Our studies point to a wide dispersion of recovery rates: for many banks the margin for improvement is considerable and must be rapidly exploited. The first two rounds of new bad debt reporting received and analysed by the Bank of Italy last year revealed that there is still some way to go in creating detailed and easy-to-access databases.
Given the delays as well as incidents of theft and robbery involving some couriers used by banks to deposit remittance funds to beneficiary accounts, PhilPass emerges as a safer, faster, and more efficient option for remitting overseas workers. Another highlight of this project is the agreement by participating banks to charge a significantly lower standard back-end processing fee of 50 pesos per remittance transaction.