Pangilinan keeps interest in health care, medical tourism in province

By Mia A. Aznar

Thursday, March 10, 2011

THOUGH he has not yet succeeded in finding a hospital that he can partner with in Cebu, business tycoon Manuel Pangilinan said he will continue to search for other tertiary hospitals.

Pangilinan, president of Metro Pacific Investment Corp. (MPIC) which owns four hospitals, said his company will continue to look for opportunities in Cebu as it is
serious about investing in the medical sector in the province.

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Last year, MPIC bought majority of Riverside Medical Center, said to be the largest hospital in Negros Occidental. It owns the Makati Medical Center, Cardinal Santos
Medical Center and Davao Doctors Hospital.

Pangilinan admitted that medical tourism is surrounded by complex issues, saying hospitals have to be world-class before clientele from abroad decide to get their medical services here.

To attract foreign patients, he said, they needed to get accreditation from international standardization organizations.

He also noted that payment mechanisms have allow tourists to easily pay for the service. He added that some tourists who have insurance coverage have problems availing of benefits as local facilities are not recognized by foreign companies.

He said such issues need to be solved before medical tourism can fully take off in the country.

Pangilinan said Cebu “stands out” as an alternative place to locate medical tourism.

In 2008, Pangilinan visited the Cebu City Medical Center and initially expressed interest to invest P1.5 billion for a hospital in Cebu.

Published in the Sun.Star Cebu newspaper on March 10, 2011.

$1-B infra up for private bids

THE National Government has launched the first batch of major infrastructure projects it is opening for partnership with private investors.

It is asking for bids for five rail and road projects worth over $1 billion.

President Benigno Aquino III said the projects will stimulate the economy, create thousands of jobs and upgrade services for Filipinos

Officials say the bidding process begins later this month for two railway expansion projects in the capital. Invitations to bid will be out in April for a new toll road south of Manila, in May for an airport expressway and in June for an elevated expressway.

Lack of infrastructure is among the factors that has held back the country’s economic growth.

As this developed, the National Government set aside about P690 billion to pay foreign and domestic creditors.

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The sum is nearly 11 percent more than what it allotted to debt servicing in 2009, which was only P622.29 billion.

The Business World reported that principal and interest payments to domestic creditors totaled P446.9 billion, while payments to foreign creditors summed up to P242.9 billion.

The country’s debt swelled in the wake of the global economic crisis in 2008, which caused the economy to slow down and reduced government revenues.

Since government was operating with a deficit, it was forced to borrow more to finance programs. (AP)

Published in the Sun.Star Cebu newspaper on March 10, 2011.

FLI to start work later this year

By Princess Dawn Felicitas

Friday, March 11, 2011

THE Cebu City Government yesterday received P255.5 million from Filinvest Land Inc. (FLI) for the 10.6-hectare waterfront lots it purchased at the South Road Properties (SRP).

The amount was the third of six installments, and FLI got its third title for the lots on Pond F.

Five titles have been placed on escrow with the Land Bank of the Philippines (LBP) and will be turned over to FLI each time it pays the City.

FLI makes the installment payment every March for six years, as stated in the joint-venture agreement signed by City Hall and FLI officials.

Certification sought

Meanwhile, FLI vice president Tristas Las Marias followed up on the availability of the certification that the Department of Environment and Natural Resources has no jurisdiction on the area of water within 500 meters of the SRP coastline and that this is under the Municipal Waters Territory of Cebu City.

Las Marias said the certification was required upon their payment.

Mayor Michael Rama, when asked if the City has complied, said “everything has been taken care of.”

Within the second quarter of this year, Las Marias said FLI will start with the groundwork and the construction of the seaside beach promenade commercial project.

“We estimate that the first batch of commercial shops and promenade walk will be available for public use by third quarter of 2012,” he said.

Industrial zone

FLI also plans to build commercial and retail complexes, exhibition tents, a boardwalk with fine dining restaurants and fastfood outlets.

Roberto Vasquez of the Cebu Investment and Promotions Center (CIPC) said also they plan to develop 10 hectares across the property of Bigfoot into an industrial zone.

Vasquez, in an interview yesterday, said there are at least five investors from China, the US and Japan who are willing to invest in the area.

Vasquez said the Japan International Cooperation Agency is willing to help the City market the proposed industrial zone.

He said CIPC is preparing the development plan and hopes to start implementing it within this year.

Published in the Sun.Star Cebu newspaper on March 11, 2011.