Biazon doesn’t understand arithmetic
I wrote a piece “Smuggling at its worst under Aquino” November 15, 2012 in the Philippine Daily Inquirer when I was still a columnist there. The analysis used data from the International Monetary Fund’s Direction of Trade Statistics, and compared the value of imports as reported by the Philippines and the value of exports to it as reported by the exporting countries. Discounted for the exports’ cost of freight and insurance, the difference between the two figures roughly indicates the magnitude of smuggling in a particular country. Many economists have used the technique, even as early as 1965 in an analysis of smuggling in our country at that time. (more…) |