“I think we’ll do better than last year,” STI President and Chief Executive Officer Monico Jacob told The Manila Times recently. In the first half of the year, its parent STI Holdings booked a net loss of P446.2 million, dragged largely by affiliate company PhilPlans. The pre-need firm is owned 100 percent by Maestro Holdings, Inc., in which STI holds a 20 percent stake. “The Insurance Commission has been wanting to strengthen actual real reserves of pre-need companies and so they said that to strengthen their actual reserve, ‘your discount interest rate should go down.’ In January this year, our discount interest rate [was]7.25 percent. Meanwhile, STI is hoping to finish the construction of six campuses across the country in preparation for School Year 2018-2019.

Source: Manila Times September 01, 2017 17:37 UTC