LGU savings, not loans, funding P583-M public market project says Iligan City mayor

ILIGAN CITY – Mayor Celso Regencia has assured the public that no loans were incurred in building the city’s new public market in Pala-o village.

Regencia told the Inquirer that the P583-million new public market project is funded by local government savings and not loans.

Last week, Regencia led the groundbreaking rites for the project, located at the city’s central business district. 

It is expected to be completed in 18 months.

Construction will be undertaken by BM Marketing.

Councilor Ian Uy, chairman of the city council’s Committee on Infrastructure, said the new public market will be a two-story building with a roof deck with a total  floor area of 2,218 square meters.

Vice Mayor Jemar Vera-Cruz said the project’s contractor has vowed that 80 percent of the construction workforce will be from Iligan.

The old public market, which was built in 1960, was demolished last year.

 Vendors have been temporarily relocated near the city’s bus and jeepney terminal complex in Tambo village.

The Pala-o public market site sits on a 9,735 square meter lot donated by the Laya family to the city government.