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Panay Railways
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Panay Railways
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.
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). 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. On September 26, 1995, PHIVIDEC re-acquired ownership of Panay Railways from the Sugar Regulatory Administration, PHILSUCOM's successor.
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. 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, the third phase will extend from Caticlan to San Jose, Antique, and the fourth phase will complete the loop back to Iloilo City.
In December 1905, a syndicate composed of William Salomon and Company, International Banking Corporation, Heidelbach, Ickelheimer and Company, Cornelius Vanderbilt III, Charles M. Swift, H. R. Wilson, and J. G. White and Company was the sole bidder for the right to construct railroads on Cebu, Panay and Negros. In 1906, the syndicate was awarded the concession and the Philippine Railway Company Inc. was incorporated in the state of Connecticut, United States on March 5, 1906.
On May 28, 1906, the Philippine government formally passed an act granting the company the concession.
The company became part of a "Manila syndicate", a collection of Philippine infrastructure companies including the Manila Electric Railway and Light Company, the Manila Construction Company, and the Manila Suburban Railways Company. Later the Philippine Railways Construction Company was added.
Construction began on a railroad from Iloilo City to Roxas City in Capiz with crews working from both cities and meeting in the middle in 1907. Crews working from the north and south met at the railway track's highest elevation in a flag stop near Passi's border with Dumarao, later called Summit.[citation needed] Operations began immediately upon completion.
In 1937, after three decades of operations, the railroad had not yet earned a profit.
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Panay Railways
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.
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). 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. On September 26, 1995, PHIVIDEC re-acquired ownership of Panay Railways from the Sugar Regulatory Administration, PHILSUCOM's successor.
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. 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, the third phase will extend from Caticlan to San Jose, Antique, and the fourth phase will complete the loop back to Iloilo City.
In December 1905, a syndicate composed of William Salomon and Company, International Banking Corporation, Heidelbach, Ickelheimer and Company, Cornelius Vanderbilt III, Charles M. Swift, H. R. Wilson, and J. G. White and Company was the sole bidder for the right to construct railroads on Cebu, Panay and Negros. In 1906, the syndicate was awarded the concession and the Philippine Railway Company Inc. was incorporated in the state of Connecticut, United States on March 5, 1906.
On May 28, 1906, the Philippine government formally passed an act granting the company the concession.
The company became part of a "Manila syndicate", a collection of Philippine infrastructure companies including the Manila Electric Railway and Light Company, the Manila Construction Company, and the Manila Suburban Railways Company. Later the Philippine Railways Construction Company was added.
Construction began on a railroad from Iloilo City to Roxas City in Capiz with crews working from both cities and meeting in the middle in 1907. Crews working from the north and south met at the railway track's highest elevation in a flag stop near Passi's border with Dumarao, later called Summit.[citation needed] Operations began immediately upon completion.
In 1937, after three decades of operations, the railroad had not yet earned a profit.
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