The Ilocos Times

Balance of payments (BoP) is a comprehensive record of all economic transactions between residents of a country and the rest of the world over a specific period. It includes the trade balance, net income, and net current transfers. Trade balance, on the other hand, is a component of the BoP, which specifically measures the difference between a country's exports and imports of goods and services. A positive trade balance—or surplus—occurs when exports exceed imports, while a negative balance—or deficit—arises when imports surpass exports.   Economic importance 1. Indicator of economic health :   A surplus can indicate a competitive economy, suggesting that local industries are thriving and are able to produce goods that are in demand abroad. A deficit may indicate reliance on foreign goods or a lack of competitiveness, which can raise concerns about economic sustainability. 2. Currency value : A consistent trade surplus may strengthen a nation's currency, making imp

THE lesson we can draw from the parables of the lost sheep and the lost coin (cfr. Lk 15,1-10) is very clear. We need to give special attention and exert special effort to recover those who have lost their way toward God. This is the real test of discipleship. We obviously need some special training for this. But let’s not forget that the first thing to do is to beg for that grace and power of God so we can carry out this duty that is clearly beyond our human powers and condition. In our prayer, we should ask God to instill in us this strong urge to be concerned for those who have strayed from the proper way, those who for one reason or another are ostracized and alienated from God and from the rest of humanity. With God’s grace, let’s embark on a plan to develop the appropriate attitude, virtues, skills and practices. Yes, we have to learn how to be “all things to all men to save at least some,” as St. Paul once said. (cfr. 1 Cor 9,22) Definitely this would require of us a ve

Dear Mr. President: During the series of Senate hearings about how dismissed Bamban, Tarlac Mayor Alice Gou was able to leave the country, one of the resource persons said that one of the reasons is that we have “porous borders”. I think that there is nothing new with that, because that is a reality that we could not avoid, considering that we are an archipelagic country. However, what could be a cause for concern, is that if that porousness could enable fugitives to get out, it could also enable terrorists and even hostile foreign agents to come in. Because our borders are naturally porous, there is probably no way to fully prevent the exit of fugitives, and the entry of terrorists. However, it would be realistic to assume that we could do the next best thing and that is to minimize both the exits and the entries. And how could we do that? I do not have a ready design yet, but I believe that we could do that through a mix of manual and digital systems. If there is a will, there is a