The redevelopment of Iloilo City’s Central and Terminal markets through a public-private partnership with SM Prime Holdings Inc. has been hailed as a model of successful collaboration between government and the private sector.

Iloilo Gov. Arthur Defensor Jr. said the upgraded markets have contributed to local economic growth, citing their impact on small businesses and community development.

“As I go around Iloilo City, I am truly amazed by the remarkable transformation of the Iloilo Central Market, the Iloilo Terminal Market, and other public markets such as Jaro and La Paz,” Defensor said in a Facebook post.

“The Province of Iloilo deeply appreciates this redevelopment, as it empowers our small and medium enterprises and homegrown brands to grow, thereby strengthening the local economy and enriching the lives of our people,” he added.

Defensor also credited the leadership of former mayor Jerry Treñas and Mayor Raisa Treñas for pushing the modernization of the city’s public markets.

“The upgraded facilities in these public markets not only open fresh opportunities for long-time vendors and new businesses to thrive, but also provide market-goers with greater comfort, convenience, and variety under one roof,” he said.

The Iloilo City government entered into a 25-year lease agreement with SM Prime, which invested about P1.5 billion for the Central Market and P2.5 billion for the Terminal Market redevelopment.

The upgraded markets now host around 2,000 stalls, offering improved facilities for vendors and a more organized shopping environment for consumers.

The redevelopment aligns with the city’s “My Heart Beats in Iloilo City” campaign, which aims to promote local heritage while strengthening community identity.

The Iloilo Central Public Market operates from 4:00 a.m. to 10:00 p.m., while the Terminal Public Market is open from 1:00 a.m. to 10:00 p.m.