Victorias Milling Company, Inc. was founded on May 7, 1919 by Don Miguel Ossorio. Back then, VMC was one of the earliest modern sugar mills in the country. In the succeeding years, VMC expanded its business by establishing an agricultural research department and construction of VMC Dock. It also established a sugar refinery and began producing hydrous alcohol in Manapla. During the Japanese occupation, VMC and another sugar mill Negros Sugar Company (NONSUCO) suffered extensive damages. The latter was the very first sugar mill in the Philippines established by Don Miguel. Ossorio then decided to merge the assets of the two sugar mill with VMC as the surviving entity because it incurred less damages than.

Because of rising overhead costs, falling sugar prices, and increasing competition, VMC came up with an Alternative Rehabilitation Plan (ARP) that was approved by the Securities and Exchange Commission on November 29, 2000. As of 2010, VMC was able to pay its interest payments to date, as well as its principal loan repayments. This meant an annual interest payment of about P307.0 Million and loan principal payment of P365.0 Million to its creditor banks.