03 January 2018
Management directed the concerned units to tighten collection efforts due to increasing problem accounts. As early as end of December 2016, the Bank has been closely monitoring the collection and conversion of these problem accounts into good accounts. A Collection Team was created last May 2017 composed of various officers from the Credit Management Group, Corporate Banking Group and Branch Banking Group.
The main function of the team is to prioritize and exert extra effort on the collection of loans particularly big accounts. They have been meeting on a regular basis strategizing collection methodologies, assessing the progress of collection efforts and recommending measures to improve the collection performance and discussing the action taken on accounts in the collection list through a monitoring template. The team was also tasked to report the updates of the team performance on a weekly basis to the Management Committee.
With the tremendous efforts of the team, they were able to collect from the problematic loan accounts amounting to ₱1.04 billion or a collection efficiency of 49% compared to the Bank’s target for 2017 of 25%.