Bring the water, cinnamon stick, and vanilla extract to a boil. Add the rice (washed and drained).

Let it cook for a few minutes until the rice absorbs some of the water, then add the evaporated milk. Stir gently.

Next, add the sweetened condensed milk and keep stirring until the mixture thickens. It's ready!

You can add the raisins when you add the sweetened condensed milk or afterward, as you prefer.