SM Prime Holdings Inc. (SM Prime) has poured nearly P3 billion into the redevelopment of two of Iloilo City’s most storied public markets — the Iloilo Central Market and the Terminal Market — under a public-private partnership with the city government.

SM Prime President Jeffrey C. Lim said Thursday that the landmark project, signed in August 2022, was completed at no cost to the city.

“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,” Lim said.

The redevelopment transformed more than 62,000 square meters of combined market space into modern, efficient and inclusive centers of commerce, while retaining their identity as vital community hubs. 

The project broke ground in 2023 and is managed by the city’s Local Economic Enterprise Office to preserve their public character.

At the SM Iloilo Terminal Market, the facelift introduced a lifestyle center covering almost 20,000 square meters with 58 long-term leasable spaces. Its main market area has also expanded to accommodate 1,160 vendors, up from 911 before the redevelopment.