The redevelopment is the result of a landmark public-private partnership (PPP) signed in August 2022.
With a combined gross floor area of more than 62,000 square meters, the project broke ground in 2023 and represents almost P3 billion in investment aimed at transforming Iloilo’s historic markets into modern, efficient and inclusive hubs of enterprise.
Completed at no cost to the city government, the markets will continue to be managed by the Local Economic Enterprise Office (LEEO), preserving their public character.
The partnership also reflects SM’s “Bold New Era,” a commitment to building community-centered spaces that evolve with customer needs.
A modernized marketplace for a UNESCO Creative City
During the opening ceremony, Iloilo City Mayor Raisa Treñas-Chu described the redevelopment as a turning point for vendors and consumers.
“This day marks an important milestone in the history of Iloilo City, a new beginning for our vendors and shoppers. Everything is organized, clean, bright and well-ventilated,” she said.
Iloilo—recognized as the Philippines’ first UNESCO Creative City of Gastronomy in 2023—is known for its rich culinary heritage and vibrant entrepreneurship.
Modernizing its public markets reinforces that tradition, enabling Ilonggo food culture and small enterprises to thrive in a more accessible and contemporary environment.
Bigger, better spaces for vendors, shoppers
SM Iloilo Terminal Market (SITM) now features a lifestyle center with nearly 20,000 square meters of gross floor area, including 58 long-term leasable spaces. Its market section has expanded capacity to host 1,160 vendors, up from 911 previously.
“Before, the old market’s condition was really difficult for us. When it rained, everything got wet, and our regular customers found it inconvenient,” shared Jedda Navales, a local coffee vendor. “Now, with the new Iloilo Terminal Market, we’re finally leveling up.”
Meanwhile, SM Iloilo Central Market (SICM) has grown to more than 17,000 square meters of community space, blending heritage with modern design.
It features 61 long-term leasable spaces, communal dining areas, and dedicated sections showcasing Ilonggo favorites like batchoy, pancit molo, and fresh seafood. Vendor capacity has increased to 850, from the previous 529.
“We’re confident more people will buy our products now that the market is clean, organized, and has parking spaces,” said Evangeline Janeo, owner of Rawit’s Litson.
Strengthening local enterprise through partnership
SM Prime president Jeffrey C. Lim highlighted the project’s community impact:
“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.”
With the reopening of the SM Iloilo Central and Terminal Markets, the city ushers in a new chapter—one that honors its storied past while embracing a more vibrant, sustainable future.
For generations, these markets have served as centers of trade, culture, and connection. Their renewal ensures that spirit continues, stronger than ever. —Ed: Corrie S. Narisma
