LANDBANK deal with DMW seen to hasten OFW claims
By Aaron Michael C. Sy, Reporter
LAND BANK of the Philippines and digital bank unit OFBank have partnered with the Department of Migrant Workers (DMW) to fast-track the delivery of indemnity claims to overseas Filipino workers (OFW).
Under the deal, the DMW will integrate LANDBANK and OFBank in the processing and crediting of checks as compensation for unpaid wages and other benefits of OFWs who lost their jobs when Saudi Arabian construction companies went bankrupt in 2015 and 2016, the state lender said in a statement on Monday.
This will cover claimant-families of deceased workers, LANDBANK added.
The partnership would ensure that migrant Filipino workers get their backpay the soonest, LANDBANK President and Chief Executive Officer and OFBank Chairperson Lynette V. Ortiz said in the statement.
DMW officer-in-charge Hans Leo J. Cacdac said paying the claims of the Filipino workers is high on the agency’s agenda.
Under the memorandum of agreement, LANDBANK will offer over-the-counter banking services to eligible OFWs free of charge.
The lender will also coordinate with foreign depository banks in monitoring the outward bills for collection. It will also facilitate the flow of inward funds to OFBank accounts of their beneficiaries.
OFBank will help affected OFWs with opening an account and accessing the digital lender’s digital services.
It will also work with the DMW in raising awareness about the procedures for negotiating indemnity checks from foreign employers.
OFBank will also provide financial education on savings and investment management to OFWs.
The DMW will keep a helpline for inquiries made by qualified OFWs and their beneficiaries. It will also handle the cases of deceased OFWs in favor of their heirs and family members.
LANDBANK and OFBank have credited 1,211 checks worth $16.4 million to affected OFWs as of Feb. 29.
