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SINGAPORE (Sept 12): International Finance Corporation (IFC), a member of the World Bank Group, is investing in Fullerton Healthcare Corporation to improve the provision of affordable healthcare in the Philippines and enhance efficiencies in the health maintenance organisation (HMO) market.
Wholly owned subsidiaries Fullerton Health Philippines Holdings Corporation and Fullerton Health Philippines on Wednesday secured a US$40 million ($55 million) long-term loan facility with IFC.
Founded in Singapore in 2011, Fullerton Health is a leading vertically integrated healthcare platform in the Asia Pacific region and serves clients through over 500 healthcare facilities and a large global network of healthcare providers across eight markets in Asia.
The group is aiming for an Initial Public Offering (IPO) in the US after shelving plans for one in Singapore.
IFC’s investment follows the completion announcement on May 18 regarding Fullerton Health’s entry into the Philippines through the acquisition of a 60% stake in the Intellicare Group.
IFC’s loan will help Intellicare increase training opportunities for health professionals in the Philippines, improving the skill level in this sector, and subsequently create jobs.
IFC’s support will also include sharing of best practices within different areas of operations, including facilitating introductions within IFC's network of healthcare clients.
Since 1962, IFC has invested more than US$3 billion to support more than 100 private sector companies in the Philippines.
As of December 2017, IFC’s committed portfolio is at US$763.9 million, which focuses on reducing impacts of climate change, increasing rural incomes, promoting sustainable urbanisation and helping address governance constraints.