Makati City, Philippines - China Bank Savings (CBS), the retail lending arm of China Banking Corporation (China Bank) launched the Easi-Funds Salary Loan Protection Bundle in partnership with Manulife China Bank Life Assurance Corporation (MCBL). The Easi-Funds Salary Loan Protection Bundle, a first-of-its-kind offering for Philippine banking, will provide free Group Credit Life insurance with Total and Permanent Disability coverage to clients of CBS availing of the Bank’s Easi-Funds Salary Loan.
Easi-Funds Salary Loan allows employees of CBS-accredited companies to apply for personal loans with a minimum amount of Php 10,000.00, which is payable up to 36 months through salary deduction. The loan now comes bundled with free life insurance and total and permanent disability coverage of up to three times the outstanding loan balance, with a maximum of up to Php 1 million.
"We designed Easi-Funds Salary Loan to give Filipino employees, especially those in Small and Medium Enterprises (SMEs), quick and easy access to cash for immediate and emergency financial needs," said CBS president Alberto Emilio Ramos. "This is a first in Philippine banking and we are proud to have MCBL as a partner to launch this in the market. The insurance coverage provided by MCBL will allow Filipino employees the added benefit of peace of mind and sense of security whenever they avail Easi-Funds Salary Loan,” Ramos added.
“We are always looking for ways to help our customers prepare for the future. The added insurance benefit that now comes with the Easi-Funds Salary loan protects borrowers from unforeseen events, such as death or total and permanent disability. If these unfortunate events happen, the insurance proceeds can cover their outstanding loan balance, and any excess proceeds will be given to their respective beneficiaries,” said Rob Wyld, President and Chief Executive Officer of MCBL.
Easi-Funds Salary Loan has flexible installment payment terms of 12, 18, 24, 30, and 36 months for non-seafarers, and up to 4 to 11 months for seafarers. To know more about Easi-Funds Salary Loan, visit the nearest CBS branch or log on to
About China Bank Savings
China Bank Savings (CBS) is the thrift bank arm of China Banking Corporation. Established in 2008, CBS has bolstered its position as a leading savings bank in the industry. With 157 branches nationwide and a strong platform for retail banking, auto, housing, personal and enterprise finance, CBS is able to service the growing needs of the broader consumer and Small and Medium Enterprise (SME) market, CBS is committed to promoting financial inclusiveness, and uplifting the quality of life of consumers and entrepreneurs in line with its Easy Banking for You brand of service.
About Manulife China Bank Life Assurance Corporation
Manulife China Bank Life Assurance Corporation (MCBL) is a strategic alliance between Manulife Philippines and China Bank, providing a wide range of innovative insurance products and services to China Bank and China Bank Savings customers. The aim is to ensure that every client receives the best possible solution to meet his or her individual financial and insurance needs. In 2014, China Bank raised its equity stake to 40% in Manulife China Bank Life.
About Manulife Philippines
The Manufacturers Life Insurance Company opened its doors for business in the Philippines in 1907. Since then, Manulife’s Philippine Branch and later The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) has grown to become one of the leading life insurance companies in the country. Manulife Philippines is a wholly-owned domestic subsidiary of Manulife Financial Corporation, among the world’s largest life insurance companies by market capitalization. Learn more about Manulife Philippines by visiting their website www.manulife.com.ph and following them on Facebook (www.facebook.com/ManulifePH), Twitter (@ManulifePH), and Instagram (@manulifeph).
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of June 30, 2017, we had over $1 trillion (US$780 billion) in assets under management and administration, and in the previous 12 months we made $26.7 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
About China Bank
China Bank was established in 1920, was listed on the Philippine Stock Exchange in 1927, became the first bank in Southeast Asia to process deposit accounts on-line in 1969, the first Philippine bank to offer phone banking in 1988, and acquired its universal banking license in 1991. China Bank serves the banking needs of corporate, commercial, and retail markets and provides a wide range of banking services through its more than 400 branches and business centers, and over 700 ATMs nationwide, complemented by its internet and mobile banking alternative channels. With nearly a century of enduring partnerships marked by quality service to its clients, with significant contribution to the country’s financial landscape, China Bank remains to be one of the largest, most respected, trusted, and stable financial institutions in the country.
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