In a saucepan, bring rice, milk, water, cinnamon sticks, nutmeg and cloves to a boil over high heat.
Boil for 5 minutes, stirring constantly.
Add the sweet condensed milk and simmer over low heat for 10 minutes.
Add the evaporated milk, the vanilla extract and the raisins and cook for 10 more minutes until it thickens to the desired consistency. Add more milk if you want your Arroz Con Leche thinner, as it will thicken once it cools down.
Serve it chilled or at room temperature.