CIMB: Helping Filipinos Find Their Purpose

Tuesday, February 28, 2023

Millennials make up 47 percent of the workforce in the Philippines and during and event in BGC today, CIMB and Ateneo Resource Center held an event called "The Pursuit of Purpose: Discovering Filipino Millennials Views in Living A Life with Purpose".

Bunny Aguilar of CIMB Bank says "We are sharing the results of the white paper we've done in the last year amon millenials through Ateneo Business Resource Center. This is important for us. Life and career has been different post pandemic, how are they after ECQ? When COVID happened, it have us an opportunity to think of our careers. There's a phenomenon called "Great Resignation" and much of the millennials are not like the previous ones, and this white study tells they always ask the reason "Why?" and if what they want is for personal development. Knowing what we know now, we took the opportunity to tell them that we do hear them, and help them fulfill their life's passions. We want to raise awareness, educate the market on responsible credit borrowing, on saving money and going digital. Aside from the literacy programs, we have deposit products that having higher than industry rate compared to usual banks. From application to fulfillment, it's all online, all digital. We took processes even for a loan all digital. When I joined the company, I knew how they give accessible financial solutions to help fulfill all those things digitally. We always encourage our customers to start early, no matter what age you are, and see how compounding effects of interest rates have on one's savings. There's no other day than today to fulfill one's life purpose."

Dr. Norman Tanchingco of the John Gokongwei School of Management at the Ateneo adds "Institutions can help. This tells how personal values, finances play in career decisions. For career fulfillment, a lot of millennials are in the middle. More males were more fulfilled whilst more females were unfulfilled. They also are actively pursuing their life purpose, they also find a lot of progress in their chosen fields, and the biggest limitation is finances. They also think their work reflect their values, but 83 percent are always feel stressed (more females than men) and financial situation is the main reason as stressors. Much of them also agree that they live paycheck to paycheck. Much of them have a goal of having their own savings, with the premise of having a better financial standing particularly this year. They also have agreed on the notion that financial resources mean better opportunities. They believe passion and finances go hand and hand. Women are more worried about it, while men stay in jobs that have more social impact, in change, power or status. They also continue to strive for life's passions, in a more calculated way. It is a snapshot of post pandemic context. This will change over time." 

Vijay Manoharan the CEO of CIMB Philippines says "We will continue to provide solutions, make conversations about living their life purpose. We commit to empower more Filipinos, especially in the financial services sector. We have been in the PH a little over 5 years ago to solve a problem, digital banking, access to it, and now it's not new. No other banks was doing that, now it's easy to open, also no fees, and now they can save without the need for minimum amounts, much simpler, making us one of the fastest growing digital bank in the region. We allowed them to access credit easily so they can get what they want to do, and shape the next generation of Filipinos gain knowledge of our unique services. To share what we do and have it be appreciated by students, start using something that would better the lives of Filipinos. Ateneans can also become part of CIMB, we can equip them knowledge in the financial industry." 

CIMB is taking on a role on an advocacy that champion the life of Filipinos. They will continue their financial literacy programs. Being the biggest only digital bank in the country, they worked with Ateneo to make sure they have products and services that benefit more Filipinos. Soon, they will also have a CSR and sustainability program aside from the financial education they are rolling out now, so expect even bigger things with CIMB.


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