SM Prime Holdings Inc. turned over P131.89 million to Bacolod City Mayor Alfredo Abelardo Benitez in advance lease as it embarks on the redevelopment of the iconic Manokan Country into “a tourist destination that honors Ilonggo food, culture and tradition”.
SM Supermalls President Steven Tan turned over the amount to Benitez, following the contract signing for the Manokan Country Redevelopment Project at rites held at the Bacolod City Government Center lobby Friday afternoon, October 20.
The amount represents seven years of SM’s advance rental payments for the Manokan Country site and adjacent areas, under the 40-year lease agreement with the city at an annual rental fee of P21.26 million, subject to a 5 percent escalation rate every three years.
SM is leasing 16,875 square meters of property owned by the Bacolod City government where the Manokan Country, Vendors Plaza, Bacolod Arts, Youth and Sports Center and nearby properties at Fr. Ferrero Street are located.
SM Prime Holdings will infuse P3 billion into the Manokan Redevelopment Project in the first two years, City Legal Officer Romeo Carlos M. Ting, Jr. said.
Benitez said the city government’s collaboration between the SM group came with three primary conditions.
“We wanted to ensure that three stakeholders involved in this project are properly satisfied and benefited”, he said, citing Bacolod City, the Manokan Country vendors and the customers.
“Bacolod will have much to gain with this project because we will experience economic development and bring more progress to the city”, he said.
The Manokan Country vendors will also have new facilities at subsidized rates, which the city government negotiated with SM to grant, Benitez said.
Customers will benefit from this because the subsidized rates will mean the prices of the chicken inasal won’t have to be expensive, he added.
Benitez said he stressed the need for SM to incorporate the cultural heritage of Bacolod in the design of the redeveloped Manokan County.
Tan, in his speech, noted that the Manokan Country holds a special place in the heart of Bacolod City.
“It is not just a simple food strip, it is a cultural icon, a representation of the warmth and hospitality that define this vibrant city. For years, this establishment has been a hub for local cuisine, attracting tourists from all over the world who seek to indulge in the flavors and experiences Bacolod has to offer”, he said.
However, as times change, so do the needs and expectations of the people, Tan said.
“In order to stay relevant, it is crucial that we embark on a journey to modernize Manokan Country,” he said, while preserving its cultural identity.
SM Prime will redevelop the Manokan Country into a tech-ready, more spacious food hall, with a kitchen that will assure customers of the sanitary preparations and quality cooking of the Chicken Inasal and options for airconditioned spaces for more comfortable dining, a press statement from the firm said.
Modernization efforts also include incorporating technology-driven solutions, such as digital payment methods, online ordering platforms, and efficient waste management systems. These advancements will streamline operations, provide convenience to customers, and promote sustainability practices, it added.
“Furthermore, the modernization of Manokan Country will support the local economy by attracting more visitors and generating increased revenue for the vendors and surrounding businesses,” Jeffrey C. Lim, SM Prime Holdings president, said in the press statement.*