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1,200 GSIS members apply in first day of solar loan

Business | The Economy

1,200 GSIS members apply in first day of solar loan

By Manila Bulletin Newsroom

State-run pension fund Government Service Insurance System (GSIS) is off to a strong start with its Ginhawa Solar Energy Loan (GSEL) program, racking up over 1,200 applications worth nearly ₱400 million in less than 24 hours after its launch on Wednesday, March 25.

“The rollout of GSEL is our concrete contribution to the national effort to ensure energy stability while helping our members achieve long-term savings,” GSIS President and General Manager Wick Veloso said in a statement on Thursday, March 26.

“We are encouraged by the initial response and remain committed to delivering programs that align with national priorities and directly benefit our members,” Veloso added.

The program lets qualified members borrow up to ₱500,000 to install solar panels at home, with a five-percent annual interest rate payable over five years in 60 equal monthly installments. Monthly payments for a ₱500,000 loan come to ₱10,416.67, with no service fees.

Applications are fully digital via the GSIS Touch app, and financed solar systems include three years of insurance against earthquake, fire or lightning, and typhoon at no extra cost. Eligible borrowers are active government employees with at least three years of service.

GSEL is part of GSIS’s support for Executive Order (EO) No. 110, which implements a whole-of-government approach under the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) to address energy challenges, protect key sectors, and sustain economic activity.

EO 110, issued by President Ferdinand R. Marcos Jr. last Tuesday, March 24, placed the country under a state of national energy emergency amid global oil price and supply shocks spilling over locally as the war in the Middle East persists.

Related Tags

Government Service Insurance System (GSIS) Ginhawa Solar Energy Loan (GSEL) Wick Veloso

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