By Chino S. Leyco
The Insurance Commission (IC)approved the acquisition by Singapore-based Fullerton Health Philippines Pte.Ltd., (Fullerton Health) of two local health maintenance organization (HMO) companies.
In a statement, Insurance Commissioner Dennis B. Funa said yesterday that Fullerton Health can proceed with its purchase of Asalus Corp. and Avega Managed Care, Inc.
“The separate share purchase agreements wherein Fullerton Health acquired sixty percent of the issued and outstanding capital shares in Asalus and Avega has been approved by the Insurance Commission under the Guidelines on the Approval of Acquisition of Control of HMO,” Funa said.
At the same time, Funa said the commission welcomes the entry of Fullerton Health in the Philippine HMO industry, citing the Singaporean firm is recognized as one of the leaders in healthcare services in the Asia Pacific Region.
“Considering its extensive resources and experience in managed healthcare and third-party administration, we expect that the entry of Fullerton Healthcare would further enhance the managed healthcare services in the country,” Funa said.
Based on the business plan submitted by Fullerton Health, the existing management team of Asalus and Avega will continue to form the core leadership in the Philippines.
Fullerton Health, a corporation incorporated under the laws of Singapore, is engaged in the provision of enterprise healthcare services and specialty service.
Its parent firm, Fullerton Healthcare Corp., on the other hand, is a company incorporated in the Cayman Islands which provides corporate healthcare solutions across the Asia Pacific serving over 25,000 companies.
Asalus and Avega Corp., on the other hand, are Filipino-owned HMO companies engaged in the delivery of managed healthcare services.
Michael Tan Kim Song, Fullerton Health chief executive said the Philippines offers great growth potential for the company, citing “synergies” will allow them to deliver increased benefits and services to even more corporates and patients across the country.
“This acquisition reinforces our strategy of developing strong presence in markets across the region,” Kim Song said. Chairman and President of the Intellicare Group Mario M. Silos, on the other hand, said that the investment by Fullerton Health as its majority shareholder is an exciting development for the Intellicare Group.
“It will enable us to tap into their extensive network and wealth of experiences across Asia Pacific to ensure that we are delivering the most sophisticated care possible to corporates and patients throughout the Philippines,” Silos said.