Every Pinoys wanted to be financially ready in case of emergency or after retirement. Reason why even one can’t open a bank account due to several requirements, one at least keep a piggy bank at home.
During the Cebuana Lhuillier Financial Inclusion Forum at the New World Hotel last February 28, I learned about the state of Pinoy savings. According to Bangko Sentral ng Pilipinas, only 48% of Filipinos save and 7 out of 10 Pinoys keep their money at home in piggy banks or alkansiya.
Among the reasons why more Pinoys still manage to keep their savings at home and not in the bank are the requirements, high initial deposit, dormancy charges and inaccessible banking institution in their place.
Are you one of the 7? If your answer is yes but you wanted to save your hard-earned money in a financial institution supervised by the Bangko Sentral ng Pilipinas then Cebuana Lhuillier Micro Savings is for you.
Why Cebuana Lhuillier Micro Savings? It aims to reach more underserved Filipinos and empower them to save for the future through its micro savings product. The product is in line with the Cebuana Lhuillier’s mission of financial inclusion, which has been the thrust of the company for the past 30 years. It is also in support of BSP’s #KayaNa: Unbanked Filipinos No More Movement, which aims to transform the landscape of saving in the Philippines.
Opening a Cebuana Lhuillier Micro Savings account is EASY compared to opening a bank account.
You just need the following:
- P50 initial deposit
- 1 valid identification card
More reasons to enjoy Cebuana Lhuillier Micro Savings.
- Minimum maintaining balance – none
- Interest earned per year – .30%
- Maximum balance to earn interest – P500
- Maximum deposit – P50,000
- Minimum deposit – P50
- Minimum withdrawal – P100
- Maxium withdrawal – P5,000
- Deposit and wihdraw from 2,500 retail infrastructures
- Micro Savings Account is covered by Philippine Deposit Insurance Corporation
Jean Henri Lhuillier, president & CEO of Cebuana Lhuillier said “With BSP’s basic deposit framework, Cebuana Lhuillier Micro Savings completes the full roster of our services, all designed and developed with financial inclusion in mind. We’ve come full circle—from offering collateralized loans or pawning, remittance service, micro insurance and now, micro savings—all of these products were designed with Filipinos from all walks of life in mind especially the unbanked and underserved, who would not have access to these financial services given their circumstances in life.”
Good news for micro savings account holders!
Cebuana Lhuillier will also be launching its very own eCebuana app which allows micro savings users to check their balance and send money through remittance, as well as load prepaid credits to their phones, and pay their bills by integrating it to their Cebuana Lhuillier Micro Savings account.
I believe it’s time to open your piggy banks at home and open a Cebuana Lhuillier Micro Savings account now. This is a good advice for your future.