MANILA – The Government Service Insurance System (GSIS) approved 1,200 solar energy loan applications worth around PHP400 million within the first 24 hours since the program’s rollout, signaling strong demand amid rising electricity costs.
In a Bagong Pilipinas Ngayon interview Friday, GSIS Executive Vice President Joseph Philip Andres said the initial uptake reflects the urgency of providing affordable energy solutions to members.
“In the first 24 hours, naka-approve na po kami ng 1,200 applications na nagkakahalaga ng PHP400 million… talagang mabili po ito dahil napapanahon po talaga (In the first 24 hours, we approved 1,200 applications worth PHP400 million… uptake has been strong because it is timely),” Andres said.
He said the Ginhawa Solar Energy Loan (GSEL), which was launched last March 25, allows qualified members to borrow up to PHP500,000 payable over five years at a 5 percent annual interest rate to finance the installation of solar panel systems in their homes.
The program was launched to help ease the burden of high electricity costs while supporting the shift to renewable energy amid the ongoing energy crisis.
Andres said the approved installations could also contribute to additional energy output, as more households generate their own electricity.
He added that GSIS is preparing to roll out additional loan products to further assist members and address the country’s energy challenges.
“Mayroon pa po kaming mga ipo-forward sa mga coming days… more programs like this… para magkaroon tayo ng sufficiency and also as an answer to the energy crunch (We will introduce more programs in the coming days… to achieve energy sufficiency and address the energy crunch),” he said.
Andres said the solar loan initiative is part of the state pension fund's broader efforts to provide financial relief while promoting sustainable and renewable energy solutions. (PNA)