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Manila Bulletin devider Business devider Banking & Finance devider LANDBANK, OFBank, DMW to speed up OFW claims from 2015

LANDBANK, OFBank, DMW to speed up OFW claims from 2015

Published Mar 11, 2024 08:43 am

LANDBANK, OFBank, DMW to speed up OFW claims from 2015

Displaced Overseas Filipino Workers (OFWs) will hopefully receive the long-delayed payment of indemnity claims due to the bankruptcies of Saudi Arabian construction companies way back in 2015 and 2016.

In a statement, the Land Bank of the Philippines (LANDBANK), the Overseas Filipino Bank (OFBank), and the Department of Migrant Workers (DMW) said they have joined forces to expedite the delivery of indemnity claims to the OFWs.

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LANDBANK President and CEO and OFBank Chairperson Lynette V. Ortiz (Center), OFBank OIC Atty. Reo S. Andarino (5th from left), and DMW OIC-Secretary Hans Leo J. Cacdac (3rd from left) lead the signing of a Memorandum of Agreement to fast-track the delivery of indemnity claims for OFWs affected by company closures in Saudi Arabia. Joining them as witnesses are DMW Usec. Maria Anthonette C. Velasco-Allones (leftmost) and Usec. Bernard P. Olalia (2nd from left), together with LANDBANK Executive Vice President Liduvino S. Geron (6th from left), and OFBank Relationship Officer Jose Aryiel G. Castor. (rightmost).

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 Feb. 29, 2024, LANDBANK and OFBank have credited a total of 1,211 checks to affected OFWs amounting to $16.4 million.

LANDBANK President and CEO and OFBank Chairperson Lynette V. Ortiz, OFBank OIC Atty. Reo S. Andarino, and DMW OIC-Secretary Hans Leo J. Cacdac led the signing of the tripartite Memorandum of Agreement at the DMW Office in Pasig on 01 March 2024.

“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,” said LANDBANK President and CEO and OFBank Chairperson Ortiz.

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 bank will likewise coordinate with foreign depository banks in monitoring the Outward Bills for Collection (OBC) from the OFWs, and 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, while collaborating with the DMW in raising awareness on 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 DMW OIC-Secretary Cacdac.

The DMW will be coordinating with all the identified beneficiaries and will provide assistance on the procedures for the negotiation of the checks. 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.

Related Tags

Land Bank of the Philippines Overseas Filipino Bank (OFBank) Department of Migrant Workers
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