Sy family acquires majority stake in school

MANILA, Philippines - The Sy family, which owns the largest chain of malls in the Philippines, has acquired a majority stake in the 108-year-old National University. Harley Sy, one of the sons of tycoon Henry Sy, told reporters that the family has decided to acquire 60 percent of the school located in Manila City from the Jhocson family. Sy, president of holding company SM Investments Coro., said the family felt there was a need to invest in the education system of the country especially since SM Foundation, which is run by the SM Group, will soon have 1,000 “full scholars" sending to school. Currently, the foundation has 500 scholars and is targeting to add 100 scholars yearly. Sy refused to divulge how much the family paid to acquire the stake but revealed that they have been constructing an eight-storey building with a space of 12,000 square meters as initial investment. The project is estimated to cost about P240 million. “We acquired this in the second quarter of the year. Let’s put this school in order. Our father felt that there was a need to invest in the country’s education," he said. Sy added that the school has new campaign, “NU Breed, NU Attitude", with the family’s investment. The new building is intended to increase the school’s population from its current 1,300 students. “There was a fire in the university 10 years ago and the student population declined after that, and with the new building we are hoping that new students will be encourage to enroll," Sy said. The Sy family also owns another Manila-based university, Far Eastern University. GMANews.TV