In a disclosure to the Philippine Stock Exchange, FEU said its board of trustees had passed a resolution to set aside P1 billion out of its retained earnings “for property acquisition and investment.”
The board likewise approved the setting up with PHI Culinary Arts and Food Services Inc. of a 50-50 percent joint venture named ICF-CCE Inc. for the purpose of owning and operating a culinary arts school to be named “ICF@FEU.”
In a recent interview, FEU vice chair Aurelio Montinola III said the culinary school would be set up on the ground floor of the university’s new campus in Makati, which would open in June in time for the beginning of the new school year.
Montinola estimated that the new campus would accommodate 2,000-3,000 new enrollees in the coming school year. The Makati campus, built from the former Zuellig Pharma building on Buendia Avenue corner Malugay Street, will offer business and technology as its core courses, Montinola said.
Based on public feedback, business and technology are always useful courses so these were chosen to form the core offering of FEU on its Makati campus, he added.
He said the tie-up with Pancake House was part of FEU’s strategy to enter into key partnerships, such as the one with De La Salle University for the joint offering of MBA-JD (Masters in Business Administration-Juris Doctor) dual degrees.
Last year, FEU also teamed up with leading global travel technology solutions provider Amadeus to provide its Tourism and Hotel and Restaurant Management students with an e-learning travel trade education.
FEU had spruced up the old building on a property that was leased from Crans Montana Property Holdings Corp., a unit of Ayala Land Inc. The university has an option to acquire the property, Montinola said.
Based on the latest filing of financial statements by FEU, a budget of P110 million was allocated for the renovation of the old Zuellig building. The university has a cash hoard of about P1.2 billion as of end-2009.
-PDI
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