This article offers an ethnographically-based counterpoint to recent optimistic macro-approaches to the “migration-development nexus” that view international labour migrants as “agents of change,” depict migration as a win-win for the sending and receiving states, and associate migration with positive changes in the sending community, including the influx of monetary remittances and the entry of new ideas, such as gender equity and human rights (Faist 2008). Based on over sixteen months of ethnographic field research among Indonesian and Filipino migrant workers who became mothers in Hong Kong, I argue that it is important to consider examples of so-called ‘failed migration’ (not only migratory successes) in order to fully understand the costs of migration, including the gendered risks and gendered inequalities. Cases of migrant mothers vividly reveal how migratory ‘failures’ are often blamed on women's individual gendered moral shortcomings, but as I argue, their experiences, and those of all migrant workers, must be understood within specific contexts of precarious labour migration and Asian neoliberal policies of exception in Asia.