The Public Wet Market System of Iloilo City, Philippines
Abstract
In the Philippines, public wet markets are an integral part of the country’s history, culture, and economy. Wet markets are the primary trading centers in towns all over the Philippines since the Spanish colonial
times. However, with globalization, the increasing hypermarketization in Iloilo City threatens the viability of wet markets. This paper sought to find out the external environment, resources, enterprise components, and business outputs of the wet markets in Iloilo City. It also explored various local governance initiatives to assist the business growth and development of these wet markets. Using a descriptive design and interviews with 100 wet market entrepreneurs in Iloilo City, findings reveal that wet market operations are affected by external environmental forces. Majority are registered as single proprietorships with an initial capitalization of at least PhP 20,000 from the owner’s personal savings and operating for more than nine years at the time of the interview. Moreover, majority of them use manual accounting system; issue receipts for transactions; do not prepare financial reports; engage in the sale of a wide variety of goods and services; and earn revenues amounting to PhP 1,000 to PhP 4,999 daily. The study suggests for an accredited apex organization of wet market vendors association in Iloilo City with representation in the city legislative council to ensure participation in local policy formulation for the growth and development of wet market enterprises.
