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Friday, March 29, 2024

Metro Pacific purchases Marikina hospital for P1b

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Conglomerate Metro Pacific Investment Corp. said its hospital unit acquired a 93-percent interest in Marikina Valley Medical Center for nearly P1 billion.

Metro Pacific said in a disclosure to the stock exchange unit Metro Pacific  Hospital Holdings Inc. completed Friday the acquisition of 469,077 shares, representing 93 percent in MVMC at 2,117.80 per share.

MVMC is a prominent tertiary hospital along Sumulong Highway in Marikina. Established by a group of 21 enterprising founders, mostly doctors of various specializations, MVMC quickly grew to become the leading hospital on the eastern side of the National Capital Region. 

MVMPC completed the construction of a 7-story Medical Arts Building to house 44 new clinics for more than 270 accredited doctors. The transfer of doctors to the new MAB will allow MVMC to immediately expand capacity to 140 beds, an intermediate step to eventually grow the hospital to 170 beds by next year.

“This is the start of an exciting new chapter for MVMC. This hospital that we founded 12 years ago has served and continuously serves thousands of people. But the dynamics of the Philippine healthcare landscape has greatly changed since then. We now live in a world of integration, collaboration and connectivity,” MVMC president Dr. Juan Lagunzad said.

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“The entry of Metro Pacific will allow MVMC to adapt to this new landscape and level up its quality of infrastructure, equipment and services to a premier level. MVMC will now be in a position to maximize its potential in serving as the leading hospital in this part of Metro Manila,” he said.

MVMC will be the 12th hospital under Metro Pacific’s hospital portfolio, a foray started by the  conglomerate in 2007 to provide Filipinos all over the country with quality and affordable healthcare.

Metro Pacific has invested P12 billion in the hospital industry, with 2,700 beds throughout the country.

Hospitals under Metro Pacific’s portfolio are Makati Medical Center, Cardinal Santos Medical Center, Our Lady of Lourdes Hospital, Asian Hospital, De Los Santos Medical Center, and Manila Doctors Hospital, Davao Doctors Hospital, Riverside Medical Center in Bacolod, Central Luzon Doctors Hospital in Tarlac, West Metro Medical Center in Zamboanga, and Sacred Heart Hospital of Malolos in Bulacan.

Metro Pacific’s hospital arm posted a core net income of P1.3 billion in 2015, up by 30 percent from a year ago, “as a result of increasing patient revenues, gains from completed capital expenditure programs, lower interest costs and savings from group synergy projects.”

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