Abstract
This paper analyzed the potential of remittances in developing the rural hometowns of migrants and their families. Researchers employed a mixed methods tool, the Remittance Investment Climate Analysis in Rural Hometowns (RICART), for over eight years in six municipalities in the Philippines. We found that there is no common trend among municipalities that combining a sound investment climate, an ample number of financial institutions, high levels of residents’ financial literacy and an active program for migrants and their families all ensure remittances-induced hometown investing. Improving rural residents’ financial knowledge and instituting investment climate reforms may help direct remittances to local development.
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