THE GROUP of businessman Manuel V. Pangilinan has cemented its leading market position in the local healthcare industry with a new deal to acquire a majority stake in 47-year-old Sacred Heart Hospital of Malolos Inc. (SHHM) in Bulacan.
In a disclosure to the Philippine Stock Exchange on Wednesday, Pangilinan-led infrastructure holding firm Metro Pacific said it had entered into an investment agreement to buy 51 percent of SHHM for P150 million, making this the 11th in its growing chain of hospitals.
The 55-bed SHHM was established in 1968 by spouses Alberto and Juanita Reyes. Alberto is a pioneering surgeon in Bulacan while Juanita is an anesthesiologist.
This investment transaction is expected to be completed in January 2016 upon the completion of certain conditions specified in the agreement.
The entry of the Metro Pacific group is seen bringing in fresh capital which in turn will fund the expansion of SHHM’s infrastructure “to increase patient beds and to acquire various medical equipment.”
Augusto Palisoc Jr., president of Metro Pacific Hospital Holdings Inc., said in a text message that while the capacity of SHHM was currently small at 55, this hospital was “recognized as the best in Malolos.” He added that the plan would be to expand SHHM’s capacity to 120 beds soon.
“We thank the Reyes family for opening their doors to us and giving us this great opportunity to participate in the growth of this prestigious hospital,” Palisoc said.
“While proud of our long history and modest growth from very humble beginnings, we know we can achieve more to serve our fellow Bulaceños with the help of a corporate group like Metro Pacific. Our family welcomes this new milestone in the life of our hospital as we venture to become a bigger player in Bulacan,” founder Alberto Reyes said.
Alberto graduated from the University of the Philippines College of Medicine as a Bailon dela Rama Scholar in 1954 and topped the Medical Board eaminations in 1961. He finished his residency training in surgery at the Reading Hospital in West Reading, Pennsylvania, U.S.A..
Co-founder Juanita graduated from the University of Santo Tomas College of Medicine in 1955 and took her residency training in Internal Medicine at the Allentown Hospital, Allentown, Pennsylvania and Anesthesiology at the Youngstown Hospital in Youngstown, Ohio.
To date, Metro Pacific Hospital is the largest private hospital chain in the Philippines with over 2,600 beds across 10 hospitals, of which six are in Metro Manila: Makati Medical Center, Cardinal Santos Medical Center, Asian Hospital, De Los Santos Medical Center, Our Lady of Lourdes Hospital, and Manila Doctors Hospital. Four other Metro Pacific-affiliated hospitals are outside Metro Manila: Central Luzon Doctors’ Hospital in Tarlac, Riverside Medical Center in Bacolod, Davao Doctors Hospital in Davao and West Metro Medical Center in Zamboanga.