PSBA QC campus shuts down amid financial losses

[Monseratto]

Public School Beside Ateneo... I wonder who will buy and probably build condos on the property.

33-year old QC business school shuts down amid financial losses - InterAksyon.com

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A source from PSBA said Paulino is a member of the board and previous president who has since been replaced by Dr.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.

[holdencaulfield]

Panood Sine Bago Aral

[JohnM]

Parking Space

[K.I.L.L.]

That is sad. What about the displaced students? They should have at least concluded the whole school year as it would be hard for the students to transfer in the middle of the year.

[vinj]

Ironic indeed...

The property is already a prime piece of land and i wonder who'll pick it up.

[Ry_Tower]

Public school beside ateneo nga tawag nila dyan. Pirme location talaga, for sure madami magkaka-interest dyan.

[vinj]

^Nung time ko, parking space ang coin.

To think that school was known for it's accountancy courses years ago if i'm not mistaken.

[niky]

That's the irony... a business school... not making money?

-

Even though the losses don't seem so shocking now, there's no way a school in that shape is going to survive 2016.

[falken]

It was famous in the 80's when their graduates topped the CPA board exams for a couple of years. They were one of the first schools to have airconditioned classrooms. IIRC.

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[Altis6453]

It was famous in the 80's when their graduates topped the CPA board exams for a couple of years. They were one of the first schools to have airconditioned classrooms. IIRC.

Sent from my Nexus 7 using Tapatalk 2

Well, I find it incredible that a school that's supposed to be a business school went out of business because of bad management.

[K.I.L.L.]

^Nung time ko, parking space ang coin.

To think that school was known for it's accountancy courses years ago if i'm not mistaken.

I have had a number of accounting staff from PSBA in Manila and they've been pretty good in my opinion.

[JohnM]

I have had a number of accounting staff from PSBA in Manila and they've been pretty good in my opinion.

My wife is from PSBA Manila. Iba pa rin daw ang level nila compared to the QC campus

[falken]

Well, I find it incredible that a school that's supposed to be a business school went out of business because of bad management.

Maybe the guys running the school were engaged in monkey BUSINESS?:D

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[_Qwerty_]

sabi nila dati dyan.. Philippine School Besides Ateneo..

pero madami din nag aaral dyan..

[Ry_Tower]

^Nung time ko, parking space ang coin.

To think that school was known for it's accountancy courses years ago if i'm not mistaken.

Ganyan tawag niyong may mga kotse, commute ako eh. hehe.

Yup, magaling sila sa accountancy. Diba dyan din nagpapalamig mga pasaway na atenista na bumagsak sa first sem sa first year or dyan muna mag-2nd year tapos balik na kapag seryoso na sa buhay. hehehe

[vinj]

Well, I find it incredible that a school that's supposed to be a business school went out of business because of bad management.

On a related note, if its to make PSBA-QC feel any better. There was a time in recent years that AIM almost went belly up also due to management problems.

[Retz]

may PSBA pala sa qc? I thought ung sa morayta lang.

[Mguy]

may PSBA pala sa qc? I thought ung sa morayta lang.

That's PSBA-Manila and it would stay open.

[_Qwerty_]

don yan sa may lrt2 katipunan station sa aurora blvd.. may time na gusto bilhin nung sta. clara yan.. nung ginagawa yung flyover don.. ayaw nila ibenta.. tapos isasara din pala..

[1D4LV]

i think the students who will be displaced be absorbed by other campuses.