Metro Pacific Investments Corporation is planning to acquire five to ten more hospitals in the next two to three years at a cost of P2.5 billion to P7 billion to expand the capacity of its healthcare business to 3,000 beds from the current 1,000.

In a press briefing in Hong Kong, MPIC executive director and hospital division head Augusto Palisoc Jr. said they are looking at hospitals in major cities in the provinces as possible targets for acquisition.

Palisoc said they expect to be investing about P500 million to P700 million to acquire one hospital.

He explained that this aggressive expansion plans are in line with MPIC’s goal of becoming a significant player in the healthcare business by owning the largest hospital group in the country.

Palisoc said it is their intention to acquire existing hospitals instead of building their own since it will take about two to three years to get a new hospital established and earning profits while buying an existing hospital will immediately provide a steady cash flow.

Aside from investments for new acquisitions, MPIC is spending some P2 billion from now until 2012 for its healthcare business to upgrade equipment, add doctors’ offices and rehabilitate rooms.