INJAP DONATES P25M FOR PUBLIC COLLEGE

By Francis Allan L. Angelo

ONE of the richest Ilonggos will bankroll the construction of the Iloilo City public college building to the tune of P25 million.

Iloilo City Mayor Jed Patrick E. Mabilog said Edgar Sia II, CEO and chairman of Mang Inasal Philippines and Injap Investments, will shell out the money needed to construct the 3-storey building that will house the public college.

The donation will be coursed through Injap Foundation, Inc., the corporate social responsibility arm of Sia’s business firms.

Mabilog said the building will be located at the old regional office of the Bureau of Fisheries and Aquatic Resources in Molo, Iloilo City.

The building that will rise on the 869-square meter lot is composed of 30-35 classrooms equipped with a computer lab, cafeteria and a school administration office.

Mabilog said he initially asked P20 million from Sia for the project but the latter said it might not be enough then increased the pledge to P25 million.

Mabilog and Sia finalized the deal during their meeting in Metro Manila last week.

“This is very good news for the city. We are happy for the construction of the new building complete with facilities and fixtures. We are very thankful to Mr. Sia for his legacy to the city,” Mabilog said.

Sia made waves in the national business circuit when he sold 70% of the popular Mang Inasal chain to Jollibee Foods Corp. for a whooping P3 billion.

The buying price of Jollibee values the entire Mang Inasal business at P4.3 billion. The 7-year-old Mang Inasal has an estimated annual total revenues of P2.6 billion and system wide sales of P3.8 billion.

Sia and his brother Ferdinand, the current chief operations officer, will retain 30% of Mang Inasal (valued at P1.3 billion) and are entitled to two seats in the new corporation’s board of directors.

The mayor said the school building will be finished in time for the opening of classes in June 2011.

The city community college will initially offer ladderized courses to be determined by the Commission on Higher Education (Ched).

Former city councilor Erlinda Liberiaga has been tasked to help organize the community college program.

Mabilog said P2 million has been set aside by City Hall for the scholarship of poor high school graduates who want to go to college. (With reports from PIO/LCPendon)