STATE-RUN Government Service Insurance System (GSIS) has received more than P5.7 billion worth of applications for its solar panel financing program as power costs remain elevated.
The number of applications, filed under the total Ginhawa Solar Energy Loan (GSEL) program, were as of April 21, the GSIS said in a statement, adding that it reflected growing interest in renewable energy solutions at the household level.
The pension fund for government workers said the program was designed to help members manage monthly utility costs by easing the upfront expense of installing solar panels, which can translate into lower electricity bills over time.
“We are helping our members take control of their electricity costs by giving them access to financing for solar panels,” GSIS President and General Manager Wick Veloso said.
“The shift to cleaner energy is an added benefit; for many families, the immediate value is the savings it can bring month after month,” he added.
The GSEL program allows qualified members to borrow up to P500,000 at a fixed annual interest rate of 5 percent, payable over a maximum term of 60 months.
Monthly amortization can reach up to P10,416.67 and the package includes three years of free insurance coverage for the installation.
“For many members, the main benefit is clear: lower monthly power bills,” Veloso said.
The GSIS has earmarked a total of P12.5 billion for the initiative, including P60 million allocated for insurance coverage.
Based on current application levels, nearly half of the funding pool has already been tapped, indicating robust early uptake.
Applications for the loan are processed exclusively through the GSIS Touch mobile app, part of the pension fund’s effort to streamline access and improve service delivery.
To qualify, applicants must be active GSIS members with at least three years of government service and a minimum of six months of premium contributions. Borrowers must also have no outstanding GSIS loans in default, except for housing loans.
NIÑA MYKA PAULINE ARCEO
