Iloilo City Hall
ILOILO CITY—The city government here on Tuesday, August 2, formally awarded the rehabilitation of the Iloilo Central and Terminal Markets to one of the country’s biggest retail companies.
Iloilo City Mayor Jerry Treñas turned over the signed 25-year lease agreement to SM Prime Holdings, Inc. (SMPHI), proposing market redevelopments unopposed in a Swiss challenge.
Under the lease agreement, SMPHI, through SM Supermalls, would facilitate the redevelopment of the two markets within two years from breaking ground.
Improvements to the internal facilities include ingress and egress points for delivery of the goods, parking spaces, security cameras, comfort rooms, solid waste management, and wastewater treatment.
The external structures would not be changed, as the Central Market, built in art deco style during the Commonwealth period, is also considered a heritage building.
Central Market stalls will be temporarily relocated to Rizal Street in front of the PHINMA University of Iloilo, while those at the terminal market will be relocated to Mabini Street. SMPHI will also provide funding for the tentative move.
In his speech, Treñas said that the markets’ redevelopment was a manifestation of the people’s willpower to work with the private sector and the government for the city’s progress.
“When the government, the public, and the private sectors have the same vision, the journey towards the same direction becomes seamless, making us achieve them in no time. By sharing goals with stakeholders, we share the same vision and the realization of our aspirations becomes more attainable,” the mayor said.
SMPHI President Jeffrey Lim said that the company is embarking on an excellent opportunity to showcase the city’s heritage architecture and local food products while being involved in its growth at the same time.
“By helping modernize the public markets and planning to restore the heritage building in the Central Market site, we will be able to preserve the identity of the development sites and showcase its grand architecture to the locals, the tourists, and the rest of the Philippines,” Lim said.
“Our partnership with Iloilo City will help sustain SM Prime’s efforts in strengthening the capacity and empowering MSMEs, including small-scale vendors and local food producers, and through this program, we hope to further spur local economic and social development,” he added.
The mayor inked the long-term lease agreement with SMPHI last Friday, July 29, and is said to cost a total of P3 billion with P1.5 billion for each market.
The said lease agreement is still pending confirmation by the Iloilo City Council in its regular session.