Reaching the Extra Mile

Cebuana Lhuillier has done it again! Back in 2017, they launched their #Kaya Na: Unbanked Filipinos No More campaign, and in a matter of months, they were able to successfully motivate 2 million Filipinos to open their very own micro savings account. Now, in 2020, that number has gone up to 3 million micro savings account holders. Such a surge in numbers is definitely a crowning achievement for Cebuana Lhuillier, as in the recent years, they have been monitoring the data from the BSP (Banko Sentral ng Pilipinas), with the regards to the ever dwindling number of Pinoys without bank accounts. Understandably, people are having second thoughts about opening their own accounts due to the fact the requirements can be overwhelming, but not with Cebuana Lhuillier. Micro Savings has been a major forefront of their service recently and that certain factor has been going strong as we enter a new decade. You may ask, “What makes Cebuana Lhuillier a more efficient “bank” than the average bank itself? What did they get right that other banks didn’t?”

For someone new to Micro Savings, what is it and how significant is it for the financial growth of people?

Micro savings is “a branch of microfinance, consisting of a small deposit account offered to lower-income families or individuals as an incentive to store funds for future use. Microsavings accounts work similar to a normal savings account, however, are designed around smaller amounts of money.”

From that definition, we may conclude that it is indeed in the best interest of Filipinos to apply for a Micro Savings account. While that may be a simple equation at first, it isn’t that simple. Many are still doubtful of this concept, as more people trust banks with well-known names rather than your average pawnshop handling their finances. But that is exactly the point, a pawnshop that knows the value of your jewelries and appraisals would have a better idea of your budget since they happen to know the everyday struggles of Filipinos. Surely, no one would pawn off their items if they aren’t short on money.

Breaking through the barrier

With that being said, the next best thing to do would be to offer their Micro Savings services, however, the doubt that we’ve mentioned before seems to be a barrier that used to prevent Filipinos from applying for their own account, all of that seems insurmountable until Cebuana Lhuillier launched their campaign a year ago which, as everyone knows by now, was a complete success. That certain degree of success didn’t stop until the introduction of a new decade. 2020 seems to be the continuation of this campaign as 3 million Filipinos were able to put their trust in Cebuana Lhuillier’s capabilities to manage their finances. And rightfully so, as they were able to show their efficiency when handling people’s money, while at the same time maintaining the high amount of quality service that anyone would be proud of. But that’s not only the deciding factor. Remember when we said that Cebuana Lhuillier’s Micro Savings services was a much easier option than the average bank? We were not lying about that. For example, here are a list of requirements for a micro savings application:

  • 1 Government issued ID
  • Birth Certificate (applicable to minors only)
  • Student ID (applicable only if student is currently enrolled)
  • P50 minimum initial deposit
  • P100 card fee (for clients w/o 24k card)

Of course, there are a wide list of  accepted valid IDs. Since the main aim is to make the service as accessible as possible, the other accepted valid ID are:

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) ID
  • Senior Citizen’s ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR)
  • Barangay Certificate or ID (with picture and signature)
  • Birth Certificate (applicable to minors only)
  • Firearm License
  • Immigrant Certificate of Registration
  • Marriage License
  • National Council for the Welfare of Disabled Persons
  • New TIN ID
  • OWWA ID
  • Student ID
  • Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
  • Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID (IBP)
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (Insurance Commission)

After preparing these, interested applicants may simply go to any Cebuana Lhuillier branch and fill-out the Client Customer Information File Sheet. If you have kids which are below eight (8) years old, the good news is that you may also apply an account for them. Filipino citizens as young as seven (7) years old are qualified to open an account, which can be considered as a “kids savings” or “junior savings” account.

