The Government Service Insurance System (GSIS) is launching a P12.5 billion solar financing program to help its members hedge against surging electricity costs driven by Middle East geopolitical tensions and volatile global oil prices.
The state pension fund’s Ginhawa Solar Energy Loan (GSEL) will allow eligible members to borrow up to P500,000 at a fixed annual interest rate of 5% to install residential solar power systems.
“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,” GSIS president and general manager Wick Veloso said in a statement.
The program has a five-year repayment term, with monthly amortizations of P10,416.67 for members taking the maximum loan. To lower the barrier to entry, GSIS has waived all service fees for the facility.
In a bid to de-risk the transition for households, the GSIS board of trustees allocated P60 million to provide three years of insurance coverage for the financed systems.
The package protects against fire, earthquakes, and typhoons—critical safeguards in a disaster-prone archipelago—at no additional cost once installation is verified.
The initiative also encourages public sector workers to participate in the government’s net metering system, allowing residential users to export excess electricity generated during daylight hours back to the national grid in exchange for credits, further reducing net energy costs.
The solar loan program will run for an initial three-year pilot period before undergoing a performance review for a potential extension.
To qualify, applicants must be active GSIS members with permanent, regular, or non-career status and at least three years of government service.
In line with the fund’s digital transformation, all applications will be processed exclusively through the GSIS Touch mobile app, where members can upload supplier quotations and installation contracts for reimbursement.
