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the management of cash-flow, credit, savings, and investments for one’s financial
welfare (Hogarth, Beverly, & Hilgerth, 2003; Xiao, Tang, & Shim, 2006;
investing to scams due to the lack of knowledge (Kim, 2000; Jorgsenet al., 2010).
(Royer, 2002) and even financial satisfaction which all contributes to one’s
knowledge saves one from the given consequences of poor financial management
and into the practice of highly beneficial financial behavior (Hogarth et al., 2003).
which may have significant impact on financial behavior (Hogarth et al., 2003;
terms and concepts. Such knowledge includes banking, health and insurance,
using credit, taxes, investing and other significant areas relevant to personal
1
finance (Bowen, 2002).Thus, a person needs to have a sufficient financial
Selcuk (2015) have recognized that financial behavior can be developed not only
from knowledge but also from positive childhood experiences, parental teachings
already start as early as childhood (Akben-Selcuk, 2015). For most young adults,
parents (Fluellen, 2013) thus, as a mature persom, they will start dealing with
financial decisions along with the practice of their financial knowledge through
financial behaviors (Gutter, Garrison, & Copur, 2010; Lyons, Scherpf, &
Roberts, 2006). It is common to these young people to start dealing with financial
challenges such as paying bills, keeping a budget or owning a credit card for the
first time. Although students in college are in the period of their lives where they
(Danes & Hira, 1987). According to research, during the transition to adulthood,
the negative and positive financial behavior that was formed are likely to continue
throughout adulthood (Shim, Barber, Card, Xiao, & Serido, 2009), previous
2
researchers found that as early as high school learns more about money
management, the less probability that a person faces bankruptcy in the future and
students who were delinquent on their credit card bills were reduced (Paulson &
faces since it can affect their personal welfare and future satisfaction financially
(Munro & Hirt, 1998; Shim, Xiao, Barber, & Lyons, 2009).
With this, our study aims to determine what are the positive financial
behaviors and financial satisfaction of high school students and the relationship
of both. Given the negative behaviors and the assumption that the money
through this additional financial education from schools will be given to the
students for the enhancement as well of the student’s overall life satisfaction.
Conceptual Framework
of the study. Therefore, the dependent variable is the financial satisfaction and
overall life satisfaction, which will be explained simultaneously by all the other
3
independent between intervening variables. The intervening variables are the
high school student’s demographics such as grade level, strand and sex.
passed from one generation to another through parents and other social groups
(Gutter, Copur, & Garrison, 2009). Financial behaviors, whether beneficial or not
are attained when shifting to adulthood or throughout adulthood (Shim et. al.,
2009).
related to cash, credit and saving management (Hilgert et al., 2003; Xiao et al.,
situation whether material or non-material (Joo& Grable, 2004; Ali, Rahman, &
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Bakar, 2015). Many researchers suggest that in achieving financial satisfaction,
INTERVENING VARIABLE
financial matters are significant and part of student’s life, our study also aims to
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3. What is the relationship between financial behavior and financial
satisfaction?
satisfaction?
includes budgeting, in which students make and keep the plans for
spending money. Another is being mindful of what they are buying and
attitude towards the future wherein students focus more on the future
rather than at the moment therefore good decision making is also being
practiced.
from very satisfied to not at all satisfied. Some of their satisfaction are
their abilities to manage finances such as the given allowance and extra
behaviors. Also, their satisfaction towards their savings and anything that
involves finances.
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3. There positive relationship between financial behavior and financial
satisfaction.
7
METHODOLOGY
Research Design
numbers are utilized to explain and present the gathered data and information
(Aliaga & Gunderson, 2002). The quantitative data or numbers analyzed were the
between two or more variables in the same population or between the same
variables in two populations (Leedy & Ormrod 2010). This study was used to
overall life satisfaction. The proponents identified the independent variable as the
financial behavior of high school students while the intervening variables are the
The respondents of the study were junior and senior high school students
students were further classified into academic strands namely: ABM, STEM, and
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established. It is vital for the study because these participants will benefit from
the results.
