Metro Pacific Investments Corp. (MPIC) said Tuesday it has set aside about P100 million in working capital for the operation of the Cardinal Santos Medical Center in San Juan City.

In a disclosure to the stock exchange, the company said it would source the amount from its shareholders.

MPIC was tapped by the Roman Catholic Archbishop of Manila to manage and operate the 212-bed Cardinal Santos Medical for an initial period of six months.

The company said it was looking to manage the hospital over the long term through a yet-to-be incorporated company, which would be wholly owned by its affiliate Medical Doctors Inc.

"Should the new company not be appointed as long-term operator, it shall either be sold...to the long-term operator equal to its net asset value plus whatever advances MPIC may have contributed or be dissolved with cash, receivables and inventory being liquidated to pay off liabilities and capital," said MPIC.

Company president Jose Maria Lim said, "MPIC's involvement in Cardinal Santos Medical is another step in achieving its vision of establishing the first nationwide chain of premiere hospitals in the Philippines."

Earlier, MPIC chairman Manuel Pangilinan said the company would acquire more hospitals in the country to grow its portfolio to 5,000 beds in the next three to five years.

MPIC currently owns 33 percent of Medical Doctors, the owner and operator of the Makati Medical Center. It is also the single largest shareholder of Davao Doctors Hospital Inc., one of the biggest hospitals in Mindanao.