5 million Filipinos now have Cebuana Lhuillier Micro Savings

There are now more than 5 million Filipinos who have a Cebuana Lhuillier Micro Savings account. This landmark achievement by Cebuana Lhuillier Rural Bank (CLRB), the banking arm of the leading micro-financial services company in the country, Cebuana Lhuillier, comes after the launch of the leveled up Cebuana Lhuillier Micro Savings product in December of last year.

“We are elated that there are more and more Filipinos every day who are realizing the importance of saving and are taking charge of their future. It is very exciting that these 5 million Micro Savings account holders are not only on the first step to financial wellness, but because of our amped up product, are also Financially Mobile individuals.” said Cebuana Lhuillier President and CEO, Jean Henri Lhuillier

The Cebuana Lhuillier Micro Savings was launched in February 2019 as a basic deposit account that eliminated the need for numerous documentary requirements and maintaining balance or dormancy charges. The product was made available at Cebuana Lhuillier’s more than 2,500 branches as it acted as CLRB’s cash agent.

Cebuana Lhuillier Aims More Filipinos With Bank Accounts Via Micro Savings

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.