Philippines earmarks funds for biodiesel project

A PhP1 billion (US$20 million) fund has been earmarked by the Philippine government to develop the biofuel industry, using jatropha. The Philippine National Oil Corp. (PNOC) and the Armed Forces have signed an agreement to convert idle lands in military camps, totaling about 150 hectares, into jatropha plantations. Philippine Forest Corp. President Jun Lozada said about PhP50 million (US$ 998,000) of the PhP500 million-PNOC budget (US$10 million) has been allotted for the research and development of jatropha. Socioeconomic Planning Secretary Romulo Neri explained that jatropha-based fuel can replace US$1.75 billion worth of diesel fuel imports. The country imports US$7 billion worth of oil products each year. (November 9, 2006)