FAR EASTERN University, Inc. (FEU) has moved to establish a campus in Alabang, Muntinlupa City in a bid to expand the university’s presence towards southern Metro Manila, the company said in a disclosure on Thursday.
“Please be informed that the board of trustees, at its special meeting held today, Nov. 29…hereby authorizes and approves the formation of and establishment of a new educational institution, FEU Alabang, Inc., with an authorized capital stock of P100 million divided into 100 million shares with the par value of P100 per share,” the disclosure read.
FEU Alabang’s incorporators were named as Michael M. Alba, Juan Miguel R. Montinola, Paulino Y. Tan, Angelina P. Jose, and Herminia I. Maliwat. Mr. Montinola is FEU’s chief finance officer, while Mr. Tan, Ms. Jose and Ms. Maliwat serve as FEU board trustee, corporate secretary and corporate treasurer, respectively.
FEU’s board also approved subscription to 249,995 FEU Alabang shares for a total of P6,249,500.
Officials from FEU were not immediately available for more details.
The school last July bared plans to expand towards southern Metro Manila after its board authorized the purchase of a 2.2-hectare property in Woods District (West) from developer Filinvest Alabang, Inc.
FEU, established in 1928, is a private non-sectarian school with two campuses in Sampaloc, Manila and Makati City, as well as three affiliates: FEU East Asia College, FEU Fern College, and Far Eastern College Silang, Inc., the firm’s 2011 annual report showed.
In the first semester of school year 2012-2013, FEU saw an 10.11% increase in student enrollment which it attributed to facilities improvements and new course offerings.
The school also implemented a 4.8% tuition fee increase in the current school year, bigger than the previous school year’s 4.5% hike.
FEU grew its net income by 21.76% to P375.69 million in the six months ending September from P308.55 million the previous year, with educational revenues — largely tuition fees — rising 9.57% to P925.03 million from P844.27 million.
“Tuition fee income went up by P75.52 million due to the increase in first-semester enrollment and in tuition fee rates,” FEU noted in its latest financial report.
In the same comparative six-month periods, operating expenses climbed by 1.31% to P637.32 million from P629.08 million.
“With the proper management of resources, we expect that operating profit will again improve this year,” FEU said.
FEU shares gained P10 or 0.93% to P1,080 last Thursday. Philippine financial markets were closed on Friday in observance of Bonifacio Day. — FJGDLF