Manila  - Remittances from overseas Filipinos rose 3.7 per cent in the first eight months of the year as more workers found jobs abroad, the central bank said Thursday.

The bank said remittances from January to August reached 11.34 billion dollars, compared to 10.94 billion dollars in the same eight-month period last year.

In August alone, remittances totalled 1.36 billion dollars, 2.8 per cent up from 1.33 billion dollars in the same month last year.

Central bank Governor Amando Tetangco said the remittances have remained a stable source of foreign exchange for the country amid the global financial crisis.

"As recent developments point to improving global economic conditions, a more favourable outlook for remittances through end-2009 is anticipated," he said.

Tetangco said employment agreements between the Philippines and host countries like Qatar, Saudi Arabia, Canada, Australia, Japan, South Korea and Taiwan were expected to further increase demand for Filipino workers.

The Philippine government has been aggressively promoting overseas employment in a bid to boost the country's moribund economy and reduce unemployment.

Remittances from more than 8 million overseas Filipinos account for at least 10 per cent of the country's gross domestic product. Last year, remittances totalled 16.42 billion dollars. (dpa)