What's this I read about all the private hospitals belonging to the Phivate Hospital Association of the Philippines (PHAP) going on hospital holiday?

It seems that they are protesting this in protest to a recently passed republic act, allowing patients who don't have the immediate capacity to pay to check out of the hospital on a promissory note only. They said that this would kill their business/industry.

If what I read was right, they would only accept emergency room cases and maternity cases but would not admit patients. Also, if I what I deduce is right, for them its "business first, patients later" i.e. they are looking at hospital operations from mostly a business standpoint and less from a social/public service standpoint.

Any truth to this news?