SM Prime withdraws Baguio public market redevelopment proposal

Involved residents and stakeholders oppose SM Prime Holdings’ proposal to redevelop the general public market, describing the transfer as a part of town authorities’s ‘blind drive’ to denationalise public infrastructure

BAGUIO CITY, Philippines – SM Prime Holdings Integrated (SMPH) has withdrawn its proposal to redevelop the Baguio Metropolis public market, town authorities introduced on Saturday, January 3.

Baguio Metropolis Mayor Benjamin Magalong additionally confirmed the withdrawal to Rappler in a cellphone interview, saying he was formally knowledgeable of the choice via a letter despatched to his workplace.

Particulars of the withdrawal and its implications for town’s market rehabilitation plans have but to be made public.

In response to a supply aware of the matter, the corporate was “dismayed over the lies and inaccuracies being circulated,” which it stated had negatively affected its company picture.

Rappler has requested affirmation from SM Prime Holdings and its guardian agency SM Investments Company relating to the matter. We are going to replace this story as soon as we obtain a response.

The Baguio Metropolis authorities first awarded the undertaking to SMPH in 2020 when the Sy-led developer submitted an unsolicited proposal for the redevelopment.

SMPH’s P5.4-billion proposal would come with the development of a seven-storey constructing and a parking zone that may accommodate round 1,900 automobiles. (READ: Robinsons, SM Prime current plans to redevelop Baguio market)

However involved residents and stakeholders opposed the proposed redevelopment, describing the transfer as a part of town authorities’s “blind drive” to denationalise public infrastructure and prioritize company pursuits above constituents’ welfare.

Distributors additionally voiced considerations that the redevelopment might negatively affect their livelihoods.

The Baguio Metropolis Council was initially given till Saturday, January 10, to behave on the proposed market growth plan. A 120-day interval, which started in October final 12 months, consists of finalizing the bidding course of and gathering enter from related stakeholders. – Rappler.com