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.

According to Philippines News Agency, GSIS Executive Vice President Joseph Philip Andres mentioned in a Bagong Pilipinas Ngayon interview that the initial uptake reflects the urgency of providing affordable energy solutions to members. Andres stated, "In the first 24 hours, we approved 1,200 applications worth PHP400 million. uptake has been strong because it is timely."

The Ginhawa Solar Energy Loan (GSEL), launched on 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 aims to help ease the burden of high electricity costs while supporting the shift to renewable energy amid the ongoing energy crisis.

Andres highlighted that the approved installations could contribute to additional energy output, as more households generate their own electricity. He also noted that GSIS is preparing to roll out additional loan products to further assist members and address the country's energy challenges.

Andres further explained that more programs are being planned to achieve energy sufficiency and address the energy crunch. He emphasized that 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.