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June 24, 2024

Gokongwei Group given green light to venture into healthcare

The Insurance Commission (IC) has given Gokongwei-led JE Holdings Inc. the green light to venture into the health maintenance organization (HMO) space.

IC chief Dennis Funa said the regulator welcomes the Gokongwei Group’s foray into the HMO industry through the acquisition of a 42.3 percent stake in Maxicare Healthcare Corp.

“With this investment transaction, the Insurance Commission warmly welcomes the Gokongwei Group into the HMO business,” Funa said.

Last April, JE Holdings chairman and president Lance Gokongwei filed an application with the IC to invest in the largest player in the HMO industry in terms of assets at P15.2 billion.

With the approval, JE Holdings is now a co-equal shareholder of Maxicare alongside Equicom Group under the leadership of chairman Antonio Go that is engaged in financial services, health care, and information technology.

With the entry of a new player, Funa trusts that the industry will sustain its recovery from the pandemic and become one of the sustainable pillars of the economy.

Maxicare services its corporate and individual customers nationwide through its network of more than 24,000 doctors and specialists, 1,400 hospitals and clinics, 1,000 dental facilities and 180 rehabilitation and dialysis centers.