The two large public markets are currently undergoing redevelopment by SM Prime Holdings, Inc. (SMPHI) through a public-private partnership (PPP) with the Iloilo City Government.

It is surrounded by other heritage structures dating back to colonial times in Spanish and American history.

[3] In March 2024, the Iloilo Central Market's Art Deco façade was demolished to facilitate a stronger, accurate reconstruction, with SMPHI having pledged to replicate the original design.

[5] Mayor Jerry Treñas faced administrative complaints related to the alleged unlawful demolition of the market.

Despite the commitment made during the lease agreement signing in August 2022 to preserve the façade as a heritage structure, the recent demolition raised significant controversy.