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). 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.
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