The senior high school students studying in this institution was chosen by
& Beverly, 2003). According to Bateman and Suldo (2014), poor performance
over time of high school students on personal financial knowledge tests suggests
supported into the earlier grades. It is relevant in their financial aspect because of
According to A Networks Financial Institute report (2006), the core concepts that
undergird financial literacy requires importance and support from the primary
grades for students to transition into financially literate consumers (Godsted &
The total of 180 sample size of the high school students was acquired through
utilizing the Slovin-formula. The total population were determined by the sample
size of which the results were taken. Moreover, purposive technique was
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Table 1. Respondents of the Study
Profile F %
GENDER
Male 101 56
Female 79 44
Grade Level
Grade 7 44 24
Grade 8 30 17
Grade 9 31 17
Grade 10 39 22
Grade 11 19 11
Grade 12 17 9
STRAND
ABM 10 28
HUMSS 5 14
STEM 21 58
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Data Collection Instruments
questionnaires were filled-out by the high school students through simple random
sampling wherein they answered four parts. The first part consists a series of
questions assessing the personal information in which they wrote their sex, grade
level and strand for senior high school students. The second part involved the
financial behavior of high school students. The instrument was utilized because
researchers modified the six (6) variables questionnaire into seven (7) questions.
The researchers divided the first question in the financial behavior and made it as
two questions. This is for the participant’s convenience and better understanding
each students which was revised for this study. This instrument with fourteen
(14) questions was used to assess the current level of financial satisfaction and
understand the student’s behavior that may impede the ability in achieving higher
level of satisfaction (Feige, n.d.). The researchers reduce the response set for
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Satisfied) is removed for the researchers to accurately measure the level of
satisfaction. The fourth part involved overall life satisfaction scale adapted from
the modified questionnaires (Malhotra, 2011). The instrument has originally ten
(10) questions (Hutz, 2014) but after the content analysis, the previous
evaluate overall life satisfaction (Campara, Viera, & Potrich, 2017. The
In gathering the needed data in this study, a permission letter was first
information and financial profile. Along with the permission letter explains the
objective of the study. Upon approval, the researchers requested the participation
about the study before the questionnaires were given. Then, the answered survey
questionnaires were collected for the tabulation of data and analysis of the
variables.
Treatment of Data
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satisfaction. The researchers made use of t-test for independent samples. One-
Way ANOVA was used to determine whether financial behavior differed based
on grade levels among the high school students. Descriptive statistics was used
to analyze the demographic characteristics of the sample which are the grade
level, sex, and strand of Senior high school. To know if there is a correlation
financial satisfaction and overall life satisfaction with 0.05 level of significance.
13
RESULTS AND DISCUSSION
financial behavior while 39% have already attained positive financial behavior.
than 80% of the participating high school participants shows likeable financial
behavior.
This implies that most high school students are moving towards healthy
financial life and even exhibits positive money management, savings and others
One factor that may have contributed to such result is the student’s
parents, social groups (Gutter et al., 2009) and other influential factors that form
students can be said to be high when they have exhibited a likeable financial
behavior results (Shim et al. 20090; Xiao et al., 2006, & Xiao et al. 2007, 2009).
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Table 2. Financial Behavior (FB) of High School Students
Table 3 shows that the most practiced positive FB by the high school
participants is making plans on how to spend money however, their least practice
positive financial behavior is following their plans they made for spending
money. Positively, the high school participants are moving towards positive FB
(3.40).
This implies that the high school students may have more financial
15
found out by this study where students make plans on how to spend their money
One of the factors that may contribute to the results is the increase of
the more financially knowledgeable, the better financial behaviors and decisions
that a person could involve in (Wagner, 2011). In addition, Miller et al. (2003)
stated that students who have low financial knowledge are more likely to have
financial issues in debt and less likely to save and plan for the future.
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LEGEND:
to the female participants who are still moving towards positive FB (3.36) as seen
in table 4. Such difference between the FB of male and female high school
implies that men and women significantly show no difference to their financial
behaviors. In contrast, according to Hira and Mugenda (2000), men have higher
behaviors.
Some of the factors that may have contributed to the result were the social,
psychological and emotional issues (Hira & Mugenda, 2000). Although there is
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no statistical significant difference between the FB of male and female high
the financial behaviors of men and women have significant difference. In fact,
men more frequently make decisions or plan for financial matters and sticks with
the plan made than women. Indeed, men are naturally the decision makers, in
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Moving towards
positive FB
LEGEND:
Table 5. T-test for Male and Female Financial Behavior (FB) (a)
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Table 6. Table 4. T-test for Male and Female Financial Behavior (FB) (b)
Levene's
Test for
Equality of
95% Confidence
B variance 2 .12
s 480
assumed
s not 1 265
assumed
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The grade 11 participants practice positive FB (3.65) and has the highest
mean score of out of all the grade levels as shown in table 7. Positively, grade
levels from nine to 12 exhibits positive financial behavior and no grade level
difference between the FB of the high school participants based on their grade
mature people, they will start dealing with financial decisions along with the
et al., 2010; Lyons et al., 2006; Roberts, 2006). Another probable cause may be
the student’s financial independence from their parents (Fluellen, 2013). When
the person ages, they likely choose to be independent to their parents financially
al., 2010).
