AGREEMENT SIGNED. Philippine Space Agency Director General Joel Joseph Marciano Jr. (center), Landbank Senior Vice President Elcid Pangilinan (2nd from right) and Department of Science and Technology-Advanced Science and Technology Institute representative Alvin Retamar (2nd from left) sign the tripartite memorandum of understanding for collaboration on the use of space data and analytics for financial applications on Aug. 8, 2023 in Quezon City. The collaboration covers the development and utilization of space-related technologies for financial applications. (Photo courtesy of PhilSA)
MANILA – Land Bank of the Philippines (Landbank), Philippine Space Agency (PhilSA) and the Department of Science and Technology-Advanced Science and Technology Institute (DOST-ASTI) recently signed an agreement for the integration of space data and analytics to its financing strategies for the agriculture sector.
In a statement on Thursday, Landbank said the memorandum of understanding (MOU) was signed by PhilSA Director General Joel Joseph Marciano Jr., Landbank Senior Vice President Elcid Pangilinan and DOST-ASTI representative Alvin Retamar last Aug. 8.
The tripartite collaboration 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 Landbank President and CEO Lynette Ortiz.
The partnership aims to provide Landbank insights to strengthen its capabilities in rolling out lending strategies for the agribusiness value chain.
These include the 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.
“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,” Marciano said. (PNA)
