In-the-News

Rice production venture to help Leyte farmers

August 22, 2017

Alang-Alang, Leyte – Thousands of farmers who were victims of super-typhoon Yolanda in six towns of this province are expected to benefit from a rice production venture to be funded by the Land Bank of the Philippines (LBP) which will be operated by Chen Yi Agventures (CYA).

Leyte Governor Leopoldo Domonico L. Petilla (Photo by: Restituto A. Cayubit|Manila Bulletin)

Leyte Governor Leopoldo Dominico L. Petilla said that the financing agreement was signed recently between LBP and Chen Yi Agventures Rice Processing Centre.

Patrick Renucci of Chen Yi Agventures is the first fully integrated and sustainable rice business of this scale in the Philippines, which aims to produce up to 1.25 million sacks of palay for Phase I alone.

Chen Yi will also be the largest producer that will integrate seed growing, planting, farm management, harvesting and rice production in the Visayas and Mindanao,” Renucci said.

Renucci told reporters in an interview that the rice revolution of the company will increase the yield, quality of palay and therefore the income of farmers by lowering the cost of production of high quality premium rice.

He said the rice will enable the farmers of Leyte to be as competitive as their counterparts in Thailand and Vietnam.

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