Sending Money to the Philippines, Mexico, India, and beyond
Millions of U.S. immigrants work ferociously hard every day. They engage in this labor in part to be able to send money home to help loved ones pay bills and live a better life. These remittance payments don’t just provide benefits for friends and family members who receive them; they help fuel whole economies!
According to a recent report from the United Nations Conference on Trade and Development (UNCTAD), hard-working family members employed here in the U.S. send home more than $27 billion in remittances each year to the world’s poorest countries. That’s a lot of cash. The report notes that these types of money transfers far exceed foreign direct investment in these countries, making them an important source of income as well as a vital part of local and national economies.
In most cases, money sent home goes toward vital living costs, such as food and housing. Investment in those areas helps support the people who grow and distribute food and build and maintain housing, significantly improving the productive capacities of the whole country and its citizens, according to the UNCTAD report.
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