MANILA, Philippines - Century Properties Inc., a leading real estate developer, has partnered with a unit of General Electric, the fifth largest company in the United States, to build a $100-million outpatient medical information technology building in the Makati financial district.
The project will rise on a one-hectare property within the 3.4-hectare Century City, the company’s flagship mixed-use development along Kalayaan Avenue in Makati. It is expected to generate 3,000 jobs during its construction and 5,000 jobs upon the start of operations in the latter part of 2013 or early 2014.
A memorandum of understanding was signed between Century Properties and General Electric last Sept. 23 at the Sofitel Hotel in New York City during President Aquino’s trip to the United States.
As a state-of-the-art outpatient medical arts building, the project is envisioned to have the latest technology and equipment that will enable doctors to practice their disciplines with great ease, as well as provide fast and convenient services to local patients and medical tourists.
The building will house clinics of doctors specializing in various disciplines of medicine; floors devoted to diagnostic equipment and services; rooms for aesthetic procedures; post-recovery suites; cafes and restaurants; and spaces for other service providers in health, wellness and preventive medicine.
“It is a privilege to work with GE Healthcare for this project in the interest of promoting the Philippines as a top medical tourism destination with globally competitive standards for outpatient medical services. By providing the right venue with the right technology and systems, doctors may now put up clinics and provide the best care possible for people the world over,” said Jose E.B. Antonio, chairman and chief executive officer of Century Properties.
GE Technology Infrastructure vice-chairman and chief executive officer John Rice, for his part, said: “We are optimistic that this assistance of providing advanced medical equipment, best practices and technological solutions will not only boost medical tourism in the Philippines, but also improve the standards of outpatient medical services in the country and make this accessible to more people.”
With about 30-member hospitals, clinics, wellness center and resorts, the Philippine medical tourism industry churned in revenues of $350 million since 2006. The Department of Tourism is eyeing $3 billion in profit by 2015 with up to one million foreign patients a year.
Research also shows that the Philippines has an even bigger potential in attracting medical tourists because of its culture of hospitality, quality healthcare services, competent medical practitioners, and cheaper medical treatments of as low as 70 percent as compared to other Asian countries.
Headquartered in the United Kingdom , GE Healthcare is a $17-billion unit of General Electric which provides transformational medical technologies and services.
GE also recently launched a $250-million equity fund that will invest in companies globally that have innovative diagnostic, IT, and life sciences technologies aligned with the initiative’s strategic objectives of providing deliver better healthcare to more people at lower cost.
Century Properties Inc., on the other hand, has more than 60 projects in its portfolio, which include the upscale Essensa East Forbes in Bonifacio Global City.
The company is eyeing record revenues of P10 billion this year on robust sales. The revenue target represents a 42.9 percent growth from the P7 billion recorded the previous year.