BAGUIO CITY—The City Mayor's Office of Baguio has clarified that the finalization of the original proponent for the Baguio City Public Market development is still pending. SM Prime Holdings, the original proponent under a Public-Private Partnership (PPP) arrangement, is currently on standby as public consultations continue.

Baguio City Mayor Benjamin Magalong and City Administrator Engr. Bonifacio dela Peña addressed this matter during a recent public consultation with market tenants at the Baguio Convention and Cultural Center.

Magalong stated that SM Prime Holdings Inc. remains in a holding pattern until the consultations are complete. Once negotiations are finalized, the results will be submitted to the Baguio City Council for review and approval before being published. Following this, other companies or groups interested in the market's modernization can submit proposals under the Swiss Challenge method.

The Swiss Challenge method allows private entities to present development plans with exclusive intellectual property rights, which are then subject to government bidding. Magalong noted that the city cannot fund the P4.6 billion project from its P2.7 billion budget and cannot afford to secure bank loans, making reliance on the PPP crucial.

Dela Peña anticipates that consultations will conclude by September, with the potential for the project to start by late 2025 or early 2026.