For developing countries, remittances have long since surpassed official development aid as a source of external finance. Many countries with large migrant stocks receive more in remittances than in foreign direct investment. Here, we explore interrelationships between education, migration and remittances in the Philippines. Much literature has been devoted to debating brain drain versus gain as well as the costs and benefits of workers’ remittances. Here, we provide preliminary thoughts on how the recent global financial crisis informs these dynamics during changeable global conditions and its implications for other developing countries.
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