This paper uses a novel approach to shed light on the impact of remittances on child human capital in the Philippines. Overseas Filipino workers send remittances home from many foreign countries, so exchange rate fluctuations due to the 1997 Asian financial crisis generated large, heterogeneous shocks to the incomes of these workers’ origin households. Using a previously-unexplored household panel survey, I find that households whose overseas worker(s) experienced more favorable exchange rate shocks saw greater increases in remittance receipts. For children aged 17-21, a rise in remittances equal to 10% of initial household income leads to a 10.3-percentage-point increase in the fraction who are students, and a decline in mean weekly hours worked of 2.9. Improvements for children aged 10-16 are also discernible, but smaller. Remittances have more beneficial effects when recipient children are male, and when the overseas workers are older, have been away for shorter periods, and are mothers of the children in question.