micro-savings Archives - Slvrdlphn.com

World Savings Day

by Penny Angeles-Tan | Nov 2, 2022 | Business

On the first post-pandemic World Savings Day, more Pinoys recognize the value of saving money. More than two years after the spread of the COVID-19 pandemic, Filipinos raring for a restart actually improved their mindset towards saving money, according to a recent survey by the Bangko Sentral ng Pilipinas (BSP).

This is a welcome development, considering that 34% of the population lost their source of income during the pandemic years, based on a survey conducted by the United Nations Development Programme. As a result, many have relied entirely on their savings account in order to survive the last two years.

According to the BSP’s Consumer Expectations Survey for the first quarter of 2022, the percentage of households with savings increased marginally to 31.1 percent from 30.2 percent in Q4 of 2021. The majority of the respondents cited the need for emergencies, health and medical expenses, retirement, education, and business capital and investment as reasons to save their money.

A big help in this increase in mindset and enthusiasm is the availability of more options to save money, aside from traditional banking institutions.

Cebuana Lhuillier makes life easier and dreams come true with Micro Savings

One of the most innovative means to save is through Cebuana Lhuillier Micro Savings. Launched in 2019 by Cebuana Lhuillier and its banking arm Cebuana Lhuillier Bank, this product has been at the forefront of bringing easy, accessible, reliable banking to the majority of Filipinos, with close to seven million micro savings account holders today.

Jean Henri Lhuillier, Cebuana Lhuillier CEO

“Cebuana Lhuillier Micro Savings empowered millions of Filipinos to embark on their very own financial journeys by giving them a reliable, accessible, and efficient way to save their money, which they can easily withdraw during times of need. The quick adaptation of our kababayans to micro-savings proved that the healthy mindset towards saving has always been there, as long as they are equipped with the right tools,” says Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier.

Cebuana Lhuillier Micro Savings—which allows customers to open an account in any of over 3,000 Cebuna Lhuillier branches nationwide for as low as only P50—was introduced as a means to address the barriers to saving, including lack of accessibility, high maintaining balance, and the need for numerous documentary requirements to open an account.

With businesses and the rest of the country slowly getting back to normal, Cebuana Lhuillier Micro Savings remained a go-to product for many of our kababayans ready to resume their lives and dreams following two years of uncertainty.

James Tan, 18 years old, a working student from Laguna, easily managed to save with Micro Savings to buy his own bike.

James Tan, an 18-year-old working student from Sta. Rosa, Laguna, saving meant enjoying the added mobility, safety, and convenience of having his own bike, a useful tool for his daily commute between work and school.

“Gusto ko kasi magka-bike kasi sapamasahe pa lang, malakinamatitipid ko papuntasa school at satrabaho. So, young paunti-unti kong pag-iipon sa Cebuana, ginamit ko yun para mabili young pangarap kong bike. Hindi an ako nata-trapik o nale-late sa trabaho ngayon,” he shares.

(“I want to own a bike because I can save so much on fares commuting to school and work. So that’s why I saved with Cebuana enough to buy my own bike. Now I don’t get stuck in traffic and come to work late.”)

As a working student helping to support his family, James decided to continue his savings after buying the bike to also help augment the expenses from home.

Royce Jason Velez, a 36-year-old construction worker who saves using a Cebuana Lhuillier Micro Savings account to provide a better future for his family.

The need to provide a better future for their family is also why Royce Jayson Velez, a 36-year-old construction worker, decided to open a Micro Savings account. Earning an average of P400 per day, Royce and his wife needed to be creative in order to stretch his salary to last until the next payday. His micro savings carried the family during difficult times, and are now being allocated for the schooling of his children.

“Sabi ko sasarili ko, ipagpapatuloy ko ang ipon ko para magamit ng mga anak ko sa pag-aaral at balang araw, magkaroon sila ng magandang trabaho,” Velez shares.

(“I said to myself that I would continue saving so that I can send my children to school for them have good jobs in the future.”)

A former kasambahay, Carie Labro, 38 years old, was able to put up her own sari-sari store using Cebuana Lhuillier Micro Savings.

For Carie Labro, a 38-year-old former housekeeper, her micro savings paved the way for her micro-entrepreneurship. When her kids started asking for more time to spend with her, Carie decided to take a leap of faith and resign from her post as a housekeeper so she could be more present for her growing kids.

With the PHP10,000 she initially saved in her Micro Savings account, Labroopened a small store which she now maintains as her main source of income. Like Velez, she has vigilantly kept up with her micro-savings. She now saves part of her earnings in her account as an emergency fund for her and her kids.

Taking advantage of the renewed interest in saving, Cebuana Lhuillier Bank continues to push for accessibility and convenience for their breakthrough product. The two-time Asian Banking & Finance Award winner for Rural Bank of the Year has adopted an innovative approach by adapting more tech features for micro-savings.

“The success of Cebuana Lhuillier Micro Savings encouraged us to further push the envelope in bringing convenience, accessibility, reliability, and efficient banking to our clients. The change in how people access financial services nowadays served as our push towards digitalization,” said Cebuana Lhuillier Bank President Dennis Valdes.

Aside from Cebuana Lhuillier branches, micro-savings account holders can also withdraw cash anytime, anywhere in over 21,000+ BancNet ATMs nationwide, purchase online thru UnionPay merchants worldwide, enjoy 24/7 unlimited banking access with the eCebuana app, and make cashless payments in over 350,000 UnionPay and BancNet accredited stores nationwide.

Surviving the Pandemic with Cebuana Lhuillier Micro-Savings

by Penny Angeles-Tan | Nov 2, 2021 | Lifestyle

The uncertainties that came with the global health pandemic led to the financial stress that altered the lifestyle of many Filipinos. For close to two years since the global COVID-19 pandemic started, many lost their jobs and had to make do with what little savings they have stashed away.

A study titled, “The State of Banking and Financial Wellness” commissioned by US-based research firm Forrester, indicated that more than half of Filipinos identified building their savings as one of their top concerns when it comes to personal finance.

The desire to have some money safely stashed when rainy days come is one that is shared by every Filipino—regardless of stature in life or the money they earn. When COVID-19 hit, the majority of Filipinos were left without a stable means of livelihood as the strict lockdown badly affected the economy, leading to a significant number of business closures and an uncertain future for those engaged in the gig economy.

Stemming from its desire to push for financial inclusion for every Filipino, Cebuana Lhuillier Bank partnered with Cebuana Lhuillier, one of the country’s leading micro financial service providers, to introduce Cebuana Lhuillier Micro Savings in 2019. Cebuana Lhuillier Micro Savings provided Filipinos with an accessible and convenient means to save their hard-earned money by addressing the common barriers in saving, including lack of accessibility, the need for numerous documentary requirements, and the high cost of starting and maintaining a balance.

“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.

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, sari-sari store owner

Pillilia Pardo, a 79-year-old, sari-sari store owner from Las Piñas and a loyal micro-savings account holder, dreams of imparting the value of savings to her children.

Pillilia, a 79-year-old sari-sari store owner in Las Pinas, 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.

“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, a garbage collector

Maria Luisa Luna, a 64-year-old, garbage collector from Manila relied on her micro-savings account when the pandemic badly hit her family.

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

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 the eCebuana app; and do cashless payments in over 350,000 UnionPay and BancNet accredited stores nationwide.

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.