The Iloilo Local Economic Development (ILED) Foundation, representing the city’s business leaders and private sector stakeholders, has expressed full support for the Public-Private Partnership (PPP) initiative between the Iloilo City Government and SM Prime Holdings, Inc. (SMPHI) for the redevelopment of the Iloilo Central and Terminal Public Markets.
The project, which commenced on September 18, 2023, is expected to be completed by 2025. While construction may cause temporary disruptions, the business community is confident that SMPHI will deliver the project on time and to a high standard.
The redevelopment is anticipated to bring long-term benefits to the city’s economy, local vendors, and consumers. Roel Z. Castro, President of the ILED Foundation, highlighted the project’s economic impact: “This PPP initiative will enhance Iloilo’s commercial infrastructure by improving vendor conditions, sanitation, and creating a more organized environment for market-goers. Iloilo’s remarkable progress, from ranking 27 in 2015 to ranking 5 in 2023 in the national competitiveness index, underscores the city’s growing economic strength. We believe this redevelopment will help sustain and accelerate that momentum.”
The Iloilo City Economic Development Council (ICEDC) 1st Quarter 2024 report showcased a 13% increase in tourism receipts, rising from P8.29 billion in 2023 to P9.4 billion in 2024, alongside high employment levels. The modernized markets are expected to further boost this growth by enhancing customer experience, sanitation, and accessibility for both locals and tourists.
Engr. Terence Uygongco, Chairman of the Board of ILED Foundation, emphasized the cultural significance of the project: “A thriving public market is essential to any food culture. This redevelopment enhances Iloilo’s brand as a gastronomic destination. For example, Sandakan, Malaysia saw a major boost in tourism and job creation after a similar redevelopment. Iloilo is poised for comparable success.”
While acknowledging potential challenges such as traffic disruptions during construction, the business community remains confident in the project’s timely completion. The ILED Foundation reaffirms its support for this strategic investment, which aims to strengthen local commerce, support small businesses, and reflect Iloilo’s commitment to sustainable urban growth.
