THE National Development Co. (NDC), a government investment agency, has poured in P70 million to Manila HealthTek Inc. (MTek), a Filipino research and development company that made the country’s own reverse transcription-polymerase chain reaction swab testing kit during the pandemic.
NDC General Manager Anton Mauricio on August 15 formally turned over to MTek Executive Vice President Marlo Destura the P70-million, which represents NDC’s acquisition of MTek equity.
“MTek will use the investment to mainly fund, among other requirements, the completion of its first state-of-the-art molecular diagnostic and medical device manufacturing facility in Marikina City,” said NDC.
Construction of the facility will be finished by the end of November.
MTek officials said NDC’s investment will enable further development and production of advanced healthcare technologies in the Philippines. This includes diagnostic kits, medical devices and other biotechnology-driven solutions to address the pressing health needs of Filipinos.
The NDC, as mandated by Revised Charter Presidential Decree 1648, “may on its own, or in joint ventures with the private sector, undertake vital projects when necessary or when the private sector is not willing or able to undertake such projects due to high risks or to lack of resources.”
Also present during the ceremony were MTek legal advisor Raoul Creencia and NDC Assistant General Manager for Special Projects Group Saturnino Mejia.
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