PSBA QC campus shuts down amid financial losses

**Monseratto** · September 26th, 2013 08:40 AM

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A source from PSBA said Paulino is a member of the board and previous president who has since been replaced by Dr.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** · September 26th, 2013 09:16 AM

Panood Sine Bago Aral

**JohnM** · September 26th, 2013 09:31 AM

Parking Space

**K.I.L.L.** · September 26th, 2013 09:32 AM

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** · September 26th, 2013 09:39 AM

Ironic indeed...

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

**Ry_Tower** · September 26th, 2013 09:45 AM

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

**vinj** · September 26th, 2013 09:52 AM

^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** · September 26th, 2013 10:00 AM

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

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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** · September 26th, 2013 10:01 AM

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** · September 26th, 2013 10:46 AM

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