Quezon city: State-run Social Security System (SSS) is planning to assist its members in transitioning to renewable energy by launching an Energy Sustainability Loan program next year. SSS President Robert Joseph de Claro announced the initiative during a briefing at the SSS office in Quezon City.

According to Philippines News Agency, the program aims to provide members with a solar loan ranging from PHP200,000 to PHP400,000, repayable over a period of four to seven years. De Claro emphasized the importance of the loan program in meeting the needs of members, ensuring that the repayment process remains manageable for them.

De Claro further stated that the guidelines for the loan program are expected to be finalized before the year ends. The SSS plans to allocate approximately PHP40 billion for this initiative, ensuring sufficient funding to support member participation.

The rollout of the Energy Sustainability Loan program is anticipated in the first or second quarter of next year. De Claro highlighted the importance of establishing clear mechanics and safeguards to ensure the funds are used appropriately for purchasing solar equipment for homes. Additionally, there are considerations to extend the loan for a down payment on electric vehicles, with studies currently underway to explore this possibility.