PLDT exec keeps investment plan for Cebu medical tourism facility

By Nancy R. Cudis

A SUBSIDIARY of First Pacific Co. Ltd., which owns a significant stake in the Philippine Long Distance Telephone Co. (PLDT), continues to eye Cebu as a potential investment area for medical tourism.

However, since it made an announcement in June last year to invest in a hospital in Cebu, Metro Pacific Resources Inc. has not yet finalized talks or set a target date and location for the facility

Manuel V. Pangilinan, chairman of First Pacific and PLDT, said in a news conference Tuesday in Makati that this does not mean the company has dropped its interest to seek a local partner and build a medical facility in Cebu.

When asked about his interest in the Cebu City Medical Center, which he visited in September last year, he said there is “no update yet.” Pangilinan’s plans for a retirement village for medical travelers, which would be linked to a hospital, have not moved as well.

“We are looking at three hospitals in the Visayas and Mindanao.

We have no target yet in Cebu, although we have already been approached by one owner. We’re looking at this (development),” he said.

Pangilinan declined to disclose the names of the hospitals, saying that owners “might be sensitive” to having their business deals made public while talks are still ongoing.

Metro Pacific has share-holdings in the Makati Medical Center and the Davao Doctors’ Hospital.

Apart from Cebu, Pangi-linan said Metro Pacific is also eyeing investments in hospitals in Pampanga, Bacolod, Davao, Zamboanga and Iloilo, which are considered “prime markets” for medical tourism.

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“Metro Pacific is investing on hospitals. If there is an adjunct or collateral investment in medical tourism, Cebu (would be) a perfect candidate because it is one of the principal tourist destinations in the country. That would be good (for hospital operations). But our principal focus is hospitals,” said Pangilinan.

Pangilinan said that Metro Pacific is not inclined to invest in tourism-related facilities, like hotels. “(That is) out of (our) line,” he added.

He pointed out that PLDT and its subsidiary, Smart Communications Inc., are looking at more investment opportunities in Cebu’s growing business process outsourcing industry.

Pangilinan announced last year that instead of buying shares and investing in existing hospitals with established client base, the Metro Pacific plans to build a new hospital in Cebu sometime this year as none of the existing ones are up for sale.

Part of the plan is for Metro Pacific to invest P1.5 billion while its Cebu partner will provide the land for the Cebu hospital that will be designed with spa-like facilities and 300 beds.

In an interview last year, Pangilinan said the hospital project in Cebu would cater to local residents, balikbayans and major tourist markets, including Japan, Hong Kong, Korea, China and the US.

He added that Metro Pacific plans to have the medical facility accredited by international insurance companies.

Aside from its interest in telecommunications and medical care, the First Pacific group is working on a P20-billion investment in power distribution company Meralco, which it expects to clinch next month. When this is done, Pangilinan said he will focus other potential investments like Mimosa in Pampanga.