BAGUIO CITY – Mayor Benjamin Magalong, represented by the city government, signed the Certificate of Successful Negotiations of two big-ticket projects, the SM Prime Holdings, represented by Vice President of SM Supermalls Engr. Junias M. Eusebio and SM North Luzon Regional Operations Manager Rona Vida Correa; and Metro Pacific Tollways Corporation (MPTC) represented by MPTC President and CEO Rogelio Singson and MPT Mobility President Roberto Bontia.

The Market Redevelopment Project of the original proponent SM Prime Holdings Inc. and Metro Pacific Tollways Corporation’s Smart Urban Mobility Project. (MPTC)

Negotiations officially began on January 31, 2024, and are scheduled to conclude on June 29, 2024.

However, the period of negotiations was adjusted to align with the effective date of the PPP Code Implementing Rules and Regulations, on April 6, 2024.

With that, the negotiations officially ended, and they were then issued their respective certificates of successful negotiations on September 6 and September 11, respectively.

After in-depth discussions and with the assistance of the PPP Center, the parties agreed on the parameters, terms and conditions (PTC), modality, and general provisions of the Project contract.

The valid documents must be endorsed to the City Development Council (CDC) for its confirmation, which will be followed by the Baguio City Council for appropriate action in accordance with the PPP code.

Magalong said that the negotiations of other high impact projects are scheduled to end soon, particularly the Asin Hydropower Plants Development and Improvement Project of the Repower Energy Development Corporation, the socialized permaculture housing project and the creative center.