SM Prime Holdings Inc. has turned over P131.89 million to Bacolod City Mayor Albee Benitez for the redevelopment of the iconic Manokan Country, signaling the start of its transformation into a future-ready tourist destination that honors Ilonggo food culture and tradition.

The amount turned over by SM Supermalls President Steven Tan to Mayor Benitez represents seven years of advance rental payments for Manokan Country, 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.