MPIC mulls joint ventures with hospitals

MANILA, Philippines -  Metro Pacific Investments Corp. (MPIC) is hoping to enter into a partnership with the 300-bed Capitol Medical Center Inc. (CMC) “at the appropriate time,” according to a top company official.

Augie Palisoc, head of MPIC’s hospitals division, said the group is not in discussions with CMC but is “interested to explore joint venture opportunities with hospitals like them at the appropriate time.”

CMC owners, however, are not keen on selling their shares despite receiving offers from several parties.

“CMC is not for sale despite previous numerous efforts that have been made to buy it,” said CMC chairman Thelma Navarrette.

The Clemente family owns 30 percent of CMC while about 50 percent is held by doctors who own around 300 shares each representing one percent of total. The remaining 20 percent is owned by individuals who inherited their shares from the original partners of Dra. Clemente.

CMC is one of the premier medical institutions in Quezon City with more than three decades of experience in delivering quality health care.

MPIC is ratcheting up its hospital operations to complete a nationwide network of 15 over the next five years and reach a total bed capacity of 3,000. This is in line with its goal to become a P10 billion company by 2016.

The group is currently the largest private hospital operator with 1,800 beds throughout the country.

The MPIC group now operates or owns six hospitals: the recently-acquired upscale 219-bed Asian Hospital in Filinvest Corporate City, Alabang, Makati Medical Center, Cardinal Santos Medical Center in San Juan, and the Our Lady of Lourdes Hospital in Sta. Mesa. Manila.

It also has equity in Riverside Medical Center in Bacolod and Davao Doctors Hospital in Mindanao.

The hospitals division contributed P409 million to MPIC’s total net income in the first nine months of 2011, 10 percent higher than the previous level.MPIC earlier said it was interested in participating in the planned bidding for the modernization of the 700-room Philippine Orthopedic Center under the government’s Public-Private Partnership program.The Philippine Orthopedic, located at the corner of Maria Clara and Banawe streets in Quezon City, is being groomed as the “premier center for bone diseases, trauma, rehabilitation and commercial production of limb prosthesis.”

Under the plan, the Department of Health aims turn the Philippine Orthopedic into a world-class facility with 1,000 beds.

To further widen its geographic footprint, the group is eyeing to acquire hospitals in Northern Luzon, Central Luzon, Southern Luzon, Western Visayas, Central Visayas, Northern Mindanao and Western Mindanao.