Friday, October 17, 2008
Davao Doctors Hospital, College In The Midst Of Corporate Bickering
Could the operation of Davao City's premier hospital be disrupted by the ongoing rift between two groups of stockholders? The same question goes for the operation of Davao Doctors College, both of which are being managed by the same corporation?
A media war is going on between the former DDH President Dr. Herminio Villano of Metro Pacific Investments Corporation (MPIC) which is a group identified with new investor Manny Pangilinan and present DDH president Dr. Dominador Cabrera. You would think such corporate take over and controversy can only happen in the books of John Grisham but it is happening right here in Davao City, and will take place on November 8, 2008 during the board's annual stockholders meeting.
Cabrera said the DDH stockholders are not so keen to Villano's bid for the presidency of DDH because "he sold out!". Villano, along with three other shareholders of DDH, consolidated and sold their shares to Pangilinan's MPIC last June but reports indicate that Villano has retained at least 300 shares.
Villano however denied he is eyeing a comeback for the presidency of the DDH and said "It's true that I am running but only for a seat in the board" and only to ensure that no obstructions are faced by the MPIC in the implementation of the financial policies geared towards saving the hospital.
He said the company behind the hospital and the Davao Doctors College has not been managed accordingly. He clarified that it is the company and not the hospital that has been mismanaged. However, he admitted that the College was being run badly and has experienced a drop in the number of enrolleess from 6,500 during his time to the present 3,600.
MPIC is seeking a majority status in the board considering that it will invest P250 million in the hospital from 2008 to 2009.
Cabrera debunked the allegations saying the college may have a low enrollment rate this year but it is still contributing a sizable revenue to the company. He said the reason for the low enrollment is the raising of the entrance exam standards of the school unlike before when even a student with a score of 38 was allowed admission.
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