Paingon is an affixed form of the root word ingon. And yes, kinda, though it's more complicated than that, see this entry for the full details: http://www.binisaya.com/cebuano/ingon

Basically ingon has three meanings, but they're usually very easy to tell apart by context.

1) Like, similar, such

Used to indicate similarity with something, or to demonstrate an example.

Ingon sa tindahan - "Like the store", "Such as the store"

When prefixed with "pa-", it means "to be like", but this usage is rare as the Spanish-derived synonym pareho is far more prevalent today

[Buhata] paingon sa ani nga tindahan - "[Build it] like this here store"

More commonly, it is paired with the word arun (pretend), as paingon arun', which means "[someone] who pretends to be like" (a "poser" or "pretender")

Paingon arun na tindahan - "[It's] pretending to be a store"

3) To say, to tell

Ingon as a verb can also mean "to say" or "to tell".

Ingon sa tindahan - "The store's [sign/PA system/shopkeeper] said"

When prefixed with pa- it becomes an imperative with implied politeness:

Paingon sa tindahan - "[Please] tell the store."

This usage of ingon has two important abbreviations that are not used in the other two usages: ingna or igna for ingona (also an imperative form of ingon, "tell", but less polite); and ingnon or ignon for ingonon ("will tell", "will say").

3) Toward

Unlike the preceding meanings, this is always prefixed with "pa-", thus the full verb is always "paingon" even when affixed further. Thus:

"I am going to the store" - Paingon ko sa tindahan.

"I went toward to the store" - Nipaingon ko sa tindahan NOT Niingon ko sa tindahan

"I am going to the store" - Mupaingon ko sa tindahan NOT Muingon ko sa tindahan