Conglomerate PHINMA Corp., through PHINMA Education Holdings, Inc., is eyeing to expand its education network nationwide after enrolments hit a record high.
PHINMA President, Chief Operating Officer, and Head of Education Chito B. Salazar said the company is expected to close its expansion in Metro Manila by the third quarter of the year.
According to Salazar, other areas of expansion include Cavite, La Union, Tarlac, Nueva Ecija, and Davao.
“We are also establishing a branch in San Pablo because we already have a network in Laguna, we have one in Sta. Cruz and Calamba. We want one in San Pablo. Then we are looking for schools in Cavite and Davao and Metro Manila,” Salazar told reporters.
“For our expansion to Metro Manila, we will close within the year, maybe by the third quarter. We also want to expand in Tarlac, La Union, and Gapan,” he said.
The Phinma Group entered the education sector in 2004 by acquiring Phinma Araullo University in Nueva Ecija.
Its existing network includes Phinma Cagayan de Oro College, Phinma University of Pangasinan, Phinma University of Iloilo, Southwestern University Phinma in Cebu City, Phinma Saint Jude College in Manila, Phinma Republican College in Quezon City, Phinma Rizal College of Laguna, and Phinma Union College of Laguna.
During the first semester of the 2023-2024 school year, PHINMA Education witnessed a significant 18 percent surge in student enrollment, reaching a total of 146,546 learners across the Philippines and Indonesia.
For this year, PHINMA allocated P4.5 billion in capital investment to sustain growth and fund the expansion of various business units.
“Our education business takes up about half of the total budget and about P1.75 billion is allocated for the property sector. The P500 million is divided between hospitality, Phinma Corp., and construction materials,” Phinma chief financial officer Edmund Alan A. Qua Hiansen said.
Last year, PHINMA saw a modest 6.5 percent increase in its net income to P1.63 billion as consolidated revenues grew by 20 percent to P21.27 billion.
Its education arm PHINMA Education, whose consolidated net income reached P1.19 billion and consolidated revenue clocked in at P5.44 billion, was one of the main growth drivers.