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Cebu City's Carbon Market is set for a major redevelopment, targeting completion by December 2026. This project, a 50-year joint venture between the Cebu City Government and Megawide Construction Corporation, aims to modernize the market while retaining its cultural identity.

Key features will include food outlets, a transportation hub, and improved vendor conditions with rental fees set at P8.50 per square meter until 2028. The redevelopment is guided by inclusivity for vendors, and construction is utilizing precast technology for efficiency.

However, the project faces legal challenges and vendor concerns regarding privatization. The city administration remains committed to the redevelopment amidst these issues.