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Panay Railways information


Panay Railways Incorporated
FormerlyPhilippine Railway Company Incorporated
IndustryRailway
FoundedHartford, Connecticut, USA (March 5, 1906 (1906-03-05))
Headquarters
Huervana Street, La Paz, Iloilo City
,
Philippines
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)
OwnerGovernment of the Philippines
Number of employees
10
ParentPhilippine Veterans Investment Development Corporation

Panay Railways Inc. is a government-owned and controlled corporation of the Philippines headquartered in La Paz, Iloilo City on the island of Panay. It is a subsidiary of Phividec Railways Inc. of the Philippine Veterans Investment Development Corporation (Philvedec).[1] The railway currently doesn't operate any trains but it leases the property that it owns and the revenue is used to defray the personnel and administrative costs incurred from looking after 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 Philippine Veterans Investment Development Corporation (Philvedec) (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-took ownership of Panay Railways from the Sugar Regulatory Administration, Philsucom's successor.[2]

  1. ^ "Panay Island Railway System Project Revival A Potential Tourism Booster". Manila Bulletin. March 26, 2013. Retrieved May 10, 2014.
  2. ^ a b c d Cite error: The named reference DOTC was invoked but never defined (see the help page).
  3. ^ Cite error: The named reference Salvilla was invoked but never defined (see the help page).
  4. ^ Valencia, Lynda (January 30, 2000). "DOTC revive Panay Railway to the tune of P3 billion". Philippine News Agency. Retrieved May 10, 2014.

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