MPIC acquires 51% of QC hospital
Infrastructure giant Metro Pacific Investments Corp. (MPIC) closed its seventh hospital deal Tuesday, acquiring a 51-percent stake in the 150-bed De Los Santos Medical Center in Quezon City, a stock exchange filing showed.
This will boost MPIC’s hospital business to 1,944 beds. The target is to reach 3,000 beds.
MPIC, which is in talks to acquire a hospital in Tarlac province, is currently the largest private hospital group in the country.
With the completion of the deal, MPIC can proceed to “redevelop” De Los Santos Medical Center at a cost of P250 million, documents showed.
This will involve the renovation of the 39-year-old main hospital building, improvement of its rooms, the upgrade of key operating areas and diagnostic centers and the acquisition of new medical equipment. The expansion plan also covers the provision of a Medical Arts Building, which will house its growing number of doctors.
“It is our commitment to give our patients the best in healthcare—affordable, accessible and of high quality,” MPIC chair Manuel V. Pangilinan said in a statement.
According to the filing, Raul Pagdanganan will be the new president and CEO of De Los Santos Medical Center. Pagdanganan has occupied several senior executive positions at MPIC and other companies led by Pangilinan.
The hospital was founded by the late Dr. Jose V. de los Santos Sr., considered the father of Philippine Orthopedics. De Los Santos Medical Center is a “level 3” teaching and training hospital along E. Rodriguez Avenue. It has an authorized capacity of 150 beds. It also has an affiliate called Megaclinic, which is an ambulatory care center in Megamall in Mandaluyong.
