Businessman Manuel V. Pangilinan-led Metro Pacific group has added another hospital, the 13th, to its growing healthcare network with the acquisition of a controlling stake in the 75-bed Dr. Jesus C. Delgado Memorial Hospital (JDMH) in Kamuning Road, Quezon City.
In a disclosure to the Philippine Stock Exchange, Metro Pacific Investments Corp. said that its healthcare investment holding unit, Metro Pacific Hospital Holdings Inc. (MPHHI), had signed a deal to infuse some P133.5 million in cash into Delgado Clinic Inc. (DCI), owner and operator of JDHM.
The investment in DCI will be done through a subscription to preferred shares representing around 65 percent of the holding firm’s total expanded capital stock.
Established in 1948 as The Delgado Clinic, the facility expanded through the years and was later renamed Dr. Jesus C. Delgado Memorial Hospital in memory of its founder, Dr. Jesus C. Delgado, a medical board topnotcher from the University of Santo Tomas. Its medical staff consists of over 1,000 active and visiting board-certified physicians, with a wide range of clinical specialties.
“The cash infusion from MPHHI will enable the 68-year-old tertiary general hospital JDMH to upgrade its equipment and facilities, and expand its capacity to serve the community,” the Metro Pacific group disclosure said.
DCI named Rolando Balburias president and general manager of JDMH starting Feb.1. The new general manager has extensive and relevant experience in hospital management, earned his medical degree from the University of the East and a Masters Business Administration – Health degree from the Ateneo de Manila Graduate School of Business.
She said the Delgado family would stay as a “significant” shareholder of the company and continue to participate in its growth and strategic plans through its board membership in DCI.