The Iloilo local government has highlighted the redevelopment of its public markets as a key driver of the city’s growth.
Governor Arthur Defensor Jr. said the modernization of the Iloilo Central Market and Iloilo Terminal Market shows the benefits of partnerships between the government and private companies, particularly SM Prime Holdings Inc..
Under a 25-year lease agreement, SM Prime invested about ₱1.5 billion for the Central Market and ₱2.5 billion for the Terminal Market. The projects upgraded the markets into cleaner, safer, and more efficient commercial spaces.
The redeveloped markets now have around 2,000 stalls, giving vendors better facilities and shoppers a more organized and comfortable experience. The Central Market operates from 4 a.m. to 10 p.m., while the Terminal Market is open from 1 a.m. to 10 p.m.
The initiative supports Iloilo City’s “My Heart Beats in Iloilo City” campaign, which promotes local culture and heritage. Officials said the redevelopment also helps small businesses grow and strengthens the local economy.
