BAGUIO CITY — The local government here on Sunday clarified that no final decision has been made on the development of the city’s public market.
Mayor Benjamin Magalong and City Administrator Bonifacio dela Peña told market vendors during a recent public consultation that SM Prime Holdings remains the original proponent for the project under a public-private partnership (PPP), but negotiations are ongoing.
“SM Prime Holdings Inc. is still on standby,” Magalong said.
The city is conducting public consultations on the proposed market development and will submit the results to the City Council for review and approval before proceeding with the Swiss Challenge process.
The Swiss Challenge allows private companies to submit competing proposals for government projects.
Magalong said the city lacks the P4.6 billion needed for the project – but the budget of the city is P2.7 billion which is allotted to the different needs and services for the people of Baguio.
He added that the local government cannot afford to borrow, making a PPP the only feasible option.
Dela Peña said the city aims to complete consultations by September and start the project by late 2025 or early 2026.