PHILIPPINE stocks on Wednesday rose after a Bangko Sentral ng Pilipinas report showed remittances from overseas Filipino workers (OFW) jumped last month. OFW remittances account for about a tenth of the Philippine economy.

Property developer Megaworld Corp. and SM Prime Holdings Inc., the nation’s No. 1 mall operator, advanced.

“Rising remittances support the positive outlook for property stocks,�? Erwin Balita, an analyst at AB Capital Securities in Manila. “It is also helping maintain consumer demand.�?

The Philippine Stock Exchange Index added 14.02, or 0.6 percent, to 2,343.51 at the noon close of trading in Manila, extending Tuesday’s 0.1-percent gain.

The BSP on Tuesday said overseas Filipinos sent home .1 billion in June, 18 percent more than a year earlier. May’s .14-billion tally was the highest since Bloomberg started tracking the remittances in 1989.

Megaworld, a builder of residential and office towers, advanced 10 centavos, or 6.5 percent, to P1.64, its highest close since May 22. The stock jumped 5.5 percent Tuesday after Macquarie Securities initiated coverage of the company with an “outperform�? rating.

Robinsons Land Co., the nation’s second-largest builder by market value and No.2 mall operator, rose 25 centavos, or 2.1 percent, to P12, the first gain in four days.

SM Prime Holdings added 10 centavos, or 1.3 percent, to P8.10. About 30 cents of every US dollar sent home by Filipinos working abroad is spent shopping and about half of that is probably spent in SM Prime’s malls, Macquarie Securities estimates.

Jollibee Foods Corp., the nation’s largest fast-food company, rose P1, or 3.1 percent, to 33 pesos, paring this year’s loss to 19 percent.

Shares worth P1.52 billion (.6 million) were traded, 12-percent less than the six-month daily average. Gainers edged losers, 43 to 41, with 70 stocks unchanged in the broader market.