THE public may use Bangko Sentral ng Pilipinas (BSP)-issued commemorative coins to purchase goods or services as these are deemed legal tender, except those that have been demonetized.

“Together with BSP-issued banknotes and coins, commemorative coins are deemed legal tender and may be used to purchase goods or services, unless these coins have been demonetized,” the central bank said in an advisory on Wednesday.

The BSP said that it has been issuing commemorative coins designed and produced in limited quantities to showcase significant events, the legacy of a deceased person, Philippine landmarks, or an advocacy.

At present, 45 commemorative coins are of legal tender and in circulation.

However, of the 45 in circulation, 30 will be demonetized, which means that these coins will have no value after April 30, 2019 and will be considered demonetized by May 1, 2020.

The most recently issued commemorative coins were the The Bagong Bayani Commemorative Coin in honor of Overseas Filipinos on the P5 circulating coin; 150th year of Philippine Hero Apolinario Mabini on the P10 circulating coin; and The Leyte Landing, which was a turning point for the liberation of the Philippines during World War II on the P5 circulating coin. MAYVELIN U. CARABALLO

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The Professional Regulation Commission (PRC) announces that 1,689 out of 4,428 passed the Agriculturist Licensure Examination given by the Board of Agriculture in the cities of Manila, Baguio, Cagayan de Oro, Cebu, Davao, Iloilo, Legazpi, Lucena, Pagadian, Tacloban, Tuguegarao and Zamboanga last June 2018.

