BAGUIO CITY — SM Prime Holdings Inc. has withdrawn its proposal to redevelop the Baguio City Public Market.
The withdrawal was disclosed Saturday evening, January 3, through the official Facebook page of the Baguio City Public Information Office.
According to the post, Benjamin Magalong was informed of the company’s decision through a formal letter sent to his office.
Further details shared by the city information office stated that the company was “dismayed over the lies and inaccuracies being circulated,” which it said had adversely affected its corporate image. The withdrawal came at what was described as a “critical time,” as members of the city council were preparing to decide whether to approve the proposed public-private partnership (PPP) redevelopment.
As of press time, Mayor Magalong had yet to respond to this writer’s request for an interview to clarify the contents of SM Prime’s letter.
Earlier, Magalong had maintained that the city government acted properly and transparently in the PPP process for the market redevelopment.
“We are on the side of truth, based on evidence and facts,” the mayor said. He also previously met with the Baguio bishop and several priests, during which he explained the details of the redevelopment proposal. Magalong described the discussion as candid and unscripted.
Following the announcement, the Baguio City Public Information Office’s social media page drew numerous reactions from both supporters and critics of the proposal.
Among those reacting was lawyer and former city councilor Benny Bomogao, who wrote: “Victory for the people of Baguio. Now develop it, LGU Baguio.”
Meanwhile, Oyet Garcia welcomed the withdrawal, saying: “We acknowledge and thank SM for formally withdrawing its market proposal. This decision gives the community the opportunity to pause, reflect, and move forward with greater transparency and inclusivity.”
“We appreciate that the voices of vendors, consumers, and concerned citizens were heard,” Garcia added.
City-based cooperatives also issued statements declaring that they are financially capable and willing to invest in the redevelopment of the public market, while reiterating their position that the local government unit should take the lead in constructing the new facility.
The cooperatives said they are open to developing the market independently, allowing the LGU to undertake the project, or entering into a partnership arrangement for the redevelopment.
In an interview, Baguio Market Vendors Cooperative chairman Leonardo Ritos said the group remains opposed to SM’s involvement.
“Sa akin, ayaw namin sa SM. Ang gusto namin either LGU Baguio or kami ang mag-develop, or kasama kami bilang partner. Kung financial lang ang pinag-uusapan, kaya naman i-produce ng mga cooperatives,” Ritos said. “Many coops are willing to be part of the development and are willing to invest.”
