From Our Archives
Perspective image of the planned redevelopment of the Baguio City market.Perspective image of the planned redevelopment of the Baguio City market.
SM Prime withdraws Baguio public market redevelopment proposal
BAGUIO CITY, Philippines – SM Prime Holdings Incorporated (SMPH) has withdrawn its proposal to redevelop the Baguio City public market, the city government announced on Saturday, January 3.
Baguio City Mayor Benjamin Magalong also confirmed the withdrawal to Rappler in a phone interview, saying he was formally informed of the decision through a letter sent to his office.
Details of the withdrawal and its implications for the city’s market rehabilitation plans have yet to be made public.
According to a source familiar with the matter, the company was “dismayed over the lies and inaccuracies being circulated,” which it said had negatively affected its corporate image.
Rappler has requested confirmation from SM Prime Holdings and its parent firm SM Investments Corporation regarding the matter. We will update this story once we receive a response.
The Baguio City government first awarded the project to SMPH in 2020 when the Sy-led developer submitted an unsolicited proposal for the redevelopment.
SMPH’s P5.4-billion proposal would include the construction of a seven-storey building and a parking lot that can accommodate around 1,900 vehicles. (READ: Robinsons, SM Prime present plans to redevelop Baguio market)
But concerned residents and stakeholders opposed the proposed redevelopment, describing the move as part of the city government’s “blind drive” to privatize public infrastructure and prioritize corporate interests above constituents’ welfare.
Vendors also voiced concerns that the redevelopment could negatively impact their livelihoods.
The Baguio City Council was initially given until Saturday, January 10, to act on the proposed market development plan. A 120-day period, which began in October last year, includes finalizing the bidding process and gathering input from relevant stakeholders. – Rappler.com
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
MoneyGram launches stablecoin-powered app in Colombia
The post MoneyGram launches stablecoin-powered app in Colombia appeared on BitcoinEthereumNews.com. MoneyGram has launched a new mobile application in Colombia that uses USD-pegged stablecoins to modernize cross-border remittances. According to an announcement on Wednesday, the app allows customers to receive money instantly into a US dollar balance backed by Circle’s USDC stablecoin, which can be stored, spent, or cashed out through MoneyGram’s global retail network. The rollout is designed to address the volatility of local currencies, particularly the Colombian peso. Built on the Stellar blockchain and supported by wallet infrastructure provider Crossmint, the app marks MoneyGram’s most significant move yet to integrate stablecoins into consumer-facing services. Colombia was selected as the first market due to its heavy reliance on inbound remittances—families in the country receive more than 22 times the amount they send abroad, according to Statista. The announcement said future expansions will target other remittance-heavy markets. MoneyGram, which has nearly 500,000 retail locations globally, has experimented with blockchain rails since partnering with the Stellar Development Foundation in 2021. It has since built cash on and off ramps for stablecoins, developed APIs for crypto integration, and incorporated stablecoins into its internal settlement processes. “This launch is the first step toward a world where every person, everywhere, has access to dollar stablecoins,” CEO Anthony Soohoo stated. The company emphasized compliance, citing decades of regulatory experience, though stablecoin oversight remains fluid. The US Congress passed the GENIUS Act earlier this year, establishing a framework for stablecoin regulation, which MoneyGram has pointed to as providing clearer guardrails. This is a developing story. This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication. Get the news in your inbox. Explore Blockworks newsletters: Source: https://blockworks.co/news/moneygram-stablecoin-app-colombia
Share
BitcoinEthereumNews2025/09/18 07:04
Trading bots gain traction as crypto markets move sideways: HTX 2025 recap
The cryptocurrency exchange reported sharp growth in automated trading as vol
Share
Coinstats2026/01/10 03:37
Gold continues to hit new highs. How to invest in gold in the crypto market?
As Bitcoin encounters a "value winter", real-world gold is recasting the iron curtain of value on the blockchain.
Share
PANews2025/04/14 17:12