The Land Bank of the Philippines said it will be working with the Philippine Space Agency (PhilSA) and the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) on the integration of space data and analytics to its financing strategies in the agriculture sector.
The collaboration, signed by the three parties last week, covers the development and utilization of space-related technologies for financial applications, conduct of joint research and exchange of relevant data for research undertaking, organization of training symposia or similar activities and sharing of technological resources.
“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. We will continue to explore innovative opportunities to firm up our support for modernizing and growing the agriculture sector,” said Lynette Ortiz, Landbank president and chief executive officer, in a statement.
Ortiz added the partnership is expected to provide the bank with key insights that will strengthen its capabilities in rolling out more effective lending strategies for the agribusiness value chain, including accurate assessment of multiple risks, monitoring on a near-real-time and site-specific basis and understanding of the performance and prospects of various agricultural commodity systems.
Landbank said this will further help in supporting all players in the agribusiness value chain.
The state-run bank reported its outstanding loans to agriculture and rural development reached P713.8 billion as of the first half of the year.
