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MANILA - REMITTANCES sent home by overseas Filipino workers grew 16.9 per cent year on year in Sept despite earlier fears the global financial crisis could see a decline, the central bank said on Monday.
They sent back US$1.3 billion (S$1.98 billion) during the month, while the total for the first nine months of the year reached US$12.3 billion, up 17.1 per cent from a year ago, the central bank said.
Money from the estimated eight million workers abroad - about 10 per cent of the population - 'remains a source of strength for the economy amid the challenging external environment,' central bank governor Amando Tetangco said.
'Robust remittance flows have been shored up by strong overseas demand for Filipino skills, and the greater availability of expanded money transfer services to overseas Filipinos and their beneficiaries,' he said.
The government had earlier said it expects layoffs as a result of the global financial crisis to hit Filipino workers, and ordered economic managers to draw up a contingency plan.
For years, the vast army of workers has managed to keep the Philippine economy afloat with their remittances. Last year they sent home US$14.4 billion, equivalent to 10 per cent of gross domestic product.
Manila is projecting remittances to exceed US$15 billion this year, but has said the crisis could make the figure difficult to achieve. -- AFP
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