MANILA, Philippines — The Department of Trade and Industry’s investment arm has poured in P70 million in Manila Health Tek Inc. (MTek) to support the construction of the biotechnology firm’s manufacturing facility in Marikina.
In a statement, the National Development Co. (NDC) said it released P70 million in funding to MTek last week.
The investment represents an acquisition by NDC via equity purchase in the company.
MTek is using the investment mainly to fund the completion of its state-of-the-art molecular diagnostic and medical device manufacturing facility in Marikina City.
Expected to be completed in November this year, it will be the country’s first molecular diagnostic and medical devices manufacturing facility.
Prior to the release of the fund, NDC conducted an inspection of the ongoing construction of the facility earlier this month.
The investment from NDC will support the development and production of advanced healthcare technologies including diagnostic kits, medical devices and other biotechnology solutions to address Filipinos’ health needs.
MTek is a Philippine biotechnology company engaged in work in diagnostics and molecular technology.
The NDC is investing in various industries to help achieve inclusive growth.
Under its revised charter, the NDC may undertake projects on its own or through a joint venture with the private sector when needed or when the private sector is unwilling to do so due to high risks or lack of funds or resources.