In the Philippines, a significant number of adult workers face financial stress, as reported by recent statistics. According to available data, a staggering 71% of Filipino employees do not have an emergency fund, with 47% resorting to borrowing money for essential needs such as food, education, medical expenses, and emergencies. Even more concerning is that 72% of workers turn to predatory lenders to make ends meet.
This growing financial burden on employees has far-reaching consequences, impacting their morale, productivity, and attendance at work. Acknowledging this pressing issue, 60% of Filipino workers believe that employers should play a role in helping them manage their finances.
In a bid to address this challenge and offer accessible financial support to working Filipinos, Cebuana Lhuillier has joined forces with Advance, a Philippine-based fintech company specializing in on-demand credit and financial solutions. The result of their partnership is the introduction of “Cebuana Lhuillier Advance.”
Cebuana Lhuillier Advance is a revolutionary platform designed to empower employers to extend on-demand financial assistance to their employees without incurring any cost or liability for their companies. Companies that opt to become partners of Cebuana Lhuillier Advance enable their workforce to access a portion of their salaries as a revolving line of credit at any time. Users can choose from flexible short-term repayment periods that suit their individual needs, ensuring that repayment transactions remain viable. Notably, credit lines are automatically replenished upon repayment, offering a seamless experience for employees.
“I am very excited with this new product as it is a great way to assist MSMEs that want to help their employees navigate their way through unforeseen financial challenges,” according to Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier, expressing his excitement over their partnership with Advance and the Cebuana Lhuillier Advance platform.
The platform offers instant disbursement, granting employees 24/7 access to credit with a fast and paperless application and approval process. It also provides comprehensive account management, dedicated customer support, and other value-added services to ensure a holistic financial experience for users. The entire process is streamlined through the user-friendly Cebuana Lhuillier Advance App, available for download on both Google Play Store and App Store.
By providing a convenient, fair, and manageable solution for financial challenges, Cebuana Lhuillier Advance aims to foster improved employee engagement, enhanced productivity, increased employee retention, and reduced costs for companies. This innovative initiative seeks to empower Filipino workers to navigate financial hardships more effectively and cultivate a more financially secure workforce.
“We are proud to be part of Cebuana Lhuillier’s ecosystem promoting financial inclusion and mobility. With this product, we know we can help both employers and employees as they both take the journey towards financial stability and wellness,” said Jaime de los Angeles, Advance CEO and Co-Founder, sharing the same excitement about the partnership.
With Cebuana Lhuillier and Advance leading the way, the Philippine workforce can look forward to a brighter, more financially stable future, where financial stress is met with accessible and responsible solutions.