The Maragtas Legend tells the history of Iloilo: People called the “Atis” who were ruled by King Marikudo and Queen Maniwangtiwang, inhabited Panay. King Marikudo bartered the lowlands of Panay Island for a golden hat, “salakot”, and a long gold necklace, “manangyad”, and other assorted gifts to the Bornean Datus. The latter then took complete control of the island with the “Atis” retiring to the mountains. It was Datu Paiburong who was assigned in Irong-Irong (shaped like a nose), which was later known as Iloilo.