November 14, 2025 | 12:00am
MANILA, Philippines — SM Prime Holdings Inc., the integrated property development arm of the SM Group, has completed the transformation of Iloilo City’s iconic markets into modern, efficient and inclusive centers of local enterprise.
In partnership with the Iloilo City government, SM Prime has soft opened the newly redeveloped Iloilo Central Market and Terminal Market, two of the city’s largest and most historic public spaces.
The redevelopment is a landmark public-private partnership signed in August 2022 under a 25-year lease. The project broke ground in 2023, with investments of nearly P3 billion.
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 is not a business move or an expansion program. This is just a natural progression because of our commitment to micro, small and medium enterprise (MSME) development. This is really more to support Filipino entrepreneurs which is part of how we do business and as we move toward the provincial areas so we can create a shared growth between us and MSMEs,” SM Prime president Jeffrey Lim said.
Lim said that SM Prime would continue to explore and is open to working with local government units in terms of initiatives to help MSMEs.
The SM Iloilo Central and Terminal Markets are expected to be fully operational by the end of the month.
SM Prime said that the modernization of the 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.
SITM’s market section has expanded to house 1,160 vendors from its previous 911 vendors.
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 featuring beloved Ilonggo dishes.
SICM’s central market section now caters to 850 vendors from the previous 529.
“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,” Lim said.
SM Prime said the collaboration reflects SM’s “bold new era,” which includes its commitment to creating spaces that evolve with communities.