DBP loans P1.3 billion to hospitals

The Development Bank of the Philippines (DBP) granted a P1.275-billion loan to Allied Care Experts (ACE) Medical Group to improve their hospitals in Northeast and Central Luzon.

ACE will spend P655-million to build a 101-bed five-storey Level 2 hospital building and acquire various medical equipment for its medical center in Tuguegarao, according to DBP President and Chief Executive Officer Emmanuel G. Herbosa.

“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,” he noted.

Present during the loan signing were (seated from left) DBP Senior Vice President Catherine T. Camarao; San Jose del Monte – Muzon Medical Center, Inc. President Dr. Diosdado M. Bartolo, Jr.; ACE Medical Center – Tuguegarao, Inc. Founder Dr. Carlos Fernando; DBP Executive Vice President Jose Gabino D. Dimayuga; ACE Medical Center Chairman Dr. Amado Manuel C. Enriquez, Jr.; and ACE Medical Center – Tuguegarao, Inc. President Dr. Cherry Rose T. Bañez. Joining them were other officials from DBP, ACE Medical Center – Tuguegarao Inc., and San Jose del Monte – Muzon Medical Center Inc.

“We hope that through these ventures, DBP can positively contribute to the wholistic development of Tuguegarao and San Jose Del Monte.”

These initiatives are crucial to boost the capacity of the health care system and help the country recover from the impact of the pandemic, added DBP Executive Vice President for Development Lending Jose Gabino D. Dimayuga.

ACE Medical Center is a nationwide network of hospitals which Chairman Dr. Amado Manuel C. Enriquez, Jr. founded, along with a group of doctors and other professionals.

ACE established its first branch in Subic Baypointe in 2011 and now operates nine branches across the country.

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, according to Dimayuga.

“DBP continues to be an ally in the implementation of projects which bolster critical sectors such as the health industry during this public health crisis,” he concluded.