Year: 2017

Recent data from the Insurance Commission showed that a total of 26.6 million Filipinos are covered with microinsurance as of the end of first quarter of this year.  The industry is optimistic that microinsurance coverage will increase to over 31 million Filipinos by end of this year as more products are offered at very affordable premiums. One type of microinsurance being offered is TodaCARE, a Group Personal Accident insurance policy by one of the leading and largest non-bank financial services provider in the country.

In the Philippines, all vehicles must have an insurance prior to the approval of their registration at the Land Transportation Office (LTO), whether the vehicle is for commercial or private use. The basic coverage required shall answer for the death, disablement and medical expenses incurred by a person injured because of an accident that involves your vehicle. This includes Public Utility Vehicles (PUVs).

An example of microinsurance for PUV operators is CebuanaLhuillier’s TODACARE. This policy is a Group Personal Accident insurance specially designed for transport group leaders, officers and members. It covers:

Accidental Death

Disablement & Dismemberment (ADD&D)

Permanent Total Disability (PTD)

Murder and Unprovoked Assault (MUAAccident Medical Reimbursement (AMR)

Burial Benefit (accident/sickness)

Accident Daily Hospital Income (DHI)

This insurance policy only requires a minimum number of 10 enrollees aged 18 to 65 years old. Individuals above 65 years old,may be accepted but subject to 50% cover of the total sum insured for all benefits.

Cebuana Lhuillier’s TodaCARE microinsurance policy offers 24-hr protection for tricycle, taxi and jeepney drivers against accidents.

The coverage of TodaCARE by Cebuana Lhuillier’s Microinsurance are as follows:

• Accidental Death, Dismemberment & Disablement (Php 50,000)
• Accident Medical Reimbursement (Php 3,000)
• Burial Benefit – Accident/ Sickness (Php 50,000)
• Murder and Unprovoked Assault (Php 50,000)
• Permanent Total Disability (Php 50,000)
• Daily Hospital Income (Php 100)

Microinsurance such as TodaCARE is a great financial innovation, add to that that this is offered by Cebuana Lhuillier makes it all the more beneficial.

1. Reap high benefits at a low premium

Similar to the other microinsurance products offered by the leading microfinancial company Cebuana Lhuillier, TodaCARE is offered at a low premium. This type of financial product best serves those who cannot afford to pay higher premium.

2. Accessible financing all over the country

With over 2,000 branches nationwide, Cebuana Lhuillier stays true to its mission to enable more Filipinos to gain access to financial institutions.

3. Easy and fast processing

Cebuana Lhuillier not only offers low premiums but it also made its services convenient to lessen the distress and hassle faced by Filipinos. Deciding to purchase a policy insurance is made easy by visiting any Cebuana Lhuillier branch near you, submitting the documents needed and signing the necessary paper works.

Public Utility Drivers face the risk of accidents every time they go out on the road to earn for their families. Having an insurance that is affordable and offered by a reputable company guarantees that there is financial assistance to take care of their families when anything happens. Taking this precautionary measure of saving for the rainy days is something that would indeed be helpful in the long run.

Decision making is a major part of our everyday life. We have to choose wisely as most of the time, making a wrong decision may get us into an unwanted situation, especially if it involves money. In this very same case, initiating to get a loan would help us receive the financial help we might think we need. However, it isn’t just a matter of you simply receiving the amount, it’s also about the requirements and policies that you’d have to follow in order to attain your personal loan. With that in mind, here are a few important questions to answer first before applying for one:

1.  Are you at the right age?

You may think that this would solely refer to 18, however, most companies and establishments would actually require you to be at least 21 years of age. Being at this particular age would estimate that a person would at least have a job and means of earning by then, not to mention, the required government I.D.s to back it up. You may ask, what does having a job have to do with getting a loan? Well, the answer lies in the next important question.

2. Would you be able to pay back?

First of all, let’s define what a personal loan is. Simply put, it is any amount of money borrowed from an individual or a financial organization. Notice the word “borrowed.” This is why it’s a requirement to have a job before applying for a personal loan, since you would not be able to pay back the borrowed amount if you have no means of earning cash. Take note of this, as the company or establishment that you would “borrow” the money from would require paperwork as proof that you indeed have a job.

