The Iloilo Local Economic Development (ILED) Foundation has formally expressed support for the ongoing redevelopment of the Iloilo Central and Terminal Public Markets, a Public-Private Partnership (PPP) between the Iloilo City Government and SM Prime Holdings, Inc. (SMPHI).
The business-led group, which represents the city’s private sector stakeholders, praised the initiative’s potential to transform Iloilo’s commercial infrastructure and enhance the overall urban experience.
Construction began on Sept. 18, 2023, and is expected to be completed in 2025, according to city officials and SMPHI.
Roel Z. Castro, ILED Foundation president, said the modernization project will directly improve the conditions for local vendors while raising sanitary standards and making the area more organized for consumers.
“This PPP initiative will enhance Iloilo’s commercial infrastructure by improving vendor conditions, sanitation, and creating a more organized environment for market-goers,” Castro said.
He also cited Iloilo’s significant rise in the national competitiveness index—from 27th place in 2015 to 5th in 2023—as a sign of sustained economic progress.
“We believe this redevelopment will help sustain and accelerate that momentum,” he said.
According to the Iloilo City Economic Development Council’s (ICEDC) first quarter report for 2024, tourism receipts rose 13 percent year-on-year, from PHP 8.29 billion in 2023 to PHP 9.4 billion in 2024.
The report also noted strong employment levels, which the ILED Foundation said could improve further once the modernized markets open, attracting more foot traffic from both locals and tourists.
Engr. Terence Uygongco, chairman of the ILED Foundation board, emphasized the redevelopment’s cultural and economic value.
“A thriving public market is essential to any food culture,” Uygongco said.
“This redevelopment enhances Iloilo’s brand as a gastronomic destination,” he added, drawing comparisons to Sandakan, Malaysia, where a similar initiative spurred tourism growth and job creation.
Despite temporary challenges such as traffic congestion caused by the relocation of vendors during construction, the business community expressed confidence that the redevelopment will be completed as scheduled.
The ILED Foundation reiterated its support for the partnership, calling it a strategic investment that benefits small businesses and demonstrates the city’s commitment to inclusive, sustainable development.
The Iloilo Central and Terminal Public Markets serve as key commercial hubs for both daily economic activity and regional tourism, and their modernization aligns with the city’s broader urban renewal agenda.
