Until recently, the Marulas Public Market in Valenzuela City has gone in sorry state for years, the building dilapidated and its sewers clogged with trash that it would flood inside the market when it rained.

Its finances were equally dismal. Unpaid rentals for store spaces, water and electricity bills from 2004 through 2013 incurred total arrears of Php8.9 million, records of the City Planning and Development Office show.

Then, in 2015, the city government would enter a joint venture agreement with private developer Megabuild JPG for the construction of a new wet market along Pio Valenzuela Street in Marulas. Megabuild would solely finance the project, which cost Php44.59 million.

Last Monday, Jan. 22, the new Marulas Public Market, after nine months of construction, opened to the public. It is now a far cry from its former condition: the place is spacious and clean, easy to shop in now that the 500 stores are arranged into sections.

CPDO head Josefina Acurantes said she expects the Marulas Public Market, besides generating revenue for the city government, will also become a hub for the whole community and attract more business to open within its vicinity.

Mr. Gil de Gula, Market Division Officer, said the joint venture has solved the public market’s financial woes.

The joint venture agreement requires Megabuild JPG to pay the city government an annual rent of Php1 million, with a 10 per cent increase every three years for 25 years. On top of this, the developer will provide the city government two sets of advertisement spaces worth Php240,000 and free use of the events venue which cost Php480,000 yearly. On the tenth year of operation, Megabuild will donate Php1 million cash to the local government’s chosen non-government organization.

The Marulas Public Market is managed by a seven-member Governing Board, which serves as its policymaking body. Five members come from the private sector proponent, while two come from the city government. The Governing Board then appoints a project manager who oversees the market’s day-to-day operation.