We have to admit that we do appreciate savings with our hard earned money, however it's how we save them is the problem that causes problem and evenutally leads to its depletion. With the economy growing and more opportunities, financial management starts with personal savings which many of Filipinos don't have.
It is actually alarming since cash is just usually stored in piggy banks, under the mattress, and many old fashioned and unsafe ways to keep cash away. The BSP shared that only 48 percent of adults are maintaining savings in banks while seven out of 10 Filipinos keep their savings at home.
Another reason why they don't have bank accounts is the high fees and many requirements needed to open a bank account, plus there are still a lot of towns that doesn't have any bank branches which forces them to revert to old saving methods.
But pawnshop chain and now financial and remittance center Cebuana Lhuillier has recently launched their Mirco Savings Account Services which gives Filipinos a much easier access to have their own personal bank accounts as part of the initiative of the BSP through Circular No. 992.
The Cebuana Lhuillier Micro Savings Account requires only one valid ID, a minimal initial deposit of P50, and the Cebuana 24K Card. One can open an account at any of their branches nationwide. Their accounts comes with secure features that ensures safety of their deposits. For now, deposits and withdrawals are made through the counter with their card verifying machine but now working to transition to have an EMV card that can be used in ATMs. It will also have a debit and credit functions in the future that can online and cashless shopping, provide access to auxiliary services and help corporate and MSME (micro, small, and medium enterprises) clients manage their business through payroll cash management solutions.
They currently also have the eCebuana App which helps in mangaing finances with the Micro Savings, pay bills, and even process remittances on the go. Linking your account is made easy looks like you have your own branch in your phone.
This project by Cebuana Lhuillier is launched into a campaign #KayaNa: Unbanked Filipinos No More that aims to double Filipino saving accounts in the near future and will provide more progress opportunities to individuals, cooperative and SMEs in the country.
At the launch Sen. Chiz Escudero, who holds the banks committee of financial institutions, and currencies sees that this project will definitely help a lot of Filipinos especially in far places where banks don't have branches and will develop local industries to thrive. BSP Managing Director Pia Bernadette Roman-Tayag was also there to share the state of Financial Inclusion in the Philippines which shows the reality of Filipino saving habits and what they are doing to push for more Filipino bankers.
It would be really helpful for a lot of people to put their trust in bank with savings accounts, but it should not be that hard to open one. It is really great to see financial institutions like Cebuana Lhuillier to make things easier to the common folk and remove the imagery that banks and savings only belongs to the elites of society. This brings empowerment and mobility of finance to everyone which will drives the economy faster with even those at the bottom not left behind.
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