3. What would be the amount that you’re going to loan?

Of course, never forget to determine the amount that you’re hoping to receive. You may need to explain this as well to the representative when applying for the loan since they would determine whether you would be approved to receive your desired amount, or perhaps lower than what you expected. Your job and monthly earnings would come into play at this point, since loaned money is borrowed money, and you can’t pay back borrowed money if your earning isn’t living up to the amount that you wish to acquire.

4. Do you have a good credit rating?

A credit rating is defined as the estimate of the ability of a person or organization to fulfill their financial commitments, based on previous dealings. So basically, this is a record of your past transactions (whether you had borrowed money in the past) and if you were able to pay your past debts or not. When applying for a loan, the establishment would look into this and determine if they can trust you to pay for the money you are requesting to borrow. A good credit score would help with your application, while a bad credit score may ruin your credibility for a loan.

5. What would be the purpose of your loan?

There is a reason why you would like to apply for a personal loan. You may either want to consolidate your credit card debt, for home improvement purposes, to invest in your business or simply to take a vacation. Regardless, knowing the purpose of your loan would help you not only receive the best deal out of the whole process but also remind you of the terms involved in the underlying payments that you would have to accomplish after a set amount of time.

After reading through our tips, the next step is to find a loaning institution that would best fit your financial needs. Look no further than Cebuana Lhuillier’s Happy Loans, a multi-purpose loan amounting to Php 5,000, Php 10,000, or Php 15,000 offered to any individual who is employed, self-employed, student, or a remittance beneficiary. Our network of more than 2,000 Cebuana Lhuillier branches and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

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You’re short in cash but you need the extra cash to pay something as soon as possible. You think of many ways in order to earn a few pesos. However, you also wouldn’t want to waste time in trying out any other process and risk yourself vulnerable to more problems. You think of borrowing money from friends, but you had already borrowed enough in the past and are feeling a bit embarrassed to do borrow again. No worries, you can always apply for a personal loan. The question now would be, “if I apply for a loan, what are the qualifications?” Here are just a few qualifications to get a loan:

1. What to use the loan for.

First things first, why would you like to apply for a loan? What is the purpose of your application? Once you have the money, where are you going to use it? These are important questions you may have to answer in order to qualify for a loan. Lending companies would definitely like to validate if the applicant is a trustworthy person, and an honest answer would be greatly appreciated.

2. Your credit history.

Your past does define your future, especially with your credit score. If you have a clean record when it comes to paying your debts, then you have a higher chance of receiving a loan approval. However, if you have a negative history when it comes to your past obligations, then you may have a lot of explaining to do in order to get your loan approved.

3. Your ability to pay back.

A loan is basically borrowed money, so it’s just natural for the lending company to analyze whether you would do well in paying money that you owe them, before even approving your loan application. While your credit history may give a glimpse of your characteristics as a borrower and a payer in the past, the current analysis of your present means of income would give them an idea whether or not you have improved your ways in paying your debt/s and are actually capable of repaying this borrowed amount.

4. Your payday loans are also checked in the process.

According to a recent report, “some lenders also check out your bank accounts and lines of credit that aren’t reported to the credit bureaus. Short-term loans, sometimes called ‘payday loans,’ are an example of a credit line that usually isn’t reported.” Hence, even though some lenders use alternative types of data to supplement their loan decision-making process, borrowers shouldn’t underestimate the value of their credit score.

5. Your financial paperwork.

Income tax returns, bank statements and college records are just a few examples of these. In some cases, the lender already knows a lot about your financial situation. A sample indicator would be the so-called signature loan, a lending vehicle that uses the borrower’s signature and promise to pay as collateral. With this type of personal loan, the lender doesn’t ask for or verify much information beyond your identity. In such case, it is better to give all of the needed information and answers when asked about your financial activities before, so it may match with the “investigation” done by the lending company.

