SM Prime allots P3B for redev’t of 2 public markets in Iloilo City

Property giant SM Prime Holdings Inc. (SMPH) has initially allocated about P3 billion for the redevelopment of two biggest public markets in Iloilo City.

The Sy-led company will facilitate the rehabilitation of the Iloilo Central Market and Iloilo Terminal Market “at no cost to the city government.”

On Tuesday, August 2, the city government formally awarded the 25-year lease contract to SMPH for the two projects.

Each project, which is targeted for completion within two years, will cost at least P1.5 billion, according to According to SMPHI president Jeffrey Lim.

“However, given what I have seen in terms of the increases in construction cost because of the inflation and higher cost of materials, that can actually go to probably P2 billion or even P2.5 billion per structure,” he said.

City Mayor Jerry Treñas said the lease agreement will still be submitted to the Sangguniang Panlungsod for confirmation.

“To SM Prime Holdings, my utmost gratitude to you for being our partners in this PPP project that ensure to improve business activities and help alleviate poverty among our 2,800 vendors,” he said.

“The modernized markets will bring several benefits to the city. It will generate employment and create more business not only in the City Proper District but in the whole city,” he added.

Under the lease agreement, SMPH will develop a temporary market facility for the vendors to avoid disruption of their businesses during the implementation of the projects.

The redeveloped markets will be retained as public markets, which will be managed by City Hall through the Local Economic Enterprise Office (LEEO).

The two will also have retail spaces and ample parking, which will bring more convenience to customers and tourists going to the public markets, and generate additional customer traffic for the market vendors.

Meanwhile, SM Supermalls President Steven Tan assured that there will be no competition between the vendors and their tenants.

“We don’t intend to compete with the vendors here. When we come in, even the tenants that we will be bringing in will not directly compete with the vendors,” he stressed.