MANILA -- Overseas Filipino Workers (OFWs) displaced by the bankruptcies of Saudi Arabian construction companies in 2015 and 2016 have finally started receiving their much anticipated compensation, President Ferdinand R. Marcos, Jr. announced Tuesday.

“Nais ko lang balitaan ang ating mga OFW na galing sa Saudi na patuloy na ang pagbayad ng insurance ng Saudi Arabia sa mga empleyado ng mga kumpanyang nabangkarote na nag-file ng claim sa insurance. Naka-process na ang Overseas Filipino Bank at Land Bank ng 1,104 Alinma Bank Indemnity Cheque. Alinma Bank ‘yung ginagamit sa Saudi Arabia,” President Marcos disclosed in a video message.

He said 843 checks amounting close to PhP700 million have been cleared and credited in peso equivalent. A total of PHP 868,740,544 in indemnity checks had been cleared by the Alinma Bank through the Landbank of the Philippines and transmitted to the Overseas Filipino Bank (OFB).

“Ang halaga ng mga na-release na tseke is PHP 868,740,544 na nairelease na. 1,014 ang na clear na at credited, ‘yung 843 doon, nabayaran na,” the President pointed out.

The President said the payouts had been personally promised by Saudi Crown Prince Mohammad Bin Salman to him during their meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in Bangkok, Thailand in November 2022.

“Patuloy nga ang pangako ng Crown Prince ng Saudi Arabia — ang pangako niya sa atin na ibabayad nila yung insurance claims. Kaya’t magandang balita ito para sa ating mga OFW sa Saudi,” the President stated.

The Crown Prince made a commitment during his bilateral meeting to President Marcos at the APEC Summit in Bangkok that some 2 billion Riyals will be paid to 10,544 OFWs who were affected by the bankruptcies of Saudi construction firms nine years ago. (PND)