Other than that, what are the main details about Cebuana Lhuillier’s Micro Savings account? Look no further than this chart:

Interest Rate Per Annum 0.30%
Minimum Balance to Earn Interest Php 500
Minimum Maintaining Balance None
Dormancy Period None
Maximum Account Balance Php 50,000
Deposit Amount Min. Php 50; Max Php 50,000
Withdrawal Amount Min. Php 100; Max Php 5,000
Deposit Fee FREE
Number of Allowed Withdrawals Per Day 3
Withdrawal Fee May be subject to rates
Requirements to Open An Account 1 valid government ID
24k Card Fee (For Non-24k Card Holder) Php 100

Everything seems to be reasonable from this standpoint, so it’s no wonder that Filipinos continued to support this service. That continued support may have spread more about Cebuana Lhuillier’s efficiency with their services, which is why many were convinced to apply for their own account. The amazing thing about this is 3 million wasn’t even a golden number, a goal that the acclaimed pawnshop hoped to achieve, as their main focus was on helping as many Filipinos as they can with regards to financial security and stability. Throughout the years, Cebuana Lhuillier has evolved from being just a mere pawnshop to an institution that utilized its many years of experience to assist Filipinos with their budget and needs. Yes, the mainstay pawning service still remains, but services such as the micro savings definitely cemented their legacy, even for years to come. If you aren’t convinced yet, don’t just take it from us, let the numbers speak for itself and experience the high-quality service that only Cebuana Lhuillier can provide.

With all of these in mind, you may be looking for a well-trusted name that would safely value the security of your hard-earned money. Well, look no further than Cebuana Lhuillier’s Micro Savings services. At its core, it aims to provide easier banking access to Filipinos. The product is almost the same with any regular savings account in the Philippines, but doesn’t require a maintaining balance. So what are you waiting for? Feel free to visit the nearest Cebuana Lhuillier branch now!

CORPORATE AGENT PARTNERS

  • ACTION.ABLE, INC.
  • ALL ACCESS GATEWAY INC.
  • ANTRECCO (AGUSAN DEL NORTE TEACHERS, RETIREES, EMPLOYEES & COMMUNITY COOPERATIVE)
  • ACM VIP
  • ALL CASH
  • AGRILIFE/ AGRIVET
  • ASENSO PINOY STORE, INC. (EASY DAY SHOP)
  • AVICOM ENTERPRISES
  • AYALA ALABANG VILLAGE ASSOCIATION
  • BAUG CARP MULTI PURPOSE COOPERATIVE
  • BAGUIO BENGUET COOP
  • CARD BANK INC
  • CARD MRI RIZAL BANK INC
  • CARD SME BANK
  • CARITAS BANCO NG MASA, INC.
  • CEBU PEOPLE’S MULTIPURPOSE COOPERATIVE
  • CIS BAYAD CENTER, INC
  • COOPERATIVE BANK OF BOHOL, INC
  • COUNTRY BUILDERS BANK
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • AEON CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (VIA ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (VIA ECPAY)
  • ALLIANZ PNB LIFE INSURANCE INC.
  • ALPHA FUND SAVINGS & CREDIT COOPERATIVE (VIA ECPAY)
  • AMADEO WATER DISTRICT (VIA ECPAY)
  • AMYA POLYTECHNIC COLLEGE, INC. AND FINANCING CORPORATION (LENDPINOY)
  • ANGAT WATER DISTRICT (VIA ECPAY)
  • ANGELES ELECTRIC COMPANY ANGELICUM SCHOOL , INC. ILOILO CITY (VIA ECPAY)
  • ANJELMAN REAL ESTATE LEASING
  • ANTIQUE ELECTRIC COOP, INC ANTRECCO (BILLS PAYMENT)

