DMW, Landbank to expedite delivery of claims for displaced Saudi OFWs

The Department of Migrant Workers (DMW) partnered with the Land Bank of the Philippines and its savings bank catering to overseas Filipinos to fast-track the delivery of indemnity claims to those displaced by the bankruptcy of their Saudi Arabia employers.

This collaboration will integrate and streamline the operations of Landbank and the Overseas Filipino Bank (OFBank) with the DMW to expedite the processing and crediting of checks for affected overseas Filipino workers (OFWs), as well as the claimant families of those who have since died.

In November 2022, Saudi Crown Prince Mohammed bin Salman committed 2 billion riyals for the unpaid salaries of 10,000 OFWs employed by construction companies that declared bankruptcy in 2015 and 2016.

President Ferdinand ''Bongbong'' Marcos Jr. announced last month that the displaced OFWs have started receiving their compensation.

As of February 29, Landbank said they credited 1,211 checks amounting to $16.4 million to affected OFWs.

The state-owned bank said it would offer free over-the-counter banking services to eligible OFWs to receive their indemnity claims across its 607 branches and branch-lite units nationwide.

It will also coordinate with foreign depository banks to monitor the outward bills for collection from the OFWs, and to facilitate the flow of inward funds to the OFBank accounts of their beneficiaries.

Meanwhile, the OFBank vowed to assist OFWs and their beneficiaries, including those currently abroad, with opening an account and accessing the bank’s digital services.

The OFBank said it will also initiate financial education services for OFWs, particularly on savings and investment management.

“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,” Landbank President and CEO, and OFBank Chairperson Lynette Ortiz said in a statement.

For the DMW’s part, the bank said the agency would coordinate with all the identified beneficiaries and assist in the negotiation procedures for the checks.

The DMW will also handle the negotiations for cases of deceased eligible OFWs and will manage a helpline to respond to inquiries on the claiming of checks. — DVM, GMA Integrated News