PSBA QC campus shuts down amid financial losses
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MANILA – The Quezon City campus of Philippine School of Business Administration (PSBA) will no longer accept students for enrollment in the second semester of the current academic year, marking the end of over three decades of existence, because of mounting financial losses.
A Notice of Closure published in a newspaper on Wednesday showed that the board of directors and the stockholders owning 98.99 percent of the outstanding capital stock of PSBA Inc-QC unanimously approved the resolution to close the school located along Aurora Boulevard and all its educational programs effective at the end of classes on October 18, the conclusion of the first semester of Academic Year 2013-2014.
"PSBA-QC will not be accepting students for enrollment for the Second Semester of Academic Year 2013-2014," the notice read.
In closing the school, PSBA-QC cited "serious business losses" in the past eight years, including the recently concluded fiscal year ending May 2013.
Documents from the Securities and Exchange Commission showed the school widened its loss to P4.25 million in fiscal year 2012 from P1.41 million in the previous year on lower gross income and higher general and administrative expenses.
According to the school's notice, another reason for the closure is that the school is now being operated by lawyer Benjamin P. Paulino in the absence of an independent permit from the Commission on Higher Education (CHED), and without authority from PSBA-QC, the grantee of CHED recognition.
A source from PSBA said Paulino is a member of the board and previous president who has since been replaced by Dr. Jose Peralta.
"But [Paulino] doesn't want to go down. There is a legitimate elected president of that campus. It so happened that ayaw niyang bumaba," the source said.
As this went online, InterAksyon couldn't get a statement from Paulino on the matter.
Manila campus to accommodate QC students
Students from PSBA-QC will be accepted and accommodated at its Manila campus located at 826 R. Papa Street in Sampaloc, subject to the usual admission requirements.
Likewise, PSBA-QC is constrained to terminate employment of all academic and non-academic personnel effective at the close of business on November 8 and 29, respectively.
PSBA-QC offers undergraduate courses in Bachelor of Science in Accountancy and Bachelor of Science in Business Administration as well as graduate courses in Master in Business Administration and Doctor in Business Administration. It also offers review sessions and refresher courses for Certified Public Accountants.
Founded in 1963, PSBA opened its second campus in Quezon City in 1981.