MPIC to modernize Makati Medical, Cardinal Santos hospitals

Metro Pacific Investments Corp. (MPIC), the local arm of Hong Kong conglomerate First Pacific Co. Ltd., has taken yet another step closer to directly fund the modernization of both the Makati Medical Center and the Cardinal Santos Medical Center (CSMC) in San Juan. MPIC said in a disclosure to the Philippine Stock Exchange on Friday that it secured the approval of Philippine Realty Corporation (PRC) for its acquisition of the firm that owns the contract to operate the CSMC. The Roman Catholic Archbishop of Manila owns CSMC, which is operated by the Colinas Verdes Hospital Managers Corp. (CVHMC). The contract to run CSMC is until March 1, 2029. CVHMC has a 20-year Lease Agreement with PRC involving CSMC. MPIC said it assumed the obligations of CSMC’s parent firm, Medical Doctors Inc. (MDI) to PRC “effective upon completion of the transaction." MDI is an affiliate of MPIC. The transaction, by which MPIC will acquire 100 percent of CVHMC shares from MDI, is valued at P300 million. MPIC said the deal “will make CVHMC a direct wholly owned subsidiary of the MPIC Hospital Group." “With this restructuring, we will be able to directly support both hospitals and pursue their respective improvement/expansion programs for the benefit of their patients, doctors and other stakeholders," according to MPIC Hospital Group president Augie Palisoc, Jr. The Our Lady of Lourdes Hospital in Sta. Mesa Manila, Riverside Medical Center in Bacolod, and Davao Doctors Hospital in Mindanao are also part of the MPIC Hospital Group, which has a total bed capacity of 1,600. — ELR, GMA News