I have sponsored two children in the Philippines for the past 3-4 years through
Children International. Though I am sure they don't receive 100% of my donations, I still feel good about helping.
People have brought up valid points in this thread and it is nearly impossible to make a big impact in these places, but I am a firm believer in every little bit helps. The children write me letters a few times per year, send updated pictures, etc. They also send you the "family story" of each child you sponsor, mine were abandoned by their father, sleep on a mat on the floor, etc. Having children of my own I have a tough time imagining the quality of life for many of these children. I wish there were more that I could do to make a larger impact on their lives.
I have always planned to make some rather large charitable contributions here in the states once I surpass 1 million per year also. Regardless of ethnicity, geographic location, etc these children did not ask to be brought into this world under such horrible circumstances and deserve a helping hand.

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