The Social Security System (SSS) is set to roll out an energy sustainability loan program with an allocation of P40 billion to help members finance the installation of solar panels.
SSS President Robert Joseph de Claro said the program is expected to initially benefit up to 100,000 households.
De Claro said the SSS plans to offer loans ranging from P300,000 to P400,000, payable over four to seven years.
He added that guidelines for the program are still being finalized.
“Personally, I am targeting September to announce it. Maybe implementation by the end of this year or early next year,” he said.
The initiative comes as more Filipinos turn to solar energy amid rising electricity costs, driven in part by higher oil prices linked to the ongoing conflict in the Middle East.
De Claro said the interest rate will be set slightly above the Treasury bill rate, or around 5.5%.
