THE Land Bank of the Philippines (LandBank), Philippine Space Agency (PhilSA), and the Department of Science and Technology-Advanced Science and Technology Institute (DoST-ASTI) entered into a partnership for the integration of space data to financing strategies for the agriculture sector.PhilSA Director General Joel Joseph Marciano, Jr., LandBank Senior Vice President Elcid Pangilinan, and DoST-ASTI representative Alvin Retamar signed a memorandum of agreement on Aug. 8, 2023 in Quezon City.In a statement on Thursday, LandBank said that this collaboration will include the development and utilization of space-related technologies for financial applications and conduct of joint research and exchange of relevant data for research undertaking.'Our collaboration with PhilSA and DoST-ASTI is a welcome opportunity to further strengthen LandBank's agribusiness value chain financing strategies through cutting-edge data,' said LandBank President and CEO Lynette Ortiz.Ortiz added that they will continue to explore innovative opportunities to firm up support for modernizing and developing the agriculture sector.LandBank emphasized that the partnership will also provide key insights to strengthen its capabilities in rolling out more effective lending strategies for the agribusiness value chain.This includes accurate assessment of multiple risks, monitoring on a near-real-time and site-specific basis, and understanding the performance and prospects of various agricultural commodity systems.'Our efforts in the space downstream have also been incessant. We have heightened efforts to engage government agencies, academe, LGUs and other groups in promoting more widespread and effective integration of such data into decision-making and policy formulation,' said Marciano.The state-owned bank affirmed that it remains steadfast in support of all players in the agribusiness value chain. LandBank recently reported posting a total of P713.8 billion in outstanding loans directed to agriculture and rural development as of June 30, 2023.'This is way above the 25 percent requirement for local banks to allocate financing for agriculture, fisheries and rural development under Republic Act 11901 or The Agriculture, Fisheries and Rural Development Financing Enhancement Act of 2022,' it said.
