Here's how Cebuana Lhuillier Micro Savings is promoting financial inclusion to help Filipinos survive the pandemic.

A few years ago, Cebuana Lhuillier Bank partnered with Cebuana Lhuillier, one of the country’s leading micro financial service providers, to introduce Cebuana Lhuillier Micro Savings as part of its effort to promote financial inclusion for every Filipino. Throughout the years, Cebuana Lhuillier Micro Savings has been the affordable and dependable deposit product that helped Filipinos realize their goal of having their very own bank account and building their savings.

Cebuana Lhuillier Micro Savings benefits

How Cebuana Lhuillier Micro Savings Is Helping Filipinos Survive

Saving for the rainy days

A study titled, “State of Banking and Financial Wellness” commissioned by US-based research firm Forrester, revealed that more than half of Filipinos identified building their savings as one of their top priorities in terms of personal finance.

The desire to have money that can be easily accessed during rainy days is one trait that is shared by every Filipino, regardless of their stature in life or the money they earn.

When COVID-19 hit, the majority of Filipinos were left without a stable means of livelihood. The quarantine restrictions negatively affected the economy, which led to business closures and job loss. Many Filipinos had to make lifestyle adjustments to make both ends meet with the little money that they have saved up.

Cebuana Lhuillier pushes for financial inclusion

Cebuana Lhuillier Micro Savings provided Filipinos with an accessible and convenient means to save their hard-earned money by addressing the common barriers in opening a deposit account, such as lack of bank accessibility, the need for numerous documentary requirements, and the high cost of opening and maintaining balances.

Financial inclusion through Cebuana Lhuillier Micro Savings

Photo by Andrea Piacquadio from Pexels

“Our main priority is to be a one-stop-shop for the micro-financial needs of our kababayans. With our commitment to financial inclusion and mobility for everyone, Cebuana Lhuillier Micro Savings account is one of the great products we have created to empower many of our kababayans to save, regardless of their status in life,” Cebuana Lhuillier President and CEO Jean Henri Lhuillier said.

Cebuana Lhuillier Micro Savings customers share their experience

Two mothers speak on how micro savings has become their dependable ally during these trying times

The promise of having money saved in times of need was what inspired Cebuana Lhuillier Micro Savings account holders Pillilia Pardo and Maria Luisa Luna to open a savings account and work hard to build a comfortable fund that they can rely on when needed.

Pillilia Pardo has no regrets about saving money

Pillilia is a 79-year-old sari-sari store owner in Las Pinas who makes sure to deposit a fraction of her daily earnings into her micro savings account. With her store located right beside the Cebuana Lhuillier Casimiro branch, she has become a daily fixture for the branch personnel who assists her on her everyday transactions.

Cebuana Lhuillier Micro Savings customer holding an ATM card

Pillilia Pardo is a loyal micro savings account holder who dreams of imparting the value of savings to her children

“Napakahalaga ng savings, kasi pag dumating ang pagkakataon na ikaw ay magigipit, kailangan mo ng pera. Kung mayroon kang ipon, anytime puwede ka makapag-withdraw,” shares the septuagenarian.

When the pandemic hit, Pillilia used her micro savings account to augment her day-to-day expenses, which included medicines, food, utilities, and rent.

When the lockdowns affected her store’s earnings, she was comforted by the fact that she did not have to resort to borrowing money in order to get by.

“Hindi ka magsisisi kung nakapag-ipon ka…anytime nangailangan, nandiyan ang ipon ko. Mayroon akong magagamit,” she adds.

Maria Luisa Luna saved up for emergencies

For Maria Luisa, it was the money that she saved up that helped her family in the midst of the strict Manila lockdowns. She earns her keep by collecting recyclables which she then sells in a junkyard.

A Cebuana Lhuillier Micro Savings shares how her savings account helped her survive the pandemic

Maria Luisa Luna is a garbage collector from Manila who relied on her micro savings account when the pandemic badly hit her family

For over two years, even before the lockdown began, she would make sure that a portion of her earnings goes to her Cebuana Lhuillier Micro Savings account, which she intends to use during emergencies.

“Hindi na kami makapangalakal nung naghigpit sa lockdown. Yung kinakain namin, halos galing na lang sa ayuda ng gobyerno pero hindi naman sapat yun. Nagkasakit pa ang anak ko. Hindi ko naman matiis na hindi maipagamot. Doon ko na naisip na gamitin yung ipon ko sa Cebuana Lhuillier Micro Savings. Tuwing may kailangan sa bahay, gaya nang pangkain at pang-renta, withdraw ako. Tapos pagpapagamot sa anak, withdraw ulit,” Maria Luisa shares.

She admits that the protracted quarantine period had drained her savings, but now that everything is slowly going back to normal, she has also resumed building her emergency nest egg, visiting the Cebuana Lhuillier branch nearest her after a day of collecting recyclables and items to sell.

Since its launch, Cebuana Lhuillier Micro Savings has enabled more than 5.5M account holders to have a semblance of peace of mind in times of great need and emergencies.

