Quezon health care institution receives a P730-million loan from the DBP
According to a senior official, the state-owned Development Bank of the Philippines (DBP) has approved a PHP730 million loan to a budding hospital chain for the construction of the province’s first Level 2 hospital.
DBP president and CEO Emmanuel Herbosa said in a statement Friday that the bank’s credit assistance to Allied Care Experts (ACE) Medical Center Sariaya, Inc. would fund the construction and expansion of a seven-story hospital facility with a 104-bed capacity in the municipality of Sariaya, Quezon.
“(The) DBP supports this newest ACE project because it will assist address the urgent demand for better medical care in Sariaya and across Quezon province,” Herbosa added. “Financing infrastructure projects that have a positive impact on communities is a key priority for DBP, particularly in these difficult times.”
The DBP is the country’s sixth-largest bank by assets, and it lends to four key economic sectors: infrastructure and logistics, micro, small, and medium businesses, the environment, and social services, and community development.
The ACE Medical Center Sariaya is one of the ACE Medical Center’s nine operational branches throughout the country. The expanding network of hospitals was founded in 2011 by a group of physicians and other professionals headed by the founding chairman Dr. Amado Manuel Enriquez, with its initial location in Subic Baypointe.
According to Herbosa, the new hospital would boost the bed-to-population ratio in Quezon from 1:1,175 to 1:1,134.
The project will also improve the quality and expand the capacity of medical treatment in Sariaya, which now has just two community hospitals with a combined capacity of 30 beds.
“(The) DBP will continue to be a dependable developmental institution for the country’s infrastructure projects, particularly those in disadvantaged regions, while also supporting the health sector’s critical requirements amid this public health crisis,” he said.