MPIC completes purchase of 7th hospital

MANILA, Philippines – Conglomerate Metro Pacific Investments Corp (MPIC) completed the investment for a controlling stake in De Los Santos Medical Center, making it the 7th hospital in company’s portfolio.

In a disclosure on Tuesday, June 4, MPIC said its 51% equity ownership in the hospital raised the group’s total bed capacity to 1,944 beds. This cements their position as the largest private hospital group in the Philippines.

MPIC said this “paves the way for a P250 Million redevelopment plan and comes after approvals obtained from the SEC and the execution of various agreements, following the signing of an Investment Agreement in November last year.”

Among the plans are the renovation of the 39-year old main hospital building that will increase and improve patients’ rooms, the upgrade of operating rooms and diagnostic centers, the acquisition of new medical equipment, and the provision of a Medical Arts Building to house the increasing number of accredited doctors.

The hospital was founded in 1973 by the late Dr. Jose V. De Los Santos Sr., considered the Father of Philippine Orthopedics. It is a Level 3 teaching and training hospital along E. Rodriguez Sr. Blvd. in Quezon City, with an authorized capacity of 150 beds.

Megaclinic, an ambulatory care center in Megamall, is one of its affiliates.

MPIC appointed Raul C. Pagdanganan as the new President & CEO of the hospital.

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