MANILA, Philippines?The Bangko Sentral ng Pilipinas (BSP) reported on Monday that remittances from Filipinos based overseas amounted to $1.4 billion in September, climbing 8.6 percent from only $1.33 billion in the same month last year. The rise was faster than the 2.8 percent registered in August.

Remittances sent to the Philippines surged anew in September as the sustained growth in demand for Filipino workers debunked earlier fears that the global economic crunch would drag down money coming from abroad, BSP Governor Amando Tetangco Jr. said.

The latest figure brought total remittances in the first nine months of the year to $12.8 billion up 4.2 percent from $12.27 billion in the same period a year ago, he added.

Given the robust growth of remittances as of September, the BSP said the official projection of a four-percent, full-year growth in remittances for this year would be attainable. Analysts said rise in remittances may even accelerate in the fourth quarter, when overseas Filipinos send more money in time for Christmas.

"Steady remittance flows were shored up by the continued strong global demand for professional and skilled Filipino workers," Tetangco said in a statement.

Remittances in the first nine months of the year came mostly from Filipinos based in the United States, Canada, Saudi Arabia, United Kingdom, Japan, Singapore, United Arab Emirates, Italy and Germany, he said.

Tetangco also credited the government's earlier move to forge labor agreements with other countries for the steady rise in remittances.

The Philippine Overseas Employment Administration (POEA) earlier signed agreements with counterparts in countries like Qatar, Saudi Arabia, Canada, Australia, Japan, South Korea, and Taiwan, which committed to hire Filipinos to partly fill up their labor requirements.

"The deployment of Filipino workers abroad was anticipated to increase given the continuing hiring arrangements between the Philippines with existing and non-traditional labor markets," Tetangco said.

According to POEA, job orders for Filipino workers by foreign employers reached 226,260 in January to October. Most of the jobs were related to services, production and transport.

The BSP chief also said Filipinos offshore now have easier access to banking services, which allow them to send money to their families and friends in the Philippines much faster than before. More and more Philippine-based banks have either opened branches abroad, especially in places where many Filipino workers are situated, or tied up with foreign remittance centers to serve the Filipino market.

Previously, the consensus was that remittances to emerging economies, including the Philippines, would shrink substantially as a result of the global economic turmoil. Recession in industrial nations was seen to cause layoffs.

Remittances sent to other countries have indeed shrunk, but those sent to the Philippines managed to still grow. Analysts said some foreign employers prioritized Filipinos in selecting which among their workforce to retain.

Filipinos who lost their jobs did not go home to the Philippines. Unlike other migrant workers who went back to their home countries, Filipinos instead sought new labor opportunities abroad, the official added.

Remittances are a closely watched economic indicator, as these largely fuel household consumption. Consumption accounts for 70 percent of the country's economic growth, said Tetangco.

But while rise in remittances is hailed by economic officials, critics said the country's dependence on remittances served as a reminder of the failure of the domestic economy to provide sufficient employment for Filipinos.

Unemployment rate in the Philippines stood at 7.6 percent in July.