MANILA – Listed healthcare company Philab Holdings Corp. has earmarked USD150 million for capital spending this year, mostly to build new satellite clinics.
Philab chair and chief executive officer Hector Thomas Navasero said USD100 million of the total capital budget would be used to establish satellite clinics called “Philsat” across the country, while the remaining USD50 million would be invested in genetics and pharmaceuticals.
“We will raise that money but I have commitments from specific investors who are very keen on what we are doing. They love genetics, they love satellite clinics, they love healthcare, they love rural health,” Navasero told reporters.
“If it’s in the Philippines, we are looking at diagnostic pharmaceuticals. Around the world, it has to be health technology, innovation,” Navasero said, saying the Philab group plans to invest more in healthcare.
Last week, Philab invested PhP500 million or USD10 million in a collaboration deal with United States-based Veritas Genetics to expand its operations worldwide, starting in the Asia-Pacific region.
Its initial investment would develop a genome sequencing facility which it eyes to establish in Clark, Pampanga.
Philab is the country’s first and only publicly listed which also invests in biotechnology, healthcare technology, healthcare facilities, life sciences tools and services, managed health care and health care distributors.