MANILA, Philippines —  The Government Service Insurance System (GSIS) is preparing to roll out a loan program for state employees to finance the installation of home solar panels, amid higher oil prices and electricity costs due to the Middle East war.
In a statement, GSIS said it has approved P12.5 billion for the Ginhawa Solar Energy Loan (GSEL) program and P60 million for insurance coverage for solar panel installations.
The program allows government employees with at least three years of service to borrow up to P500,000 to finance residential solar panel systems.
GSIS president and general manager Wick Veloso said the initiative offers members a practical way to manage rising electricity prices.
“This loan allows our members to invest in solar energy for their homes and generate substantial savings on their electricity bills while paying it back over five years at a competitive interest rate,” he said.
The initiative comes as global oil prices remain elevated due to the protracted Middle East war, adding pressure on electricity costs back home.
Under the GSEL, GSIS said the loans will carry a five percent annual interest rate, payable over five years in 60 equal monthly installments, with no service fee.
A P500,000 loan translates to a monthly amortization of P10,416.67.
GSIS added that solar panel systems financed under the program will be covered by three years of insurance against fire, earthquake, lightning and typhoon.
The coverage takes effect once the member notifies GSIS and submits proof of completed installation.
Members who will avail the solar panel installation program can benefit from the government’s net metering system, which allows households to sell excess electricity back to the grid, further reducing energy costs.
Applications will be processed via the GSIS Touch mobile app, where members can upload supplier quotations, installation contracts, or official receipts for reimbursement.
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