The uncertainties that came
with the global health pandemic led to 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, “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 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,
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 a 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 of 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, 79-year-old, sari-sari store owner from Las Pinas 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 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
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.
#END
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