SM Prime Holdings Inc. (SM Prime), one of the largest property developers in Southeast Asia, has completed the ₱3-billion redevelopment of Iloilo Central Market and Terminal Market—two of the city’s largest and most historic public spaces—in partnership with Iloilo City government.

In a media briefing, SM Supermalls President Steven Tan said the markets soft-opened two weeks ago and should be fully operational by the end of November.

SM Prime President and Chief Executive Officer (CEO) Jeffrey C. Lim said, “This is not a business move or an expansion program. This is just a natural extension or progression because of our commitment to MSME [micro, small, and medium enterprise] development.

“So this is really more to support Filipino entrepreneurs, which is part of how we do business, and as we move towards the provincial areas, we can create shared growth between us and the SMEs.”

The redevelopment is a landmark public-private partnership (PPP) signed in August 2022. With a total gross floor area (GFA) of over 62,000 square meters (sqm), it broke ground in 2023, with nearly ₱3 billion invested to transform Iloilo City’s iconic markets into modern, efficient, and inclusive centers of local enterprise.

The project was completed at no cost to the city and is managed by its local economic enterprise office to preserve the public character of the markets. This collaboration reflects SM’s “Bold New Era”—a commitment to creating spaces that evolve with communities.

“This day marks an important milestone in the history of Iloilo City, a new beginning for our vendors and shoppers. Everything is organized, clean, bright, and well-ventilated,” said Iloilo City Mayor Raisa Treñas-Chu during the opening ceremony.

Iloilo City, named the Philippines’ first United Nations Educational, Scientific, and Cultural Organization (UNESCO) Creative City of Gastronomy in 2023, is renowned for its culinary heritage and entrepreneurial spirit.

The modernization of its public markets bridges tradition and innovation, ensuring that Ilonggo food culture and small enterprises continue to grow and bring people together.

SM Iloilo Terminal Market (SITM) includes a lifestyle center with a GFA of almost 20,000 sqm, housing 58 long-term leasable spaces. Meanwhile, SITM’s market section has expanded to accommodate 1,160 vendors, up from its previous 911.

On the other hand, SM Iloilo Central Market’s (SICM) community space now spans more than 17,000 sqm of GFA, blending heritage and contemporary design. It features 61 long-term leasable spaces and communal dining areas where beloved Ilonggo dishes such as batchoy, pancit molo, and fresh seafood take center stage. SICM’s central market section now caters to 850 vendors, up from 529 previously.

“Public markets play an essential role in the community and in the lives of local entrepreneurs. Through this partnership, we are helping strengthen both, and we are grateful to the Iloilo City government for their trust and partnership,” Tan said.

“If you look at the tenancy mix of the public market, it is completely different from that of the mall. It’s really to encourage small businesses to do business, and how it was done is completely different from how it’s done in the mall.”

He noted that in designing the markets, “The priority is really the hygiene. The hygiene is something that we really focus on—the recycling of the sewage treatment plant, the water supply, the treated supply—and making sure everything is very clean and hygienic.”

He said they also ensured that the public will not see the back end of the market, so “the deliveries, the loading bay and unloading bay, we have professionalized this, and also we added more parking so that it is also more convenient for the people who go to the market.”