The Land Bank of the Philippines (LandBank), the Overseas Filipino Bank (OFBank), and the Department of Migrant Workers (DMW) signed an agreement to expedite the delivery of indemnity claims to overseas Filipino workers (OFWs) displaced by the bankruptcies of Saudi Arabian construction companies in 2015 and 2016.
In a statement on Monday, LandBank said the tripartite memorandum of agreement (MOA) was signed by LandBank president and CEO and OFBank chairperson Lynette Ortiz, OFBank OIC Reo Andarino, and DMW officer-in-charge Hans Leo Cacdac on March 1 at the DMW office in Pasig City.
The MOA aims to integrate and streamline the processes of LandBank and OFBank with the DMW, to fast-track the processing and crediting of checks as compensation for the unpaid wages and other benefits of affected OFWs, including the claimant families of eligible deceased workers.
“We’re happy to be able to help with this project for our OFWs. We want to ensure that the back pays of all our displaced kababayans are delivered at the soonest possible time,” Ortiz said.
LandBank will also offer over-the-counter banking services to eligible OFWs to claim their indemnity claims, free of charge, through the bank’s 607 branches and branch-lite units nationwide.
The bank will also coordinate with foreign depository banks in monitoring the Outward Bills for Collection from the OFWs, and facilitate the flow of inward funds to the OFBank accounts of their beneficiaries.
The OFBank, meanwhile, will help OFWs and their beneficiaries, including those who are currently overseas, with opening an account and accessing the bank’s digital services.
It will also coordinate with the DMW in raising awareness on the procedures, covering the negotiation of indemnity checks from foreign employers.
OFBank will also lead the provision of financial education services to OFWs particularly on savings and investment management and accessing the bank’s digital services.
As of Feb. 29 this year, LandBank and OFBank have credited a total of 1,211 checks to affected OFWs, amounting to USD16.4 million.
“We are thankful for this long-standing partnership. And the good news is we can do so much more. Among others, this matter on the claims of the workers in Saudi Arabia is very high on the agenda,” Cacdac said.
The DMW will be coordinating with all the identified beneficiaries and will provide assistance on the procedures for the negotiation of the checks.
It will also maintain a helpline to immediately respond to the inquiries of qualified OFWs and their beneficiaries.
The DMW will also handle the negotiation for the cases of deceased eligible OFWs in favor of their identified heirs and family members. (PNA)
