BIZ BUZZ: GSIS solar loans a big hit
Looks like the Government Service Insurance System (GSIS) has a blockbuster program on its hands.
Not long after the United States and Israel attacked Iran and drove up global prices of petroleum products, the pension fund launched its Ginhawa Solar Energy Loan, a financing program that allows government workers to borrow up to P500,000 to install solar panel systems in their home.
And in just two weeks after the launch on March 25, GSIS President and General Manager Arnulfo “Wick” Veloso told the Inquirer that 11,818 of the fund’s 2.1 million active members have already applied for a loan.
The total amount applied for has already reached P3.51 billion, and counting.
“I did not expect the response to arrive that fast,” Veloso said.
Yield is set at 5 percent a year, payable in five years with no service fee. This translates to a monthly payment of P10,416.67 a month for 60 months.
The insurance against fire, typhoon, earthquake and lightning is also built in at no additional cost and takes effect once installation is completed.
Veloso said that the GSIS had been developing a solar financing program even before the government declared a national energy emergency due to the Middle East oil crisis.
Skyrocketing fuel prices gave the pension fund both the urgency and policy anchor to move the program forward, he said.
GSIS has so far approved P12.5 billion for the entire program, which kicked off with 1,200 applications on the first day alone.
“The 1,200 applications in the first 24 hours are a good start. We will keep going,” Veloso said.
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