MANILA, Philippines - The healthcare group of industrial conglomerate Metro Pacific Investments Corp. (MPIC) is beefing up its portfolio this year through acquisitions.
MPIC’s hospital group, the country’s largest private chain of hospitals, will breach the 2,000-bed mark this year, a company official said.
The company is currently in discussions for a P175-million purchase of a 200-bed hospital in Central Luzon, said MPIC president and CEO Jose Ma. K. Lim.
The acquisition is expected to be completed in the second quarter, Lim said.
In November, MPIC signed a deal to acquire 51 percent of the 150-bed De Los Santos Medical Center (DLSMC) in Quezon City for P250 million, allowing the hospital group to reach the 2,000-bed capacity.
DLSMC became the seventh hospital in MPIC’s total healthcare network and the fifth in Metro Manila.
Despite already being the largest in the country, MPIC’s hospital group still wants to grow its portfolio.
Lim said the group allotted P1.5 billion for capital expenditures this year, bulk of which will be used to buy into more hospitals.
“Other targets are provincial hospitals with at least 100 beds and the enhancement of group synergies and service delivery efficiency,†Lim said.
He said MPIC has identified acquisition and hospital development projects for the hospital group that will require P3.17 billion in the next few years.
Last year, MPIC acquired Asian Hospital Inc. in Alabang, Muntinlupa, which aims to have a full-service cancer center by 2015.
MPIC also owns and controls Makati Medical Center, Cardinal Santos Medical Center in San Juan, Our Lady of Lourdes Hospital in Sta. Mesa, Manila. Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.
Aggregate core net earnings of the hospital group reached P537 million in the nine months to September last year, up 31 percent from a year.
Aside from hospitals, MPIC is also into toll roads (Metro Pacific Tollways Corp.), water utility (Maynilad Water Services Inc.) and power distribution (Manila Electric Co.).