Yes, that’s what it is – ikaw ay = ika’y. The contraction of the personal pronoun + ay is quite commonly done.
You are likely to also encounter the following contractions: “ako’y (ako ay)”, “kami’y”, “tayo’y”, “kayo’y”, “siya’y”, and “sila’y”.
Kumain na tayo. = Tayo’y kumain na. = Let’s eat already.
Then there are also “ko’y (ko ay)”, “nami’y (namin ay)”, “nati’y”, “mo’y”, “ninyo’y/n’yo’y”, “niya’y”, and “nila’y”.
Alicia ang pangalan niya. = Ang pangalan niya’y Alicia. = Her name is Alicia.
Less frequently, we also use, “aki’y (akin ay)”, “ami’y”, “ati’y”, “iyo’y”, “inyo’y”, “kaniya’y”, and “kanila’y”.
Mabait sila sa iyo. = Sila’y mabait sa iyo. = Sa iyo’y mabait sila. = They are nice to you.
Ang (sa) inyo’y inyo at ang (sa) ami’y amin. = What’s yours is your and what’s ours is ours. - Some of us might omit the "sa".
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