Tuesday, July 15, 2008 Group buys hospital By Debra Magallon-Estero Sun.Star Correspondent
A GROUP of Cebuano businessmen raised a combined investment of P300 million to rehabilitate, renovate and re-equip a local hospital.
The group, headed by lawyer Augusto Go, said the rehabilitation—which is expected to be completed by the end of this year—will also increase the number of beds at St. Vincent General Hospital to 120.
Go said hospital has less than 100 beds.
The group—made up of Go, Dr. Iben Ting and Frederick Ong—bought out 92 percent of the hospital’s shares previously owned by the Taboada family.
But Go, in an interview with Sun.Star Cebu, did not disclose the cost of the acquisition.
“It (hospital) has been up for sale in the last 25 years,” Go said, adding that since it was not his “line of business” he passed up the offer until Ting persuaded him.
The Taboadas, said Go, are now all based in the United States.
He said the remaining eight percent of shares are held mostly by doctors. He added that his group has offered the other shareholders to sell their shares at double the price.
Go, Ting and Ong met the other shareholders in a special stockholders meeting last Thursday, where the sale made by the Taboadas was announced.
So far, none has accepted the offer yet, said Go.
During the same meeting, the new board of trustees was also elected. The new board has Go as chairman, Ong as treasurer, Ting as president and Mark Tolentino as corporate secretary.
Other members of the board include Eric Ong, Candice Gotianuy and Elizabeth Gan-Go. The board also identified a new medical director for the hospital, Dr. Celeste Cabahug.
Go said of the P300-million rehabilitation program, P100 million will be spent on the physical structure renovation while P200 million will go to the purchase of new equipment. The renovation plans will not stop hospital operations, although occupancy
rate will be lessened during the period.
Despite the upgrading of the facilities, Go said the hospital will be made into “an affordable hospital for the working class.”
“Thirty-five thousand pesos for a normal delivery is already sakit (painful amount) for a regular person,” he said.
Even the medicines at the hospital will be cheaper. Ting, whose family runs a number of pharmacies in Cebu, will hold the concession of the in-house pharmacy, Go said.
“We will be inviting top and well-known medical practitioners to join us in the hospital…those who are (socially conscious),” he added.
At present, the group is finalizing remodeling plans for the hospital, which will be sent to the Department of Health (DOH) for approval. Go said he will also go and visit the DOH to officially inform them about the takeover.
All current staff at the hospital have been retained but Go said they will be employing 100 more at the end of the year.
The hospital will also serve as training ground for all students taking up paramedical courses at the University of Cebu (UC).
In five years time, UC is also looking at offering physical therapy and medicine. (DME)
