Money sent home by an estimated 10 million Filipinos working abroad grew 9.3 percent or P1.494 billion more in July to $9.973 billion, the biggest surge recorded thus far this year, Bangko Sentral ng Pilipinas (BSP) data released yesterday showed.

Sustained demand for Filipino manpower worldwide combined with greater access by overseas Filipinos and their beneficiaries to expanded remittance transfer facilities helped sustain remittance flows, BSP Gov. Amando Tetangco Jr. said in a statement.

"Given sustained remittance flows at the onset of the second half of the year and continuing signs of improving global economic conditions, remittances are anticipated to remain stable for the remainder of 2009 and will continue to be a major growth driver of the economy," Tetangco said.

The remittances help fuel consumption activities that power up to more or less 70 percent of the economy in any year, making it a potent source of growth.

The econommic managers, Tetangco included, have been looking for ways to leverage these much resources into something that powers the economy in a dynamic sense and beyond mere consumption.

"This is reflected in the deceleration in the number of displaced workers reported by the Philippine Overseas Employment Administration (POEA)," he said.

The POEA reported a deceleration in the rise in the number of displaced OFWs as a result of the global financial crisis reflected these signs of adjustment and subsequent stabilization in the global economy.

Tetangco also cited the positive impact made by government imposed safeguards that more or less assured the jobs held by OFWs, "specially through bilateral agreements such as that reported by the POEA."

In addition, the BSP itself early on created an appropriate environment to encourage banks to broaden their reach to overseas Filipinos, according to Tetangco.

He added the shift to higher skilled and therefore higher paid workers resulted in the new record run for remittances.