The design of multivariable process control systems is specially complicated when there are strong interactions between the different control loops, and even more with multiple time delays. This paper proposes an iterative design method of centralized proportional-integral-derivative (PID) controllers for stable linear systems. The methodology is based on the linear parameterization of equivalent loop transfer functions (ELTFs) for centralized control. These functions capture the dynamics of the other loops and, from a prior design, allow solving the design problem at each iteration with linear programming that shapes the Nyquist plot of the ELTFs in the frequency domain, which also avoids the need for approximations. Two optimizations are proposed: (I) maximizing integral gains by fulfilling linear robustness margins in each ELTF and (II) maximizing linear robustness margins by fulfilling minimum bandwidths in each loop. In both optimizations, static decoupling and decoupling at a frequency close to the bandwidth of each loop are included as constraints, which improves the decoupling performance and the procedure convergence. The effectiveness of the method is verified in three simulation examples (square and non-square) and a lab experimental process. The proposed designs achieve a similar or better response when compared to that achieved by other authors.