increase thus the negative and positive financial behavior that is being formed
either gets stronger or higher as well (Gutter et al., 2010; Lyons et al., 2006, &
Roberts, 2006). Indeed, the increase of financial knowledge is one of the main
factors that contributed to the results (Akben-Selcuk, 2015). The findings confirm
the study of Paulson and Shastry (2000), wherein high school students who learn
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Table 7. Financial Behavior of high School Students Based on Grade Level
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LEGEND:
FB
Sum of Mean
Groups
23
95% Confidence
7 8 7
8 3 8
9 8 4
10 2 3
11 9 6
12 4 0
0 1
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The ABM participants exhibit the highest positive FB (3.84) followed by
STEM participants (3.43) and lastly by the HUMSS participants (3.51) as seen in
table 9. Generally, the positive FB of all strands in senior high is the plan making
Since ABM strand is mostly about the finances, ABM students have more
knowledge about this matter. This implies that the more knowledge students have
about their financial responsibility and status the less likely they are to be in a
One of the factors that may have contributed to this result was financial
knowledge that each strand learns. ABM have a more enhanced financial
behavior and more knowledge that thy woul be able to apply to the real world
ABM students are likely and more capable to apply the financial knowledge
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Table 9. Financial Behavior (FB) of Senior High School based on Strand.
Table 10 shows that majority of the high school participants shows that
are satisfied and 26% are very satisfied. Fortunately, only 15% are not satisfied
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and 1% are very not satisfied as a financial well-being. Nonetheless, almost 80%
This implies that the participants who have high positive financial
behavior also rate themselves as a financially satisfied (Xiao, Chen, & Chen,
2013).
One of the factors that may contribute to the results is the level of financial
The findings confirms the study of wherein the students are financially
satisfied with their situation (Ali, Rahman, & Bakar, 2009) however, participants
who have low level of financial satisfaction were the people who were not
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Table 10.Financial Satisfaction (FS) of High School Students.
Table 11 shows that majority of the high school students are satisfied
(2.90) with their financial matters. Nonetheless, the participants are mostly
satisfied with the current debt they have (3.11) while they are less satisfied with
the level of their charitable giving (2.63). Fortunately, almost 90% of the
This implies that the participants have high satisfaction towards their
money in terms of their credits (Borden et al., 2008; Rao and Barber, 2005).
some also borrow a huge amount of money (Lyons, 2008; Peng et al., 2007; Scott,
2010; Xiao et al., 2009). Nevertheless, demographics also have an effect to the
financial satisfaction since the participants are still students they are less likely to
have a huge amount of debt compared to those who are working (Morgan, 1992).
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The results confirms the study of Gutter and Copur (2011) wherein
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LEGEND
MEAN LEVEL OF FS
3.26-4.0 VERY SATISFIED FW-B
2.51-3.25 SATISFIED FW-B
1.76-2.50 NOT SATISFIED FW-B
1.00-1.75 VERY NOT SATISFIED FW-B
satisfaction (2.93; Satisfied) as compared to the females (2. 87; Satisfied) as seen
in table 12. Moreover, the financial satisfaction of the male participants is that
they are satisfied with their current debt (3.09; Satisfied) while the female is
satisfied with the extra money that they are able to buy for themselves and/or
This implies that men and women differ in their satisfaction with some
aspects of finances (Hira & Mugenda, 2000). Studies have shown that females
are more likely than men to exhibit compulsive buying (Christensen, 1992;
One factor that may have contributed to such result is the perception to
their financial situations (Katona, 1975). Studies found that men felt better about
The finding confirms the study of Cottle (1976) wherein men and women
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satisfaction. However the study of Fitzsimmons and Wakita (1993) found that
Table 12. Financial Satisfaction (FS) of High School Students based on Sex
Table 13 shows that grade 9 students show the highest satisfaction (2.97;
Satisfied) while the grade 12 students are the least satisfied (2.7; Not satisfied)
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out of all 6 grade levels. Generally, the level of financial satisfaction of the
This implies that since junior high has less matter to expend, they are
more likely to be satisfied with their financial situation as compared to the senior
One factor that may have contributed to such result is the spending habits.
Studies found that lower years were much more likely to enjoy spending all their
The finding negates the study of Xiao (2016) wherein through the years
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Table 13. Financial Satisfaction (FS) of High School Students based on Grade
Level
33
Table 14 shows that most of the senior high school is satisfied
dissatisfied with their financial situation (2.8; Not satisfied). Positively, the
financial satisfaction of all strands in senior high is that they are satisfied with
This implies that there is a need for senior high school students to be
(Opoku, 2016).
