Hospital chain secures P1.3 billion loan from DBP

MANILA, Philippines — State-run Development Bank of the Philippines (DBP) has extended new loans totaling P1.275 billion to Allied Care Experts (ACE) Medical Group for the improvement of its health facilities in Tuguegarao and Bulacan provinces.

DBP president and chief executive officer Emmanuel Herbosa said P655 million would be used to partially finance the construction of a 101-bed, five-story Level 2 hospital building, and the acquisition of various medical equipment in ACE Medical Center – Tuguegarao.

The remaining P620 million, on the other hand, will partially fund the construction of a 103-bed, seven-story Level 2 hospital building in San Jose del Monte - Muzon Medical Center in Bulacan.

“We hope that through these ventures, DBP can positively contribute to the wholistic development of Tuguegarao and San Jose Del Monte.”

ACE Medical Center, is a nationwide network of nine hospitals established by a group of doctors and other professionals led by founding chairman Dr. Amado Manuel Enriquez Jr. The chain’s first branch was established in Subic Baypointe in 2011.

Last month, DBP also extended a loan of P760 million to the hospital chain to expand the operating capacity of its branch in Pangasinan.

DBP executive vice president for Development Lending Jose Gabino Dimayuga said that such developmental initiatives are crucial to boosting the overall capacity of the health care system and help the country recover from the impact of the pandemic.

He said DBP is working closely with both the government and private sector in establishing much-needed health facilities especially in underserved areas and close the existing health capacity gaps in the country.

“DBP continues to be a reliable ally in the implementation of projects which do not only address the current infrastructure needs of the country, but also bolster and capacitate critical sectors such as the health industry during this public health crisis,” Dimayuga said.