Metro Pacific gains control of Bulacan hospital

MANILA, Philippines - Metro Pacific Hospital Holdings Inc. (MPHHI), the hospital unit of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC), has acquired a controlling stake in Bulacan-based Sacred Heart Hospital of Malolos Inc. for P150 million.

MPHHI signed yesterday an agreement to purchase 51 percent of the 47-year-old medical institution founded by Alberto Reyes, a pioneering surgeon in Bulacan.

“While proud of our long history and modest growth from very humble beginnings, we know we can achieve more to serve our fellow Bulaceños with the help of a corporate group like Metro Pacific. Our family welcomes this new milestone in the life of our hospital as we venture to become a bigger player in Bulacan,” Reyes said.

 The money will be used by Sacred Heart to fund its expansion, which include growing its patient beds and acquisition of various medical equipment.

 For his part, MPHHI president Augusto Palisoc Jr. said the investment in the hospital is a growth opportunity for both parties.

“We thank the Reyes family for opening their doors to us and giving us this great opportunity to participate in the growth of this prestigious hospital,” he said.

 The two parties are targeting to complete the transaction in January 2016 upon the fulfillment of certain conditions specified in the agreement.

Established in 1968 by Reyes and his wife Juanita Reyes, an anesthesiologist, Sacred Heart is a level II hospital.

MPHHI is now the largest private hospital chain in the Philippines with over 2,600 beds across 10 hospitals.