[3] In 2014, Valencia met with Kevin Tan, then-head of Megaworld Lifestyle Malls and now the CEO of Alliance Global Group Inc., the holding company of Megaworld Corp.[3] Tan said the real estate company planned to build a museum in Manila but Valencia suggested Iloilo as the location, due to the province's thriving art community.

[2] ILOMOCA opened on March 17, 2018, with the goal of enriching the community life of Iloilo province through exhibitions and outreach programs.

[5] Its facade is adorned by an 8.8-meter bronze statue of Iloilo's revolutionary hero General Martin Delgado, the work of award-winning Spanish artist Ginés Serrán-Pagán.

The sculpture depicts Delgado, who was the first Filipino governor of Iloilo province, riding a horse with his left hand holding a sword.

Masterworks of international artists such as Salvador Dalí, Marc Chagall, and Joan Miró are displayed in the gallery.

[11] It houses the collection of the Valencia family, including works from National Artists Arturo Luz and Ang Kiukok.