The Land Bank of the Philippines (LANDBANK) is funding the first-ever “top-of-the-line” rice mill plant in Iloilo province benefitting over 10,000 farmers in Western Visayas.
The 2,472-square meter rice mill plant, being erected in Barangay Calaboa in Leganes town, was requested by Restia Rice Milling Corporation (RRMC) and is expected to start operations by June of this year.
This project aims to address the lack of modern production and post-production milling facilities in Iloilo as one of the top rice-producing provinces in the country.
RRMC has tapped LANDBANK to fund the construction of its rice mill plant and acquisition of various chattels and availed of a short-term loan line to finance its working capital requirements for palay trading, relending to farmers, and rice milling.
“LANDBANK remains committed to supporting the whole agriculture value chain to boost the country’s agricultural output. Our comprehensive and holistic approach to lending ensures that all agri players have access to affordable and responsive financing,” said LANDBANK President and Chief Executive Officer Cecilia Cayosa Borromeo.
The new rice mill plant will also boast modern equipment that can produce high-quality long-grain rice and is capable of processing even wet palay stocks during the rainy season.
The plant will be able to process up to 2,900 bags of palay per day, with an estimated production output of 2,400 bags.
Aside from that, they can also sell their harvest directly to Restia to cut logistics expenses and avoid transacting with middlemen, thereby resulting in improved income.
“Nagpapasalamat ako sa LANDBANK sa suportang ipinapaabot nila sa Restia upang mapatayo ang aming rice mill project. Ito ay lubos na makakatulong sa mga rice farmers dito sa Panay upang mabenta nila sa mas mataas na halaga ang kanilang mga produkto,” said RRMC Vice President Dolores P. De Vicente.
LANDBANK Visayas Lending Group Head, Senior Vice President Elsie Fe NB. Tagupa and De Vicente of RRMC led the ceremonial loan signing on January 20 in Brgy. Napnud in Leganes, Iloilo to formalize the said partnership.
They were joined by LANDBANK Iloilo Lending Center head Assistant Vice President Giovani T. Baoy and Account Officer Lys Lee L. Infante, alongside RRMC Secretary Dennis B. De Vicente, Treasurer Charmaine D. Guiang, and Board Member John Rigor C. Guiang.
LANDBANK has been extending accessible and affordable financing to all players in the agriculture value chain, in line with its broader thrust of serving the nation.
As of December 31, 2022, LANDBANK’s agriculture loan portfolio has expanded to P261.7 billion, of which P166.8 billion supported small, medium, and large agribusiness.
