Setting aside a portion of your income for savings is one of the basic lessons taught in financial literacy courses. Such savings are often placed in a bank or investment products that help your money grow. Unfortunately, many Filipinos still don’t have their own savings account even though they have money to save. Cebuana Lhuillier Micro Savings hopes to change this scenario by promoting financial inclusion through their services.
For the past 30 years financial inclusion has been a mission for Cebuana Lhuillier. According to Cebuana Lhuillier President & CEO Jean Henri Lhuillier, their products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved. These are people who would not have access to these financial services because of their circumstances in life. With the launch of Cebuana Lhuillier Micro Savings, Filipinos are given a platform to overcome the barriers to saving.
My dream is for every Filipino to have a bank account. – Jean Henri Lhuillier
Aside from limited access to banks, bank requirements are also barriers to saving for the underprivileged Filipinos. Documentary requirements can be difficult to procure for farmers and those who work in informal sectors. Not just that, cash deposit and maintaining balance requirements are also concerns for those with limited money to save. With the release of BSP Circular Order #992 Basic Deposit Framework, Cebuana Lhuillier is able to come up with a product that eliminates these barriers.
Now, Filipinos can open their account without any fuss. This is because a Micro Savings account allows you to save with less that Php100 deposit, no maintaining balance, and no dormancy fee to worry about. Not just that, the documentary requirement is down to 1 photo bearing government issued ID. This is a great improvement compared to two valid ID’s and proof of billing requirement that banks usually ask for. Thus making it so easy for everyone to save. But what is a Cebuana Lhuillier Micro Savings Account?
A Micro Savings account is an interest bearing savings product owned by Cebuana Lhuillier Rural Bank. It allows you to save up to Php50,000 and access your account through a 24K card. Since this is a bank product, you are assured that your money is safe and secure. You also get to enjoy PDIC coverage for your account. Another advantage that depositors can enjoy is easy access through Cebuana Lhuillier branches. As an accredited cash agent of Cebuan Lhuillier Rural Bank, Cebuana Lhuillier branches are authorized to receive deposits for Micro Savings account.
Micro Savings makes it easy for anyone and everyone to save and secure their future. You can do your part in promoting financial inclusion by spreading the word and supporting #KayaNa: Unbanked Filipinos No More Movement.
For more info, visit their Facebook page: www.facebook.com/CebuanaLhuillierPawnshop
Email at: cebuanacares@pjlhuillier.com
SMS: +63917-8122737 / +63918-8122737
Hotline: +632-7799800
