Cebuana Lhuillier Bank (CLB) led by bankero Dennis Valdes has set its sights for further expansion in the Visayas region, beginning with the opening of its first branch in Cebu City.
The move is in line with the bank’s mission of providing financial inclusion to every Filipino, especially to clients from the countryside. CLB, in particular, is reaching out to mom-and-pop businesses and to micro, small, and medium enterprises (MSMEs) whose operations definitely needed a boost following the challenges brought to the economy these past two years.
The bankero said MSMEs have always been the backbone of our economy, with 99 percent of total businesses in the Philippines considered falling under this sector.
“They are also a major source of employment, and also a major contributor in our total export revenues. However, in spite their huge contributions to the economy, MSMEs often lack financial resources that will help in their growth and development,” Valdes said.
True to the mission of becoming a partner for progress, CLB’s first-ever branch here in Central Visayas is open to all, especially to the more than 65,000 MSMEs looking to further grow their business.
“As a conglomerate, PJ Lhuillier has always been guided by its mission of financial inclusion. We make sure that this is reflected in all the products we offer in our companies, and a vital part of how we extend our services to the millions of Filipinos who rely on us for their micro financial needs,” Jean Henri Lhuillier, President & CEO of PJ Lhuillier Group of Companies said.
CLB’s groundbreaking micro savings product has empowered close to six million Filipinos to start saving for their future.
To date, CLB already has five branches nationwide and is expected to reach Mindanao region before the year ends.
As the banking arm of micro financial services giant Cebuana Lhuillier, CLB recently tapped the industry leader to serve as its cash agent, utilizing Cebuana Lhuillier’s more than 3,000 branches nationwide for its Micro Savings product.
The wide network presence provided the bank and its clients greater accessibility; while also enjoying wider connectivity thanks to the mobility provided by eCebuana app, which enables clients to conveniently access micro financial services such as Micro Savings, Money Remittance, Bills Payment, and E-load services among others.