Metro Pacific plans to buy 12 provincial hospitals

Mick Basa
Metro Pacific plans to buy 12 provincial hospitals
The Pangilinan-led utility and infrastructure giant aims to become the country's largest hospital group

MANILA, Philippines – Metro Pacific Investments Corporation (MPIC) plans to acquire more than 10 hospitals in provinces, hiking the infrastructure and utility giant’s economic interests in healthcare.

Manuel Pangilinan, MPIC chair, said the acquisition involves “around a dozen” hospitals outside Metro Manila.

“There’s a concentration here in Metro Manila, so we’re looking mostly for hospitals outside Metro Manila,” Pangilinan told reporters in a chance interview Tuesday, January 27.

At present, the MPIC holds interests in the following health centers:

  • Makati Medical Center and College of Nursing (33.4% ownership)
  • Our Lady of Lourdes Hospital (20-year lease until 2030)
  • Cardinal Santos Medical Center (20-year lease until 2030)
  • Asian Hospital (85.56% ownership)
  • De Los Santos Medical Center (51% ownership)
  • Central Luzon Doctors Hospital (51% ownership)
  • Riverside Medical Center (51% ownership)
  • Davao Doctors Hospital and Nursing College (34.85% ownership)

In 2012, the Pangilinan-led company aimed to run a chain of 15 hospitals in the country, as it aims to become the country’s largest hospital group.

Based on its latest quarterly report, MPIC’s hospital group booked positive cashflows in the first 9 months of 2014 with an aggregate core net income at P769 million ($17.45 million) or 15% year-on-year. From 3% in 2010, the hospital group’s contribution to MPIC’s core income grew to 7% in 2013.

MPIC has controlling interests in the country’s biggest teleco operator Philippine Long Distance and Telephone Company (PLDT), as well as in utility firms Manila Electric Company (Meralco) and Maynilad Water Services.

It is the Philippine-registered holding company for Hong Kong-based First Pacific Company Limited, which also has interests in PT Indofood CBP Sukses Makmur Tbk., where Pangilinan sits as president commissioner. – Rappler.com

(*$1=P44.08)

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