The city will implement the proposed multi-billion development of the city’s public market to be managed and operated by the city government next year.
Mayor Benjamin B. Magalong stated there will be no hindrance to the processes of the city’s Public Private Partnership for the People – Selection Committee (P4-SC) because this will not be covered by the election ban during the campaign period for the May 9, 2022 synchronized national and local elections.
He said that the negotiating teams of both the city government and SM Prime Holdings, Inc., the company given by the P4-SC the Original Proponent Status (OPS) for the project, are now working on the final terms of reference of the market development so that the process can proceed to the succeeding steps of the partnership enshrined in the city’s P4 ordinance.
The P4-SC is expected to commence with the ongoing negotiations for the final terms of reference, both technical and financial, on the project by January 15, 2022 although there is still a possibility for another extension of the negotiation period based on the assessment and recommendation of the parties involved in the formulation of the terms of the project.
The mayor pointed out it will be the city government that will manage and operate the public market as part of the multi-story structure that will be constructed by the developer within the 3-hectare market area.
Under the P4 rules and regulations, the final terms of reference agreed upon by the negotiating teams of both parties will be published to allow interested companies to participate in the Swiss Challenge that will be scheduled, where other developers will submit their more superior offers compared to that of SM Prime Holdings to be able to win the bid.
The proposed modernization of the city public market is one of the priority projects of the present administration pursued through the existing P4 ordinance to allow interested developers to participate in improving the current state of the city’s show window.
Earlier, SM Prime Holdings, Inc. and Robinsons Land Corporation submitted their offers for the proposed development of the city public market which had been extensively assessed and evaluated by the P4-SC that paved the way for the issuance of the OPS to the former.
The negotiating teams are working on the 18-point financial terms and 16-point technical terms of the project to ensure the crafting of the final terms of reference which will be published and offered through the Swiss Challenge that is part of the 19-step P4 process defined under the city’s P4 ordinance that had been crafted in 2018. By Dexter A. See
