‘Rice Revolution’ launched in Leyte
ORMOC CITY — 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 .
On the first phase of its agri-business, Chenyi Agventure said it would target a production of 1.25 million sacks of premium rice, and increase farmers’ net income from the present average of P19,000 per year to PP200,000 per year.
Chenyi Agventure promised to free the farmers, who will join the “corporative,” from the bondage of loan sharks. It is initially consolidating the farmers of Alangalang—where Chenyi is based—and those from nearby towns of Sta. Fe, Pastrana, San Miguel, and Jaro.
Rachel Renucci-Tan said the company’s projection is doable “as long as the farmers follow our instructions.” She said that, to achieve the projected yield of 175 sacks per hectare, Chenyi would give the farmers for free rice seedlings of high-yielding varieties, implement mechanized farming, and provide farm inputs, such as fertilizers, at a minimal interest rate.
Upon harvest, Chenyi will buy the rice from the farmers, and those whose yield fall below the 175-sacks target, but have followed the company’s instructions to the hilt would be compensated with an amount equivalent to the targeted output, she told The FREEMAN.
Renucci-Tan said she and her husband, while looking around for business opportunities in the country, decided to relocate in Leyte after studying its potential in agriculture. “We uncovered a secret. Nobody knew that Leyte was the country’s No. 8 rice producer. We can make it No. 1 as long as farmers follow modern farming techniques.” she said.
Frank Renucci said he is confident their venture will succeed. He said they have been coming to Alang-alang for two years now and they know the farmers’ problems thus Chenyi was put up as their solution.