Washington D.C./Manila, Philippines, Feb. 14, 2008—
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.”
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
IFC has been investing in the Philippines for more than 40 years and established an office in Manila in 1977. As of December 2007, IFC had an exposure of $661.96 million in the country. To complement its growing investments, IFC is also expanding its advisory services to include public-private partnerships and supporting the development of small and medium enterprises. IFC is focusing on Mindanao and in 2006 opened an office in Davao City.
About Asian Hospital
Asian Hospital and Medical Center is the first major private hospital with tertiary care facilities in the southern Luzon corridor of metropolitan Manila. It began operations in March 2002. The 253-bed, state-of-the-art medical center stands on a campus that houses the main hospital and medical office building. It has over 900 employees and 160 outsourced staff, all trained to provide personalized patient care. Further company information can be found at
http://www.asianhospital.com
.
About Bumrungrad International
Bumrungrad International Limited is an associate company of Bumrungrad Hospital Public Company Limited. Founded in 2005 and based in Bangkok, Thailand, BIL owns and operates hospitals and health care facilities in seven countries of Asia and the Middle East, including Asian Hospital in Manila, Philippines; Bumrungrad Hospital in Dubai, United Arab Emirates (under construction); and Asian Renal Care, the largest chain of renal dialysis centers in Asia. The company also manages Bumrungrad Mafraq Hospital in Abu Dhabi. The company focuses on ownership, acquisition, and management of hospitals and health care delivery companies in the Middle East and Asia.
