Government stakeholders are set to meet today, Tuesday, November 11, to discuss the SM market redevelopment deal behind closed doors.
An executive session will gather the entire City Council and the government-led Technical Working Group (TWG) at Camp John Hay to talk about points in the Non-Disclosure Agreement (NDA) which cannot be made public under Public-Private Partnership (PPP) guidelines.
Councilor Paolo Salvosa said the closed-door session will be a chance to discuss the independent assessment of SM’s profit versus the representation presented, particularly regarding interest rates if the city were to go for a loan to fund the public market.
Salvosa said Baguio’s borrowing capacity will also be discussed, as the talks in 2020 during the pandemic are very different from today. He added these points can eventually be disclosed and discussed with the public.
Salvosa chairs the Committee on Laws tasked to oversee the talks on the SM market redevelopment deal. There have been two public consultations on it which gathered stakeholders to air their sentiments on the project.
Salvosa said each councilor can raise any point they deem important about the feasibility study, the fairness of the deal for Baguio, and the independent assessment on the projected rate of return for SM.
Under the PPP SM Market deal, a mall, market area, parking lot, as well as development of open spaces, will rise in the public market with a 50-year lease period. Parts of the area will be operated and managed by SM while some will be delegated to the City.
Councilor Edison Bilog, who has openly opposed the PPP project for the market, said he will attend and listen to what the TWG and his colleagues will say and prepare for the allotted period of debate. “When the period of debate comes, that’s when I will present my points. Hopefully, we could convince some more councilors to vote no or to abstain during the voting.”
The City Council is now in the midst of a 120-day review period for the SM market deal, which started September 10 and ends January 10, 2026. A decision to accept the project, or accept with revisions, or reject it altogether will be made, sealing the fate of the public market.
Opposition for the deal is rising, with advocates staging weekly gatherings, exhibitions, as well as performances and a signature campaign which hopes to sway the vote of the city legislators. By Maria Elena Catajan