Victorias Milling Company (VMC), considered the Philippines' leading sugar firm[2][3] and the largest sugar producer,[4] was founded by Don Miguel Ossorio[5][6] together with wife Maria Paz Yangco, Claudio Ruiz de Luzuriaga, his brother Francisco Ossorio, and Shiras Jones.

[12] Its dire financial situation was attributed to the competition brought about by cheap imported sugar, not operating to full capacity, loans that were spent for facility repairs and ventures to other industries, and trading extension of its subsidiary, the North Negros Marketing Corporation.

Isidro Alcantara Jr., then vice president of PCIBank, was appointed by SEC as the committee head on the rehabilitation plan's implementation.

[11] The company established a creditor-driven program to improve its financial standing and to settle the maturity of obligations earlier than schedule.

[15] In 2018, VMC sought SEC's approval to modify the rehabilitation plan to add loans worth P1.19 billion that were the subject of litigation with creditors.

The loans consisted of refined sugar delivery orders (RSDO) and quedans (RSQ) that were allegedly issued by the company and then utilized by its subsidiary, the North Negros Marketing Co. Inc. (Nonemarco), to facilitate borrowing.

Asserting that it didn't benefit from the proceeds of the loans, the company agreed to debt settlements spread over 10 years to prevent "future and protracted litigation.

"[11] The name of its annual Kalamayan Festival that started in 2014, which the city celebrates every December, comes from the Cebuano word kalamay (sugar) owing to the importance of this commodity to the economy and to the province of Negros Occidental.

It is considered one of masterpieces in modern Philippine church art and architecture,[23] and it is part of the National Museum's Important Cultural Properties.