To promote financial inclusivity among their employees, the United Asia Automotive Group Inc. (UAAGI) has provided their employees with their own micro savings accounts through Cebuana Lhuillier.
The UAAGI Group, which distributes commercial vehicles and heavy equipment brands such as FOTON and Chery,, tapped Cebuana Lhuillier Rural Bank (CLRB), the banking arm of microfinancial services provider Cebuana Lhuillier, to supply its employees with their own Cebuana Lhuillier Micro Savings accounts.
“Within the company, one of our commitments is to ensure the growth of our employees, not just to boost their career and skills but also their financial savings. Cebuana Lhuiller Micro Savings enables convenient transactions with safe and secured benefits and incentives which made us see them as our perfect financial savings partner.” said UAAGI president Rommel Sytin.
Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, said he was elated with the news. “I am happy to see that companies have adopted our philosophy of financial wellness and are also spreading this same philosophy to their employees. Our commitment of financial inclusion for Filipinos is fulfilled with each corporate partner who signs up to provide micro savings accounts to their employees.”
To be given their own Cebuana Lhuilier Micro Savings accounts are employees of UAAGI, including their dealers and distributors such as FOTON Motor Philippines, Inc., FOTON Cebu, Inc., Chery, United Graphic Mobile, Inc., and more. Thus, they will join more than 4 million previously unbanked Filipinos who have availed of the product for themselves since its launch.
This means that company incentives and benefits can now be easily claimed by employees at any of Cebuana Lhuillier’s more than 2,500 branches nationwide.
CLRB introduced Cebuana Lhuillier Micro Savings back in early 2019. The Cebuana Lhuillier Micro Savings account is CLRB’s answer to the Bangko Sentral ng Pilipinas’ call for financial inclusion by tapping Cebuana Lhuillier as its cash agent to enable the unbanked and underbanked Filipinos to have access to a savings account.
“CLRB is always open to partnerships with other companies and to providing B2B solutions for micro to large enterprises. Our Cebuana Lhuillier Micro Savings product will provide accessibility to Filipinos who initially did not have access to a savings account.” said Cebuana Lhuillier Rural Bank President Dennis Valdes.
Opening a micro savings account requires only one valid ID and a minimal P50 initial deposit. Account holders can deposit and withdraw anywhere at their most convenient time at any of Cebuana Lhuillier’s network of more than 2,500 branches nationwide.