A first-ever effort to rank commercially-important mollusk species of Panay Island was conducted based on an extensive survey between March and April 2018. Ranking was based on the following criteria, namely: commercial value (40%), catch rates (20%), sources of threats (type of gear, processing plants, and number of fishers) (20%), frequency in the markets and source sites (10%), and literature available (10%), modified to a certain extent. A total of 90 mollusk species categorized into bivalves (49), gastropods (32), and cephalopods (9) were ranked. The comb pen shell Atrina pectinata (Pinnidae), Indian squid Uroteuthis duvaucelii (Loliginidae), and the scallop Mimachlamys sanguinea (formerly Chlamys senatoria) (Pectinidae) formed the top three species in the list strongly attributed to their high commercial value and thus catch rates. Squids, in general, are caught by trawls, whereas most of the other species are harvested primarily by gleaning and diving. The study highlights the high diversity of the malaco-fauna of Panay, as well as the multi-gear character of tropical fisheries. This ranked inventory can be used in prioritizing research on mollusks, by identifying target species for more in-depth studies useful for establishing their present status.