Iloilo markets boost MSME growth after redevelopment

Local micro, small and medium enterprises (MSMEs) in Iloilo City are experiencing improved business performance following the redevelopment of the Iloilo Central and Terminal Public Markets through a public-private partnership.

Reopened last year, the two markets — long considered key centers of commerce and community in Western Visayas — have evolved into modern hubs that combine traditional market functions with upgraded infrastructure and facilities.

“The Iloilo Central and Terminal Public Markets are among the city’s most historic public spaces, and we are proud to be part of their transformation,” SM Prime president Jeffrey Lim said. “Ilonggos now have two modern, efficient and inclusive spaces that showcase their culinary heritage and entrepreneurial spirit.”

The redevelopment was anchored on a shared commitment between the Iloilo City Government and SM Prime Holdings Inc. to create a cleaner, safer, and more organized public market experience while preserving the markets’ role in supporting local livelihoods. The facilities remain owned, managed, and leased by the city government.

With Iloilo City emerging as one of the fastest-growing economies in Western Visayas, driven by a strong retail sector, the initiative underscores the importance of supporting MSMEs as key contributors to economic growth.

“These redevelopment projects were driven by the local government’s desire to give small businesses the space and support they deserve. As more foreign and domestic tourists discover Iloilo City, these markets can play a bigger role in showcasing its food culture and local enterprise,” Lim said.

The upgraded markets feature dedicated public market areas complemented by retail spaces, food halls, and banking services, as well as roof deck parking for added convenience.

Sustainable features have also been integrated, including material recovery facilities to improve waste management and sewage treatment plants to ensure proper wastewater disposal.

For vendors, the improvements have translated into better business conditions. Joelle Iubel Janeo, a third-generation owner of Rawit’s Native Lechon Manok established in 1975, said sales have increased since relocating to the modernized Iloilo Central Public Market.

“Our sales are doing well, and our native lechon manok sells out every day,” Janeo said.

SM has also provided tenants with training on business operations and food safety, helping them adapt to a growing customer base and improved market environment.

The redevelopment has likewise opened opportunities for homegrown brands such as Madge Café, a long-standing Iloilo coffee shop, to expand within a more accessible and modern setting.

Customers have also benefited from the upgrades. Christine Benadero, council adviser of the College of Business and Accountancy at the University of Iloilo, said the redevelopment has made everyday shopping more convenient.

“It’s very convenient to do everything in one place,” she said.

“The modernization of both markets marks a new chapter for the city, one that respects the past while preparing for the future,” Lim added.