CEBU CITY – Infrastructure developer Megawide Construction Corp. on Monday signed a joint venture agreement with the city government here for the PHP5.5-billion redevelopment package that will transform Carbon Public Market into a commercially viable market hub.
In a press conference on Monday, Manuel Louie Ferrer, executive director for infrastructure development of Megawide, said the first phase of the project will involve the night market area near Compania Maritima up to the interior area of the market complex.
The initial phase also covers the construction of the Sto. Niño Park and the redevelopment of Blocks 1 and 2 of the wet market. The entire first phase will take three to four years to complete.
“We have a commitment not to displace the vendors as we will do it phase by phase,” Ferrer said.
Mayor Edgardo Labella said the project will make the Carbon Public Market into a world-class facility.
He commended Megawide for its commitment to safeguarding the welfare of the vendors while considering the timeline in completing the project.
“The vendors of the Carbon Market are the lifeblood of the market,” he noted.
He said the modernization project will further transform Cebu’s largest wet market into a premier public market complex that will support Ferrer’s view of making it a place to showcase Cebuano food and culture.
Under the joint venture, the government shall contribute to the exclusive use and possession of the project site.
As the total project cost will be shouldered by Megawide, Ferrer said the company will get revenue from rentals, assuring “minimum guaranteed payment” to the city government of Cebu, along with other incomes from taxes and fees.
The Cebu Market Vendors Multipurpose Cooperative (Cemvedco), through its chairman Erwin Gok-ong, said the vendors are hoping that the city government will guard the interest of the vendors in allowing the redevelopment project in the Carbon market. (With a report from Carlo Lorenciana/PNA)