Vendors from Iloilo's Central and Terminal Markets have expressed strong support for the city's plan to modernize these key public markets. In a recent meeting with Iloilo City Mayor Jerry Treñas, vendors shared optimism about the project, believing it will provide significant benefits for their businesses and the local economy.
SM Prime Holdings to Lead Market Overhaul
The Iloilo City government has partnered with SM Prime Holdings to redevelop the markets under a 25-year lease agreement. SM Prime will invest between P1.5 billion and P2.5 billion in the project, which is expected to be completed by the first quarter of 2025. The revitalized markets will feature around 2,000 stalls, offering micro, small, and medium-sized enterprises (MSMEs) improved space to showcase local products.
Mayor Treñas expressed gratitude for the vendors' support, highlighting that infrastructure improvements are essential for Iloilo’s growth and competitiveness. "This partnership is a step forward in making Iloilo a better place for both businesses and residents," Treñas said.
Vendors Expect More Customers and Sales
For many vendors, modernization represents an opportunity to grow their businesses. Cyril Tacusalme, a flower shop owner at Central Market, is particularly excited. “The new market will be nice, comfortable, and beautiful, attracting more customers. This will help boost sales and create better opportunities for all of us,” she said.
With modernized facilities, the project aims to make the markets more appealing and accessible, benefiting both vendors and shoppers alike.
A Step Toward Economic and Cultural Growth
The redevelopment aligns with Iloilo City’s broader goals of economic growth and cultural preservation. Business groups like the Philippine Retailers Association (PRA) Iloilo Chapter support the project, believing it will create jobs, boost tourism, and strengthen the local retail sector. Similarly, the Iloilo Federation for Information Technology, Inc. (IFIT) emphasized the importance of modern infrastructure for the city’s economic health.