Seq. No. Name

1 ABAN, REIL MARK EPAL
2 ABAS, RICO UMAL
3 ABAYON, JAMES CLINTON FERROLINO
4 ABBOC, MARJORY SACPA
5 ABDELKAWI, MOHAMED MAHER MOHAMED AMIN
6 ABEJO, VINCE GLADERICK CASTILLO
7 ABERTE, LOLI-AN ROSIALDA
8 ABIASEN, LEA-ANE VENICE ACCAB
9 ABO, JARAH MEI VILLANUEVA
10 ABOLTIVO, JAM CARMEN
11 ABORDO, JERRY JOSEPH JR BAGCAT
12 ABOROT, JOHN MARK JULIAN
13 ABORQUE, LUCYVIT ARIENZA
14 ABRANILLA, TRISTAN JAY MENESES
15 ABRIA, EDUARDO GRAFEL
16 ABRIS, PAMELA MAY VILLANUEVA
17 ABUBACAR, RAHIMA MALAMBUT
18 ACALUL, SAMMY JR MACASO
19 ACANGAN, EMERSON SALAZAR
20 ACERO, AGUSTIN JR PENADO
21 ACERO, DINIA CABRAL
22 ACOSTA, EDDIESON LUZANO
23 ACOSTA, ELVIN MEJIA
24 ACOSTA, JOSWA BAXINELA
25 ADAP, NASHEBA MACABAGO
26 ADARLO, MONALIZA SISON
27 ADIGUE, SANLYN GEROLAGA
28 ADLAON, MARVILUZ HIBA
29 ADORA, NARCISO JR GALLANO
30 ADRIANO, LAMBERTO JR MARIANO
31 AGBUN, JOHNNY ASMANY
32 AGILLON, THEA AGUILA
33 AGLIBAO, JONALYN CANAPI
34 AGON, MARITES ACAR
35 AGONOY, GLYDEL NARTIA
36 AGUILA, CHRISTINE VILLACRUSIS
37 AGUILAR, KEVIN ROXAS
38 AGUILAR, NIKKA MELYTUSSE LACASANDILE
39 AGUILAR, WILLIAM DE DIOS
40 AGUSTIN, ROQUE ACEBUCHE
41 ALAMA, OLIVER CEASAR GACUTAN
42 ALAMAG, ROGELYN JOLONGBAYAN
43 ALAMPAYAN, MARY ROSE MARABILES
44 ALAMPAYAN, SHERWIN PONSICA
45 ALAPAR, GERALD CAMPANG
46 ALARZAR, NORILIE MALTO
47 ALBARAN, JULIE ANN CAMARILLO
48 ALBARECE, SARAH ISABELLA ESCANDOR
49 ALCAIDE, JOHN HAROLD ORIÑA
50 ALCANTARA, ARRHEN DAVE JAVIER
51 ALCOSEBA, ARIEL PANGARAP
52 ALCOSEBA, ELMER PANUNCIALMAN
53 ALEJANDRO, ROMIL LABACANACRUZ
54 ALEJO, EFREL JOHN BUMATAY
55 ALEJO, OLIVER SOMBRANO
56 ALEJOS, JEHERSON BALICAT
57 ALERIA, JOAR BALUMA
58 ALFANTE, JEFFTY DANGGALAN
59 ALFORTE, LLYTESS ROSEANNE VALENZUELA
60 ALFUENTE, JESSIELYN MONTALES
61 ALFUERTE, REYNOLD OLIVA
62 ALICANDO, BEVERLY TUBIONA
63 ALIM, JOHARI OLAMA
64 ALIMORIN, JANE MAR LLAGAS
65 ALINA, CLAIRE CINDY CASTILLO
66 ALIP, CORAZON VIERNES
67 ALISMO, RASTLEN JOHN CAIGOY
68 ALMADRONES, JOHNBEL
69 ALOMIA, RHEA MEA CAMISO
70 ALONZO, ANNA MARIE MOLINO
71 ALONZO, CHRISTIAN DAVE ROQUE
72 ALSOLA, LADYLIE MAGABOLO
73 ALTERO, REY AYUP
74 ALTIMERAS, ROLANDO EBASCO
75 ALTO, JANELA LYZA ROCELLON
76 ALUPANI, LAILANY USITA
77 ALVAREZ, JOHANNA MAE ANDOR
78 ALVERO, CRISTINE JOY CECILIO
79 AMACA, DIOMEDES PILLAZO
80 AMACNA, JOE-AL PANDRECIO
81 AMANCIO, IAN MARK MOLINAS
82 AMARO, DELMAR GUARDIANO
83 AMATE, MYRNA ALMADA
84 AMBION, DONNA BALLARAN
85 AMBRAD, JOHN ADAM MIER
86 AMER, MOHAMMAD YUSOPH HADJI ZAMAN
87 AMERILA, MARIE CRIS GELERA
88 AMIHAN, JINALYN
89 AMINULLA, AL-SHAMEIR HARUN
90 AMION, ROLLY SALIMBOT
91 AMODIA, DAN MICHAEL GARCIA
92 AMOLATO, MARISSA GUMAHIN
93 AMOYOC, AISLY RUBLICO
94 AMPIT, GINA GALULA
95 ANADE, CESAR DABLO
96 ANAYA, CHARLENE NORCA
97 ANDAM, JAN PAULEEN DAR
98 ANGELES, DARLYN RAMOS
99 ANGELICAL, JHUNE LINNITH PEROCHO
100 ANGOYA, JOHN PAUL GONZALES
101 ANGTUD, HANSEL SASING
102 ANINO, RONEL SENDRIJAS
103 ANIVERSARIO, SWITZY HIMOROS
104 ANOTA, ARAN JEAN FRANCISCO
105 ANTIOLA, MAR LOWE SOLON
106 ANTONIO, LEAMAR BUENAVISTA
107 ANTONIO, PATRIXIA SUEZEL GAVICA
108 APARECE, CLAHVEL LASTIMA
109 APARECIO, JOEPET AYAO
110 APARICIO, MARY CLARE HAGUTIN
111 APAS, NONIETO JR BUBA
112 APITA, MICHAEL VELASCO
113 APURA, NORMAN ABELLA
114 AQUILESCA, JADE ABAWAN
115 ARADOR, MARY GRACE DELA CRUZ
116 ARAMBALA, KIE JAY MACAHIBAG
117 ARANETA, RAMIE DAWATAN
118 ARAUSA, EMYLOU GALLETO
119 ARBADO, ROMEL MIANO
120 ARBAS, KRYSTYL PEARL PILAPIL
121 ARCA, CHRISTIAN CONSUMO
122 ARCAMO, BENHUR SOLER
123 ARCONADA, ALVARO CALMA
124 ARDO, ANDREY QUINTOS
125 ARELLANO, XERJUL MARC ZULITA
126 ARES, OLIVE ANNE GABIA
127 AREVALO, CALVIN JR ACTUB
128 AREVALO, RONNEL LAGAN
129 ARMENTIA, RONALYN ERMINA
130 ARNAIZ, YVONNE TALJA
