Recently unveiled is the Cebuana Lhuillier Micro Savings providing Filipinos with a more convenient and affordable means to save their hard-earned money. The micro savings is Cebuana Lhuillier’s platform for Filipinos to overcome the barriers to saving.
The lukewarm attitude of the masses towards opening a savings account is attributed to the barriers to saving in banks. The lack of access to banks among the country’s many cities and municipalities remains as the top deterrent, according to a BSP study. In fact, only 33% or 551 cities in the Philippines have access to banking institutions. The numerous documentary requirements is a major turn off for many, along with the high cost of initial deposit, high maintaining balance, as well as, high dormancy charges.
Opening a Cebuana Lhuillier Micro Savings account requires only one valid ID and a minimal Php 50 initial deposit. With a vast network of branches comprised of 2,500 retail infrastructures, account holders can deposit and withdraw anywhere at their most convenient hours.