Makati—(PHStocks)—Metrobank Foundation Inc. (MBFI), the corporate social responsibility arm of the Metropolitan Bank & Trust Co. (PSE: MBT) and Metro Pacific Hospital Holdings Inc. (MPHHI), the hospital holding company of Metro Pacific Investments Corp. (PSE: MPI), have signed a Memorandum of Understanding for MPHHI to acquire a 20% equity stake in Manila Medical Services Inc. (MMSI), the corporation that owns and operates Manila Doctors Hospital (MDH), a pillar in the Philippine healthcare industry.
MDH is a 300-bed tertiary hospital located along United Nations Avenue, Ermita, Manila. It was founded in 1956 by a group of pioneering doctors and later grown to its current leadership status by taipan George S.K. Ty through an investment by MBFI in 1979.
“We are grateful to Mr. Ty for welcoming us as a partner in their very well respected Manila Doctors Hospital with such a long history of delivering quality healthcare in the City of Manila,” announced Augie Palisoc Jr., president & CEO of MPHHI.
For his part, Dr. Antonio S. Abacan, Jr., Chairman and President of MMSI, announced: “While Manila Doctors Hospital is currently doing very well, we are sure that working with the largest private hospital group in the country will further improve our services, especially now that we are in the middle of an expansion with the near completion of a new medical tower.”
In 2014, MDH embarked on a PhP1.2 billion expansion program with the construction of a new 18-storey building that would provide more diagnostic services, 200 additional patient rooms, 64 more doctors’ clinics, and 160 more parking slots.
This transaction is subject to a satisfactory due diligence review and the execution of definitive agreements, and is expected to be concluded before the year end.
Upon completion, Metro Pacific will move another step forward in expanding its nationwide chain of premier private hospitals to 10 throughout the country with a total capacity of app. 2,600 beds. The other hospitals in the group are Makati Medical Center, Davao Doctors Hospital, Cardinal Santos Medical Center, Riverside Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, Central Luzon Doctors’ Hospital, and more recently West Metro Medical Center in Zamboanga. The group also has a mall-based diagnostic center MegaClinic in SM MegaMall, and 2 healthcare colleges Davao Doctors College and Riverside College in Bacolod.