 | This article needs additional citations for verification. (August 2024) |
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 JNR Class DD13 in 1970s, after being handed over to Panay Railways | |
| Formerly | Philippine Railway Company Incorporated |
|---|---|
| Industry | Railway |
| Founded | Hartford, Connecticut, USA (March 5, 1906) |
| Headquarters | Huervana Street, La Paz, Iloilo City , |
Area served | Panay |
Key people | Antonio Balgos, Chairperson Averill Amor, CEO |
| Total assets | ₱292,953,706.96 (2020) |
| Total equity | ₱273,630,089.56 (2020) |
| Owner | Government of the Philippines |
Number of employees | 10 |
| Parent | Philippine Veterans Investment Development Corporation |
Panay Railways, Inc. is a government-owned and controlled corporation of the Philippines that formerly operated railway systems on the islands of Panay and Cebu. It is headquartered in La Paz, Iloilo City, and is a subsidiary of Phividec Railways, Inc. under the Philippine Veterans Investment Development Corporation (PHIVIDEC).[1] While Panay Railways currently does not operate any trains, it leases its property, and the generated revenue is utilized to cover personnel and administrative costs associated with maintaining its assets.[2]
The company has been owned in succession by the Rehabilitation Finance Corporation which became the Development Bank of the Philippines (1945–74), and then it was sold to the PHIVIDEC (1974–79).[2][3] In 1979, management and operations were transferred to the Philippine Sugar Commission (PHILSUCOM) which changed the company's name to the current Panay Railways, Inc.[2][4] On September 26, 1995, PHIVIDEC re-acquired ownership of Panay Railways from the Sugar Regulatory Administration, PHILSUCOM's successor.[2]
There have been feasibility studies and proposals to revive the railways, including discussions about opening the company to foreign ownership to facilitate the reconstruction of its former train lines.[5] The reconstruction is planned to proceed in four phases: the first phase will cover the route from Iloilo City to Roxas City, the second phase will extend from Roxas City to Caticlan (Boracay) in Malay, Aklan,[6] the third phase will extend from Caticlan to San Jose, Antique, and the fourth phase will complete the loop back to Iloilo City.[7]
- ^ "Panay Island Railway System Project Revival A Potential Tourism Booster". Manila Bulletin. March 26, 2013. Retrieved May 10, 2014.
- ^ a b c d Cite error: The named reference
DOTCwas invoked but never defined (see the help page). - ^ Cite error: The named reference
Salvillawas invoked but never defined (see the help page). - ^ Valencia, Lynda (January 30, 2000). "DOTC revive Panay Railway to the tune of P3 billion". Philippine News Agency. Retrieved May 10, 2014.
- ^ Marzan, Joseph (March 24, 2022). "Panay Railways chief open to foreign ownership to rehab defunct rail system". Daily Guardian. Retrieved March 30, 2022.
- ^ Cervantes, Filane Mikee (April 26, 2022). "Railways in Panay Island soon 'to be a reality': solon". Philippine News Agency. Retrieved August 7, 2024.
- ^ Sornito, Ime (January 31, 2023). "Turkish investor to conduct feasibility study on Panay railways' revival". Panay News. Retrieved August 7, 2024.