In-the-News

‘Rice Revolution’ launched in Leyte

August 22, 2017

ORMOC CITY, Philippines — The ‘Rice Revolution’ program—aimed at making Leyte the ‘rice capital of the Philippines’—was started in Alang-alang town this week, after an ambitious young company inked a loan agreement with Land Bank of the Philippines to help rice farmers in the province become “as rich as the farmers in France.”

French-Italian businessman Francois Patrick Renucci and his wife, Rachel Renucci-Tan put up the Chenyi Agventure Inc. for the Rice Revolution program that would consolidate rice farmers in the town and neighboring areas into a “corporative.”

The couple signed a loan agreement with Land Bank of the Philippines president and chief operating office Alex Buenaventura, together with Edward John Reyes, LBP executive vice president for agricultural and development lending sector. This was witnessed by Leyte Governor Leopoldo Dominico Petilla.

The loan package would help the farmers adopt modern farming technology, which would increase their yield to 175 sacks of rice per hectare compared to their current average yield of 120 to 130 sacks per hectare.

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