MANILA, Philippines - Infrastructure holding firm Metro Pacific Investments Corp. (MPIC) is acquiring a 20 percent stake in the 300-bed Manila Doctors Hospital in line with its strategy to further boost its healthcare services portfolio.
This will expand MPIC’s nationwide chain of premium hospitals to 10 with a total bedcount of 2,600. The group’s goal is to hit 4,000 beds.
MPIC, currently the largest private hospital group in the country, signed a memorandum of understanding with Metrobank Foundation Inc. to acquire a fifth of Manila Medical Services Inc. (MMSI), the entity that owns and operates Manila Doctors Hospital.
Located along United Nations Ave. in Ermita, Manila, Manila Doctors was founded in 1956 by a group of pioneering doctors and was taken over by taipan George S.K. Ty’s Metrobank Foundation in 1979.
Since its inception, Manila Doctors has continually developed its entire medical and support departments to become one of the top five and top-of-mind hospitals in Metro Manila.
“We are grateful to Mr. Ty for welcoming us as a partner in their very well respected Manila Doctors Hospital with such a long history of delivering quality healthcare in the city of Manila.” Metro Pacific Hospitals Holdings Inc. president and CEO Augie Palisoc Jr. said.
For his part, MMSI chairman and president Antonio S. Abacan Jr. said the entry of the Metro Pacific Group into Manila Doctors would further improve the hospital’s services.
“While Manila Doctors Hospital is currently doing very well, we are sure that working with the largest private hospital group in the country will further improve our services, especially now that we are in the middle of an expansion with the near completion of a new medical tower,” Abacan said.
Last year, Manila Doctors embarked on a P1.2-billion expansion program which entailed the construction of a new 18-story building that would provide more diagnostic services, 200 additional patient rooms, 64 more doctors’ clinics, and 160 more parking slots.
MPIC said the deal is subject to a satisfactory due diligence review and the execution of definitive agreements, and is expected to be concluded before the end of the year.
The group remains on the hunt for new acquisitions to further grow its hospital portfolio which comprises Makati Medical Center, Cardinal Santos Medical Center, Asian Hospital, Our Lady of Lourdes Hospital and De Los Santos Medical Center in Metro Manila, and Riverside Medical Center in Bacolod, Davao Doctor Hospitals Inc., Central Luzon Doctors Hospital, and West Metro Medical Center in Zamboanga.