AC Education Inc., the wholly owned education arm of Ayala Corp., on Thursday said it won the bid to buy National Teachers College (NTC) in Manila.
A share purchase agreement for approximately 96 percent of NTC’s shares has been executed by the parties, it said.
The acquisition remains subject to certain closing conditions, including securing the necessary regulatory approvals, it added.
NTC is on Nepomuceno Street, Quiapo, Manila, and was founded in 1928 as the first school in the country to offer general education leading to a Bachelor of Science in Education.
It has a long track record of commitment to excellence in teaching, growth and inclusion, with almost 10,000 students from basic to higher education.
It is one of the most well-recognized teacher education institutions in the country, with Level III Accreditation from Pacucoa for its bachelor programs in elementary and secondary education, and over 3,500 education students in both college and graduate programs.
NTC has also established growing colleges of accountancy and business, arts and science, hospitality management and information technology, and a school of advanced studies.
Ayala started investing in the education sector in 2012 through AC Education.
In basic education, Ayala built the largest chain of stand-alone, private high schools in the country, called Apec, short for Affordable Private Education Center Inc., Schools, with approximately 16,000 students in 23 sites in Metro Manila, Cavite, Rizal and Batangas.
In higher education, AC Education has invested in the University of Nueva Caceres in Naga City, with approximately 8,000 students.
Together with NTC, the combined population of AC Education’s schools is approximately 34,000 students.
“We are very grateful that several groups had expressed their sincere interest in continuing the legacy of National Teachers College as established by our forebears. In selecting the buyer who shall acquire the shares of NTC, it was important to look not only at the capability to expand the school’s horizons, but also at the alignment of values and vision for raising our Filipino youth to be excellent teachers, industry leaders, or capable, competent individuals, in whatever path they may choose,” Rolando de Castro, chairman of the board of the National Teachers College, said in a statement.
“We look forward to working with AC Education in this transition process and in moving NTC closer to becoming the world-class institution it was intended to be. We are honored to pass on the torch to AC Education, which we are confident will remain committed to building on the ideals upon which NTC was founded,” De Castro added.
“The Ayala Group is committed to investing in the education sector because we recognize that it is critical to building our nation. We believe that NTC can play an integral role in our efforts to contribute to a better education system in the Philippines, because of NTC’s long and successful track record in producing quality educators who go on to teach in both public and private schools,” Jaime Augusto Zobel de Ayala, chairman and CEO of Ayala Corp., said.
NTC will be a key strategic element in the merger we have proposed between AC Education and iPeople, the company said.
Last month AC Education and the Yuchengco family’s iPeople, which owns Mapua University, announced that they executed a nonbinding term sheet for their potential merger.
1 comment
Yari na anman ang tuition fee mas lalong hindi magiging afrodable.