If it’s a loan you’re looking for, then Cebuana Lhuillier’s Lucky Loans should definitely be your top choice. It is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. Our network of more than 2,000 Cebuana Lhuillier outlets and online presence give customers unlimited access and utter convenience in applying for a loan.

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Millennials love to travel. Our social media accounts are full of destination pictures, delicacy shots, and replayable landmark poses. Some of us prefer visiting our very own local sandy beaches, while others may prefer to go out of the country, to a much colder climate. Yes, vacations vary in length and destinations. However, there is one common factor that these varying vacations are always involved with, namely, the price. Travel and accommodation expenses are not cheap. Even with promos, they may take away more than a cut-off’s worth of pay, leaving you with little to no remaining cash at all. In such case, there are such things as life hacks that may help you to save up before and during your vacation. Here are just a few to keep you covered:

1. Learn to look for a local place to eat.

Tourist spots are always filled with expensive restaurants. Do not let this tempt you into spending more than what you need to. Remember, the main purpose of eating is for you to gain energy for your fun time and travel, and not to have something expensive to post on your social media page. Local dining places are a lot cheaper than restaurants.

2. Learn to commute like a local.

Tourists are often convinced by taxi drivers to take a much faster route, albeit a more expensive price. Avoid doing this mistake. Ask around for local routes and guidance with the help of locals. The good thing about this is that you would be able to take the scenic route (regardless if it’s the tropical bushes of Boracay or the winter wonderland aura of Switzerland), making your vacation more magical and social media-worthy.

3. Get into Couchsurfing.

This new trend enables you to have free accommodation at your destination, even for a few days. Basically, you communicate with the owner of the house abroad, and then, you would be allowed to stay in their home for free (in some cases, there is even free food!) This would not only provide you a chance to save on expensive hotels, but also, to learn the culture of your host and their lifestyles.

4. Try to haggle.

We are the masters of this craft, so why not do so when you reach your destination. Buying souvenirs can be costly, as the locals may take advantage of you being the tourist who does not know their regular price from those which are over the limit. A small keychain may cost more than the usual hundred, so why not bargain and ask if you may instead buy two for the price of one. It never hurts to be wise, the same way that it wouldn’t hurt to save in your trip.

5. Do your best to familiarize yourself with the place.

The internet is your friend, so use it well. Before leaving your country of origin, do some research, study their language, save up a map on your smartphone. Knowing their means of communication and their directions would definitely help you save by not getting lost and solely relying on taxi drivers to show you the right way.

6. Limit your souvenirs.

We Filipinos love to bring home gifts to our loved ones. However, you do not need to give everyone a treat, especially when you’re on a tight budget.

Of course, when we’re talking about savings you make from your travels, we’re also mentioning a place where you may keep your remaining cash in tow. If you’re a resident of Cavite and Batangas, then the Cebuana Lhuillier Rural Bank is your one-stop spot for opening your own savings account. All transactions are real-time, erasing all the hassles that you may experience in other establishments. So what are you waiting for? Visit the Cebuana Lhuillier Rural Bank now – we assure a fast, easy and secure transaction.

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The prices of products in the market commonly fluctuate, which is why we are always kept on our toes when it comes to our budget and other matters of finance. So far, 2017 has seen a couple of positive outcome, which may provide a preview of its positive outlook as well in the coming months and years. With that in mind, here are a just a few examples of the “good news” in money remittances for 2017:

1. OFW remittances hit record $2.91 Billion last March.

Yes, you’ve read that right. It’s that much. To give everyone a much statistical view, this year’s personal remittances so far booked a double-digit growth of 11.8% to a record high of $2.91 billion in March from $2.61 billion in the same month last year, eclipsing the previous record of $2.82 billion booked in December last year. When compared to a Filipino cinema movie, that equals to a box-office hit.

2. According to analysts, our remittances are expected to grow by 5% more this year.

If you think the first one was good news, then here is a better one. According to a financial analyst, the remittances by OFWs rose by 7.1% in May, rebounding strongly after a contraction in April. The May figures mean that total personal remittances for the first five months of 2017 are up by 5.2% compared to the same month last year.

