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). 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.