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 within the next five years.
“My personal target is 50. I don’t know when — we don’t control that; KKR has control over that. But I hope we could do that 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 in the group include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center.
MPIC is also looking to raise its ownership in Metro Pacific Health to 50% by acquiring an additional 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 in their court. MPIC is ready and willing to continue,” MPIC Executive Vice-President and Chief Finance, Risk, and Sustainability Officer June Cheryl Cabal-Revilla said when asked about the status of the KKR transaction.
She said the earlier 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 fully owned subsidiary, is being integrated with MPH’s hospital systems to streamline patient services and records management.
“Once we apply the same processes used at the mWell Clinic to the hospitals, patients won’t need 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 remains strong, with debt levels “at their lowest” and all business segments contributing positively to growth.
“We continue 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 now contributing,” she said.
MPIC recorded a 36% rise in reported net income for the first half to P17 billion, driven mainly by the sale of its oil storage subsidiary, Philippine Coastal Storage and Pipeline Corp.
The power business remained the main 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 total.
MPIC is one of the key Philippine units of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group. — Alexandria Grace C. Magno
