THE Government Service Insurance System (GSIS) has approved P10.18 billion in loans to help public employees and pensioners install solar power systems at home.
The state pension fund said on Wednesday that its Ginhawa Solar Energy Loan program had received 66,233 applications worth P19.81 billion as of Nov. 11. It credited P10.12 billion to borrowers and approved another P57.17 million. Applications worth P87.37 million were being processed.
Launched in March, the program aims to help lower household electricity costs by making rooftop solar power more affordable.
“Imagine reducing your monthly electricity bill from P7,000 to just P300. For an ordinary government employee or a pensioner, that represents substantial savings that can instead be spent on food, education, health care and other family needs,” GSIS President and General Manager Jose Arnulfo Veloso said.
Qualified borrowers may apply through the GSIS Touch app for up to P500,000 at 5-percent annual interest, payable in 60 monthly installments.
The loan does not charge service fees and includes loan redemption insurance with three years of coverage for installed solar panels against fire, lightning, typhoons and earthquakes, subject to policy terms.
The GSIS board of trustees had approved P12.5 billion for the program, including P60 million for insurance coverage.