Hi! I´m argentine and I graduated from UBA in 06 (school of econ). Afterwards I went to grad school in Sweden and worked in several countries, including three years at the World Bank in Washington DC. My advice: Do NOT send your children to UBA!!!
UBA has a good reputation. True. But I ALWAYS felt behind my colleagues from Yale, Harvard, Columbia and all the fancy liberal schools such as Amherst, Oberlin, Wellesley. There is no way to compare our survival university experience (where we sometimes sit on the floor because the classroom is too crowded, where professors are always on strike, etc etc) with the priceless experience of having mentors who encourage critical thinking and who are actually interested in you...
I met many young Americans who owed hundreds of thousands of dollars by the time they were done with their bachelors. Both of my degrees were 100% free -in fact, Sweden paid me to study- so I can´t imagine how all that debt must feel....By the time I was done with school, I had actually saved some money.
But: UBA will take at least 2 more years than any school in America. We usually work throughout our studies and get a lot of relevant work experience, so I wouldn´t say it´s wasted time. But if your child wants to study philosophy, jobs will probably not be very related to his degree.
If you´re seriously considering Argentina, take a look at private unis too: San Andres and Di Tella are the best for Econ - these kids are all over the world doing phds in top schools, their professors have excellent networks, etc. I think San Salvador is good for philosophy, not sure.
Hope this helps and good luck with your decision! Do not hesitate to ask me more about UBA - I will do my best to provide an unbiased opinion.