One factor that may have contributed to such result is the demographic
characteristics such as age, education level gender etc. Literature has shown that
Hilgert, 2002).
many graduate of university have proven that education does not necessarily
mean that one has high financial autonomy (Rooiji, Lusardi, & Alessie, 2007).
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Table 14.Financial Satisfaction (FS) of Senior High School based on Strands.
35
Table 15.Correlation of Financial Satisfaction and Financial Behavior
FB FS
N 180 180
N 180 180
36
Table 16.Correlation of Financial Satisfaction and Overall Life
FS OLS
N 180 180
N 180 180
Majority of the high school participants shows that they are satisfied with
their overall well-being as seen in table 17. Specifically, 43%, highest percent,
are satisfied and 29% are not satisfied and unfortunately, only 25% are very
One factor that may have contributed to such result is the perception of
each individual. Management may make students think that that they have more
37
control over their lives, a perception that would thereby increase their overall life
The finding negates the study of Yu & Lee (2008) wherein there are
that could possibly be the factors to the increase of overall life satisfaction.
is that they are satisfied with their life (2.95; Satisfied) while the least
satisfaction is the changing over their life (2.54; Satisfied). Positively, most of
the individual more eager and exhilarated or more displeased and low-spirited
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Factors that may have contributed to such result is their focus on the bright
side of life, enjoying their study space, managing their financial aspect, enjoying
their relationship with cheerful people, overcoming their challenges and learning
from it, and participating in delightful events that enhances one’s perspective of
live and increases their level of satisfaction (Kuppens, Realo, & Diener, 2008).
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LEGEND:
MEAN SATISFACTION
3.26-4.0 VERY SATISFIED
2.51-3.25 SATISFIED
1.76-2.50 NOT SATISFIED
1.00-1.75 VERY NOT SATISFIED
table 19. Moreover, the overall life satisfaction of the participants is that both
genders are satisfied with their life (2.94 and 2.96; Satisfied). Positively, both
Such findings imply that life satisfaction is not simply a result of various
life forces, but it is a relevant factor of many life outcomes, such as successful
One factor that may have contributed to this result is the satisfactions in
other domains. Such domains are the financial satisfaction and academic
important life aspect for many students, it can significantly contribute to the
The finding confirms the study of Dost (2007) wherein males and females
have difference however not statistically. Nevertheless, other studies found that
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male have higher satisfaction than female (Goldbeck, Schmitz, Besier, Hersbach,
MEAN SATISFACTION
3.26-4.0 VERY SATISFIED
2.51-3.25 SATISFIED
1.76-2.50 NOT SATISFIED
1.00-1.75 VERY NOT SATISFIED
Table 20 shows that grade 9 students exhibit the highest satisfaction (2.88;
Satisfied) while the grade 11 students are the least satisfied (2.41; Satisfied) out
of all 6 grade levels. Furthermore, the overall life satisfaction of the participants
is that in most ways their life is close to their ideal (3.18). Generally, the level of
41
Such findings imply that whatever comprises overall satisfaction varies
for each individual and every life condition adds to this opinion and it explains
the multiple aspects and various concepts of overall life satisfaction (Campara et
al., 2017).
One factor that may have contributed to such result is the individual’s
Bateman and Suldo (2014), domains relevant in global life satisfaction appear
different among teenagers who are rather extreme in terms of their health and
culture.
beneficiaries who asked whether they have all that they need, 46% of their
respondents were satisfied but not with what they need (Campara et al., 2017).
42
Table 20. Overall Life Satisfaction based on Grade Level.
SATISFACTION 7 8 9 10 11 12
life is close to my
ideal.
gotten the
important things I
want in life.
with my life.
my life are
excellent.
change almost
nothing.
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The table 21 shows that HUMSS and STEM are the most satisfied (2.59;
Satisfied) as compared to the ABM strand (2.46; Not satisfied). Furthermore, the
participant’s overall life satisfaction is that they are satisfied with their life and
so far they have everything that they wanted (2.51; Satisfied). Positively, senior
for each individual and every life condition adds to this opinion and it explains
the multiple aspects and various concepts of overall life satisfaction (Campara et
al., 2017).
One factor that may have contributed to such result is the individual’s
Bateman and Suldo (2014), domains relevant in global life satisfaction appear
different among teenagers who are rather extreme in terms of their health and
culture.
beneficiaries who asked whether they have all that they need, 46% of their
respondents were satisfied but not with what they need (Campara et al., 2017).