3. It’s all for a good cause.

According to a recent endorsement file presented by the United Nations, “Migrant remittances lift millions of families out of poverty across the world, as well as provide invaluable support to their communities of origin. More specifically, remittances contribute to the improvement of food security, education, health, wellbeing and housing for individual families, and have a positive impact on savings, investments, and job creation in their home communities.”

4. A faster remittance processing.

Remittance centers are getting ahead of the game. Meaning, they are always on the lookout when it comes to improving their services. It is not unusual for people to choose an establishment which provides its customers with fast and easy transactions, and remitting money is now made simpler than ever. You no longer have to wait in line for a long time when sending or receiving remittances, especially when you immediately need the cash. 2017 is the year for a much improved service from money remittance centers, and receiving your money on-time is one key evidence that the improvements will not stop.

5. An expanded money remittance network.

Speaking of convenience, you wouldn’t need to go far to find a remittance center. There are various branches and expansions that happened in this year alone. Last May, the country’s most reliable and trusted money remittance company – Cebuana Lhuillier – was placed under the spotlight with its expanded domestic money remittance service through the Pera Padala Agents Network, ensuring that you will find a Cebuana branch or agent at your convenience, anywhere, anytime.

With all of these in mind, you and your loved ones are hoping for a remittance service that would only provide the smoothest transactions possible, with no hassle and delay along the way. Well worry no more, as we at Cebuana Lhuillier offer our Pera Padala Service, an easy, quick, and safe way to send and receive money. With more than 2,000 branches nationwide and more than 1 million international partner locations worldwide, this money transfer service is made available to clients within and outside the Philippines.

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Owning a business is a bit tough, not to mention would require a lot of hard work (especially if you plan in making a big enterprise from scratch). However, this doesn’t necessarily mean that you are not entitled to a few choices outside of the ordinary means of growing your business. With this in mind, here are a few examples of methods in growing a business, all of which may be able to help you, depending on your financial situation and need:

1. Open a new branch.

As with all fast food restaurants and malls, one major way of expanding your business is by opening another branch. This wouldn’t mean that you should just throw your money in one major construction, as proper timing is the key in being able to do this. Remember, you should use your money wisely, in the same way that you must, at all cost, analyze the location of the new branch, as a community with little to no population at all would render your new branch not profitable. Keep this in mind when considering to add another branch to your own business.

2. Offer your business as a franchise.

Instead of simply adding another branch, why not offer your business as a franchise? The amount of money that the franchisee would be making would ensure that you have a percentage, regardless of the profit for any particular month. It’s like hiring others to do the work for you, while at the same time, you earn from their hard work. Think of this as a way to hit two birds with one stone: (1) expand your business and make more people know about your products and services, and (2) earn additional amount on top of your main branch. Spread the word and watch as many would buy a franchise of your business, giving you more earnings in the process.

3. Alternative options.

In situations where you may need more funds to expand, business loans and equipment financing can be viable options. In this case, the business owner borrows money from a lending establishment, and then the owner has to payback with his profits afterwards. Think of it as a way to compensate for the current needs, and then being able to compensate as well for the amount that needs to be paid back after a certain amount of time.

Get an upgrade on your business venture with a trusted name that offers only the best service possible. Cebuana Lhuillier’s Lucky Loans should definitely be your top choice. It is a multi-purpose loan offered to registered entities such as tricycle operators, credit cooperatives, and other groups, as well as SMEs such as restaurant and mini groceries, among other businesses. Our network of more than 2,000 Cebuana Lhuillier outlets and online presence give customers unlimited access and utter convenience in applying for a loan. Our five-point application to disbursement process ensures services are delivered on time.

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You’d like to sell one or two items from your home in order to earn a few extra cash. In such case, you would like to make sure that for every item you sell, you would get the highest return.

There are various ways to ensure that you get the optimum amount for the items that you will be pawning. Here are a few pointers to consider to get the best rates in pawnshops:

1. Do your own research.

Know the value of what you’re selling. Consider the condition of the item as well. You see, it’s not just about wear and tear; it’s also about the age of the item in question. Older cellphone models would of course give you a lower return. If that doesn’t seem satisfactory, you may always add another item to pawn off to add to your return amount. Take note that pawnshops are very meticulous when it comes to conditions of the item, so be sure not to surrender any damaged goods in particular. It would help a lot if you would put the item in its original box or packaging.

