It
The standard way to say "it" is the word "ini." (If the word "it" isn't the focus of the sentence, use "sini.")
"I will buy it." (Object focus) — "Baklon ko ini." (buy = bakal, future object of bakal is baklon)
"I will buy it." (Action/Actor focus) — "Magbakal ako sini."
"It is because..." — "Tungod ini..." (because = tungod)
"It happened yesterday." — "Natabo ini gahapon." (happen = hitabo, shortened to tabo; yesterday = gahapon)
"They gave it to me." — "Ginhatag nila ini sa akon." (give = hatag)
The strict rules of formal Hiligaynon are not always followed in everyday speech. Many words are dropped, leaving you to understand the meaning based on context alone. For example, "They gave it to me," might just be "Ginhatag sa akon," when you already know who and what is being discussed.
Implied
In some descriptive phrases, "it" is the subject; it's the thing being described.
"It is tasty." ← "It" (the food) is the subject that's being described. — "Nam-it ini." (tasty = nam-it)
In other descriptive phrases, "it" isn't the subject. In those cases, "it" isn't explicitly stated. It is only implied.
"It is hot outside." ← "Outside" is the subject, rather than "it." — "Init sa guwâ." (hot = init, outside = guwâ)
"It is good if you teach him." — "Maayo kon magtudlo ka sa iya." (good = maayo, teach = tudlo)
Animals
When referring to animals you would generally use the word "siya," because they can be "he" or "she," unlike objects and intangible things.
Dropping It
In casual speech, "it" can be dropped from sentences when it's already clear what you're talking about.
"If there's food in the container, place it here." — "Kon may pagkaon sa sulodlan, ibutang mo diri." (pagkaon = food, sulodlan = container, butang = place)
Siya
In older and more formal Hiligaynon, "siya" can also be used as "it."
Combination: Demonstrative & Personal
There are circumstances when a demonstrative pronoun (this, that, these, those) could be combined with a personal pronoun (he, she, us, etc).
This/That + Person/Thing
"That guy is loud." — "Gahud inâ siya." (gahud = loud)
"Is this thing expensive?" — "Mahal ini siya?" (mahal = expensive)
Second Mention
After introducing a person or thing, a combination can (optionally) be used the second time it's referred to.
"This is John. He ate your cheese." — "Amo ini si John. Nagkaon ini siya sang imo keso." (kaon = eat, keso = cheese)
"I watched a movie. It was about birds." — "Nakalantaw ako sang sine. Parte inâ siya sang mga pispis." (lantaw = watch, sine = movie, pispis = bird)
"Here are my siblings. They will be your friends." — "Ari ang mga utod ko. Ini sila mangin abyan mo." (utod = sibling, abyan = friend)