Wealthy people have long enjoyed the perks of having a bank account. Such an account allows them to safeguard and grow their money through interest earned and investment opportunities. While these privileges are not exclusive to the wealthy, stringent bank requirements serve as a barrier to savings for the Filipino masses. Now with the launch of Cebuana Lhuillier Micro Savings, banking services are brought within reach of every Filipino including the unbanked and underserved.
According to the Bangko Sentral ng Pilipinas (BSP) Filipinos like to save. It’s just that majority of the Filipino masses and those living in far flung areas prefer to keep their savings at home. This is due to the limited access to banks in their area and savings barriers. For instance, coming up with the 2 valid IDs and minimum deposit requirement can be difficult for daily wage earners and those with no formal employment. Bank fees or penalties for falling below maintaining balance and dormancy are also big turn-offs. The good news is that these barriers are no longer issues that the unbanked and underserved need to face. Cebuana Lhuillier’s mission of financial inclusion has paved the way for Cebuana Lhuillier Micro Savings, a platform for Filipinos to overcome the barriers to savings.
The Cebuana Lhuillier Micro Savings Account is a product of Cebuana Lhuillier Rural Bank (CLRB). Being a bank product, this savings account also earns interest and protected by the PDIC. What makes it different from other bank products is the ease and convenience offered in opening and maintaining an account. First all you need is one valid ID and a Php50 initial deposit compared to 2 Valid IDs and at least Php500 in other banks. Second, there is no maintaining balance! So depositors need not worry about paying for “below maintaining balance” charges which can eat up your savings. Thirdly, Micro Savings Account holders get to enjoy access to Cebuana Lhuillier’s retail infrastructures for deposit and withdrawal. This means they can deposit or withdraw money from their accounts in around 2,500 branches of Cebuana Lhuillier at their most convenient hours.
Aside from making banking inclusive for all sectors, Cebuana Lhullier also wants to ensure that Micro Savings Account Holders fully maximize the use of their savings account through greater connectivity. They will soon be launching the eCebuana app which allows users to check their balance, send money remittance, pay bills, and even load pre-paid phone credits.
The launch of the Micro Savings Account is not just a fulfilment of Cebuana Lhuillier’s mission of financial inclusion. It is also a response to BSP’s call for greater financial inclusion among Filipinos. Thus, it is fitting for the launch of Cebuana Lhuillier Micro Savings to coincide with the launch of #KayaNa: Unbanked Filipino No More Movement. A campaign which aims to transform the landscape of savings in the Philippines by empowering people from all walks of life to save for the future. With banking made easy, anyone and everyone can save and prepare for their future.
Requirements to open a Micro Savings account
- Application form
- 1 Valid Government ID
- P50 minimum initial deposit
Who are qualified to open an account?
All Filipino citizens aged at least 7 years old
List of accepted Government/Valid IDs
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certification
- 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 cert. of 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)