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Philippines to offer loans for engine conversion

The Philippine government launched a Php1 billion ($22 million) lending program to help public transport operators convert engines of their vehicles to use liquefied petroleum gas. President Gloria Macapagal Arroyo unveiled the lending facility, which she said should allow the conversion of around 10,000 vehicles – jeepneys, buses and taxis – that are currently using either diesel or gasoline. Arroyo said the loans will be administered by state-owned Land Bank of the Philippines and shall be repaid over a two-year period. The loans will be interest- free but will require a daily charge of Php80 (US$1.77). (June 16, 2008)