2. Ensure that the item being pawned is presented in its clean and proper condition.

We mentioned that pawnshops are strict when it comes to item conditions. Now imagine if it was a dusty jewelry. Of course, you’d get a high amount for that, however, the condition would most likely be a reason for price deduction, as the pawning representatives would have to factor in the effort in cleaning the item themselves. Save them the trouble, clean your item before pawning them off, and get a high amount in return. Believe us. The pawning agents will thank you for making their work easier. Take note that mint conditioned items (regardless if they’re jewelry or gadgets) will always be put to the test, so do not even think of surrendering a subtly damaged item. They will find out.

3. Visit a reputable pawnshop.

Reputation is everything, which is why you should only transact with a pawnshop that already has a reputable stance and familiarity with its customers. While other pawnshops may try to convince you of great cash returns, there are cases of hidden charges per transaction, a fee that no one wants to pay for. Pawn your items only with the most trusted name. Save yourself from hassle, especially since you’re only looking out for ways to earn a little bit of cash.

With all of these, you may be looking for a pawn shop that would provide you with the most honest return possible. No worries, as Cebuana Lhuillier has got your back. With their Pawning Service you can never go short in any amount, as they accept a wide array of items, from jewelry to gadgets, as collaterals. They also lead the pawning industry by offering safety and the highest appraisal rate in the industry in its more than 2,000 branches nationwide.

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Every single moment, people and their properties are exposed to various natural and man-made risks. To better prepare for the loss or effects of losses from these risks, people and companies usually get insurance.

Since most insurance policies are quite costly, micro-insurance was developed to cater to the needs of people that need guaranteed protection at affordable rates.  Micro-insurance covers many health-related risks including accidental death, injury, or illness.  Damage or loss of property may also be covered by micro-insurance.

Cebuana Lhuillier, one of largest lending and money remittance companies in the country, offers several micro-insurance packages to people who need them the most.

These are just some of the people who will surely benefit from micro-insurance:

1. Barangay Officials

By the very nature of their official duties, barangay officials face various risks and threats. As the implementer of laws at the village level, they face risks while performing one of their duties – maintaining peace and order. Developed as a group insurance product, barangay officials can benefit from medical reimbursements and daily hospital income. The micro-insurance product is available to persons aged 18 to 65 who are serving in the barangay. Dubbed as TanodCare, all it takes to have the security of this micro-insurance is P165/year.

2. Jeepney and Taxi Drivers

Without a doubt, jeepney and taxi drivers are involved in a risk-prone occupation. Aside from the risk of vehicular accidents, they also have to contend with threats from criminals who pretend as passengers and rob them. These drivers are also exposed to hazardous fumes and other dangers posed by pollution. More popularly known as TodaCare, this micro-insurance product is only P165 per year and provides the jeepney and taxi drivers with many benefits including a P50,000 accidental death benefit, a P3,000 medical reimbursement, and a number of other payouts that would significantly help the accident victims and their families.

3. Tricycle Drivers

Just like jeepney drivers, tricycle drivers also face danger on a daily basis. With their smaller vehicle, they are more prone to injury and other ill effects of road accidents. The good news is, they are also qualified to sign up and receive all the benefits that come with TodaCare.

4. Security Guards

SecurityCare is another micro-insurance product offered Cebuana Lhuillier that was designed especially for those in the security guard profession. Given the higher risks of the job, the main cash benefit is as high as P75,000 for only an annual premium of P144 a year.

5. Private Car & Motorcycle Owners

Cebuana Lhuillier’s AutoCare insurance product is a good option for private car owners while those who own motorcycles may consider getting MotorCare.  AutoCare is a standard 4-wheeled vehicle insurance while MotorCare is insurance for two-wheeled vehicles, both of which include a Voluntary Third Party Liability package.

