The Land Bank of the Philippines (LANDBANK) has recently joined forces with the Overseas Filipino Bank (OFBank) and the Department of Migrant Workers (DMW) 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.
The collaboration will 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 workers already deceased.
As of February 29, 2024, LANDBANK and OFBank have already credited a total of 1,211 checks to affected OFWs amounting to US$16.4 million.
Photo shows LANDBANK President and CEO and OFBank Chairperson Lynette V. Ortiz (center), together with OFBank OIC Atty. Reo S. Andarino (5th from left), and DMW OIC-Secretary Hans Leo J. Cacdac (5th from left) after the signing of a tripartite Memorandum of Agreement at the DMW office last March 1. Joining them as witnesses were DMW Undersecretaries Maria Anthonette C. Velasco-Allones and Bernard P. Olalia, LANDBANK EVP Liduvino S. Geron, and OFBank Relationship Officer Jose Aryiel G. Castor.
“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,” stated Lynette V. Ortiz, President and CEO of LANDBANK and also OFBank Chairperson, in a press statement.
LANDBANK will offer over-the-counter banking services to eligible OFWs to claim their indemnity claims, free of charge, through the Bank’s extensive network of 607 branches and branch-lite units nationwide.
The government-run bank will also coordinate with foreign depository banks in monitoring the Outward Bills for Collection (OBC) from OFWs as well as facilitate the flow of inward funds to the OFBank accounts of their beneficiaries.
Meanwhile, the OFBank will assist OFWs and their beneficiaries, including those who are currently overseas, with opening an account and accessing the bank’s digital services. The bank will do this while collaborating with the DMW in raising awareness of the procedures covering the negotiation of indemnity checks from foreign employers.
OFBank will also spearhead the provision of financial education services to OFWs particularly on savings and investment management and accessing the Bank’s digital services.
“We are thankful for this long-standing partnership. Ang tulong ng LANDBANK sa ating mga OFWs ay di matatawaran. 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,” said Hans Leo J. Cacdac, OIC-Secretary of DMW.
The DMW will be coordinating with all the identified beneficiaries and will assist with the procedures for the negotiation of the checks.
In addition to this, the department will also maintain a helpline to immediately respond to the inquiries of qualified OFWs and their beneficiaries.
The DMW will likewise handle the negotiation for the cases of deceased eligible OFWs in favor of their identified heirs and family members.