Through making quality education accessible to underserved students across the Philippines and Indonesia, PHINMA Education posted a 30% increase in second semester enrollment versus the same period last year. This resulted in a 52% year-on-year growth in revenues for the first half of 2023.
The network also reported that consolidated net income tripled to P307.47 million in the first half of 2023 compared to P96.88 million during the first half of 2022. Increase in costs and operating expenses to support the increase in enrollment and face-to-face classes were offset by lower credit loss provisions as a result of higher collection efficiencies.
Currently composed of ten schools serving over 124 thousand students, PHINMA Education is committed to improving student success across a number of areas, including retention, licensure exam passing rates, and employability. It boasts a 79.06% passing rate for first-time takers across various licensure exams. 71% of its graduates are employed within one year of graduation, a number expected to rise as the economy recovers.
To prepare for an increasing number of students who are taking their classes in person, PHINMA Education recently opened PHINMA COC Iligan Campus, PHINMA Araullo University (AU) San Jose Campus, and a Dentistry building in SWU PHINMA. It also completed renovations in PHINMA Saint Jude College Quezon City (SJC QC), PHINMA Rizal College of Laguna (RCL), and Horizon Karawang in West Java, Indonesia. Another new building is underway in PHINMA University of Pangasinan (UPang).
“This year is a convergence of our model continuing to show promise, the growing need for the services we provide, and our business doing well on all aspects. We hope to be able to reach more and more underserved students who need quality education the most, so that they can uplift themselves, their families, and communities,” said PHINMA Education President and CEO Dr. Chito Salazar.
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