#KayaNa ng Pinoy Mag-Ipon with Cebuana Lhuillier Micro Savings

I'm pretty certain that as a kid, you saved your hard-earned ipon in a piggy bank of some sort. Do you do that up to this day? Or have you leveled up and "adulted" by opening yourself a bank account?

The Sad State of Savings in The Philippines

Yes! For most of us Pinoys, opening a bank account is a whole new level of adulting! And you know what? I opened my very first bank account (yung ako lang at hindi joint account with the husband) only in 2014! Ang hirap naman kasi! I had to present two (2) government IDs, a billing statement in my name, and two (2) 2x2 ID photos. Plus, it took me almost an hour to fill up the forms, 30 minutes of which was devoted entirely to writing my signature to look exactly how it is written in my driver's license! Hello naman!  

If someone like me who already has complete documents finds it hard to open a bank account, how much more for the other Pinoys living in rural areas like our farmers and fishermen? Not to mention the high initial deposit, maintaining balance, and dormancy charges that are really so discouraging. 

Financial inclusion for every Filipino is Cebuana Lhuillier's advocacy

Cebuana Lhuillier, one of the country’s leading microfinancial services company understands this obstacle and has made financial inclusion their advocacy for the past 30 years. With Cebuana Lhuillier Micro Savings, Filipinos will now have a more convenient and affordable way to save money.

I attended the #KayaNa Financial Inclusion Forum of Cebuana Lhuillier Micro savings last February 28, 2019 where I also got to learn about the company's #KayaNa: Unbanked Filipinos No More Movement. Among the guest speakers were Senator Chiz Escudero who noted that up to 30% of people in the world are unbanked and the percentage is even higher when it comes to the Philippines.

Micro saving made even more convenient

Cebuana Lhuillier Micro Savings enables every Filipino to leave that unbanked state by making banking easy. In fact, Cebuana Lhuillier Micro Savings account requires only one (1) valid ID and a minimal Php 50 initial deposit. Not only that, banking is made convenient because of the wide network of Cebuana Lhuillier branches nationwide so account holders can deposit and withdraw anywhere at their most convenient time.

Soon, Cebuana Lhuillier will also launch its very own eCebuana app where micro savings account holders can check their balance and send money through remittance among others. The app is just the first in a long line of innovations to be made available by Cebuana Lhuillier Micro Savings to their loyal customers.

All these efforts to make savings accessible to every Filipino are part of Cebuana Lhuillier President and CEO Jean Henri Lhuillier's vision on financial wellness. As he said during the forum, the company will not be only advocates of financial inclusion for every Filipino but also as enablers for them to have a better future.

Here's the LIVE video of the event:

Cebuana Micro Savings Quick Facts

Requirements to open a Cebuana Lhuillier Micro Savings Account

You will only need one (1) government issued ID with photo and 50 pesos initial deposit.

Valid IDs accepted by Cebuana Lhuillier are as follows:

• Alien Certification of Registration (ACR)
• Birth certificate (for minors only)
• Barangay Certificate or ID (with picture and signature)
• Company ID
• Driver's License
• DSWD certificate
• GOCC ID (AFP, HDMF-Pagibig, Philhealth, etc.)
• GSIS e-Card
• Integrated Bar of the Philippines ID
• Immigrant Certificate of Registration
• NBI clearance
• National Council for the Welfare of Disabled Persons
• New TIN ID card
• OFW ID
• OWWA ID
• Passport
• Police clearance
• Postal ID
• PRC ID
• Seaman's Book
• Senior Citizen Card
• Student ID
• SSS ID
• Voter's ID
• Marriage license

Depositing and withdrawing cash

The minimum cash deposit is Php 50 while the maximum cash deposit is Php 50,000. For withdrawal transactions, the minimum amount is Php 100 and the maximum amount is Php 5,000.

You can only make three (3) successful transactions per card per day. There are no transaction fees for cash withdrawal and deposit. 

The Cebuana Lhuillier 24k PLUS card is required for all Cebuana Lhuillier Micro Savings transactions. Get one first if you don't have any yet.

Account interest and maintenance

There is no required maintaining balance in this type of account. There is also no dormancy charge. However, a Cebuana Lhuillier Micro Savings account earns interest per annum if the account has an average daily balance of Php 500.

Your deposit is guaranteed safe. All Cebuana Lhuillier Micro Savings accounts are covered by the Philippine Deposit Insurance Corporation (PDIC)

For more information about Cebuana Lhuillier Micro Savings, you may contact Cebuana CARES at cebuanacares@pjlhuillier.com or visit Cebuana Lhuillier on Facebook (facebook.com/CebuanaLhuillierPawnshop).

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