Money sent home by overseas Filipino workers (OFWs) continued to rise amid the steady demand for Filipino labor across the world, despite weak global economic conditions.

Cash remittances that entered the country through formal channels reached $1.927 billion in July, up 6.6 percent from the same month in 2012. This was also the most remittances that entered the country in a single month this year, while the growth was the fastest recorded since January.

"The steady deployment of OFWs remained the key driver of the growth in remittance flows," said a statement released by the Bangko Sentral ng Pilipinas (BSP), which tracks the data.

The United States remained the main source of remittances, followed by Saudi Arabia, Britain, the United Arab Emirates, Singapore, Canada, and Japan.

Remittances are a major supporter of domestic spending, the BSP said. The country's economy expanded by 7.6 percent in the first half of the year, making the Philippines Southeast Asia's fastest- growing market.