Lhuillier-led bank reasserts financial inclusion advocacy

CEBU, Philippines — Cebuana Lhuillier Bank has reaffirmed its commitment to support the Philippines in achieving its financial inclusion advocacy, which seeks to include more Filipinos in the formal financial sector.

“We just want to continue our financial inclusion advocacy, to carry over that mission from the small pawnshops we operate to a bank that can be the people’s ally in their financial success,” said Cebuana Lhuillier president and chief executive officer (CEO) Jean Henri Lhuillier, following the company’s recognition as Best Microfinance Bank, and Fastest Growing Financial Inclusion and Most Innovative Microfinance Bank for the year 2024, by the World Economic Magazine Awards.

“As we achieve another milestone, I can’t help but look back at the humble beginnings of the Bank back in 1998. We want to reach more people and provide our services to the ones who need them the most,” said Lhuillier.

According to Lhuillier, the recognition as the Best Microfinance Bank in the Philippines for 2024 not only affirmed the bank’s achievements but highlighted its impact on Filipino lives.

The growth witnessed in products like The Teachers’ Loan portfolio, with a staggering 425 percent increase in housing loans amounting to US$13.4 million, reflects the bank’s responsiveness to societal needs, particularly in addressing housing challenges.

Cebuana Lhuillier Bank garnered 35 percent of total basic deposit accounts in the Philippines.

Its loan portfolio logged a profound improvement fromUS$7 million in 2018 to US$64 million in 2023, showcasing not just “numerical expansion but, more importantly, the transformative impact on individuals and communities.”

Being hailed as the Most Innovative Microfinance Bank of the Philippines for 2024, Lhuillier said signifies Cebuana Lhuillier’s pioneering strides in redefining banking.

Through strategic collaborations, visionary partnerships, and cutting-edge product development, the bank has integrated technology to enhance customer experiences while upholding its core values of prioritizing customer needs and convenience.

Collaborations with financial technological partners like Bancnet, Instapay, PesoNet, Visa, and Temenos, the world’s leading banking software, highlighted the Bank’s commitment to staying at the forefront of financial innovation, he added.

Cebuana Lhuillier Bank President Dennis Valdes said that the awards serve as a reminder of the bank’s impact on diverse segments of society.

This recognition, Valdes added will fuel the bank’s mission to continue supporting Filipinos in their financial journeys, “inspiring people in making positive change.”

“Let these achievements and recognitions be a reminder of the importance of our work, the impact we create in the lives of entrepreneurs, mothers, farmers, the working Filipinos just by offering products that they need. It is our mission to help Filipinos in their financial journey. May these awards inspire each of us to do more and work harder to help Filipinos” added Valdes.

World Economic Magazine is a US-based publication, committed to promoting the understanding of financial literacy and economic multi-polarity in today’s global economy and international trade for its global audience. It provides insights, comprehensive study, and best practices in the areas of resistance to change, people, leadership, products, services, communication, and other critical aspects of the present economy. It hosts economic awards recognizing the achievements in different areas of the global economy participated by the top financial companies internationally. — (FREEMAN)