In a landmark achievement in public-private collaboration, Iloilo City has officially completed and opened its newly redeveloped Iloilo Central Market and Iloilo Terminal Market, setting a gold standard for how municipal infrastructure can evolve in modern times without losing its historical soul. Originally launched in 2022 as a ₱3-billion Public-Private Partnership (PPP) between the Iloilo City Local Government Unit (LGU) and real estate leader SM Prime Holdings, Inc., the extensive multi-level construction officially reached completion and opened its doors in late November 2025.
Over three years of meticulous engineering transformed over 62,000 square meters of aging, heritage commercial land into clean, organized, and vibrant centers of modern trade. The completed redevelopment bridges traditional pag-mamalengke with contemporary retail convenience, all while ensuring that ownership, financial control, and daily governance remain firmly anchored in the hands of the city administration.
A Modern Shopping and Palengke Hybrid
Where shoppers once navigated narrow, slick passageways, uneven pathways, and unpredictable weather, they now step into bright, airy, and fully ventilated multi-level complexes equipped with dedicated multi-level parking decks, modern drainage, eco-friendly solar systems, and state-of-the-art material recovery facilities.
Under the partnership agreement, SM Prime constructed integrated retail and lifestyle mall wings that seamlessly join directly into the traditional market spaces. These sections encompass nearly half of the redevelopment footprint—featuring an expanded community space of over 17,000 square meters at Central Market and a lifestyle wing spanning nearly 20,000 square meters at Terminal Market.
This hybrid layout allows consumers to enjoy an unmatched, dual-purpose shopping experience. Ilonggos can pick up fresh produce, local seafood, meats, and native poultry directly from traditional vendor stalls on the primary market floor, then comfortably head upstairs to browse retail brand shops or enjoy a cold coffee at historic local stops like Madge Café—effortlessly combining the warmth of traditional pag-mamalengke with the ease of modern mall shopping under one roof.
City-Operated and Unbeatably Affordable
Despite the world-class, multi-billion-peso upgrade, the city government strictly ensured that both public markets retain their purely civic, accessible character. The state-of-the-art facilities are managed and operated exclusively by the Iloilo City Local Economic Enterprise Office (LEEO).
Because the facilities operate under direct LGU administration, stall rental rates remain remarkably affordable, protecting small local vendors and everyday consumers from inflated operational costs.
- Iloilo Central & Terminal Market Rents: Monthly lease rates range from as low as ₱441.94 per month for wet section stalls to roughly ₱3,989.79 per month for prime peripheral commercial locations.
- Metro Manila Comparison: Equivalent public or commercial market stalls across Metro Manila frequently command steep monthly rents exceeding ₱10,000 to ₱30,000, placing severe financial strain on micro-entrepreneurs.
By capping lease rates and eliminating middleman markups, the city ensures that fresh food remains affordable for ordinary households, while vendor profit margins remain thoroughly protected.
Hands-On Leadership on the Ground
To maintain the pristine, world-class condition of the facilities, Mayor Raisa Treñas-Chu and city department heads maintain a constant, hands-on presence on the market floors. Regular walk-through inspections are conducted to guarantee that walkways remain wide and unobstructed, waste management protocols are strictly observed, and vendors adhere to designated spatial layouts.
“Everything is organized, clean, bright, and well-ventilated,” Mayor Treñas-Chu emphasized during a recent inspection tour. “We want to make sure every space is utilized properly, that foot traffic flows naturally, and that both shoppers and vendors feel safe, comfortable, and proud to be here every single day.”
A Meaningful Partnership That Protects Local Vendors
For local merchants, the city’s joint venture with SM Prime stands out as a model of inclusive urban development. Rather than displacing long-standing market vendors, the project expanded overall capacity to accommodate roughly 2,100 registered vendors across both facilities.
Legitimate vendors were fully guaranteed their permanent spaces through clear LGU ordinances, ensuring that small-scale MSMEs retain complete ownership of their livelihoods under the guidance and protection of the city government. Furthermore, SM provided operational support and food safety training to help traditional tenants transition smoothly.
By combining private-sector development expertise with robust public-sector protections, Iloilo City has proven that PPPs can meaningfully serve everyday citizens. The completed Central and Terminal Markets stand as an inspiring testament to progress that honors tradition—offering a clean, orderly, and accessible economic home for the entire Ilonggo community.