CEBU CITY — Can Cebu’s oldest and most iconic public market be transformed into a modern, world-class destination without erasing its cultural identity?
For many Cebuanos, that question lies at the heart of the ongoing redevelopment of the Carbon Market—a massive project with a target completion date of December 2026.
The redevelopment aims to modernize Carbon Market while preserving its historic character and central role in Cebuano daily life.
The project is being undertaken through a 50-year joint venture between the Cebu City Government and Megawide Construction Corporation, with CEBU2World (C2W) as the private partner.
“We are on schedule for completion of the Carbon Market Main Building by December 2026,” said Louie Ferrer, president of CEBU2World, during an exclusive media briefing on February 6 at Puso Village Café.
Vendors at the center of the project
Ferrer emphasized that the guiding principle of the redevelopment is inclusivity, particularly for vendors whose livelihoods depend on the market.
“The Carbon Redevelopment project is guided by the principle that no vendor is left behind,” Ferrer said, noting that C2W is working closely with the Cebu City Government, particularly the Office of the City Markets, which oversees vendor matters and market operations.
All vendor-related processes, he said, are undertaken jointly with the city. The project seeks to provide safer, cleaner, and more dignified working conditions while keeping rental rates in line with the 2017 Market Code, a city ordinance.
“Rental fees for vendors will remain at P8.50 per square meter until 2028, based on the 2017 Market Code, and all registered regular and ambulant vendors will be accommodated in the new facility,” Ferrer said.
He added that while C2W-Megawide serves as the development partner responsible for construction and selected operational components, ownership, regulatory authority, and policy oversight remain with the Cebu City Government.
A market reimagined
Once completed, the new Carbon Market will be a multi-level, mixed-use development featuring food and beverage outlets, handicrafts, and specialty items showcasing Cebu-made products.
It will also house a transportation hub, parking facilities, and a water taxi system linking the market to the Mactan-Cebu International Airport.
Other planned features include a waterfront activity plaza, a 24/7 Puso Village, and the Sto. Niño Chapel and Park, reinforcing Carbon Market’s role not just as a trading hub, but as a cultural and tourism landmark.
CEBU2World Marketing and Corporate Affairs Manager Jynx Chanjueco presented the project’s progress during the briefing, using virtual reality (VR) technology to show vendors and media the proposed layouts and facilities.
Chanjueco said construction is moving steadily through the use of precast technology, which allows faster, more efficient, and more controlled building compared to traditional methods.
“This significantly shortens timelines while ensuring consistency, durability, and safety—critical requirements for a major public infrastructure project such as Carbon Market,” he said.
Rooted in Cebuano identity
Despite its modern features, project developers insist that Carbon Market’s identity remains firmly rooted in Cebuano heritage.
“The architectural design has been carefully developed to reflect Cebuano heritage and identity,” Chanjueco said.
Key design elements include black accents, referencing carbon or coal in recognition of the market’s historic roots, and terracotta tones and façade accents inspired by materials found in Bahay na Bato and other heritage structures.
“These elements ensure that modernization is not at the expense of character, but instead remains grounded in local history and context,” Chanjueco added.
Controversies and challenges
Ferrer acknowledged that a project of this scale inevitably faces challenges. Some vendors and groups have raised concerns about possible privatization and increased fees, while others fear the impact on their livelihoods.
“We have addressed these with a series of consultations with registered, ambulant, and all types of vendors at the market,” Ferrer said. “We explained the project through briefings and detailed presentations, and all vendor concerns are being addressed.”
He said vendor relocation to interim facilities is ongoing, with the goal of ensuring safer and more dignified conditions during construction.
The project also faces a legal hurdle. Vice Mayor Tomas Osmeña has petitioned the Supreme Court to halt the redevelopment, citing alleged financial losses and lack of transparency. The case remains pending as of this writing.
Still, Ferrer said C2W remains optimistic and committed to the project, citing transparency and lawful agreements.
He also pointed to the firm support of Mayor Nestor Archival, whose administration has vowed to push forward with the redevelopment despite the controversies.
“My administration is focused on delivering development projects, including the Carbon Market redevelopment, while addressing vendor concerns and navigating legal challenges,” Archival said in a previous press conference at City Hall.
The mayor stressed that the project is intended to modernize the market and improve vendor conditions, adding that his decisions are guided by the best interests of the city and its people.
As Cebu moves toward 2026, the Carbon Market redevelopment stands as both a test and a promise—whether a centuries-old marketplace can be transformed for the future without losing the history and human stories that made it the heart of the city.
