City multi-billion market plan attracts big investors
The market development project has attracted large scale investors like Robinsons and SM corporations, Mayor Benjamin Magalong said during the weekly management committee meeting on Feb. 11.
The mayor said Robinsons will present to city officials its proposal Feb. 14 while SM served notice to tender its offer for presentation Feb. 17.
The city expects to receive more proposals for the venture envisioned to transform the public market into one of the best trading centers in the country.
These will be evaluated by the city’s Public-Private Partnership for the People (P4) selection committee headed by City Budget Officer Leticia Clemente and the technical working group on market development led by Councilor Mylen Yaranon to determine the viability of the offers vis-a-vis the city’s requirements.
The mayor earlier said the city will go for a deal that would not require cash investment and one that would ensure the welfare of the 4,000 leaseholders.
The city decided to forgo with the loan scheme in favor of the PPP joint venture modality.
The mayor assured that the vendors’ cooperative will still be a partner in the deal that the city will strike up with the winning developer.
In January, the TWG presented the final development plan which Yaranon said included the inputs of stakeholders from the series of consultations conducted. – Aileen P. Refuerzo