Topic updates
Philippines: What a Fish Farm Can Teach Us About Migration
![](https://tutor2u-net.imgix.net/user-photos/graham-watson.png?auto=compress%2Cformat&crop=focalpoint&fit=crop&fp-x=0.5&fp-y=0.5&h=100&q=80&w=100)
15th July 2023
This brilliant World Bank clip looks at the importance of outward migration for developing economies, such as the Philippines.
In the short-term, Angelito Castro's remittances contributed to development. In the longer-term, his skills, experiences and the connections he made abroad have helped him grow his fish farm, and dramatically improve their living standards.
It's a great clip!
Background
Remittances are a major source of foreign exchange for the Philippines: In 2021, remittances to the Philippines reached $34.8 billion, which was equivalent to 10% of the country's GDP. This makes remittances the largest source of foreign exchange for the Philippines, ahead of exports and foreign direct investment.
The average remittance is around $200 per month: This means that remittances help to sustain millions of families in the Philippines.
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