Summary of Proposed Investment
Project Number
9503
Company Name
ASIAN HOSPITAL, INC.
Date SPI Disclosed
Jul 21, 1999
Country
Philippines
Industry
Health, Education and Life Sciences
Status
Completed
Sector
Hospitals and Clinics
Department
Gbl Ind, Manufact, Agribus & Services
Environmental Category
B - Limited
Previous Events
Approved : Feb 14, 2000
Signed : Dec 19, 2000
Invested : Dec 10, 2001
Project Description
Summary Of Project Information (SPI)
| Project Name: | Philippines: Asian Hospital, Inc. |
Region:East Asia and Pacific
Sector:
Project No:009503
Projected Board Date:August 21, 1999
Company Name:Asian Hospital, Inc.
Technical Partner and/or Major Shareholders
The primary sponsors of the project are Vista Healthcare Pte. Asia, Ltd. (Vista), Dr. Jorge Garcia and Ms. Evelyn Singson.
Project Cost Including proposed IFC investment
The total estimated project cost is PHP 3,640 million or US$91 million equivalent. The proposed IFC investment consists of an "A" Loan of US$10 million for IFC''s own account, a "B" Loan of US$10 million for the account of participant banks, and a "C" Loan (convertible loan) of US$5 million.
Location of project and Description of site
The hospital will be built on a 17,250 square meter vacant lot within Filinvest Corporate City, Alabang, Muntinlupa in southern Manila. The hospital site is located strategically within a commercial area, adjacent to and easily accessible from the Southern Luzon expressway which is the main expressway linking the southern provinces of Luzon to Metro Manila.
Description of Company and Purpose of Project
The purpose of the project is to construct and operate an international standard, greenfield 247-bed private tertiary hospital, including a doctors’ office building. The project is designed to become a world-class acute care hospital complex having state-of-the art facilities for inpatient and outpatient care, as well as a doctors’ office building housing specialist clinics and diagnostic facilities.
In one of the first greenfied projects in the Philippines since the onset of the economic crisis in Southeast Asia, IFC proposes to provide long-term, limited recourse financing for construction of a world-class, tertiary care hospital. The proposed hospital would employ about 400 doctors and is designed to provide quality health care services to meet the rapidly growing demand in the Philippines and the neighboring ASEAN countries.
Environmental Category and Issues
This is a category B project according to IFC''s environmental and social review procedure. The following potential environmental and occupational health and safety issues were analyzed: handling and disposal of medical and bio-hazardous waste, liquid waste and sewage disposal, power and water supply, hygiene and implementation of good hospital management practices, employee health and safety training, and fire protection.
Waste management practices at Asian Hospital will be of international standard and will follow those specified by the Philippines Department of Health. Infectious, hazardous and other hospital waste will be segregated and incinerated or disposed of under license to controlled landfills. Air emissions from the incinerator will meet World Bank Group guidelines. Wastewater will be pre-treated on site and then discharged to a centralized wastewater treatment plant. Electrical power will be supplied from the local utility and standby diesel-fueled generators will operate in compliance with WBG requirements.
Asian Hospital has prepared an Initial Environmental Examination report as required by Philippine authorities and has been granted an Environmental Compliance Certificate for this project. The company has prepared environmental and safety plans for the construction phase to ensure minimal disturbance to local people and the environment during this period.
The is from the InfoShop.
| Host country location of environmental documents | At Asian Hospital, Inc. headquarters in Metro Manila, Philippines. |
Date SPI sent to InfoShop: July 21, 1999
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384
Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).
Sponsor / Cost / Location
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