Reinforcing Tradition with Innovation for mutual growth: Redeveloped Iloilo Central and Terminal Public Markets support local MSMEs

MANILA, Philippines, 24 March 2026 - Following the successful redevelopment and re-opening of Iloilo City's Terminal and Central Public Markets last year, both beacons of commerce and community in Visayas have become hubs of success for local MSMEs.

The secret to its performance is the strong public-private partnership that revitalized its foundations. Between the Iloilo City Government and SM Prime Holdings Inc. (SM Prime) is the shared commitment toward a cleaner, safer, and more organized public market experience for the city.

“The Iloilo Central and Terminal Public Markets are among the city’s most historic public spaces, and we are proud to be part of their transformation,” said SM Prime President Jeffrey C. Lim. “Ilonggos now have two modern, efficient and inclusive spaces that showcase their culinary heritage and entrepreneurial spirit.”

Safeguarding Pride Through Progress

With Iloilo City emerging as the fastest-growing economy in Western Visayas fueled by a vibrant retail trade industry bolstering its gross domestic product, SM emphasized how crucial it was to support the MSME sector that was critical to its growth.

“These redevelopment projects were driven by the local government’s desire to give small businesses the space and support they deserve. As more foreign and domestic tourists discover Iloilo City, these markets can play a bigger role in showcasing its food culture and local enterprise.”

Through this public-private partnership, Iloilo has revitalized two of its most iconic commercial spaces. Leveraging SM’s innovative approach to design and development, the project was envisioned to naturally drive and sustain foot traffic—creating greater opportunities for local MSMEs to thrive. While SM delivered an efficient and intuitive market environment, the properties continue to be owned, managed and leased by the City of Iloilo, ensuring that these public markets remain deeply rooted in serving the Ilonggos.

Intuitive Design and Holistic Support

The Iloilo Central and Terminal Markets were redeveloped then grown into commerce hubs with an area dedicated to the public market, reinforced with retail spaces, food halls, and banks—each component benefitting
A roof deck parking space was also added for enhanced convenience, bringing the signature innovation and customer-first experience of SM Supermalls into the heart of the community.

On top of the improved design of the marketplace, each property also boasts sustainable features woven into their structures. Operational Material Recovery facilities helped improve daily waste collection and management while a sewage treatment plant eased proper wastewater management reflecting SM’s long-standing commitment to sustainability.

Modernizing the public markets has also had a direct impact on the livelihoods of vendors.

Joelle Iubel Janeo, third-generation owner of Rawit’s Native Lechon Manok established in 1975, shared that business has been performing well since the improvements. Their stall at the second floor of the Iloilo Central Public Market now offers a more comfortable space for customers.

“Nami ang amon kita kag sold out man ang amon native lechon manok everyday (Sales are doing good and our native lechon manok is sold out every day),” Janeo said, noting that customers appreciate the improved layout and the ease of dining and purchasing in a more organized setting.

SM sought to further support the public market tenants by equipping them with essential business and food safety skills. These would better prepare businessmen to accommodate and service their now expanding clientele, elevating their businesses undisrupted. Through SM’s holistic ecosystem of support, tenants gained access to structured training, operational guidance, and growth opportunities inspired by the standards of SM’s most loved malls nationwide.

The redevelopment has also created opportunities for homegrown Ilonggo brands to thrive in a refreshed and more accessible commercial space.

Among them is Madge Café, an iconic coffee shop that began in the La Paz district in the 1940s. Now operating at the SM Iloilo Central Market, owner Ma. Teresa Dela Cruz-Sobijon continues to brew tradition while embracing the opportunities of a modern commercial environment.

Beyond vendors and local MSMEs, regular customers are also experiencing the benefits of the upgraded market environment.

Christine Benadero, council adviser of the College of Business and Accountancy at the University of Iloilo, shared how the redevelopment has made everyday shopping easier and more convenient.

“It’s very convenient to do everything in one place,” she said, noting that she can easily buy fresh goods at the public market and cross over to nearby retail areas to complete her errands.

“The modernization of both markets marks a new chapter for the city, one that respects the past while preparing for the future,” said Lim. “We hope their continued success encourages other communities to improve their own public spaces in ways that really matter”

Participating Malls