SM Prime Holdings, Inc. (SM Prime), in partnership with the Iloilo City Government, marked the opening of the newly redeveloped Iloilo Central Market and Terminal Market, two of the city’s largest and most historic public spaces.
Photo Caption: From left: SM Engineering Design and Development President Hans Sy Jr. and Iloilo City Mayor Raisa Treñas-Chu speak with a vendor as guests look on.
The redevelopment is a landmark public-private partnership (PPP) signed in August 2022. With a total gross floor area of over 62,000 square meters, it broke ground in 2023, with nearly P3 billion invested to transform Iloilo City’s iconic markets into modern, efficient and inclusive centers of local enterprise.
The project was completed at no cost to the city and is managed by the Local Economic Enterprise Office to preserve the public character of the markets. This collaboration reflects SM’s Bold New Era — a commitment to creating spaces that evolve with communities, always All For You.
“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.
Iloilo, named the Philippines’ first UNESCO Creative City of Gastronomy in 2023, is renowned for its culinary heritage and entrepreneurial spirit. The modernization of its public markets bridges tradition and innovation, ensuring that Ilonggo food culture and small enterprises can continue to grow and bring people together.
SM Iloilo Terminal Market (SITM) includes a lifestyle center that has a gross floor area of almost 20,000 square meters, which houses 58 long-term leasable spaces. Meanwhile, SITM’s market section has expanded to house 1,160 vendors from its previous 911 vendors.
“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.”
On the other hand, SM Iloilo Central Market (SICM)’s community space expands to more than 17,000 square meters of gross floor area that blends heritage and contemporary design highlighted by 61 long-term leasable spaces and communal dining areas, where beloved Ilonggo dishes such as batchoy, pancit molo and fresh seafood take center stage. SICM’s central market section now caters to 850 vendors from the previous 529.
“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 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.”
As the SM Iloilo Central and Terminal Markets reopen, it begins a new chapter in Ilonggo life – one that honors the past while embracing what’s next.
For generations, these markets have been where people trade, share meals, and connect. Their renewal keeps that spirit alive – stronger, cleaner, and ready for the future. It’s part of how SM continues to grow with the communities it serves, always with them in mind.
