METRO Pacific Hospital Holdings Inc., the health-care holding company of conglomerate Metro Pacific Investments Corp., on Friday said it completed its acquisition of a tertiary hospital in Marikina City.
The company said it completed its acquisition of 469,077 shares, representing approximately 93 percent in Marikina Valley Medical Center for P2,117.80 per share.
It is a prominent tertiary hospital along Sumulong Highway in Marikina. It was established by a group of 21 enterprising founders, mostly doctors of various specializations.
The hospital quickly grew to be the leading hospital on the eastern side of the National Capital Region.
In March it completed the construction of a new seven-story Medical Arts Building to house 44 new clinics for the hospital’s more than 270 accredited doctors.
The transfer of doctors to their new building will allow the hospital to immediately expand capacity to 140 beds, an intermediate step to eventually grow the hospital to 170 beds by next year.
The Marikina hospital joins Metro Pacific’s nationwide chain of hospitals, a process it started nine years ago in 2007 with its first investment in the Makati Medical Center.
MPIC’s hospital group has since poured in P12 billion of capital expenditures into the hospital industry, mainly to expand and improve facilities, and to purchase the latest medical equipment.
“This hospital [venture] we founded 12 years ago has served and continuously serves thousands of people. But the dynamics of the Philippine health-care landscape has greatly changed since then. We now live in a world of integration, collaboration and connectivity. The entry of Metro Pacific will allow [Marikina Valley Hospital] to adapt to this new landscape and level up its quality of infrastructure, equipment and services to a premier level. [The hospital] will now be in a position to maximize its potential in serving as the leading hospital in this part of Metro Manila,” Juan Lagunzad, current president of Marikina Valley hospital, said in a statement.
As a result, the company said Lyle Joseph Morrell will be the new president and CEO of the hospital starting August 1.
“Lyle [Morrell] has an impressive track record in the Philippine healthcare industry, and obtained a Graduate Diploma in Health Policy from the University of Sydney School of Public Health before he joined our group. I am confident Lyle will be able to lead our medical professionals and staff to continue the excellent work that is happening at the [Marikina Valley hospital],” said Augusto Palisoc Jr., president and CEO of the Metro Pacific hospital group.