Baguio City secures P4.3-B loan for redevelopment of public market

The local government of Baguio City has secured a P4.3-billion loan from the Development Bank of the Philippines (DBP) to finance the redevelopment of the city's public market.

In an emailed statement on Thursday, the DBP said loan agreements were inked by Baguio City Mayor Benjamin Magalong and DBP chairman Alberto Romulo, along with representatives from the two parties.

"The project is expected to benefit residents of the city's 20 districts and 129 barangays, and boost tourism in the country's Summer Capital," the statement read.

Four companies, including Robinsons Land Corp. (RLC) and SM Prime Holdings Inc. (SMPH) have submitted offers to redevelop and modernize the market.

According to the Baguio City public information office (PIO), the city council earlier approved the architectural design for a seven-story structure to be built in the market.

The development is planned to have two underground floors with provisions for parking, a sewerage treatment plant, a materials recovery facility, and 30% for open space for alleys and parks.

"[T]he city intends to speed up the process without resorting to shortcuts in the established procedures to ensure that only the best offer will be selected at the shortest time possible," the PIO said.

According to the PIO, the market should have been developed in 1995, but the contract between the city government and its partner Uniwide Sales Realty and Resources Corp. was halted due to lawsuits filed by opposing vendors' groups. --Jon Viktor D. Cabuenas/KBK, GMA News