This paper uses four linked nationally-representative household surveys from the Philippines to analyze how exchange rate shocks during the 1997 Asian financial crisis affect international remittances and household spending on education.  The author finds that positive exchange rate shocks lead to a significant increase in remittance expenditures on education.  A one-standard deviation increase in the size of the exchange rate shock lead to a 0.4 percent increase in household expenditure on education and a 1.6 percent increase in the likelihood of a child being a student.