OVER 600 BILLER PARTNERS NATIONWIDE

  • 123 FINANCE CORPORATION
  • 123 LENDING CORPORATION
  • 2C2P
  • 8AMC (VIA ECPAY)
  • ABEJO WATERS CORP.
  • ABRA
  • ACOM CONSUMER FINANCE CORPORATION
  • ACTIVE REALTY & DEVELOPMENT CORP.
  • ADA MANUFACTURING CORPORATION (VIA ECPAY)
  • CREDIT SERVICE
  • AETERNITAS CHAPELS AND COLUMBARIUM (via ECPAY)
  • AFC SME FINANCE INC
  • AFTERWEST MICROLOANS INC
  • AGODA – DRAGONPAY
  • AGRIBANK
  • AGRO-INDUSTRIAL FOUNDATION COLLEGE OF THE PHILS.
  • AGUSAN DEL NORTE ELECTRIC COOPERATIVE, INC.
  • AIR YOU GO TRAVELS PHILIPPINES CO.
  • AKLAN ELECTRIC COOPERATIVE, INC.
  • ALAMINOS CITY WATER DISTRICT (via ECPAY)
  • CREDENCE FINANCING, INC.
  • CURAMED PHARMACY
  • DALTON PAWNSHOP AND JEWELRY INC.
  • DANIELA PAWNSHOP
  • DIRECT AGENT 5 (DA 5)
  • DEVELOPMENT BANK OF THE PHILS.
  • EXPRESSPAY INC.
  • EVRIJEM FOREIGN EXCHANGE AND MONEY REMITTANCE
  • FILHAI MULTI PURPOSE COOPERATIVE
  • GLOBAL PINOY REMITTANCE AND SERVICES (GPRS)
  • GEMARY PAWNSHOP AND JEWELRY (CORP.)

List of Accepted Government/ Valid IDs

  • Passport
  • Driver’s License
  • Professional Regulation Commission (PRC) ID
  • National Bureau of Investigation (NBI) Clearance
  • Police Clearance
  • Postal ID
  • Voter’s ID
  • Philippine Identification (PhilID) card
  • Government Service Insurance System (GSIS) e-Card
  • Social Security System (SSS) ID
  • Senior Citizen’s ID
  • Overseas Workers Welfare Administration (OWWA) ID
  • OFW ID
  • Seaman’s Book
  • Alien Certification of Registration (ACR)
  • Barangay Certificate or ID (with picture and signature)
  • Birth Certificate (applicable to minors only)
  • Firearm License
  • Immigrant Certificate of Registration
  • Marriage License
  • National Council for the Welfare of Disabled Persons
  • New TIN ID
  • OWWA ID
  • Student ID
  • Alien Certification of Registration (ACR) / Immigrant Certificate of Registration
  • Government Office or Government Owned and Controlled Corporations (GOCC) ID (e.g. AFP ID, HDMF (Pag-ibig Fund) ID, etc.
  • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
  • Department of Social Welfare and Development (DSWD) Certification
  • Integrated Bar of the Philippines ID (IBP)
  • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP (Bangko Sentral ng Pilipinas), SEC (Securities and Exchange Commission) or IC (Insurance Commission)

IDs Accepted

As required by Bangko Sentral ng Pilipinas (BSP), clients who engage in a financial transaction with covered institutions for the first time shall be required to present the original and submit a clear copy of at least ONE (1) valid photo-bearing identification document issued by an official authority. For our clients’ convenience, Cebuana no longer requires submission of the photocopied ID. IDs are captured using a webcam in all branches. Clients are also required to submit an updated photo and other relevant information whenever the need for it arises.

Forms of identification accepted are the following;

Pawn Accepted IDs
1. Passport
2. Driver’s License
3. Professional Regulation Commission (PRC) ID
4. National Bureau of Investigation (NBI) Clearance
5. Police Clearance
6. Postal ID
7. Voter’s ID
8. Philippine Identification (PhilID) card
9. Social Security System (SSS) Card / Unified Multi-Purpose ID (UMID)
10. Barangay Certification
11. Government Service Insurance System (GSIS) e-Card
12. Senior Citizen Card
13. Overseas Workers Welfare Administration (OWWA) ID
14. OFW ID
15. Seaman’s Book
16. Alien Certification of Registration/Immigrant Certificate of Registration (for foreigners)
17. Government Office and GOCC ID, e.g., Armed Forces of the Philippines (AFP ID)
18. Home Development Mutual Fund (HDMF ID)
19. Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
20. Department of Social Welfare and Development (DSWD) Certification
21. Integrated Bar of the Philippines (IBP) ID
22. Company IDs issued by private entities or institutions registered with or supervised or regulated either by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission or Insurance Commission
23. ID issued by the National Council on Disability Affairs (NCDA)