Bank loans

Life Nurture Secures Bank Loans for Makati Hospital

Public and private banks are expected to finance the completion of the former Ospital ng Makati Building 2 under a public-private partnership (PPP).

Government lenders Development Bank of the Philippines (DBP) and Land Bank of the Philippines along with Union Bank of the Philippines this week signed an omnibus loan and guarantee agreement with Life Nurture Inc. (LNI) to complete the redevelopment of the ‘former Ospital ng Makati Building 2. The hospital will be renamed Makati Life Medical Center.

The agreement is for a syndicated loan facility of 5 billion pesos under the PPP program. Under the agreement, DBP will provide 2.5 billion pesos in loans to LNI, followed by Landbank with 2 billion pesos and UnionBank with 500 million pesos.

Of the total amount, P3.5 billion is payable in 10 years including a two-year grace period for principal repayment, P1.2 billion payable in seven years plus another working capital line of 300 million pula.

“As we move forward, we will strive to build and operate a hospital that will remain true to the principle of sustainable delivery of innovative and inclusive healthcare solutions. Makati Life is going to be a holistic healthcare facility,” said Dr. Dennis Sta. Ana, president of LNI, said.

The proposed hospital, with a total capacity of 360 beds and 192 medical clinics, would focus on three pillars of health care: prevention, treatment and rehabilitation.

Makati Life is expected to start partial business operations with the opening of a 24/7 primary and emergency care facility in the first half of 2022 and begin inpatient services with the first 100 beds around the end of the year.

The second phase, including the launch of the Cardiac Center and the operationalization of 200 beds, is planned for the first half of 2023, while the complete completion of the cancer and wellness centers is planned for the beginning of 2024.

“Makati Life will be an inclusive hospital. It will expand Makati City’s platform for social health care delivery through the Yellow Card program. In partnership with the Makati City Government, we will provide the required level of treatment and care even to patients who cannot afford it, giving everyone a chance to achieve a better quality of life,” Sta. Ana said.

Picture credits: Business mirror file photo