Credit Line for Energy Efficiency and Climate Protection (CLEECP) to be implemented by the Land Bank of the Philippines (LBP) in a meeting on 21 October 2008 at the Malacañang Palace.

“It is a credit facility for those who have projects that protect the environment, provide energy efficiency, promote conservation, minimize the greenhouse effect,” Dureza told a news briefing.

He said the CLEECP would run from 2009 to 2012. A memo to the NEDA Board from the Investment Coordination Committee released by the Palace stated that German bank Kredintanstalt fur Wiederaufbau (KfW) will provide PhP 1.377 billion that would be converted to Japanese yen and be released in two tranches. The LBP will provide the remaining PhP 344.29 million.

The CLEECP aims to lower annual carbon dioxide emissions to 24 million tons through energy efficiency measures and direct emissions reduction projects, the memo said.

The scope of the project will be nationwide, but 50 percent of the overall loan amount will be made available for the Visayas and Mindanao.

The KfW will also extend a grant of 500,000 euros for technical assistance to the LBP.

The CLEECP is expected to generate 722 jobs, the ICC said.

“The project may not have a significant impact in creating new jobs… the more significant impact of CLEECP is in terms of energy savings/energy efficiency and reduction in greenhouse gas emissions,” it said.

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The Government Service Insurance System (GSIS) is offering pensioners with disability and those beyond retirement age an opportunity to avail of a pension loan using their eCard Plus at GSIS Wireless Automated Processing System (GW@PS) kiosk installed in all GSIS offices and selected government agencies.

Under the GSIS Pension Loan Program, pensioners may borrow up to six times the amount of their monthly pension. However, the total amount should not exceed PhP 100,000.00 at 8 percent annual interest rate.

The monthly amortization on the loan can be paid in 12 months or 24 months through automatic deduction from the regular monthly pension. After all payments are made the pensioners can avail of the loan again.

This is definitely good news to pensioners who are in dire need of funds to infuse into their retirement business ventures. With the economic slowdown both here and abroad, the funds can also be used to generate opportunities for senior citizens to pursue additional small-scale business endeavors.

To access the facility in any GW@PS kiosk, the pensioner must place the eCard Plus on the card reader and select 'pension loan' from the list of available loan programs under the loan menu. A tentative computation of the loan proceeds, together with the monthly amortization, will be displayed on the kiosk's touch screen. After agreeing to the loan computation, the pensioner must confirm the transaction by validating any of his or her fingerprints.

The pensioner can also access the facility by accomplishing the required application form and filing it in the servicing GSIS office.

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