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The Department of Energy (DOE) is launching a $250 million loan program aimed at promoting investment in geothermal energy exploration in the Philippines. Undersecretary Mylene Capongcol announced the initiative during the Economic Journalists Association of the Philippines forum, stating that the program will help mitigate the high costs associated with the initial exploration stages.

The government will cover at least 50% of exploration costs, with the possibility of loans converting to grants if exploration fails. The DOE plans to submit the proposal for approval this year, with implementation expected next year.