Assume the value of exports of Philippines is 1 billion $, also assume citizens of Philippines working outside of Philippines are sending 1 billion $ to the Philippines, while the foreigners working in the Philippines sending 0.5 billion $. Also, assume foreigners in the Philippines own several factories, and natural resources in the Philippines, the value of all natural resources and factories owned is 200 billion $, and 1.5 billion $ flows out of the Philippines as the revenue as profit earned by foreign companies that are owning natural resources and factories in the Philippines. Also assume none of the companies owned by citizens of the Philippines, own natural resources or factory in any foreign country. Assume the Philippines has 2 billion $ current account deficit. Answer the questions accordingly.

a) What is the value of imports of the Philippines?

b) Assume the government of the Philippines is aiming to close its current account deficit. Assume in order to achieve this purpose, the government will encourage the citizens of the Philippines working outside of the country to send 0.5 billion $ more money. Also, assume as a result of government policies value of exports become exactly equal to the value of imports. What will be the decrease in the current account deficit as a result of these policies?

c) Assume the government of Philippines nationalized all foreign-owned natural resources and factories in 2001. How would this affect the financial account in 2001? How would this affect the current account in 2002, if all other elements of current account remain exactly as it is stated in the question?