Millions of households in developing countries receive financial support from family members working overseas. What impact do overseas economic opportunities have on household investments—in particular, child human capital and household enterprises? Economic theory makes no clear predictions. Overseas income could help households overcome credit constraints that hamper investment. On the other hand, if overseas work is lucrative enough, households could entirely forgo domestic productive activities. This paper sheds light on the impact of overseas economic opportunities on household investment by examining Philippine households’ responses to overseas members’ economic shocks. Overseas Filipinos work in dozens of foreign countries, many of which experienced sudden changes in economic conditions due to the 1997 Asian financial crisis. Identification exploits heterogeneity in the size of migrant shocks across households, using panel household survey data from before and after the shock. Households whose overseas worker(s) experienced more favorable shocks saw differential increases in total household income (mostly via cash transfers from overseas) and in the number of members working overseas. Favorable migrant shocks led to improved child schooling, reduced child labor, increased educational expenditure, and increased durable good ownership (particularly vehicles). Households with more favorable shocks also saw differential increases in hours worked in self-employment, and had larger fluctuations (both positive and negative) in entrepreneurial income. Overseas economic opportunities facilitate investment in migrants’ source households, and may also allow them to engage in riskier entrepreneurial activities.