IFC Investment to Help Expand High-Quality Health Care, Retain Medical Talent, and Create Employment in the Philippines
IFC, a member of the World Bank Group, has partnered with Asian Hospital Inc., a leading private hospital in the Philippines, to expand its facilities and medical services. Asian Hospital is an existing IFC client and the first major private hospital with tertiary care facilities in the southern Luzon corridor of metropolitan Manila. Through this loan, IFC is helping the company retain medical talent within the country and provide jobs to more than 900 Philippine doctors, nurses, and technical staff in a world-class health care facility.
FC will provide a 1.26 billion Philippine peso (about $30 million) long-term loan as part of a $70 million project to refinance Asian Hospital’s debt, rationalize its operations, and expand the hospital’s infrastructure and services.
Located in one of the fastest-growing regions in the country with expected population growth of 7 percent a year, Asian Hospital is benefiting from strong demand for private medical services. Now operating at near capacity, it will use IFC’s financing to manage its expansion and growth more effectively. The hospital will position itself as a center of excellence using best practices that can be adopted by other Philippine health care providers.
IFC has a long history with both Asian Hospital and its primary investor, Bumrungrad International Ltd. IFC provided the original debt financing that helped fund Asian Hospital’s construction in 2002. IFC also helped coordinate a comprehensive restructuring package in early 2005, which led to Bumrungrad International Limited stepping in as manager and lead shareholder of Asian Hospital.
Erik Fox, Chief Executive Officer of Asian Hospital, said during the signing ceremony, “We are very pleased that IFC is helping us expand our operations. We value IFC as a long-term strategic partner and a lead arranger for this loan package. By meeting the local population’s growing demand for better and expanded services, this project marks a key milestone in the hospital’s evolution.”
Karin Finkelston, IFC Associate Director for East Asia and Pacific, noted, “This project is in line with IFC’s strategy to work with strong sponsors and expand medical services. IFC is proud to help Asian Hospital improve service quality and efficiency. The project also frees up limited government resources for public health care programs.”
Guy Ellena, IFC Director for Health and Education, added, “We are delighted to work again with Asian Hospital and Bumrungrad International Limited. The project supports our commitment to promoting intraregional investment and skills transfer in the private health sector and to helping our clients at every stage of their growth.”
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