Manila—(PHStocks)—Metro Pacific Investments Corporation (MPIC, PSE: MPI) completed its investment of a 51% equity ownership of De Los Santos Medical Center Inc. (DLSMC), making DLSMC the 7th hospital in the Company’s growing portfolio and raising the group’s total bed capacity to 1,944 beds, the largest private hospital group in the Philippines.
The announcement paves the way for a PhP250 Million redevelopment plan and comes after approvals obtained from the SEC and the execution of various agreements, following the signing of an Investment Agreement in November last year.
Founded in 1973 by the late Dr. Jose V. De Los Santos Sr., considered the Father of Philippine Orthopedics, DLSMC is a Level 3 teaching and training hospital along E. Rodriguez Sr. Blvd. in Quezon City, with an authorized capacity of 150 beds. Megaclinic, an ambulatory care center in Megamall, is one of its affiliates.
With the entry of MPIC, the Board of Directors also appointed Raul C. Pagdanganan as the new President & CEO of DLSMC. Mr. Pagdanganan comes well prepared for the position as he was previously nominated by MPIC to be the Financial Advisor of DLSMC since September 2011.
Before joining DLSMC he occupied several senior executive positions within the MPIC and PLDT group of companies.
Among the projects to be implemented are the renovation of the 39-year old main hospital building that will increase and improve patients’ rooms, the upgrading of operating rooms and diagnostic centers, and the acquisition of new medical equipment.
The expansion plan also includes the provision of a Medical Arts Building to house the increasing number of accredited doctors.
“It is our commitment to give our patients the best in health care–affordable, accessible and of high quality,” said Mr. Pagdanganan.
“Again, we are thankful for the trust and confidence shown to us by the existing shareholders of DLSMC —the De Los Santos family and Systems Technology Institute (STI), in welcoming our investment. Together, we hope to contribute in perpetuating the legacy of Dr. Jose V. De Los Santos Sr. by elevating DLSMC to new heights in quality health care for patients of Quezon City and other neighboring areas,” said Augie Palisoc Jr., MPIC Executive Director and President & CEO of the MPIC Hospital Group.
MPIC started its involvement in the hospital industry with an investment in Makati Medical Center, followed by subsequent investments in Davao Doctors Hospital, Cardinal Santos Medical Center, Riverside Medical Center, Our Lady of Lourdes Hospital, and most recently, the Asian Hospital and Medical Center.