MANILA - The squabble over the ownership of Philippine Women's University (PWU) is over.

The Benitez family and the STI Group said they have reached an agreement on who will take control of certain assets through a "dacion en pago" or payment-in-kind arrangement.

Under the deal, the PWU Manila campuses will remain under the control of the Benitez family.

STI will take control of certain assets of Unlad Resources Development Corp., particularly its property in Quezon City where Jose Abad Santos Memorial School (JASMS) currently operates and another property in Davao.

"The family, through Unlad, transferred its Quezon City and Davao properties to STI. Under the terms of the agreement, the Jose Abad Santos Memorial School (JASMS) will remain on the Quezon City campus along EDSA until the end of school year 2017 after which it will be moved to a new location," STI said in a disclosure to the stock exchange on Friday.

PWU president Dr. Francisco Benitez, meanwhile, heralded the settlement as “a mandate to rebuild PWU and JASMS while remaining true to the educational legacy of our founders.”

He said talks are underway to open new campuses outside Metro Manila in time for PWU’s centennial celebration in 2019.

The legal dispute between the Benitez family and STI stemmed from a P1 billion debt that the family allegedly owes STI.

STI sought the foreclosure of several PWU campuses for its alleged failure of paying STI almost P1 billion in accumulated loans, interest, and expenses.

The Benitez family, owners of PWU, denied that it is in default, and took legal action against the camp of STI’s Eusebio Tanco.

READ: Why STI is seeking foreclosure of PWU campuses