THE STATE Investment Trust, Inc. (SITI) voluntarily surrendered its trust license to the Bangko Sentral ng Pilipinas (BSP) to focus on the real estate business for higher profit.
“The Monetary Board, in its Resolution No. 539 dated 25 April 2019, approved the request of State Investment Trust, Inc. to withdraw its trust license and the revocation of SITI’s authority to engage in trust and other fiduciary business,” the circular signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said.
SITI Trust Officer Gina Marie I. Soller said in a phone interview that the company will go back to its previous name State Investment House, Inc. this July once the Securities and Exchange Commission (SEC) releases the documents needed for the amendment.
“We would like to focus on real estate. We will be changing our name. We will pick iyong (our) former name State Investment House. We’re looking by July ire-release na iyong sa SEC (the papers from SEC will be released),” Ms. Soller said.
“By next week we’ll get the amended by-laws. Right after that, nandoon na iyong change of name, allowed na kami (we’ll be allowed to change our name),” Ms. Soller added.
Ms. Soller said the company expects to generate larger income from the real estate business.
State Investment House started operations in 1964 and became the first investment house to be issued a trust license in 1982.
It was granted quasi-banking authority by the BSP in 1974 and ventured into real estate development with condominium projects in the areas of Manila, Makati, Greenhills, Iloilo and Bacolod in 1975.
In 2005, through its wholly-owned subsidiary State Properties Corp., the company engaged in the development of Versailles, a residential and commercial subdivision in Alabang. — Reicelene Joy N. Ignacio