House Speaker Ferdinand Martin Romualdez has commended the Iloilo City Government’s move to enter into a public-private partnership (PPP) with property giant SM Prime Holdings Inc. (SMPH) for the redevelopment of two public markets.
The partnership, according to Romualdez, is a good example that should be replicated by other local government unit (LGUs).
The city government sealed a 25-year lease agreement with the Sy family-led firm for the rehabilitation of the Iloilo Central Market and Iloilo Terminal Market or “Super.”
Under the agreement, SMPH will implement the rehabilitation projects “at no cost to the city government.”
Romualdez stressed that partnering with “big companies” would be a big help in lessening budgetary and construction burdens on LGUs.
“I support the appeal of President Bongbong Marcos for LGUs to get into more PPPs to speed up growth in the regions, which in turn will generate employment and livelihood opportunities for our people,” he said.
Aside from public markets, the House Speaker said LGUs could offer to private investors for funding through PPPs other projects, such as toll roads, hospitals, irrigation systems, and housing areas.IMT
