MPIC buys Marikina hospital

The Metro Pacific group has signed a deal to acquire a 93-percent stake in the 130-bed Marikina Valley Medical Center (MVMC), a leading tertiary hospital in the eastern side of the metropolis, for about P993 million.

This deal brings to a dozen the hospitals now controlled by Metro Pacific Hospital Holdings Inc. (MPHHI), the healthcare arm of listed conglomerate Metro Pacific Investments Corp. (MPIC).

“We have always wanted to have presence in the eastern side of Metro Manila, where the birth of new communities continues unabated. We hope to build on the success of MVMC and, together with their committed and highly qualified doctors and staff, grow this hospital further to be the premier and complete hospital of the east,” MPHHI president Augie Palisoc Jr. said in a statement.

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 has quickly grown to be a leading hospital in the area.

In March, MVMC completed the construction of a new seven-story Medical Arts Building (MAB) to house 44 new clinics for MVMC’s more than 270 accredited doctors. The transfer of doctors to the MAB will allow MVMC to immediately expand capacity to 140 beds, a step to eventually grow the hospital to 170 beds by next year, MPIC told the Philippine Stock Exchange.

MPIC ventured into the hospital business in 2007 with its investment in premier Makati Medical Center. The group through MPHHI has since then poured in P12 billion for capital expenditures into the hospital industry, principally to expand and improve facilities and to purchase the latest medical equipment.

By complementing the hospitals’ reputable doctors with MPPHI’s brand of professional corporate management, the group is expected to unlock operating efficiencies. This is in line with MPIC chair Manuel V. Pangilinan’s aim of providing Filipinos all over the country quality and affordable healthcare.

“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. 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’s current president Juan Lagunzad  said.

“MVMC will now be in a position to maximize its potential in serving as the leading hospital in this part of Metro Manila,” he added.

In the meantime, MPHHI has appointed one of its senior officers—Lyle Joseph Morrell—as the new president and chief executive officer of MVMC effective Aug. 1.

“Lyle has an impressive track record in the Philippine healthcare industry. He obtained a graduate diploma in health policy from the University of Sydney School of Public Health before he joined our group,” Palisoc said.

“I am confident that Lyle will be able to lead our medical professionals and staff to continue the excellent work that is happening at MVMC,” he added.