Manila: Government workers can now borrow up to PHP500,000 at 5 percent interest to install solar panels under a new loan program aimed at reducing electricity costs and supporting energy security efforts.
According to Philippines News Agency, the Government Service Insurance System (GSIS) has initiated the Ginhawa Solar Energy Loan (GSEL), aligning with national efforts to promote renewable energy following the declaration of a national energy emergency. GSIS President and General Manager Wick Veloso emphasized the program's role in enabling members to contribute to the country's energy transition. Veloso stated, "The call from the President is clear: every Filipino must be part of the solution. Through this program, our members can move from awareness to action, shifting to solar, lowering long term costs, and investing in a more stable and sustainable future."
Applications for the loan are accessible exclusively through the GSIS Touch mobile application, reflecting the agency's commitment to enhancing digital service delivery. The program offers eligible members the opportunity to borrow up to PHP500,000 to finance the purchase and installation of solar panel systems. The loan is repayable over five years at an interest rate of 5 percent per annum with no service fee, allowing members to offset upfront costs and achieve savings on electricity bills through net metering. This feature enables households to sell surplus electricity back to the grid.
Eligibility for the loan is extended to active GSIS members with at least three years of government service, contingent upon the submission of necessary documentation such as a supplier quotation, installation agreement, or proof of purchase certified by an authorized agency officer. Once approved, loan proceeds are deposited directly into the borrower's bank account within three working days, with repayments automatically deducted from salaries.
Additionally, the loan package includes three-year insurance coverage for solar installations against hazards like fire, lightning, typhoon, and earthquake at no extra cost. It also features redemption insurance that clears the outstanding balance in the event of the borrower's death. The program is set to run for an initial period of three years.
