News & Events

Microsavings: The Future of Affordable Banking

Have you ever imagined a world in which everything was much easier to accomplish? Have you imagined a world where complicated tasks are far simpler to process than usual? Somehow, this dream was made possible by three important factors: technology, reforms, and workarounds.

The same thing can be said about your applications – government benefits application, job application (verifications and references), and bank account application. While the first two are understandably slow-paced due to the insurmountable number of people submitting their applications at the same time, the third one doesn’t necessarily have to suffer the same fate. After all, it isn’t the number of people that affects the process the most, rather, the meticulous nature of banks when it comes to the requirements. Think of it this way, while the number of pre-requisites may be small, the matter in which they are required definitely impacts an applicant’s chances of acquiring one. The typical requirements for a normal bank account are:

  1. a) The minimum initial deposit
  2. b) Two valid IDs
  3. c) Two copies of your most recent 1×1 ID picture
  4. d) Proof of billing

Seems easy right? Well, here’s the thing, some banks would require a high amount when it comes to their “minimum” deposit. Aside from that, your proof of billing may not turn out to be valid, especially if you’re renting. The owner name would point towards your landlord, and not your very own. These simple technicalities may be an obstacle between you and your ultimate goal of opening a typical savings account.

Now, there are those who live out their lives thinking that a savings account isn’t really a major necessity, that it is something they can set aside for the sake of practicality. Consider these particular statistics, in its 2017 Financial Inclusion Survey (FIS), the national central bank announced that only an estimated 15.8 million adult Filipinos, or 22.6 percent, have bank accounts, while an approximate 52.8 million, or 77.4 percent, remain unbanked. While it may seem like a harmless amount of people being able to live with no bank account at all, take note of the actual hassles they may have to go through each and every day. Case in point, the following scenarios:

  1. Having no savings account of your own means you have no safe place to keep your money.
    The thing about having a savings account is that you’ll at least be able to keep your hard-earned money secured. Just think about it, even if you have a sturdy metallic safe back at home, chances are, you still wouldn’t have a peace of mind, knowing that thieves are always on the loose. Aside from that, your home isn’t exactly the wisest option when it comes to safekeeping. Whatever happens to your home, the money would go down with it. Fire, flood, earthquake, etc. By keeping your cash stacked at home, you’re putting all of your hard-earned cash
  2. Having no savings account of your own would make it quite difficult to retrieve your cash.One of the main perks of having a savings account is that you’ll at least be provided with an ATM card. With that, you’d be able to withdraw any amount from your account without much of a hassle (considering that there’s an available ATM machine nearby). If you have no savings account of your own, just think about how difficult it would be to retrieve your very own money. Even if you decide to keep it safe at home, you’d need to go back and forth just to acquire a small amount off your savings.
  3. Having no savings account of your own would prevent you from experiencing any potential investment opportunities.
    Depending on the bank type, opening up a savings account would actually entitle you to earn a small percentage from your deposits. Of course, when we say small, it usually involves just a few centavos of earnings, nonetheless, it accumulates and stacks up with your savings from time to time. Again, this would all depend on the bank and whether or not they implement this type of feature.
  4. Having no savings account of your own may cause lack of documents or requirements in the future, as some non-banking transactions would require for you to have an account.
    This is evident in some government applications and loans, you have to get a savings account of your own as they would deposit your loan directly to the account itself. You also have to consider other crediting companies, as bank accounts usually help them understand the financial habits of people who are hoping to borrow money from them. In such case, your personal account may function as a major requirement in itself already, being a direct pre-requisites for other financial entities.
  5. Having no savings account of your own may cause another hassle in itself, with no easy way to receive salaries and donations from relatives during times of need.
    It’s normal for people to communicate with their relatives during times of need. If you find yourself stuck in a similar situation, no worries, everyone has their moments. What would make this situation awkward, however, is the fact that money transfer isn’t going to be easy for you, especially if you do not have an account of your own. If your relatives or friends were to donate money for your cause, they may send it over your savings account, after which you may visit a nearby ATM machine to withdraw. For those without bank accounts, they may need to fall in line within a money remittance stall, endure a long wait time, and rummage through their ID collections just to acquire a few amounts.With all of that being said, there is definitely a need to open up a savings account, may it be for personal use or for externally checking a requirement list. The question is, is there a much convenient alternative to a bank? Is there a much better alternative to the usual savings account? Well, good news, both can be found at the same place and at the same time, none other than Cebuana Lhuillier’s Micro Savings services.

    Cebuana Lhuillier Micro Savings aims to provide easier banking access to Filipinos. The product is almost the same with any regular savings account in the Philippines, with the huge difference of its requirements being way easier to accomplish. Filipino citizens as young as 7 years old are even qualified to open an account, which can be considered as a “kids savings” or “junior savings” account. You may visit any of Cebuana Lhuillier’s 2,500 branches nationwide and fill-out the Client Customer Information File Sheet and bring the following:

    • 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)

The list of accepted Government/Valid IDs 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
  • 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)


So, what are you waiting for? Visit your nearest Cebuana Lhuillier branch now andopen a Micro Savings account, deposit atleast P500 get a chance to win P5,000 in our #KaCebuanaIponaryo challenge, more info on this link: