State-owned Development Bank of the Philippines (DBP) has signed two term loan agreements amounting to P1.275-billion with Allied Care Experts (ACE) Medical Group for the enhancement of its two health facilities located in Northeast and Central Luzon, a top official said.
DBP President and Chief Executive Officer Emmanuel G. Herbosa said that P655-million will be used to partially finance the construction of a 101-bed five-storey Level 2 hospital building, and the acquisition of various medical equipment and facilities for ACE Medical Center – Tuguegarao.
“On the other hand, the remaining P620-million will be spent for the partial construction of a 103-bed seven-storey Level 2 hospital building for San Jose del Monte – Muzon Medical Center in Bulacan,” Herbosa said. “We hope that through these ventures, DBP can positively contribute to the wholistic development of Tuguegarao and San Jose Del Monte.”
DBP is the sixth largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.
ACE Medical Center is a nationwide network of hospitals established by a group of doctors and other professionals led by founding Chairman Dr. Amado Manuel C. Enriquez, Jr. Its first branch was established in 2011 in Subic Baypointe and the company now operates nine branches across the country.
DBP Executive Vice President for Development Lending Jose Gabino D. Dimayuga said that such developmental initiatives are crucial to boost 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 the 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.