The town originally called "Bamban" but the early Spaniards changed it to Panay which means "mouth of the river" in accordance to its geographical location. The Spaniards arrived in Bamban in 1566 and it became the second settlement of Spain in the country next to Cebu. Miguel Lopez de Legazpi transferred the military settlement of Spain to Panay due to lack of food. The town was formally founded in 1572 while Legazpi had moved the capital of Spanish Colonial Government in the Philippines further north to Manila. Panay is a prosperous town due to trade thus it became the center of the northern part of the island for two centuries until the Spaniards moved their seat of government in Capiz town (now Roxas City) due to a better location for seaport. The town's name Panay was eventually given to the whole island.
The phenomenon of encounter of cultures has been known and described long ago, but in its definite meaning the theoretical analysis of the phenomenon may be dated by the late 19th and early 20th cc., the period of shaping of contemporary anthropology and philosophy of history.
In 1569, due to a scarcity of food provisions in Cebu, López de Legazpi transferred to Panay town on the island of Panay, where they were peacefully welcomed by the people in the Kedatuan of Madja-as. Subsequently, they founded a second settlement, then named Capiz and now the city of Roxas in Capiz province, located on the bank of the Panay River. In 1570, López de Legazpi sent Juan de Salcedo, his grandson who had arrived from Mexico in 1567, to Mindoro (former location of the Huangdom of Ma-i) to punish the Muslim Moro pirates who had been plundering Panay villages. Salcedo also destroyed forts on the islands of Ilin and Lubang, respectively South and Northwest of Mindoro.
Source: M.c. Halili (2004). Philippine History' 2004 Ed.-halili. Rex Bookstore, Inc. ISBN 978-971-23-3934-9.)
Panay is home to Sta. Monica Church which was first constructed in 1698 and underwent several reconstruction in 1774 and 1884. The church houses the biggest Catholic church bell in Asia which is made of 70 sacks of coins donated by townspeople. The church also faces the second oldest street in the Philippines called Calle Revolucion after Calle Colon of Cebu.
-Photo credits to the original owner.