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.