Wednesday, June 25, 2008 Hospital hails entry of Pangilinan's group By Nelson C. Bagaforo
TOP officials of the Davao Doctors Hospital Inc. (DDH) welcomed the entry of a new investor, expecting it to further "invigorate" the medical institution and strengthen the corporate structure of DDH subsidiary, the Davao Doctors College.
"The present board of directors of DDH welcomes the coming in of Metro Pacific Investment Corp. (MPIC) into the board and management team," said Dr. Dominador Cabrera, DDH president and chair of the board.
MPIC, a local unit of Hong Kong-listed First Pacific Holdings Ltd and chaired by Manuel Pangilinan, bought 34 percent ownership of the Davao Region's most modern medical facility.
MPIC also acquired a significant equity stake in telecommunications giant Philippine Long Distance Telephone Co. (PLDT) in 1998. Pangilinan also chairs PLDT.
Cabrera said MPIC would officially be part of DDH management starting next month, timed for the celebration of DDH's 39th anniversary.
"With the combined strength of DDH and MPIC -- DDH's technical lead and Metro Pacific's business acumen -- DDH envisions a more invigorated hospital and a strengthened corporate structure for Davao Doctors College, which shall now enhance its capacity to maintain its edge in the academe," Cabrera said.
He said the board believes that MPIC will contribute managerial expertise to transform DDH and its subsidiaries "more competitive in a rapidly changing business climate."
"The track record of Metro Pacific speaks for itself. DDH is well aware of the success they have made of Makati Medical Center," Cabrera said.
With MPIC's entry to DDH, Pangilinan earlier said plans are underway to further improve its facilities, including medical equipment and personnel. He did not elaborate.
Pangilinan said the DDH acquisition is part of Metro Pacific's plan to expand further its health service portfolio. The company also owns Medical Doctors Inc. (MDI), which operates the Makati Medical Center.
"Medyo successful kami sa Makati Medical Center. Hospital is a very good investment because people get sick," he said in a press conference shortly after PLDT's annual stockholders meeting at Dusit Hotel in Makati City on June 10.
He added that they also want to provide high standard and quality medical service to people in Mindanao.
"Davao is a great place to invest specially in health care," Pangilinan said.
He said the company has purchased shares of existing stockholders, 34 percent or 310,000 shares of the total issued shares for P1,600 each for a total of at least P500,000 million.
This makes the company the principal shareholder of the DDH, which owns 100 percent of Davao Doctors College, 30 percent of Davao Doctors Oncology Center Inc. and 82.5 percent of Allied Professional and Development Corp.
"We will continue to build facilities to cure," Pangilinan said, citing the company's objective to set up a network of hospital that provides quality and affordable health care to every Filipino.
Earlier, MPIC said it will "be keen on pursuing opportunities to expand investments in the health-care and infrastructure sector, as well as new segments such as agriculture, biofuels, hospitality, and mining."
