SM Prime Holdings, Inc. (SM Prime), in partnership with the Iloilo City Government, has celebrated the grand re-opening of the revitalized Iloilo Central Market and Terminal Market, iconic sites that have served as commercial and social hubs in the city for decades. The redevelopment was highlighted by ceremonies attended by community leaders, SM Prime executives, and market stakeholders, showcasing the project’s significance for Iloilo’s urban renewal.
SM Prime and Iloilo City Partner to Revitalize Public Markets as Cultural Landmarks
This redevelopment initiative stems from a landmark public-private partnership (PPP) in August 2022, signifying a shared commitment to enhancing the city’s infrastructure while upholding its heritage. With a gross floor area that exceeds 62,000 square meters, construction began in 2023, powered by nearly P3 billion in investments from SM Prime. The transformation involved not just cosmetic upgrades but also significant structural, accessibility, and functionality improvements—integrating advanced ventilation and sanitation systems, improving the layout for both vendors and shoppers, preserving historic features, and enhancing safety measures. These upgrades aim to create welcoming, inclusive, and efficient spaces catering to the evolving needs of Iloilo’s residents and local businesses.
Importantly, the redevelopment was achieved without costing the city government, with SM Prime financing the comprehensive upgrades. The Local Economic Enterprise Office (LEEO) now manages both markets, ensuring accountability and continuity of service for the community. This collaborative model champions SM’s Bold New Era, emphasizing spaces that adapt with their communities under the guiding principle of ‘All For You’, reaffirming the company’s long-term commitment to inclusive, community-driven development.
“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,” said Iloilo City Mayor Raisa Treñas-Chu during the opening ceremony.
In 2023, Iloilo earned the distinction of becoming the Philippines’ first UNESCO Creative City of Gastronomy, a testament to its rich culinary heritage and forward-thinking entrepreneurial spirit. Famed for signature Ilonggo dishes such as La Paz Batchoy and native seafood, the city skillfully integrates tradition and innovation. The ongoing modernization of its public markets ensures that time-honored Ilonggo food traditions are preserved and adapted, providing space and opportunity for local food vendors and small businesses to flourish.
One significant development is the SM Iloilo Terminal Market (SITM), which now features a new lifestyle center with nearly 20,000 square meters of gross floor area. This vibrant space offers 58 long-term leaseable units for shops and eateries, enhancing Iloilo’s economic landscape. The traditional market section of SITM has also expanded, now supporting 1,160 vendors—an increase from the previous 911—significantly boosting opportunities for local entrepreneurs and strengthening the city’s status as a culinary and business hub.
“Before, the old market’s condition was really difficult for us. When it rained, everything got wet, and our regular customers found it inconvenient,” said Jedda Navales, a native coffee vendor at the SITM. “Now, with the new Iloilo Terminal Market, we’re finally leveling up.”
SM Iloilo Central Market (SICM) boasts over 17,000 square meters of gross floor area, seamlessly blending heritage and contemporary design. With 61 long-term leasable spaces and communal dining areas, it showcases renowned Ilonggo dishes such as batchoy, pancit molo, and fresh seafood. The central market now serves 850 vendors, up from 529, reflecting its significant growth.
“We’re confident more people will buy our products now that the market is clean, organized, and has parking spaces. Even when we were at temporary stalls, our loyal customers kept finding us. We’re proud to help promote Iloilo through our native roast chicken,” said Evangeline Janeo, owner of Rawit’s Litson at the SICM.
SM Prime President Jeffrey C. Lim shared the company’s vision for the project: “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.”
The reopening of the SM Iloilo Central and Terminal Markets marks an exciting new era for the Ilonggo community, blending rich tradition with forward-thinking improvements. For decades, these markets have been central to everyday life in Iloilo—places where people come not just to buy and sell, but to enjoy local flavors, nurture friendships, and strengthen the community’s spirit. By restoring and upgrading the markets, SM has ensured these spaces remain vibrant, clean, and resilient, equipped with modern facilities such as improved sanitation, updated stalls, and greater accessibility for all.
This transformation demonstrates SM’s ongoing dedication to the welfare and growth of Iloilo City. The updated markets will provide more opportunities for small business owners and vendors, support local agriculture, and create a cleaner environment, all while preserving their unique historical character. Through such initiatives, SM continues its close partnership with the communities it serves, balancing respect for tradition with the promise of continued progress.
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