Romualdez lauds Iloilo City markets PPP deal

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House Speaker Martin Romualdez cited the recent deal of the Iloilo City Government with one of the country’s biggest retail companies as an example of how local government units (LGUs) should pursue Public-Private Partnerships (PPPs).

Romualdez lauded Iloilo City led by Mayor Jerry Treñas for the 25-year lease agreement with SM Prime Holdings, Inc. (SMPHI) for the redevelopment of the Central and Terminal Markets.

SMPHI has committed around P3 billion to fund the redevelopment without any cost to the city, and is expected to benefit about 2,800 market vendors. (

The market projects, he added, would benefit thousands of vendors and micro, small, and medium enterprises.

Engaging in PPPs would make room for more public projects by LGUs in other vital services, by lessening its expenses for development and maintenance of infrastructure goods and services, said Romualdez.

Last week, President Ferdinand Marcos Jr. called on LGUs to engage in PPPs to accelerate their economic and social growth in their areas.