Phinma Foundation gets philanthropist couple’s backing
It is not often that foundations, regardless of size or stature, receive a guaranteed donation spanning decades—let alone one that could support tens of thousands of beneficiaries.
Such is the case for Phinma Corp.’s social responsibility arm, which is set to receive P400 million from one of its top executives to help underprivileged Filipino students complete their college education over the next 20 years.
Phinma vice chair, Magdaleno Albarracin Jr., and his wife, Trinidad Albarracin, committed to donate P30 million annually from the managed fund to support about 30,000 students.
This amount will back two flagship programs under Phinma Education: one provides scholarships of P30,000 a year to qualified second- to fourth-year college students; the other offers financial assistance to students facing emergencies that could disrupt their studies.
“It is our hope that investing in our students will help them realize their full potential, build better future for themselves and their families, and ultimately live fulfilling lives,” Albarracin says in a statement.
Financial safety net
The donation was sealed in a signing ceremony on Feb. 16 with Phinma Foundation Inc. (PFI) president Nicole del Rosario-Serafica and Phinma Corp. and PFI corporate secretary Troy Luna.
Citing the Second Congressional Commission on Education (Edcom 2) report, Phinma notes that one in five Filipino students leaves college before completing any degree.
Financial constraints, particularly emergencies, are among the main triggers of dropout, according to the “dropout framework” developed by Phinma Education.
“Our students have a strong desire to continue their education because they know a diploma can be a true game-changer for themselves and their families. But sometimes, life throws unexpected challenges their way,” says Happy Tan, country head for the Philippines at Phinma Education.
“We want to support them when it matters most and continue standing by them through any obstacles they may face throughout their entire college journey,” Tan adds.
‘Very powerful instrument’
Albarracin, after all, is not new to investing in education, both for himself and others.
He holds a master’s degree in electrical engineering from the University of Michigan and another in business administration from the University of the Philippines. He also earned a doctorate in business administration from Harvard University.
“Education is a very powerful instrument for uplifting our underserved youth—I myself have seen the many doors it opened and vast opportunities it unlocked for a better life,” he says.
Over the years, Albarracin has served on the boards of several academic institutions. He was a member of the UP Board of Regents and the Board of Trustees of the UP Engineering Research and Development Foundation Inc.
He also served as dean of the UP College of Business Administration and sat on the University of San Carlos Board of Trustees.
Private school network
With Albarracin’s track record of investing in education, Phinma Education has grown into what it describes as the largest private school network in Southeast Asia, operating 13 colleges and universities across the Philippines and Indonesia.
Since its establishment in 2004, the network has served more than 177,000 students, producing over 40,000 licensed professionals and 203 board exam topnotchers.
The network is also supported in part by global investment firm KKR through its Global Impact Fund II.
Phinma, a listed company, has diversified investments in education, construction materials, property development, hospitality and community housing. It also holds the Philippine franchise for the budget hotel chain Microtel by Wyndham.