As a cash agent, Cebuana Lhuillier provided account holders with a reliable and highly accessible venue to deposit and withdraw their money in any of its 2,500 branches nationwide, anytime and anywhere.

In 2020, Cebuana Lhuillier Micro Savings was made even more accessible and convenient with the introduction of its new digital features.

“We’ve always believed that Cebuana Lhuillier Micro Savings should be able to evolve according to the changing needs of its users. By going digital, Cebuana Lhuillier Micro Savings is providing greater IPON POWER to its account holders, by providing them convenience and mobility in maximizing the use of their savings through digital channels,” Cebuana Lhuillier bank President, Dennis Valdes added.

Cebuana Lhuillier Micro Savings boasts of greater IPON POWER through the following features: withdraw cash in over 21,000+ BancNet ATMs nationwide anytime and anywhere; purchase online thru UnionPay merchants worldwide; 24/7 unlimited banking access with eCebuana app; and do cashless payments in over 350,000 UnionPay and BancNet accredited stores nationwide.

How to open a Cebuana Lhuillier Micro Savings Account

Two of the best features of the Cebuana Lhuillier Micro Savings Account are affordability and less stringent account opening requirements.

But first, let's look at the product features of the Cebuana Lhuillier Micro Savings Account:

Balance requirements

Minimum balance to earn interest: P500
Minimum maintaining balance: None
Maximum account balance: P50,000
Deposit amount: P50 (minimum) and P50,000 (maximum)
Withdrawal amount: P100 (minimum) and P5,000 (maximum)

Fees and charges

Dormancy period: None
Deposit fee: None
Withdrawal fee: None (until further notice)
New card fee: P150
Card upgrade fee (for existing Micro Savings account holders): P75 (subject to change without prior notice)

Other details

Interest rate: 0.20% per annum
Requirements to open an account: one valid government ID
Maximum withdrawals per day: three

Here are the steps in account opening:

1. Bring the following account opening requirements to any Cebuana Lhuillier branch nationwide:

One Government-issued ID (please refer to the list below)
Birth Certificate (applicable to minors only)
Student ID (applicable only if the student is currently enrolled)
P50 minimum initial deposit
P150 card fee (for clients without 24k card), P75 for card upgrade

2. Fill out the Client Customer Information File Sheet.
3. Submit the requirements to the branch personnel

Filipino (Tagalog) version:

Paano magbukas ng Cebuana Lhuillier Micro Savings Account?

Upang makapag-bukas ng Cebuana Lhuillier Micro Savings Account, sundin lamang and mga sumusunod na hakbang:

1. Magpunta lamang sa kahit anong Cebuana Lhuillier branch at dalhin ang mga sumusunod:

Isang valid government ID
Ang iyong birth certificate (para sa mga menor de edad)
Student ID para sa mga kasalukuyang estudyante
Initial deposit na P50
Card fee na P150 para sa mga wala pang 24k card (P75 para sa card upgrade)

2. Punuan ang Client Information File Sheet.

3. Ibigay sa branch personnel ang mga dokumento.

Here's the list of valid IDs that you may use to open a Cebuana Lhuillier Micro Savings Account:

Passport
Driver’s license
Professional Regulation Commission (PRC) ID
National Bureau of Investigation (NBI) clearance
Police clearance
Postal ID
Voter’s ID
Government Service Insurance System (GSIS) e-Card
Social Security System (SSS) ID
Senior Citizen’s ID
Overseas Workers Welfare Administration (OWWA) ID
OFW ID
Seaman’s book
Alien Certification of Registration (ACR)
Barangay Certificate or ID (with picture and signature)
Birth Certificate (applicable to minors only)
Firearm License
Immigrant Certificate of Registration
Marriage License
National Council for the Welfare of Disabled Persons
New TIN ID
OWWA ID
Student ID
Alien Certification of Registration (ACR)/Immigrant Certificate of Registration
Government Office or Government-Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-Ibig Fund) ID, etc.
Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
Department of Social Welfare and Development (DSWD) Certification
Integrated Bar of the Philippines ID (IBP)
Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission), or IC (Insurance Commission)

How to deposit money to Cebuna Lhuillier Micro Savings Account:

To deposit money, simply fill out the deposit form with the amount that you will deposit, insert the 24k card in the POS terminal, and get the completed deposit slip.

How to withdraw from Cebuna Micro Savings Account using 24k card:

To withdraw money, just fill out the withdrawal form with the amount that you withdraw, insert the 24k card in the POS terminal, key in your PIN, and receive the money from the branch personnel.

How to check Cebuana Lhuillier Micro Savings Account balance (via POS or online):

You may check your balance through the POS terminal in any Cebuana Lhuillier branch or log in to your account via the eCebuana app and access "Micro Savings."

Epilogue

With more and more Filipinos slowly realizing the value of saving, Cebuana Lhuillier Micro Savings is gearing towards further improving its features to better provide its account holders with a dependable ally they can continuously rely on.

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Cebuana Lhuillier Micro Savings account is helping Filipinos in this pandemic

How Cebuana Lhuillier Micro Savings Is Helping Filipinos