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Fortune: Female migrant workers and the families they support are being abandoned by the money-transfer industry
July 15, 2021
From the article:
For millions of families, these remittances are an economic lifeline. In 2019, money sent by migrant workers back to low- and middle-income countries reached $554 billion, overtaking foreign direct investments, according to the World Bank. In the Philippines, one of the world’s most remittance-dependent economies, domestic workers—who are overwhelmingly female—account for a third of all overseas foreign workers who send money home. When remittances flag, communities see less investment in schooling and new businesses, and households lose the cushion that might help them survive bad harvests or sickness, says Michael Clemens, an economist at the Center for Global Development, a Washington, D.C., think tank. There is also evidence that a dip in transfers can cause higher child mortality and school dropout rates.