NHCP okays Iloilo City’s revised Central Market redevelopment plan

Iloilo City’s plans for the redevelopment of the Old Central Market have received formal approval from the National Historical Commission of the Philippines (NHCP). This milestone paves the way for a public-private partnership (PPP) project that harmonizes the market’s historical significance with modern functionality.

The NHCP Board granted its approval during a meeting on October 23, 2024, following a presentation by the Iloilo City government. NHCP Chairperson Regalado Trota Jose Jr. confirmed the decision in a letter dated October 30, 2024, addressed to the Iloilo City LGU. According to Chairperson Jose, the revised plans successfully adhered to all conditions and feedback set by the NHCP, ensuring that the redevelopment respects the heritage of the old market while adapting it to its proposed new purpose.

“A periodic site inspection by our technical team from the Historic Preservation Division to monitor and ensure compliant implementation,” the NHCP chairperson added.

The Iloilo City government entered into a partnership with SM Prime Holdings for the renovation of the Terminal and Central markets.

“This approval from the NHCP allows us to move forward with this important project for the city,” Iloilo City acting Mayor Jeffrey Ganzon said.

SM Supermalls President Steven Tan reinforced their commitment to the project’s success, stating, “We are dedicated to working closely with the NHCP and the Iloilo City government to ensure the redevelopment honors the Old Central Market’s heritage while creating a modern and thriving marketplace.”

Under the lease agreement, SM Prime Holdings will invest between P1.5 billion and P2.5 billion in redeveloping the two markets.

The target opening date of the markets will be May 2025. Around 2,000 stalls will be provided for micro, small, and medium enterprises where they can showcase their local products and services.

The market redevelopment aligns with the local government’s “My Heart Beats in Iloilo City” campaign, highlighting the city’s unique heritage and culture while fostering a strong emotional connection between residents and their city.