The Land Bank of the Philippines has partnered with the Philippine Space Agency and the Department of Science and Technology-Advanced Science and Technology Institute to leverage space data and analytics for its agricultural sector financing strategies.
By utilizing data from the PSA and DOST-ASTI, Land Bank will have access to near-real-time and site-specific information. This will enable a better understanding of the performance and prospects of various agricultural commodity systems, as well as an accurate assessment of multiple risks.
Director General Joel Joseph Marciano Jr. of PhilSA stated, “Our efforts in the space downstream have been incessant. We have intensified our engagement with government agencies, academia, LGUs, and other groups to promote the wider and more effective integration of such data into decision-making and policy formulation.”
Lynette V. Ortiz, president and CEO of Land Bank, said: “Our collaboration with PhilSA and DOST-ASTI presents a valuable opportunity to further enhance Land Bank’s agribusiness value chain financing strategies through cutting-edge data. We remain committed to exploring innovative avenues to strengthen our support for the modernization and growth of the agriculture sector.”
As of the end of June 2023, Land Bank’s loans for agriculture and rural development amounted to P713.8 billion, surpassing the 25% requirement set by the Agriculture, Fisheries, and Rural Development Financing Enhancement Act.