ILOILO City – The Iloilo Local Economic Development (ILED) Foundation has expressed support for the ongoing Public-Private Partnership (PPP) project aimed at redeveloping the Iloilo Central Market and Iloilo Terminal Market.
Launched on September 18, 2023, in partnership with the Iloilo City Government and SM Prime Holdings, Inc. (SMPHI), the project promises to bring significant changes to the city’s commercial infrastructure.
The redevelopment initiative, scheduled for completion in 2025, is expected to enhance market conditions for vendors and consumers alike, contributing to the city’s overall economic revitalization.
Despite concerns about temporary disruptions, such as traffic issues and the relocation of market activities, business leaders are optimistic about the long-term benefits.
Roel Z. Castro, president of the ILED Foundation, highlighted the potential economic impact, stating that the modernization of the public markets aligns with the city’s growth strategy.
“This project will improve vendor conditions, sanitation, and market organization, contributing to the city’s economic strength,” said Castro who is also the president and chief executive officer of MORE Electric and Power Corporation, the sole power distributor in this city.
He pointed to Iloilo’s rise in the national competitiveness index from 27th place in 2015 to 5th place in 2023, emphasizing that the market redevelopment would accelerate the city’s progress.
The project comes at a time when Iloilo is experiencing robust economic growth. According to the Iloilo City Economic Development Council’s (ICEDC) 1st Quarter 2024 report, tourism receipts saw a 13% increase, rising from P8.29 billion in 2023 to P9.4 billion in 2024.
This boost, coupled with high employment levels and an increasing number of visitors, signals a positive outlook for the city’s future.
The redevelopment of the public markets is seen to help meet the growing demand for modern, accessible commercial spaces, further propelling Iloilo’s economic growth.
Engr. Terence Uygongco, chairman of the board of the ILED Foundation, emphasized the cultural significance of the public markets to Iloilo’s identity as a gastronomic hub.
“A thriving public market is integral to the city’s food culture,” Uygongco said.
He cited examples from other cities, such as Sandakan, Malaysia, where market redevelopment projects successfully boosted tourism and created jobs. Iloilo, he believes, is poised for similar success.
The ILED Foundation expects the redevelopment to improve market accessibility and appeal, offering a cleaner, more organized space for both locals and tourists. The project will enhance Iloilo’s reputation as a leading destination for commerce and tourism, providing a boost to small businesses and further elevating the city’s regional and national rankings.
Despite the expected challenges during construction, the ILED Foundation remains confident that the project will be completed on time and to the highest standards.
“While there may be temporary inconveniences, the long-term benefits far outweigh them,” Castro said.
The redevelopment of the Iloilo Central and Terminal Public Markets is seen as a key element in Iloilo’s broader vision of becoming a modern, competitive, and attractive city for investment, tourism, and commerce./PN
