MANILA, Philippines – (UPDATE) Remittances from Filipinos working overseas rose 15.6 percent year-on-year in May to a record $1.43 billion, the central bank said, as more Filipinos left the country to work abroad despite a global slowdown.

The May data brought the five-month remittance level to $6.8 billion, up 14.7 percent from a year earlier. Remittances remained strong at above $1.2 billion per month so far this year.

Despite a slowing global economy, the number of Filipino workers deployed overseas in the first five months rose 39.5 percent to 533,945.

"This reflected the distinct preference for the skills quality and competence of Filipino workers," the central bank said.

Around eight million Filipinos or a tenth of the population work overseas, mostly as nurses and caregivers, domestic helpers, ship crew members, entertainers and engineers.

The bulk of the remittances originated from the United States, Saudi Arabia, Canada, the United Kingdom, Italy, United Arab Emirates, Singapore, Japan and Hong Kong.

In a statement, central bank governor Amando Tetangco Jr. said the establishment of more remittance centers is expected to further facilitate the inflow of rising remittances.

The central bank figures do not include money sent through non-bank or informal channels outside of the banking system.

The central bank expects total remittances coursed through formal channels this year would reach about $15.7 billion, up 9.0 percent from 2007.

Remittances in 2007 sustained domestic consumption, which was the country's biggest growth driver during the year. Consumption accounts for about 70.0 percent of Philippine gross domestic product.

($1 =P45.15)