Baguio City borrows P4.3b to develop public market

February 25, 2020

BAGUIO CITY- The City Government of Baguio borrowed P4.3 billion from the Development Bank of the Philippines (DBP) to fund it development of its nearly 100-year-old public market.

Mayor Benjamin Magalong represented the city government in entering into loan agreement with DBP represented by DBP chairman Alberto Romulo on Monday. 

The P4.3 billion loan will be payable within 15 years, with the 3.6 percent variable interest per annum.

The old structure of the Baguio City Public Market are poor and its zoning needs to be upgraded.   

A Technical Working Group was formed to frame development plans for the market.   Earlier, a redevelopment plan where an architectural design was presented by the TWG was approved by the Baguio City Council.

The approved design is a seven-storey structure, including two underground floors for vendors with parking, sewage treatment plant, materials recovery facility and open space compromising 30 percent of the area for alleys and parks.

However, a progressive group called Tongtongan ti Umili-Cordillera Peoples Alliance opposed giving the rehabilitation of public market to private entities like SM and Robinsons.

“The current scheme which entrusts the development of public facilities to a public-private partnership (PPP) will only do more harm than good,” the groups claimed.

It added that “(the) poor people will pay the price of privatization, the enormous cost of profit will go straight in to the pockets of big businesses who are in joint venture with the national and local government.”

The groups also warned they will not hesitate to go back to the streets and battle the privatization of the public market more than two decades ago. DMS