There is no doubt that the COVID-19 pandemic has upended the lives of many Filipinos. It has led to the loss of lives, livelihoods, and opportunities from millions of our kababayans in the last two years.
In fact, according to the Financial Inclusion Survey report released by the Bangko Sentral ng Pilipinas (BSP) in 2021, the number of Filipinos with savings accounts dropped by 25% due to the financial strain brought about by the COVID-19 pandemic. The incidence of savings among Filipinos also declined to 37 percent of 77.2 million Filipino adults from 53 percent in 2019, according to the same report.
Cebuana Lhuillier Bank, the banking arm of microfinancial services giant Cebuana Lhuillier, is committed to do its share in encouraging Filipinos, especially those in the marginalized sector, to resume their savings journey after the challenging past couple of years.
In light of this mission, the company embarked once again on a nationwide information dissemination drive this year that reinforces its Iponaryo advocacy campaign. The campaign recently kicked off in Bongao, Tawi-Tawi where the representatives from Cebuana Lhuillier were personally met by barangay leaders and more than 200 residents, all of whom were interested to hear about the “Iponaryo” savings mindset and how this can be made possible by Cebuana Lhuillier Micro Savings.
“The concept of Iponaryo is borne out of our desire to make a nation of wise, savvy, and future-ready ‘savers’ where saving money is no longer restricted to high-wage earners, but also to the vast majority. At Cebuana Lhuillier Bank, our commitment is to become the partner of every Filipino, especially our kababayans in far-flung rural communities as they begin their very own journey towards financial freedom. We want to be their provider of choice: one that understands their need for accessibility, reliability, and affordability for their banking concerns,” Cebuana Lhuillier Bank President Dennis Valdes said.
In 2019, Cebuana Lhuillier launched its Iponaryo campaign which greatly advocated the importance of saving to millions of Filipinos. The campaign, which saw more than 8,000 employees of Cebuana Lhuillier serve as Iponaryo ambassadors conducting a nationwide information dissemination effort consisting of around 800 learning sessions across the country. The initiative proved to be a success, with more than 3 million Filipinos opening their very own savings account on the first year alone through Cebuana Lhuillier Bank’s Micro Savings product.
The product, the first of its kind when it was launched three years ago, provided the ordinary folk, especially the minimum-wage workers a trusted repository for their hard-earned money. With a minimal requirement of one valid ID and initial deposit of PHP50, Micro Savings accounts also have no maintaining balance, no tedious documentary requirements, and is easily accessible since account opening, deposits, and withdrawal transactions can be done in any of Cebuana Lhuillier’s more than 3,000 branches nationwide.
Jean Henri Lhuillier, President & CEO of PJ Lhuillier, Inc. (PJLI), the parent company for Cebuana Lhuillier Bank affirmed the organization’s commitment towards financial inclusion*.* “We want to be in step with many of our kababayans as they go through their financial journey, culminating in a reality where every Filipino has the opportunity to save up for a better future for themselves and their families,” he said.
To date, Cebuana Lhuillier Micro Savings has almost 7 million account holders already, and this customer base still rapidly growing thanks to Cebuana Lhuillier Bank’s continued growth and continued push for the Iponaryo mindset.