Ailing Makati Med

[silhouette]

Ailing Makati Med looks to Pangilinan for cure--sources
(Inquirer News Service, Clarissa S. Batino)

In its search for a cure to its financial malaise, Makati Med has set its sight on telecom czar Manuel V. Pangilinan.

THE MAKATI Medical Center, once the country's premier hospital, is financially bleeding.

Inquirer sources said that Makati Med was now in dire financial straits allegedly due to mismanagement.

They said the hospital's books were in disarray, with huge receivables that have remained uncollected and several expensive yet idle medical equipment.

Makati Med's financial woes have forced it to lay off some staff and the sources said that more employees faced displacement.

In its search for a cure to its financial malaise, Makati Med has set its sight on telecom czar Manuel V. Pangilinan.

Inquirer sources said the hospital, controlled by the Fores and Araneta families, had invited Pangilinan, popularly known in the business community as MVP, to join its board of directors and, most likely, be eventually asked to infuse money into the company.

Pangilinan, chair of Philippine Long Distance Telephone Co. and managing head of Hong Kong-based First Pacific Ltd., had successfully turned around a number of financially troubled companies, among them PLDT and subsidiary Pilipino Telephone Corp.

Makati Med's owners and management have been tapping business gurus who can help them correct the worsening situation and eventually turn the hospital's finances around.

Pangilinan is the latest being asked to find a cure to Makati Med's problems. Only recently, the Makati Med board tapped former Asian Institute of Management president Gabino Mendoza to join the hospital.

"Yes, I have been invited [to be a director] and I am considering it," Pangilinan said in a text message.

"But I am looking at the situation, particularly the Med's financial position. Daming problema pala [It has a lot of problems though]," he added.

Asked whether he had already been asked to put in money, Pangilinan simply said that Makati Med's situation was that it really needed new capital. He did not elaborate.

Sources said Makati Med's net worth stood at only P1.8 billion last year against P3.5 billion in 2003. Outstanding loans, they added, were more than P2 billion.

The hospital reportedly managed to register a net income of P25.3 million in 2004 out of P2.6 billion in revenues. But costs and expenses, according to the sources, were staggering.

Pangilinan, according to another source, was being discouraged by his advisers from taking the Makati Med post.

Pangilinan is recognized as an astute businessman. He may have put a lot of money into charitable organizations but he would not plunge "into something with problems as complex" as Makati Med's, said the source.

Makati Med was founded in the 1960s by Dr. Constantino P. Manahan, Dr. Jose Y. Fores, Dr. Mariano M. Alimurung, Dr. Carlos L. Sevilla and Luis Ma. Araneta, Romeo Gustilo, Manuel Fernandez Sr., Jorge Araneta, Raul Fores, Julieta Ledesma and Daniel Go. Of the six, only Daniel Go is not a member of the board.

Other Makati Med directors are Amando Eduque, lawyer Constantino Manahan, Ashok K. Nath, Vicente Q. Arguelles and Dr. Edmundo

[chieffy]

kapag natapos ang St. Lukes sa The Fort mababawasan siguro pupunta dyan sa Makati Med....

[BlueBimmer]

in short lalong tepok..

[van_wilder]

asian med sa alabang? malaking factor ba?

[IceColdBeer]

asian med sa alabang? malaking factor ba?

I think so, especially nung nagkaron na sila ng PhilHealth card lagi ng puno ang Asian Med.

[1D4LV]

asian med sa alabang? malaking factor ba?

yes. kasi yung mga doctor ng MMC, halos nasa AMHC na ngayon eh. besides, its the ambiance. if i am to choose, i would rather be confined in a hospital which looks like a hotel as compared to one na parang napagiwanan na ng panahon. considering the price of both hospitals, eh medyo mas mura pa ang Asian Hospital.

also, the renovation of Medical City could also be a factor. pero ambiance pa rin eh...

tama yung isang nag-post dito.... once natapos na yung St. Lukes sa The Fort, hirap na silang makabangon.

[RedHorse]

not to mention na bago na rin ang mga equipments ng capitol med sa qc along quezon ave... tsaka yong hospital na nasa ortigas...

[jim]

yup medical city dito sa ortigas is excellent. feeling ko nasa 5 star hotel ako pag nagpapa-checkup at nagpapa-laboratory doon. yun nga lang ang dami nang pasyente.

sayang ang makati med tsk tsk tsk

[glntVR]

O nga. Yun St. Luke's na ulit na ang magiging premier na Hospital dito. Very nice hospital yan pag natapos.

[silhouette]

O.T. although sabi ng mga doctors namin yung building lang ang maganda. the medical equipments came from their old building in san miguel. worse, not only one doctor i know, claimed that the service is not as attractive as their new building.