ILOILO City – The Sangguniang Panlungsod (SP) has confirmed the lease agreement between the Iloilo City Government and SM Prime Holdings, Inc. for the redevelopment of the Iloilo Central Market and Iloilo Terminal Market, also known as Super.
The confirmation was done during the SP’s Wednesday regular session.
Mayor Jerry Treñas thanked the city council.
“We are very grateful for the trust and confidence of SM Prime Holdings, Inc. to the officials and the people of the City of Iloilo. SM Prime Holdings, Inc. is one of the most trusted names in Philippine business and we are very happy to partner with them. Let us continue to bring our beloved city to the next level,” said Treñas.
The city government recently awarded a 25-year lease agreement to SM Prime.
Under the agreement, the two markets will be developed at no cost to the City Government and will be retained as public markets and managed by the City Hall through the Local Economic Enterprise Office.
Treñas earlier said that after the city council confirms the lease agreement, SM Prime will secure the necessary permits with the Office of the Building Official, then the construction of the project can proceed.
“Ginapasalig ko ang tanan nga mga vendors, lessees kag mga transient vendors. May ara kamo balikan. Waay sang may ma-displace…Tindugan nakon ini…tanan makabalik,” said Treñas.
SM Prime is eyeing to complete the project approximately within two years.
It also includes the development of a temporary market while the redevelopment of the two markets is ongoing.
SM Prime president Jeffrey Lim said their initial investment proposal for the market redevelopment here is about P3 billion or P1.5 billion each for the Iloilo Central Market and Iloilo Terminal Market.
However, Lim said, due to the rising inflation, the project cost may probably go up to about P2 billion or P2.5 billion per market./PN
