City reopens public market redevelopment bids after SM exit

BAGUIO CITY — The Baguio City government will reopen the public market redevelopment project to new private proponents following the last-minute withdrawal of SM Prime Holdings, Inc. from the multi-billion-peso undertaking, Mayor Benjamin B. Magalong said.

Magalong said the city is considering publishing the project’s existing terms of reference to invite solicited proposals from interested entities, including cooperatives and market vendors, for the long-delayed redevelopment of the city’s public market.

The mayor described SM’s withdrawal as a sound business decision but noted it was a missed opportunity for the city to modernize its “show window” without spending public funds.

He emphasized that the project will not revert to the drawing board since the terms of reference are already in place and will instead be reassessed to determine the most viable development option moving forward.

The announcement came as the Baguio City Council directed its Committee on Market, Trade, Commerce and Agriculture to submit recommendations on the project’s future within two weeks.

The council was originally set to act on the contract between the city government and the project proponent until January 10, 2026, but the process was halted following SM’s withdrawal.

SM Prime Holdings earlier cited the failure of the city’s executive and legislative branches, market vendors, and stakeholders to agree on the development mode as the reason for its decision.

Despite pulling out, the company assured the city government of its continued support for future initiatives aimed at economic growth.

Magalong said reopening the project would allow market vendors and cooperatives to organize and participate under whatever development scheme the city ultimately adopts, provided they meet the standards that will be set.

The market redevelopment project was approved by the city council in 2019 to be implemented under a public-private partnership (PPP) scheme.

SM Prime Holdings was later granted Original Proponent Status by the PPP Selection Committee.