MANILA, March 11 -- 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 o...