From philanthropy to impact investing

The case of Luxembourg

in Regions and Cohesion
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Abstract

This article analyzes diaspora philanthropy by Filipino migrants in Luxembourg. It shows the evolution of migrant organizations’ established philanthropic practices as reflected in the history and profile of Filipino immigration to Luxembourg. Recently, however, direct remittances have been challenged by the philanthro-capitalist orientation of Meso Impact Finance, securing capital investment for small enterprises. Luxembourg’s impact investing in the Philippines is a result of intersecting social forces: dominance of migration-development discourse, ideological appeal of philanthro-capitalism, strong financial institutions in Luxembourg, and the tight-knit Filipino community. However, traditional philanthropy remains popular despite the undermining of direct, non-profit remittances of migrants as shortsighted, unsustainable development tool. It remains to be seen whether Meso Impact Finance will gain a stronger hold in the market and replace direct philanthropic remittances.

Contributor Notes

SHIRLITA ESPINOSA published her first book Sexualised Citizenship: A Cultural History of Philippines-Australia Migration in 2017 by Palgrave Macmillan UK. She has twenty years of teaching and research experiences in the Philippines, Australia and Luxembourg. E-mail: shirlita.espinosa@gmail.com

Regions and Cohesion

Regiones y Cohesión / Régions et Cohésion

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