METRO PACIFIC Investments Corp. (MPIC) President and Chief Executive Officer Manuel V. Pangilinan said he hopes to expand the group’s hospital portfolio to as many as 50 facilities inside the following five years.
“My personal goal is 50. I don’t know when — we don’t control that; KKR has control over that. But I hope we could do this in five years or so,” he told reporters on Wednesday last week.
Metro Pacific Health Corp. (MPH), which currently operates 28 hospitals nationwide, recently added Metro Antipolo Hospital and Medical Center, Inc. to its portfolio.
Other major hospitals within the group include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center.
MPIC can also be trying to raise its ownership in Metro Pacific Health to 50% by acquiring a further 30% stake from majority shareholders KKR & Co. and Singapore’s GIC Pte. Ltd., which jointly hold 80% of the hospital operator. MPIC currently owns the remaining 20%.
“The ball is of their court. MPIC is prepared and willing to proceed,” MPIC Executive Vice-President and Chief Finance, Risk, and Sustainability Officer June Cheryl Cabal-Revilla said when asked in regards to the status of the KKR transaction.
She said the sooner sale of the stake to the private equity investors had enabled MPIC to expand other businesses in its portfolio, while the group continues to pursue integration between its healthcare assets.
She noted that MPIC’s digital health platform mWell, a totally owned subsidiary, is being integrated with MPH’s hospital systems to streamline patient services and records management.
“Once we apply the identical processes used on the mWell Clinic to the hospitals, patients won’t have to fill out multiple forms. Doctors can access records with the patients’ consent, ensuring data privacy and accuracy,” she said.
She added that MPIC’s financial position stays strong, with debt levels “at their lowest” and all business segments contributing positively to growth.
“We proceed our double-digit growth trend. Debt is already below P60 billion. All our verticals are doing well — Maynilad is preparing for an IPO (initial public offering), and the smaller businesses like Landco and mWell are actually contributing,” she said.
MPIC recorded a 36% rise in reported net income for the primary half to P17 billion, driven mainly by the sale of its oil storage subsidiary, Philippine Coastal Storage and Pipeline Corp.
The facility business remained the fundamental earnings contributor, accounting for 64% or P11.2 billion of net operating income. The water and toll road segments followed with P3.8 billion and P3.3 billion, respectively, making up a combined 41% of the full.
MPIC is considered one of the important thing Philippine units of Hong Kong-based First Pacific Co. Ltd., together with Philex Mining Corp. and PLDT Inc.
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