Foreign funds complete investments in MPIC hospital unit

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC) said global investment firm KKR and Singapore fund GIC have completed their investments in Metro Pacific Hospital Holdings Inc. (MPHHI).

The parties signed the investment agreements in October.

Proceeds from the sale of shares in MPHHI would be used to support Metro Pacific Hospitals’ potential investments in additional hospitals and new healthcare businesses.

The fresh capital will also be used to grow the hospital arm’s existing subsidiaries, associates, and joint ventures, MPIC said in a disclosure.

At present, MPHHI is the largest private hospital and healthcare network in the Philippines with 14 hospitals and 3,200 beds across the country in its portfolio.

Manuel V. Pangilinan, chairman of MPIC and MPHHI, formally welcomed the two funds.

“We welcome KKR and GIC as investors who not only have established track records of helping healthcare companies to meet their growth ambitions, but also have full confidence in Metro Pacific Hospitals’ potential to provide even more critical healthcare services to patients across the Philippines. Today marks the start of a new and exciting chapter for Metro Pacific Hospitals,” he said.

MPHHI president and chief executive officer Augusto Palisoc Jr. said the Philippine healthcare industry is poised for tremendous growth given the increasing demand for hospitals, clinics, and facilities that provide premium medical services.

“With this new investment, coupled with the expertise that KKR and GIC bring to Metro Pacific Hospitals, we will be in an even stronger position to meet patients’ needs and capture new opportunities through organic expansion, acquisitions and investments, and the adoption of new technologies,” Palisoc said.

Ashish Shastry, co-head of Asia Pacific Private Equity and Head of Southeast Asia at KKR, said they are pleased to be part of MPIC’s hospital unit given its quality as a healthcare institution.

“Metro Pacific Hospitals is a world-class healthcare institution with a terrific team of doctors and medical practitioners who play a critical role in the lives of millions. We are excited to begin our work alongside this excellent team and look forward to supporting Metro Pacific Hospitals’ continued growth and development for healthcare providers and patients in the years to come,” Shastry said.