MPIC acquires DL Santos Medical Center
he healthcare group of infrastructure conglomerate Metro Pacific Investments Corp. (MPIC) has completed its acquisition of a majority stake in a Quezon City hospital.
In a disclosure to the local bourse, the country’s largest private hospital chain said the purchase beefed up its nationwide portfolio to almost 2,000 beds and seven hospitals.
“MPIC completed its investment of a 51-percent equity ownership of De Los Santos Medical Center Inc. (DLSMC),” the company said.
“The announcement paves the way for a P250-million redevelopment plan and comes after approvals obtained from the Securities and Exchange Commission and the execution of various agreements,” it added.
MPIC’s investment will be used to fund the renovation and expansion of the hospital facilities, the upgrade of operating rooms, and the purchase of new medical equipment. New patient rooms, doctors’ clinics and parking slots will also be developed to meet the growing needs of clients.
In November, MPIC signed an investment deal for DLSMC, its seventh hospital that pushed the group’s total bed capacity to 1,944 beds.
Located along E. Rodriguez Sr. Blvd., the 150-bed DLSMC is a tertiary teaching and training hospital founded in 1973 by the late Dr. Jose V. De Los Santos Sr., considered the father of Philippine orthopedics.
DLSMC also has an affiliate, De Los Santos-STI Megaclinic Inc. (Megaclinic), a 2,000-squaremeter ambulatory and diagnostic center located in SM Megamall. De los Santos-STI Megaclinic Inc. is considered to be the largest in the country in this category.
The hospital group targets to provide quality healthcare for patients of Quezon City and other neighboring areas, said Augusto Palisoc Jr., MPIC’s executive director and head of the healthcare group.
Last year, MPIC acquired Asian Hospital in Alabang, Muntinlupa, which aims to have a full service cancer center by 2015.
MPIC also owns and controls Makati Medical Center, Cardinal Santos Medical Center in San Juan, Our Lady of Lourdes Hospital in Sta. Mesa, Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.
The country’s largest hospital chain is aiming to book P1.2 billion in profits and as much as P17 billion in revenues by 2015 by operating numerous hospitals with a total bed capacity of 3,000.
Revenues already hit P11 billion last year while earnings reached P722 million, up 29 percent from 2011, due to the consolidation of Asian Hospital and higher shareholdings in Cardinal Santos Medical Center.
In the first quarter, the healthcare portfolio accounted for P141 million of the P2.37-billion operating income of MPIC.
MPIC is also into toll roads (Metro Pacific Tollways Corp.), power generation and distribution (Manila Electric Co.) and water utility (Maynilad Water Services Inc.).