This is not a Tagalog word.
ILY is the English acronym for I Love You.
In Tagalog, it’s Mahal Kita. 🙂
Mahal kita.
I love you.
(most common)
Iniibig kita.
I love you.
(dramatic, only for lovers)
Recent spelling affectations: i lob yu / ilobyu / i lob u / ilobu
ILYVM = I Love You Very Much