The Board of Investments (BOI) has approved incentives for a PHP 603 million (USD 12 million) hospital project that will cater to COVID-19 patients in the Cagayan Valley region.
Aiming to augment the high-demand hospital capacity and cater to COVID-19 patients with critical symptoms in Region II, the BOI has approved the application for registration of Cagayan United Doctors Medical Center (CUDMC) of Tuguegarao City, Inc. as a new operator of General Hospital Level 2.
Under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the current Investment Priorities Plan (IPP), the hospital can avail of lower income taxes and applicable investment incentives as the project falls under the Healthcare and Disaster Risk Reduction Management Services.
Located in the central part of Tuguegarao, the CUDMC is a five-story hospital that will cater to the people not just in Cagayan province but also those from upper Isabela and neighboring Kalinga-Apayao areas.
With its laboratory and diagnostic services, the hospital will offer extensive, comprehensive, and specialized healthcare. Additionally, the CUDMC has 18 critical care unit beds with a five-bed intermediate care unit, the province’s first of its kind. It will also have eight negative pressure isolation rooms and a laminar flow system operating room. The hospital is expected to employ some 652 people. For the first four years of commercial operation, it is projected to generate about 514 jobs and will infuse PHP 75 million (USD 1.5 million) contribution to household income.
The CUDMC hospital project is part of the government and private sector’s goal to expand and develop new hospitals and other healthcare facilities, paving the way for the emergence of new value chains in the healthcare ecosystem.
(Sources: BOI; The Philippine Star)