Tokyo: The hospital subsidiary of the Manuel Pangilinan-led Metro Pacific Investments Corp. (MPIC) will allot P10 billion to P12 billion in capital expenditures (capex) to fund its expansion plans in the next five years, top officials disclosed.
MPIC Chief Financial Officer David Nicol told Philippine reporters in a briefing here that the MPIC Hospital Group’s P10 billion to P12 billion capex will fund the upgrade of eight existing hospitals and the construction of seven new hospitals across the country.
For the hospital group’s war chest, Nicol said: “Next year, we’re looking at P2.3 billion. Over the next five years, [capex is]over P10 billion to 12 billion.”
“The hospital group is a fast growing business. We think on a steady basis with no acquisitions, this will compound or more than double in five years,” Nicol said.
Jose Ma. Lim, MPIC president and chief executive officer, said in the same briefing that the group has already acquired two lots — in Batangas and Cavite – for the planned seven hospital locations that will spread out the group’s reach in the country.
“We are looking at north and south Luzon now. There is a concentration in Metro Manila, but [we have]only one (each)+ in the north and south so far. So that’s really likely what we’ll focus on, particularly in Batangas and Cavite,” Lim said.
As indicated in Nicol’s presentation at the briefing, the group’s desired locations for new hospitals are: North Luzon, South Luzon, Western Visayas, Central Eastern Visayas, North Mindanao, West Mindanao and South Mindanao.
Nicol said for 2015, the MPIC Hospital Group will spend P2.3 billion for the expansion of eight hospitals, namely: Central Luzon Doctors’ Hospital in Tarlac, De Los Santos Medical Center in Quezon City, Makati Medical Center in Makati City, Davao Doctors Hospital and Nursing College, Cardinal Santos Medical Center in San Juan City, Riverside Medical Center in Bacolod City, Negros Occidental, Our Lady of Lourdes Hospital in Sta. Mesa, Manila, and Asian Hospital in Alabang, Muntinlupa City.