At least six investment leads on health and wellness including the world’s leading Apollo Group of Hospitals and Louisiana-based St. Frances Cabrini Hospital are being pursued by the Board of Investments (BoI) as part of the government’s effort to develop and promote the Philippines as a health and wellness destination in Asia.
Aside from the two foreign prospective investors, the BoI has identified four Filipino groups interested to put up health and wellness projects. These include the Belo Medical Group, Filinvest Retirement Village, Ricky Reyes Beauty Farm and Belle Resources.
Documents showed the BoI has organized follow up meetings with the prospective target companies as part of the government’s bid to transform the Philippines as a health and wellness destination in the region.
The Apollo Group of Hospitals of India has already forged a joint venture with the University of Santo Tomas Hospital for its proposed New Millennium Hospital.
Apollo Hospitals is the fourth largest private healthcare group in the world and the largest in Asia. It has over 6400 beds in 32 hospitals, a string of nursing and hospital management colleges, and dual lifelines of pharmacies and diagnostic clinics providing a safety net across Asia.
The healthcare group boasts of exceptional clinical success rates and superior technology to match the best in the West with centuries-old traditions of Eastern care and warmth.
Apollo Hospitals also uphold family traditions believing the world is its extended family. It has served over 10 million patients from 55 countries.
So far, the first health and wellness project approved by the BoI was the Tokushukai Hospital Group of Japan, which has yet to decide where to locate its facility in the country.
With the country’s aggressive campaign to attract investors in this sector, the government has created the Business Development/Brand Management for Health and Wellness, which covers both products and services, under Executive Order No. 372.
The Departments of Trade and Industry, Health and of Tourism have likewise established linkages with the major players in the industry such as the academe and service providers.
This move is aimed at encouraging a comprehensive and unified development and promotion program among related government agencies and private sector stakeholders including the Spa Association, hotels/resorts, travel agencies, airlines, hospitals, medical, dental healthcare, beauty and wellness clinics and the academe.
Initially, the government is strengthening and fast tracking efforts towards local and international accreditation of service providers to keep up with Asian neighbors.
The BOI also extends tax and fiscal incentives including an income tax holiday for a maximum of 8 years to health and wellness projects as part of the 11 preferred activities.
Activities qualified for BOI registration under the health and wellness sector include hospital/medical services; ambulatory surgical services; dental services; and other human and health and wellness services including rehabilitation and recuperation services such as health spa, traditional and alternative healthcare services, therapy centers, nursing care programs and facilities for mental health.
Other activities include healthcare and wellness products such as the manufacture of drugs and medicines in accordance with the Philippine National Drug Formulary of the DOH, food supplements limited to Vitamin A, iron and iodine or use in the Food Fortification Law, herbal medicines, and active substances of these drugs.(BCM)
