Philippine Peso bills sent by a Filipino working abroad are pictured being received by a relative at a money remittance center in Makati City, Metro Manila. © Reuters
_Kanni Wignaraja is U.N. assistant secretary-general and director of the U.N. Development Program's Asia and the Pacific bureau._
In many developing countries today, remittances -- projected to reach $1 trillion annually before 2030 -- already dwarf foreign investments and international aid as primary inflows of cash. Yet remittances are often overlooked in broader discussions on development financing, as they have been seen more as a direct injection to personal household income and hence an end in themselves.