Metro Pacific acquires Tarlac’s largest hospital

MANILA, Philippines – Manuel Pangilinan-led Metro Pacific Investments Corp. (MPIC) is taking a 51% stake in Tarlac’s largest private hospital for P187 million.

In a disclosure to the Philippine Stock Exchange on Monday, June 24, MPIC announced it signed an agreement for the purchase of the stake in Central Luzon Doctors’ Hospital (CLDH), a 200-bed tertiary hospital in Barangay Vicente, Tarlac City.

“This is also our first investment in a hospital in Luzon outside Metro Manila. Through our contributions by way of fresh capital, professional management assistance, and group synergies, we hope to further expand the capabilities of CLDH so that residents of Central Luzon in general, and Tarlac in particular, can continue to receive first-class health care right in their home province,” Augusto Palisoc Jr., president and CEO of the Metro Pacific Hospital Group, said.

“We intend to make it a regional center for medical excellence for the people of central Luzon. We’re happy to make that investment which has good prospects for the country and the people and central Luzon,” Metro Pacific chair Manuel V. Pangilinan told reporters on the sidelines of the TOYM event on Monday, June 24.

MPIC will pay P187 million for the stake and the money will be spent for equipment and a new building to house operating rooms.

MPIC hopes to complete the purchase by the 3rd quarter to bring its capacity to 2,137 beds.

This will be the 8th hospital in MPIC’s portfolio and the company’s second acquisition this year.

Early June, MPIC completed the acquisition of 51% of De Los Santos Medical Center Inc., a 150-bed tertiary hospital in Quezon City.

MPIC, the country’s largest hospital group, owns Makati Medical Center, Davao Doctors Hospital, Cardinal Santos Medical Center, Riverside Medical Center, Our Lady of Lourdes Hospital, and Asian Hospital. – Rappler.com