In 1976, the Spanish artist Agustín de la Herrán Matorras was commissioned by the religious order of the Oblates to build a 45-meter-tall stone monument of a madonna which was assembled on a high pedestal on the top of Panecillo. Called "Virgin of El Panecillo", it is made of seven thousand pieces of aluminium. The monument was inaugurated on March 28, 1976, by the 11th archbishop of Quito, Pablo Muñoz Vega. The statue was engineered and erected by Anibal Lopez of Quito.
The virgin stands on top of a globe and is stepping on a snake, which is a classic madonna iconography. Less traditional are the wings. Locals claim that she is the only one in the world with wings like an angel.