44
Table 21. Overall Life Satisfaction of Senior High School Students based on
Strands
Based on table 22, the correlation of analysis on the association of FB and OLS
45
Table 22. Correlation of Financial Behavior and Overall Life Satisfaction
Correlations
FB OLS
N 180 180
N 180 180
46
CONCLUSIONS AND RECOMMENDATIONS
Conclusions
Taking into account all of the results from the data that we conducted, the
researchers have been able to come up with the conclusions that only a total of
16 out of 180 high school students have a strong positive financial behavior, that
high school students who are very satisfied to their financial well-being. As for
the overall life satisfaction, there is a total of 45 (25%) high school students who
are as well very satisfied of their life as a whole. This research as well found that
and the overall life satisfaction. Due to the lack of time and resources for
financial knowledge, the researchers could not include this variable in the results
and discussion.
Recommendation
instruments for financial behavior which will give depth to the independent
47
APPENDICES
48
LITERATURE CITED
CAMPARA, J., VIEIRA, K., & POTRICH. (2017). Overall Life Satifaction and
Financial Well Being: Revealing the Perceptions of the Beneficiaries of
the Balsa Familia Program.
GUTTER, M., & COOPER, Z. (2011). Financial Behaviors and Financial Well-
Being of College Students: Evidence from a National Survey.
49
HOGARTH, J. M., BEVERLY, S. G., & HILGERT, M. (2013). Patterns of
Financial Behaviors: Implications for Community, Education, and Policy
Makers . 1-2, 4.
SHIM, S., BARBER, B. L., CARD, N. A., XIAO, J. J., & SERIDO, J. (2009).
Financial Socialization of First-year College Students:. J Youth
Adolescence, 1-2, 4 .
50
The World Bank. (2018). Retrieved from Responsible Finance; Financial
Consumer Protection and Financial Capability:
http://responsiblefinance.worldbank.org/Surveys/Demand/ExploreTopic
s/behavior-attitudes
XIAO, J. J., Shim, S., & Tang, C. (2008). Acting for Happiness: Financial
Behavior and Life Satisfaction of College Students. 55, .
51
Biographical Sketch
Majaisha V. Bastian is the first child among the three siblings of Mr. and
Mrs. Bastian. Born on the 14th day of November, 2000. She went and completed
her elementary in two different schools, these were La Trinidad Central School
(LTCS) and Bahong Elementary School (BES) where she graduated and garnered
several awards for her academics and skills in competitions. She then went to San
Jose School of La Trinidad (SJSLT) for her 7th grade where she was as well
awarded as a top of their class but later transferred and currently studying as a
grade 12 student at H.O.P.E Christian Academy Inc. in the Accountancy and
Business Management (ABM) strand. In her junior and senior high school years
she continues to grasp Achievers Award. She plans on taking up BS Business
Administration major in Management in Saint Louis University at Baguio.
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After graduating senior high, he plans taking up Entrepreneurship in the
Saint Louis University. Aside from college, He aspires to be part of the Philippine
Military Academy. He plans to take the PMAE Examination on upcoming year
2019. He also wants to fulfill the dream of his family members and willing to
serve the country. He would always spend his spare time reading books, helping
his parents from work, cooking, and physically working out. Commitment to
serve the Lord with everything God has planned for him to do was his biggest
goal in life.
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ACKNOWLEDGEMENTS
high department, has now reached its end goal of achievement, expressing our
gratitude to the grace of God, through Him who has given us all that we have
needed to accomplish this task receives all the glory and honor.
The researchers would also like to thank the persistent dedication of their
research teacher, Christian Mark S. Guyo, who has given all his time and efforts
to ensure that this task would be accomplished and polished into its finest product
and to allow the researchers to be able to progress and reach its state of
accomplishment.
The researchers would also like to thank this opportunity to thank the
providing the senior high school students with required resources to finish their
research. The researchers thank H.O.P.E. Christian Academy, Inc. and its
students for their presence, patience and cooperation in that permitted the
The researchers would also like to show gratitude to our research adviser
Christian Mark S. Guyo, once again, for sharing their pearls of wisdom and
guiding the researchers throughout the process of making the research paper and
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to the panel of examinees Ma’am Evangeline Rachel S. Mandapat who also
Ma’am Janet Lynn S. Montemayor who cooperated with the request of the
Once more, all of this would not have been possible without the divine
intervention of God and His works. To God be all the glory, and honor, and
praise! It would never have been possible without our faith and persistence from
God.
MAJAISHA BASTIAN
ALONZO CALIAS JR
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