By Eileen A. Mencias

Remittances from Filipinos working abroad grew in November despite the global economic slowdown.

Remittances in November rose 10.5 percent to $1.31 billion from a year ago level, bringing the total in the first 11 months of 2008 to $15.02 billion, up 15.1 percent year-on-year.

The Bankgo Sentral said in a statement that ?the steady stream of remittances from overseas Filipinos continues to provide the economy with much-needed foreign exchange liquidity in the mid of a challenging external environment.?

The central bank attributed the increase in remittances to the continued demand for Filipino workers abroad and the wider array of financial service products provided by banks that facilitate fund transfer.

Citing data from the Philippine Overseas Employment Administration, the central bank said deployment increased 24.4 percent to 1.22 million in the 11-month period from 982,286 a year ago. Much of the workers, mostly professionals and skilled, were deployed to Saudi Arabia, United Arab Emirates, Qatar, Kuwait and Hong Kong.

Despite concerns that deployment could decelerate in the coming months, the central bank said the employment agency indicated increased demand for labor in Canada, Bulgaria, Australia, the United Arab Emirates and Qatar.

The central bank said the government was currently negotiating with South Australia for employment opportunities for Filipino skilled labor. It said agreements were signed with some provinces of Canada and Qatar for the deployment of more Filipino workers.

The central bank expects remittances this year to grow 6 percent to 9 percent to $17.9 billion and exceed $16 billion last year.

The global downturn is expected to negatively affect remittances, with the central bank lowering the high end of its forecast this year by one percentage point.

The central bank initially estimated remittance growth this year at 6 percent to 10 percent.

The central bank said remittances would continue to bring in some $1.3 to $1.4 billion monthly as government works on increasing deployment, holding bilateral talks with host countries.