Philippine Pension Fund Offers $8,300 Solar Loans to Cut Energy Bills

Philippine state-owned pension fund Government Service Insurance System is offering loans of up to 500,000 pesos ($8,300) for members to buy and install solar power for their homes amid surging fossil fuel prices.

The GSIS, which provides pension and benefits to more than 2 million public sector workers, said Wednesday the loans are a major step in making renewable energy more accessible in the Southeast Asian nation. The financing offer comes after President Ferdinand Marcos Jr. declared a national energy emergency as the war in the Middle East threatens the country’s fuel supplies and economy.