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Iloilo City Council confirms lease pact for redev’t of 2 public markets

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The lease agreement between the Iloilo City Government and SM Prime Holdings, Inc. for the redevelopment of the Iloilo Central Market and Iloilo Terminal Market has been confirmed by the Iloilo City Council.

The confirmation was done during the City Council’s regular session on August 10, 2022.

Mayor Jerry Treñas expressed gratitude to the city council. (https://bit.ly/3QwUSkE)

“We are very grateful for the trust and confidence of SM Prime Holdings, Inc. to the officials and the people of the City of Iloilo. SM Prime Holdings, Inc. is one of the most trusted names in Philippine business and we are very happy to partner with them. Let us continue to bring our beloved city to the next level,” said Treñas.

The city government recently granted SM Prime a 25-year lease agreement.

Under the agreement, the two markets will be developed at no cost to the City Government and will be managed by City Hall through the Local Economic Enterprise Office.

Treas previously stated that once the lease agreement is confirmed by the city council, SM Prime will secure the necessary permits with the Office of the Building Official and construction of the project can begin.

SM Prime expects to complete the project in about two years.

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