 3, 2024 04:11 pm

STI Holdings, owner of the largest network of private schools in the Philippines, said it has decided to acquire the Philippine School of Business Administration (PSBA) in both Quezon City and Manila as a strategic move aimed at bolstering business and entrepreneurship education in the country.

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“The decision comes in response to a noticeable shift in sentiment among Filipino Gen Zs, with an increasing number expressing a preference for entrepreneurship over traditional corporate career paths,” said STI Holdings President Monico V. Jacob in a statement.

He added that “we are now seeing how the landscape of employment evolves. It makes sense that education must evolve as well. The acquisition is a significant step in this direction for the company."

This inclination towards entrepreneurship among the younger generation is corroborated by a study conducted by PhilCare, a leading HMO and affiliate of STI Holdings, which revealed a strong desire among Filipino GenZs, millennials, and Gen Xers to venture into business.

The PhilCare study said Filipino Gen Z individuals displayed a clear preference for entrepreneurship, as evidenced by their strong inclination towards starting their own businesses. 

This was closely followed by a desire for flexible work arrangements over rigid schedules; a preference for multiple part-time positions, or what they call “gigs," and a penchant for independent work rather than collaborative environments.

A separate survey, also commissioned by PhilCare, underscored this trend even among other Filipinos, revealing that a significant 53 percent of respondents from both the millennial and Gen X demographics expressed a strong preference for entrepreneurship over traditional employment.

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Jaeger Tanco, Philcare President and STI Holdings Vice President for Investor Relations

Jaeger Tanco, PhilCare President  and STI Holdings Vice President for Investor Relations, emphasized that this trend underscores the importance of the education sector adapting to meet evolving demands, with entrepreneurship offering significant potential for economic growth and job creation.

“Our studies show that for many young Filipinos, entrepreneurship is not just a college course or a subject; it has become a mindset. Institutions must reimagine their role in shaping the future workforce. It's no longer enough to impart knowledge; we must also nurture this entrepreneurial spirit through hands-on experiences, mentorship programs, and real-world challenges,” he said.

Founded in 1963, PSBA has evolved into one of the country's premier business schools, offering a range of undergraduate and graduate programs, including Accountancy, Business Administration, and specialized MBA programs.

STI Holdings owns three major institutions in the education sector: STI Education Services Group, STI West Negros University, and iACADEMY, offering a diverse array of programs from ICT to business and design.

The acquisition of PSBA by STI Holdings, subject to regulatory approvals and final agreements, marks a significant expansion in the educational portfolio of the company, aligning with its commitment to provide quality education and meet the evolving needs of the workforce.
 

Related Tags

Philippine School of Business Administration - Manila Monico Jacob STI Holdings Inc. Jaeger Tanco
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