Merchants and marketgoers in the city of Iloilo may soon experience the benefits of modern district public markets.
The Iloilo City Council approved in January 2022 the rehabilitation of the markets and the demolition of the existing ones such as Arevalo, Jaro (Big), and Lapaz Public Markets.
The goal of redeveloping public markets is to make them a cleaner and more accessible hub for consumers, as well as a platform for small sellers to compete with bigger businesses and improve their living conditions.
The P1.7 billion loan package secured by the Iloilo City Government will fund these projects, as well as the budget for the ongoing building of the Legislative and Parking Building adjacent to City Hall. Below is the allocation of the budget:
- Lapaz Market – P395 million
- Jaro (Big) Market – P395 million
- Arevalo Market – P150 million
Iloilo City’s public markets are the center for livelihood and are important sources of employment. The market also supports other businesses and institutions such as hotels, restaurants, resorts, and farming, among others.
Iloilo City is a highly urbanized city comprised of 180 barangays, with a total land area of 7,834
Hectares and has an estimated population of 450,000 as of 2015, and an annual average population growth rate of 1.48% since 2000.
Iloilo City is being promoted as a smart city, not only for its digital infrastructure supporting Business Process Outsourcing (BPO) companies, but also because of its innovative approach to healthcare, construction, education, safety and security, and governance. Another driver of the Iloilo City’s economy is the booming infrastructure development in the region.