DBP leads grant of P5-billion syndicated term loan to Makati hospital

State-owned Development Bank of the Philippines (DBP) led a syndicate of banks in providing P5-billion funding support to partially finance completion of the Makati Life Nurture Medical Center, formerly the Ospital ng Makati 2 project, which would be situated at the heart of the country’s premiere business district, a top official said.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said that the facility was arranged by GIV Capital and co-arranged by DBP and Land Bank of the Philippines.  Union Bank of the Philippines participated as co-lender.

‘’This project will help address the growing needs of the country’s health infrastructure landscape,’’ Herbosa said. “It also responds to the pressing need to develop an efficient, effective and responsive health system that delivers affordable and quality care.’’

DBP is the fifth 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; the environment; and social services and community development. The DBP Board of Directors approved the credit assistance in 2021.

DBP Executive Vice President for Development Lending Paul D. Lazaro said the proceeds would be used for the construction of the 15-storey, 360-bed capacity Level Two hospital, which would be equipped with the latest medical equipment and facilities, that would offer specialized treatment and procedures for cancer and cardiovascular disease patients that are not being offered by nearby hospitals.

Lazaro added that the project is expected to significantly improve the current hospital bed-to-population ratio not only of Makati City but also of the National Capital Region which stands at 1:741 and below the World Health Organization’s standard ratio of 1:500.

Herbosa added that the project is a joint venture of the City Government of Makati and Life Nurture Inc., to be undertaken via the Public-Private-Partnership scheme, which ensures a more expeditious and efficient utilization of resources to address specific public service gaps such as affordable and reliable health care.

‘’During this public health crisis, we recognize that collaboration is essential in advancing the country’s overall health care service delivery,” Herbosa said. “DBP remains supportive of efforts to fill in the gaps in medical services to improve health outcomes.”