Philab Holdings Corp., a local healthcare and life science enabling holding company, secured a P400-million financing from Altus Capital Corp., an affiliate of World Bank Group’s International Finance Corp.
Altus Capital, a specialist investment firm managed by Altus Capital Partners, has provided financing to the Philippine healthcare company because of promising track record.
The transaction is considered a vote of confidence from Altus and IFC, reflecting the company’s record of profitability and growth.
“We are proud to support the outstanding development and long-term growth of Philab. They are a prime example of what we look to invest in: pioneering companies with products and services that have profound impact in the communities they serve,” said Altus managing director Pavan Gidwani.
Financing from Altus will provide working capital for Philab to carry out contracts mandated by various government agencies to roll out medical and education kits nationwide.
A pioneer in the Philippine health science sector, Philab has been producing and supplying the majority of the country’s medical and education materials for laboratories and schools. The Department of Education has also teamed up with the company to supply math and science teaching kits to over 34,000 schools in the country.
Among its many innovations, Philab initiated an affordable self-diagnostic screening kit under the brand LabIt. The self-test kit allows early determination of dengue, the debilitating mosquito-borne disease.
As of December 2016, Philab has been awarded a total of P3.2 billion in contracts by the Department of Education, the Department of Health and the National Institutes of Health-UP Manila.