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May 31, 2024

LandBank partners with space agency for innovative agri-financing strategies

Land Bank of the Philippines (LandBank) has joined forces with the Philippine Space Agency (PhilSA) and the Department of Science and Technology-Advanced Science and Technology Institute (DoST-ASTI) in a collaborative effort to incorporate space data into agricultural financing strategies.

A memorandum of agreement was signed by PhilSA Director General Joel Joseph Marciano, Jr., LandBank Senior Vice President Elcid Pangilinan, and DoST-ASTI representative Alvin Retamar.

This partnership aims to leverage space-related technologies for financial applications, facilitate joint research endeavors, and exchange pertinent data to enhance decision-making.

Bankero, LandBank’s President and CEO, Lynette Ortiz, emphasized that this collaboration will further strengthen the institution’s commitment to agribusiness value chain financing strategies, contributing to the modernization and development of the agriculture sector.

The initiative will enable more accurate risk assessment, real-time monitoring, and site-specific insights into agricultural systems.