Redev’t of 2 major public markets in Iloilo bared

Published May 3, 2021, 5:37 PM

by Tara Yap

ILOILO CITY – This city and the Public-Private Partnership (PPP) Center of the Philippines are redeveloping the Iloilo City Central and Terminal Public Markets under a public-private partnership.

ILOILO City Public Market. (Tara Yap)

Mayor Jerry Treñas here had earlier said the redevelopment of the two major markets under the Iloilo City Central and Terminal Public Markets Project will boost business activities in the Old Central Business District of this city.

Maricel Mabaquiao, chief of the Local Economic Enterprise Office, said the “project involves design, finance, and construction of mixed-use buildings, operation and maintenance of commercial spaces, and maintenance of the whole facility for a period of 30 years.”

The call for participants started recently with the Market Sounding Activity online to finance the project that can cost anywhere between P2.9 billion to P3.6 billion.

“This was to solicit insights and feedback on the project terms from interested private sector investors,” added Mabaquiao.

It specifically gauged the interest of private sector to partner with city for undertaking the project as a PPP; determine the level of interest, capability, and experience of the private sector, including lenders to undertake the project; identify potential issues or problems; obtain insights from private sector; and understand key considerations of private sector regarding their potential involvement.