Dear PWU-JASMS Community,
The Petition filed by PWU Chair Helena Z Benitez for the Involuntary Rehabilitation of PWU was dismissed by Manila RTC Judge Rainelda H. Estacio-Montesa on August 19, 2015.
The judge rejected the recommendation of its own court-appointed receiver who said PWU was capable of rehabilitation with the conjoining of Unlad Resources Development Corp. in the rehabilitation plan. Unlad had repeatedly expressed its willingness to pay back PWU’s creditors through the sale of its properties. The judge denied Unlad’s petition saying that to comingle the assets and liabilities of PWU and Unlad “would harm the rights of innocent creditors.”
We assure all of you that we are pursuing legal remedies and that this temporary setback will not affect the settlement efforts with all of PWU’s creditors, including STI Holdings owned by Mr. Eusebio Tanco.
As far as PWU and JASMS are concerned, we assure you that current operations and ongoing efforts to move our institution forward are undeterred, and we ask for your support as we stay our course and continue to fulfill our mission towards our hundredth year of educational excellence.
Jose Francisco B. Benitez