MANILA, Philippines - Pangilinan-led Metro Pacific Investments Corp. (MPIC) is spending P350 million to upgrade a hospital in Sta. Mesa, Manila.
Starting next month, MPIC said its wholly owned unit, East Manila Hospital Managers Corp. (EMHMC), will manage and operate the 230-bed Our Lady of Lourdes Hospital, the fifth addition to the group's healthcare portfolio.
As part of the deal, EMHMC will spend P350 million for the hospital's facilities and equipment over the next 5 years.
Our Lady of Lourdes was managed by the Missionary Sisters Servants of the Holy Spirit congregation since 1958, through Our Lady of Lourdes Hospital Inc. (OLLHI), a non-stock non-profit corporation.
"OLLHI has signed a 20-year lease of the hospital land and facilities in favor of EMHMC," MPIC said.
MPIC currently operates the Makati Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center in Bacolod. Its total capacity has grown to about 1,600 beds.
August Palisoc Jr., MPIC's executive director and head of the hospital group, said Our Lady of Lourdes "represents another step forward in our vision to establish a nationwide chain of quality hospitals in the Philippines."
Earlier, MPIC said its hospital group would spend P10 billion in the next 5 years for acquisitions.
The group is targeting to build a network of 15 hospitals with about 3,000 beds.