HONG KONG – Metro Pacific Investments Corporation is raising P6 billion to P8 billion later this year or early 2011 to fund the expansion programs of its tollways and health care businesses over the next two years.

In a press briefing, MPIC chief finance officer David Nichols said they will raise the funds through bank facilities or through the issuance of bonds in either the local or international markets. He added that they are already talking to some bond proponents about the ideal timing of the possible float.

Nichols said MPIC will not need to raise any cash for the massive expansion of Manila Electric Company into the power generation business since the company is self-funding while the North Luzon Expressway unit is generating cash.

However, MPIC needs to raise P5.3 billion for their share of the equity portion of the construction of Segments 9 and 10 of the North Luzon Expressway and the Connector road for the NLEX and South Luzon Expressway.

The total budget for the three road projects is P25 billion but the equity portion will only be 30 percent of the total cost or P7.5 billion. MPIC’s share in this is P5.3 billion for its 70 percent stake in the projects which will be built from 2011 to 2012.

Nichols said they are also allotting P1 billion to P2 billion support the expansion of its healthcare business through the acquisition of more hospitals around the country.

MPIC plans to acquire 11 more hospitals over the next five years to complete a nationwide network of 15 hospitals. It currently has substantial stakes in hospitals in San Juan, Makati, Davao and Bacolod.

MPIC executive director and hospital division head Augusto Palisoc Jr. said they aim to have four more hospitals in Metro Manila: Quezon City, Manila, Parañaque-Las Piñas, and Pasig Rizal.

The firm is also eyeing to acquire hospitals in Northern Luzon, Central Luzon, Southern Luzon, Western Visayas, Central Visayas, Northern Mindanao, and Western Mindanao.