6. People with Medical Needs

PharmaCare or InsureMed is a personal accident insurance product that was developed to meet the needs of people who consume pharmacological products. Those who take medicines on a regular basis are also exposed to a number of risks, making this form of micro-insurance one of the most essential products of its kind. The amazing microinsurance product only has a P7.50 annual premium yet the benefits simply make it an industry benchmark.

7. MSMEs

Putting up a business always involves a calculated risk.  Good thing is, entrepreneurs and companies classified as micro, small, or medium enterprises (MSMEs) can now avail of NegosyoCare which includes property insurance, accident medical insurance, payroll coverage, and other outstanding insurance features.

8. Property Owners

HomeCare insurance, which provides residential fire insurance coverage, is also a very affordable product that can provide a homeowner peace of mind for only P639.75 a year.

9. Students

Not to be left behind are students who can take part in a group insurance plan called StudentCare for only P22 per person.

10. Employees

Of course, employees can avail of the benefits under Employee Care which is a group personal accident insurance plan that includes benefit payments as high as P50,000 including a daily hospital income, burial benefits, to name a few.

Indeed, even with small premiums, people from all walks of life can get significant benefits from micro-insurance.

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Everyone works hard for their salary. You would do your best to be able to pay all of your bills on time, provide for your family and overall, make ends meet given with what you have. However, you still find yourself in a situation where you are unable to save for the rainy days. Worry no more for there is a major alternative to making the most out of your monthly salary. Yes, there are other means when you find yourself in a situation where you need a little bit of help financially. For this article, we’ll discuss one – microinsurance.

What is microinsurance?

Microinsurance is the protection of low-income people against specific perils, in exchange for a regular premium payment proportionate to the likelihood and the cost of the risks involved. Think of it as your financial airbag, ready to take the impact for you should there be an emergency.

Where do I find microinsurance? Where would I apply for one?

Microinsurance is everywhere. Each country has numerous establishments and organizations which offer this type of service. All you have to do is research which financing institutions near you offer microinsurance.

I’ve seen many variations of the word, how should it be written?

Microinsurance may have been practiced for a long time. However, the variations of how it’s typed is fairly new (yet accepted by society). Microinsurance, Micro-Insurance and Micro Insurance are considered correct, all referring to the same concept or type of insurance, so no need to worry if ever you’re looking for literature about this topic for your financial research.

Why should I choose microinsurance over the other money-saving methods?

Before we may answer this question, let us first look at the other ways of saving a certain percentage from our hard-earned money. According to a recent financial report, the following are the usual money-saving procedures:

• Diversifying activities, assets, and sources of income, including through migration of one or more family members;
• Informal self-help, investing in different socio-economic and/or identity-based networks;
• Saving, which allows for self-welfare to cope with future expenses, predicted or not;
• Emergency credit from formal and informal lenders;
• Selling assets or reducing consumption to cover the cost of a shock.

These may have been working or have worked in the past. However, they can also have consequences for low-income individuals and families. Diversifying income-earning activities may help lessen financial risk, but may also reduce income-earning ability. When an emergency occurs, depleting savings, selling assets, or reducing expenditures on important goods such as food, healthcare, or education, can hamper your family’s way out of poverty. Resorting to expensive, formal loans can cover immediate costs but leave the family with long-term and heavy obligations that are difficult to pay back. Family and friends can often help but are a limited resource, particularly in low-income communities.

With all of these being said, how can microinsurance help me in the long run?

When faced with an emergency, insurance may cover costs that those existing strategies cannot and help clients avoid strategies or methods which may complicate your current situation, rather than resolve it. Even before the need arises, the security provided by an insurance product may help avoid some costly or otherwise non-preferred risk reducing strategies, such as growing subsistence crops or sending a family member to work abroad. Go for a well-trusted procedure which never fails, and that’s microinsurance.

With all of those being said, be prepared for any financial emergency. Here at Cebuana Lhuillier, we offer a wide array of Microinsurance options, with affordable and simple terms to help every Filipino avail of financial services and privileges that higher-income earners have easy access to and promise to minimize impact of distress and misfortune on one’s financial position. So what are you waiting for? Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.

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