Davao Doctors Hospital (DDH) announced yesterday that real estate conglomerate Metro Pacific Investment Corporation (MPIC) is set to join its hospital administration come July, following its acquisition of a 34% stake in the facility.

DDH is a major private hospital with 250 beds. It was established in 1966.

Earlier rumors of the acquisition by Metro Pacific, one of the largest private corporations in the country, sent shock waves in the entire medical and pharmaceutical community in Davao.

But a DDH statement sent to news desks last night said that hospital administrators and officers “welcome the coming in of MIPC into the DDH Board and Management Team. The group believes that they will contribute managerial expertise to make DDH and its subsidiaries more competitive in a rapidly changing business climate.”

The statement also cited the “combined strength of DDH and MPIC. The strengths of both companies are leveraged – DDH’s technical lead and Metro Pacific’s business acumen.”

Hospital administrators said that with the incoming investor, even the teaching hospital’s Davao Doctors College is expected to assume “a strengthened corporate structure” that will enable it to “maintain its edge in the academe.”

MPIC acquired its 34% stake for P498 million, according to earlier news reports. MIPC is reportedly gearing up to create the country’s first nationwide network of hospitals.

The stake represents 310,999 shares worth P1,600 per share, the reports said.