- Heat milk and water in large pot set over medium-low heat until it comes to slow simmer. Stir in rice and cinnamon sticks and keep it barely simmering, uncovered and stirring occasionally, until rice is softened, about 20 to 30 minutes.
- When rice is soft, remove cinnamon and stir in condensed milk, vanilla, salt, and raisins. Return to light simmer and cook for an additional 10 to 15 minutes, until most of the liquid is absorbed and rice has pudding-like consistency.
- Serve warm or refrigerate in individual serving bowls for later.