The United Asia Automotive Group Inc. (UAAGI), a distributor of commercial vehicles and heavy equipment in the country and carries the brands FOTON and Chery, which are the leading commercial vehicle manufacturers in the world, has tapped Cebuana Lhuillier Rural Bank (CLRB), the banking arm of microfinancial services giant, Cebuana Lhuillier to supply UAAGI employees with their own Cebuana Lhuillier micro savings accounts.
“I am elated 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.” said Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, whose banking arm, the Cebuana Lhuillier Rural Bank has introduced the Cebuana Lhuillier Micro Savings in early 2019.
Employees of UAAGI and its dealers and distributors which include FOTON Motor Philippines, Inc., FOTON Cebu, Inc., Chery, United Graphic Mobile, Inc., and more are now holders of Cebuana Lhuilier Micro Savings accounts; they join more than 4 million previously unbanked Filipinos who have availed of the product for themselves since its launch.
Company incentives and benefits can now be easily claimed by these employees at any of Cebuana Lhuillier’s more than 2,500 branches nationwide.
“Within the company, one of our commitment is to ensure the growth of our employees, aiming 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
“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.
The Cebuana Lhuillier Micro Savings account is CLRB’s answer to BSP’s call for financial inclusion by tapping Cebuana Lhuillier as its cash agent enabling the unbanked and underbanked population to have access to a savings account.
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, owing to Cebuana Lhuillier’s network of more than 2,500 branches nationwide.