Many Filipino employees regularly deal with financial stress as statistics show 71 percent of adult Filipino workers do not have an emergency fund, according to financial services firm Cebuana Lhuillier.
Cebuana Lhuillier in a statement cited statistics that show 47 percent borrow money for food, education, medical expenses and emergencies to cope with the financial stress.
What is alarming is that 72 percent resort to predatory lenders, as cited by Cebuana Lhuillier.
According to the study, 60 percent of these Filipino employees believe their employers should help them manage their finances.
Jean Henri Lhuillier, president and chief executive officer of Cebuana Lhuillier, said the company partnered with Advance in introducing a platform that enables employers to provide on-demand financial assistance to their employees at no cost and no liability to their companies.
Advance is a Philippine-based fintech company providing innovative on-demand access to credit and other financial solutions.
Lhuillier said by providing employees a convenient, fair, and manageable means of dealing with financial problems, companies improve employee engagement, enhance productivity, increase employee retention, and reduce costs.
“This new product as it is a great way to assist MSMEs (micro, small and medium enterprises) that want to help their employees navigate their way through unforeseen financial challenges,” he said. – Irma Isip
