LANDBANK finances first ‘top-of-the-line’ rice mill in Iloilo province

February 9, 2023

LANDBANK Senior Vice President Elsie Fe NB. Tagupa (3rd from left) and Restia Rice Milling Corporation Vice President Dolores P. De Vicente (4th from left) lead the signing of a loan agreement for the construction of a rice mill plant and acquisition of various chattels on 20 January 2023 in Leganes, Iloilo. 

LEGANES, Iloilo – Over 10,000 rice farmers from Panay Island in Western Visayas are expected to benefit from the top-of-the-line rice mill plant of Restia Rice Milling Corporation starting June 2023, while also helping to improve rice production and provide post-harvest facilities in the Province of Iloilo. 

To be located in Brgy. Calaboa in the municipality of Leganes, the 2,472-square-meter rice mill plant will address the lack of modern production and post-production milling facilities in Iloilo—one of the top rice-producing provinces in the country. 

Restia has tapped the Land Bank of the Philippines (LANDBANK) to fund the construction of its rice mill plant and acquisition of various chattels. It also 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 CEO Cecilia Cayosa Borromeo. 

LANDBANK Visayas Lending Group Head, Senior Vice President Elsie Fe NB. Tagupa and Restia Rice Milling Corporation Vice President Dolores P. De Vicente led the ceremonial loan signing on 20 January 2023 in Brgy. Napnud in Leganes, Iloilo to formalize the partnership. 

They were joined by LANDBANK Iloilo Lending Center Head, Assistant Vice President Giovani T. Baoy and Account Officer Lys Lee L. Infante, alongside Restia Rice Milling Corporation Secretary Dennis B. De Vicente, Treasurer Charmaine D. Guiang, and Board Member John Rigor C. Guiang.

Restia’s new rice mill plant will boast of modern equipment that can produce high-quality long grain rice and 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. 

Through the rice mill, farmers from Iloilo and neighboring provinces can market their produce of well-milled and high-grade rice grains at a higher price. They can also sell their harvest directly to Restia to cut logistics expenses and avoid transacting with middlemen, thereby resulting to 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 company Vice President De Vicente.

Restia Rice Milling Corporation is the new flagship business of the Restia Group of Companies which was established to support local farmers and improve the quality of local milled rice. The start-up company is also collaborating with the Department of Agriculture (DA) to establish an efficient logistics system in Panay Island for the benefit of local rice farmers.

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 31 December 2022, LANDBANK’s agriculture loan portfolio has expanded to P261.7 billion, of which P166.8 billion supported small, medium, and large agribusiness.

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