The National Historical Commission of the Philippines (NHCP) has approved the revised plans to redevelop Iloilo City’s Old Central Market—paving the way for a PPP project that balances historical preservation with modern functionality.
Following a presentation to the NHCP Board on October 23, 2024, the board voted to approve the revised redevelopment plans for Iloilo City’s Old Central Market. NHCP Chairperson Regalado Trota Jose Jr. formally communicated this decision to the Iloilo City LGU in a letter dated October 30, 2024. NHCP chairperson Jose said the plan met all the conditions and comments given by the Commission in “order to redevelop the old market building but adapting to its new proposed function.”
“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.
