GCash Fosters Saving Culture Among Filipinos

Leading financial app #GCash commemorates Savings Consciousness Week, offering practical solutions for the unbanked and under-banked Filipinos.

#GCash in observance of Savings Consciousness Week, is fostering a culture of saving among Filipinos who are unbanked and under-banked, providing them with access to easy, convenient, secure, and high-yield savings.

 

Presently, one in four bank account holders in the Philippines have an account with GSave, an innovative, in-app savings feature of GCash. This feature is powered by the Bank of the Philippine Islands, Maybank, and popular digital banks UNO Bank and CIMB Bank.

GSave offers an elevated interest rate of up to 4%-6% per annum, enabling users to earn up to ten times more than a conventional savings account. Through this feature, GCash ensures that users maximize their deposits with higher returns, aiding them in saving for an emergency fund, education fund, health and medical expenses, retirement fund, business capital, and more.

“With GSave, there’s no need for a maintaining balance, and anyone can open a GSave savings account via the GCash app. The transfer of money from GCash to GSave is also free of charge, allowing one to deposit or withdraw anytime and anywhere. Using only their mobile phones, Filipinos can achieve their financial goals and dreams and provide better financial security for themselves and their loved ones,” stated Mark Ilao, GCash’s Head of Market Education.

Given that seven out of ten Filipino households still do not have a savings account, according to the Bangko Sentral ng Pilipinas’ (BSP) Consumer Expectation Survey 2023, ensuring that all Filipinos have access to financial services remains a crucial goal for GCash and its partners.

In addition to providing access to essential financial services, GCash is also enhancing financial literacy among Filipinos through its Learning Hub, which offers users educational materials on how they can better manage their finances.

To start saving via GSave, users simply need to tap its icon on the GCash dashboard, select their preferred bank, and click “Open a Savings Account.” On the Save Money Registration page, they need to agree to the Terms and Conditions under Bank Policies and tap Open a Savings Account. Finally, they tap “OK” after the confirmation message is displayed.

In 1994, the BSP declared June 30 to July 6 as Savings Consciousness Week in the Philippines. This year’s initiative, themed “A Saving Culture Leads to a Successful Future,” has evolved into a symbolic national event that once again calls on banks and financial institutions to unite and raise awareness of the importance of saving and the role it plays in shaping the country’s economy.

FAQs

1. What is GCash? GCash is the leading financial app in the Philippines, dedicated to fostering a culture of saving among unbanked and under-banked Filipinos.

2. What is GSave? GSave is an innovative, in-app savings feature of GCash that offers a higher interest rate of up to 4%-6% per annum.

3. How can I start saving via GSave? Users can start saving via GSave by tapping its icon on the GCash dashboard, selecting their preferred bank, and clicking “Open a Savings Account.”

4. What is Savings Consciousness Week? Savings Consciousness Week is an initiative declared by the Bangko Sentral ng Pilipinas in 1994 to raise awareness of the importance of saving and the role it plays in shaping the country’s economy.