Business Headlines

COVID nearly wipes outs Metro Pacific Hospital profits due to higher costs, nervy patients

COVID-19 nearly wiped out the profits of the largest private hospital group in the country.

Metro Pacific Hospital Holdings, Inc.’s income plunged by 93 percent to ₱46 million in the first half of 2020 amid the coronavirus pandemic and the world’s longest and most rigid lockdown.

Metro Pacific said patients harp drop in the number of patient admissions (down 35 percent to 61,293) and outpatient business (down 30 percent to 1.329 million). Filipinos avoided going to hospitals for their ailments and check-ups for fear of contracting the virus.

Metro Pacific also said higher expenses eroded profits due to “significant increases in personnel costs and medical supplies such as
personal protective equipment which are heavily used to ensure stringent health and safety protocols for our employees, healthcare practitioners and patients.”

In response to the government’s call to beef up the health sector’s capacity to handle the surge in COVID cases, Metro Pacific has increased its COVID-19 beds to 30 percent of capacity.

“The healthcare sector is at the epicenter of this COVID-19 crisis and we continue to face challenges with the increase in reported cases,” said Metro Pacific.

Metro Pacific has 16 hospitals including Makati Medical Center, Cardinal Medical Center in San Juan, Our Lady of Lourdes Hospital in Sta. Mesa, Asian Hospital and Medical Center in Muntinlupa, Delos Santos Medical Center in Quezon City, Manila Doctors Hospital in Ermita, and Davao Doctors Hospital.

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