The Development Bank of the Philippines (DBP) is joining forces with the country’s biggest microfinancial company, Cebuana Lhuillier, in bringing more channels for Filipinos to send money from abroad to their loved ones in the Philippines.
DBP and Cebuana Lhuillier will be working together to provide more ways for Filipinos to send and receive money from their loved ones overseas.
“Cebuana Lhuillier and DBP will be a formidable team in fulfilling the mission of providing the underbanked and unbanked access to financial services that otherwise would be difficult for them to obtain. Through our extensive branch network, and DBP’s strategic locations, Filipinos will have much easier access to money remittance channels,” said Cebuana Lhuillier president and CEO Jean Henri Lhuillier.
With this partnership, Filipinos abroad who will remit money in any of DBP’s international remittance tie-ups can ask their loved ones to collect the money from any of Cebuana Lhuillier’s more than 1,700 branches.
“We are happy to be working with Cebuana Lhuillier in reaching out to serve financially disadvantaged Filipinos, in particular the unbanked and underbanked OFWs and their beneficiaries. We believe that by providing Filipinos with the needed financial channels, we will be able to promote and accelerate sustainable economic growth in the country,” said DBP president and CEO Gil Buenaventura.
The country’s premier development financial institution, DBP provides medium and long-term credit facilities to support key economic sectors including infrastructure, transportation, telecommunications, power generation and distribution, water utilities, education, health care, housing, environment, micro small and medium enterprises, and local government.
Cebuana Lhuillier is the country’s leading and largest non-bank financial services provider specializing in pawning, remittance, and microinsurance. Cebuana Lhuillier is part of the PJ Lhuillier Group of Companies, a dynamic, multi-industry company that owns and operates businesses dealing with other financial services such as bills payment, collections and payout services, and banking, on top of all the services that Cebuana Lhuillier offers.