Metro Pacific to invest P1.5B for spa hospital

In its bid to create the first nationwide network of hospitals in the Philippines, Metro Pacific Investments Corporation recently announced to invest P1.5 billion on a brand new Spa Hospital in Cebu.

The Cebu investment follows MPIC’s acquisition of shares in Medical Doctors Inc., owner and operator of the Makati Medical Center, and the recent signing of share purchase agreements with the shareholders of Davao Doctors Hospital (Clinica Hilario) Inc.

These investment moves mark the beginning of MPIC’s mission to expand into the hospital business and help improve the delivery of health care services throughout the country.

MPIC chairman Manuel Pangilinan said that First Pacific Company Limited, the mother company of MPIC, would have wanted to buy a significant stake of an existing hospital in Cebu like the company’s successful involvement with MakatiMed and Davao Doctors, however, they could not find of any here in Cebu.

MPIC is currently in talks with a local partner to build the new Spa Hospital here in Cebu.

Pangilinan said he believes Cebu is a perfect location to take advantage of the increasing market of medical tourists all over the world who are seeking for medical attention within a health-friendly environment.

He said one would prefer to get medical services in a calming environment, like somewhere near the beach.

“It would be [best] if we could treat a person near a beach hospital in Argao,” Pangilinan said. He however refused to divulge the identity of the would-be partner, to respect their ongoing negotiation.

“We would like to break ground next year,” said Pangilinan in an interview on the sidelines of the PLDT annual stockholders’ meeting held in Dusit Hotel in Makati City, Tuesday.

He reiterated his belief on the potential of Cebu to take advantage of the growing medical care industry as well as take advantage of its beaches as ideal sites for modern medical facilities, such as a Spa Hospital concept.

“Hospital is a good business,” he said stressing a point however, that the Philippines’ standard of medical care needs attention.

Aside from  Cebu, the group is also looking at acquiring stakes of hospitals in other areas in the Visayas such as Iloilo and Bacolod.

The planned Spa Hospital in Cebu will offer an initial accommodation of 300 beds. Currently, Metro Pacific has a total of 2,000 beds. It targets to accumulate 3,000 bed accommodations by the end of this year.

 MPIC is a subsidiary company of First Pacific Company Limited, one of the stakeholders of telecommunication giant Philippine Long Distance Telephone Company (PLDT).