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Panay is an island in the Philippines located in the Visayas. Politically, it is divided into four provinces: Aklan, Antique, Capiz, and Iloilo, all in the Western Visayas region. The prominent city of the island is Iloilo City.

Panay is located southeast of the island of Mindoro and northwest of Negros, separated by Guimaras Strait. Between Negros and Panay lies the island-province of Guimaras. To the north is Sibuyan Sea and the islands of Romblon; to the southwest is the Sulu Sea.

Panay is the location of the famous legend of Maragtas, which chronicled the arrival of the Malay race to the Philippine islands.

Panay is an American gunboat which in 1936, while patroling a river inside China, was sunk by the Japanese. The Japanese, fearful of the American response, quickly apologized and gave reparations. American failure to react was one of the factors that convinced them of America's unwillingness to fight, and probably encouraged their decision to attack Pearl Harbor.