A vibrant pulse is returning to Iloilo City this November, as the newly redeveloped SM Iloilo Terminal and Central Markets prepare to fully open their doors. A massive, P3-billion project has transformed these vital hubs, promising a significant boost for local entrepreneurs and a richer experience for shoppers.
The transformation began in 2023, stemming from a public-private partnership between SM Prime Holdings and the Iloilo City government. It wasn’t about expansion for profit, but a deliberate investment in the heart of the local economy – a commitment to the micro, small, and medium enterprises that fuel the region.
Spanning a combined 62,000 square meters, the redeveloped markets aren’t simply bigger; they’re better equipped to support a thriving community of vendors. The SM Iloilo Terminal Market now boasts space for 1,160 vendors, a substantial increase from the previous 911, alongside 58 long-term leasable spaces.
The SM Iloilo Central Market, known locally as Tienda Mayor, has also undergone a dramatic upgrade. It now accommodates 859 vendors – up from 529 – and features dedicated dining areas designed to showcase the region’s celebrated culinary traditions. Sixty-one long-term leasable spaces are also available.
This isn’t about replicating the mall experience within the public market; it’s about fostering a unique ecosystem where small businesses can flourish. The tenant mix is intentionally distinct, creating a space specifically designed to encourage entrepreneurship and local commerce.
The significance of this project extends far beyond Iloilo City. With nearly 99.63% of businesses in the Philippines classified as MSMEs – and 4.26% of those located in the Western Visayas region – supporting these enterprises is crucial for national economic growth.
Importantly, the redevelopment was completed at no cost to the city, and the markets will continue to be managed by the Local Economic Enterprise Office, ensuring they remain accessible and serve the public good. This maintains the markets’ core identity while providing modern amenities.
Beyond the economic impact, the modernized markets are poised to become culinary destinations, amplifying the region’s already renowned food scene. Expect a wider variety of local dishes and a more vibrant atmosphere for food lovers to explore.
The investment in these markets reflects a broader period of growth for SM Prime Holdings, which recently reported an 8% year-on-year increase in third-quarter net income, driven by strong performance across its malls, hotels, and convention centers.
This project in Iloilo isn’t just about bricks and mortar; it’s a testament to the power of partnership and a dedication to empowering Filipino entrepreneurs, creating a future where shared growth benefits everyone.
