remittances generally proved to be more resilient than other types of capital flows into Southeast Asia.
In one way or another, every country in Southeast Asia is deeply entangled in a network of global capital flows. Singapore is a major destination for investment, for instance. Thailand depends quite heavily on foreign exchange spent by tourists. Vietnam is becoming an important manufacturing and export hub. And in the Philippines, perhaps the most important financial flow comes in the form of cash remittances from Filipino citizens who work overseas and send some portion of their earnings back home.