Phinma earmarks P300m capex for next fiscal year

CEBU, Philippines — In its bid to make Southwestern University as one of the topnotch educational institutions in the Philippines, Phinma Corporation is allocating P300 million in capital expenditure for the next fiscal year, starting April 2018.

This was the announcement made by Chito Salazar, Phinma Education and University president Chito Salazar on the sidelines of the official inauguration of Phinma Hall yesterday.

According to Salazar, the 2018-2019 fiscal year capex will be spent for further expansion of SWU's flagship program, the School of Health and Science, which kicked off with the unveiling of the new Phinma Hall.

A significant chunk of the P300 million will also be utilized for building the second phase of the school's hospital arm, Sacred Heart Hospital's (SHH).

Phinma spent P350 million for fiscal year 2017-2018, which will be ending this month,  for the renovation of the main building and upgrading of Sacred Heart Hospital (Phase 1).

The Phinma Hall which was unveiled yesterday, will house administrative offices, the University library, several laboratories, and the School of Medicine.

Phinma Corporation's property arm, Phinma Properties, is currently developing a community housing in Sitio Pailob, barangay Sambag Dos. The group also intends to build a Business Process Outsourcing (BPO) tower with commercial spaces and a 560-room dormitory exclusive for SWU Phinma students.

In 2016, SWU Phinma earmarked a P400 million budget to develop the campus grounds and enhance the capabilities of its faculty members.

Phinma Corporation chief executive officer and president Ramon del Rosario Jr., who graced the event yesterday said, the Group will focus on investing more in education, although it is also looking at expanding in other sectors like cement, hospitality, among others.

Del Rosario, a former Department of Finance secretary under President Fidel V. Ramos, expressed high confidence of SWU-Phinma's growth as the driver of the conglomerate's education arm.

Aside from the physical transformation of the SWU Phinma, Del Rosario said a significant investment is also allocated primarily to provide extensive training for faculties, including doctorate and masters degree program abroad, among others.

Publicly-listed Phinma also operates several universities and colleges in the country, including University of Iloilo, Araullo University, Cagayan de Oro College and University of Pangasinan.

Phinma Corporation is a holding company with interest in education, energy, hotels, housing, steel products, and strategic consulting.

SWU, on the other hand which was established in 1946 after the war, has been handed to three generations of the prominent Aznar family.

Six family members of the Aznar clan sold their SWU stake to Phinma. The deal was formalized three years ago.