From Fish Vendor to Multi-Millionaire: Spouses’ Business Thrives with Help from LANDBANK
Mayorga, Leyte – In a remarkable rags-to-riches story, spouses Leonilo and Bella Basister have built a successful rice trading business with the support of the Land Bank of the Philippines (LANDBANK). Their business, L.K. Basister Rice and Palay Trading, now operates two rice mills that produce over 100,000 sacks of milled rice annually.
Leonilo, also known as Kiloy, faced limited opportunities after being unable to pursue higher education due to financial constraints. However, with a meager starting capital of only P270, he began selling fish and live piglets in the market while taking on side jobs. He also borrowed resources from relatives and friends to expand his business.
Years of hard work paid off when Kiloy and Bella established their rice trading business in 1998. Starting with only 17 sacks of palay, their business grew steadily each year. Eventually, they needed to find local rice mill operators to accommodate their growing stocks. In response, they established their own rice mill in 2010, capable of processing up to 30,000 sacks per year.
Their big break came in 2012 when they secured a P3 million credit line from LANDBANK. With increased working capital, the couple was able to buy more palay from local farmers, securing a stable market for their produce.
LANDBANK’s support has been instrumental in the growth of their business. Kiloy expressed his gratitude, saying, “LANDBANK was really a big help in the growth of our business and where we are today. We had a larger fund that was used to buy rice that we would mill throughout the year. As a result, our income continued to increase, and we were really able to get out of poverty.”
Thanks to LANDBANK’s consistent support, L.K. Basister Rice and Palay Trading has evolved into a multi-million enterprise, producing over 100,000 sacks of milled rice per year. The couple’s credit line with LANDBANK has also expanded to P100 million due to their excellent credit standing.
Currently, Kiloy and Bella manage two rice mills, equipped with whitener and mist polisher. Additionally, they have warehouses, mechanical dryers, and delivery equipment to support their logistics. They even have an outlet in Tacloban City to facilitate the sale of their milled rice.
Aside from contributing to the town’s food security, L.K. Basister Rice and Palay Trading has created employment opportunities for 70 local residents involved in various aspects of the business, including drying, milling, hauling, sacking, and delivery.
Kiloy and Bella now enjoy a comfortable life with their six children. They are proud to send their kids to school, four of whom have already graduated and are now contributing to the family business.
Despite their achievements, the couple remains determined and continues to manage their business with the same persistence they had when they started. They have even expanded into other fields such as poultry farming.
Kiloy expressed his advice to aspiring entrepreneurs, saying, “To those who want to do business, all I can say is just be patient. Take a loan if it is necessary, as long as you know how to pay and know where to use it.”
LANDBANK has been actively supporting micro, small, and medium enterprises (MSMEs) as part of its commitment to promote inclusive local communities. As of June 2023, LANDBANK has provided outstanding loans worth P49.5 billion to over 6,100 MSME borrowers nationwide.