131 ARNEJO, JOVELYN ALIN
132 AROMIN, JUVY MARIÑAS
133 ARON, LOVELY PANDAGANE
134 ARROYO, JOHN AIKEN MAGTARAYO
135 ASHIE, ACSANIE BATIONG
136 ASUMEN, LOUIE JIM GURABIL
137 ASUNCION, KARLA MAE VALDOZ
138 ATANACIO, ALCEL BEATRIZ
139 ATIENZA, RICHEL BARCELONA
140 ATOS, JAFET QUIDNO
141 AUDITOR, ALMA BELLA MARIE AYOP
142 AUMENTADO, RONA MORILLA
143 AUTOR, GLENDA SERRADO
144 AUXTERO, CHRISTOPHER CRESCENCIO
145 AUZA, VIRGILIO JR LINTANG
146 AVELLANA, MARJORIE SOSMEÑA
147 AVELLANOZA, JOSHUA SANIDAD
148 AVERIA, JUDY GINGCO
149 AVILA, LEA LYN BUATES
150 AVISO, CHERLYN DABODA
151 AVISO, CYRINE PERTEZ
152 AYALA, LEIZL GRAVITO
153 AYING, ETHEL ANNE SERGAS
154 AYOB, AMEN KAMAMA
155 AYUBAN, SHEILA MAE BAG-O
156 AYUPAN, JUVELYN LORAÑA
157 AZUELA, JAYSON BAUTISTA
158 AÑASCO, LESLIE JENISAN
159 BACALLO, LENNY MAR FERNANDEZ
160 BACAN, ARLENE JOY MADRONA
161 BACANTO, JAPHET VILLARIEZ
162 BACARISAS, CHRISTIAN JOHN FELICITAS
163 BACOG, MERRY JOY MESAGRANDE
164 BACSAIN, MARIBEL BIANDO
165 BACSAIN, WARREN BIANDO
166 BACSARPA, ROMELYN ARBOL
167 BADE, JENEPHER ABANTES
168 BADE, SEAN IVANDER LAZADA
169 BAGAS, AIZA BALEÑA
170 BAGONGON, JAMES LABASAN
171 BAGUINANG, ALVEN
172 BAGUIO, JARED VILLONES
173 BAJENTING, STELLA MARIS PALACIO
174 BAL-UT, JOHN RAY LAYAGAN
175 BALA-OY, JHUNBERT HUMIDING
176 BALACANAO, ALJOHN QUILANG
177 BALAGSO, RHEA QUIBUAN
178 BALATERO, ELLAINE AÑORA
179 BALATUCAN, RHEA DANAO
180 BALBIN, EVELYN PAJAL
181 BALBUENA, ELECTRO GREGORIO
182 BALCEDA, SHERAH MAE ARTICONA
183 BALDANO, KARREN ESPEDILLON
184 BALDAPAN, DHEYNES CROMPIDO
185 BALDEVIA, NELMA DOHAYLO
186 BALDON, AGNES SALMASAN
187 BALINDAN, JOEL SOLOMO
188 BALIWAG, HANAGAIL WINGNGA
189 BALLARAN, CHRISTOPHER KING
190 BALLENAS, JONJON CLAVO
191 BALLESTEROS, GABRIELA MALFERRARI
192 BALONTONG, GELYN NABARTE
193 BANDOJO, GLECY PIAMONTE
194 BANGALISAN, CHRISTINA JORDAN
195 BANGANAN, JEMIMAH CABINTOY
196 BANIAGA, MAGNOLIA DAGUPEN
197 BANIASEN, KRIS FLORIBEL MAGANGAT
198 BANTANG, SANDY ACEBUCHE
199 BANTAS, FEBEE BENITO
200 BANTOLINAO, MERCEDES ALCANTARA
201 BAQUIRIN, MARK LYNDON ADRIANO
202 BARAQUIA, MICHELLE DEBARRA
203 BARBAS, CYRUS II ALINSOOT
204 BARCELONA, GIAN MARION RAUL TOMAQUIN
205 BARCENAS, AILENE BISMONTE
206 BARCENAS, NORIEN BUERA
207 BARCOMA, JILLIAN ENCABO
208 BARELLANO, ERNFIL LIDON MENCHAVEZ
209 BARIBAR, ARETE VINCE DEPALUBOS
210 BARING, IA VANESSA UTLANG
211 BARNACHEA, JUDITH PANEDA
212 BAROY, JOMER GUDMALIN
213 BARRIENTOS, LOVELY CAOILE
214 BARRIOS, FROILAN JAKE CASTRANA
215 BARTOLO, ROMEO SURIO
216 BASATAN, ROSHELLE ALIMA
217 BASAY, ARNIE TOMPONG
218 BASAY, CRISTEANME LEGUA
219 BASMAYOR, EDGAR ALLAN VILLAR
220 BATHAN, RODOLFO JR
221 BATOLLO, JOHN MARK GAZMEN
222 BATUA, NORJANNAH AMEROL
223 BATUA, SAIDEN INTAO
224 BAUCA, JOAN EVALLA
225 BAUTISTA, CHESA CAPACIO
226 BAUTISTA, JEROME MABULAY
227 BAUTISTA, JONATHAN GERMAN
228 BAUTISTA, KEVIN MARK BOLOS
229 BAUTISTA, MARK JOSEPH EBREO
230 BAUTISTA, MARY GRACE NEPISON
231 BAYNOSA, JOHNREY GONIDA
232 BAYO, BABY JEAN GUBAT
233 BAYOMO, MARY ANN LOCABA
234 BAYON, JAY MAR MASUNAG
235 BAYRON, SHARAMIE SASTRILLAS
236 BAYSON, ZENALYN DEPLA
237 BEATO, ABIE JANE ANCHETA
238 BECHER, EXPEDITO MUÑOZ
239 BEDIONES, SANITO JR SAMPIANO
240 BEDUYA, JONUEL CONSTANTINE FRANCISCO
241 BELARMA, STEPHANIE AMARO
242 BELDAD, DESAYRIE DEGUIT
243 BELEN, BRIAN AMANTE
244 BENANTOLES, LEAHMEA ALBA
245 BENDANILLO, ELENITO BAUTISTA
246 BENDAÑA, ALDOUS ROY UGTO
247 BENEDICTO, JOEMAR ANTIQUERA
248 BERMEO, JAZMIN JOY DUJALE
249 BERNADEZ, JERRY PINOON
250 BERNARDEZ, MARK KEVIN HARVEY LAPADA
251 BERNARDO, JOCELYN MOJAR
252 BERO, REY MARK LACAP
253 BERSALES, RICHARD BESIN
254 BIACO, JON VERNY DOLORMENTE
255 BIACO, VERNA DOLORMENTE
256 BIADNES, GISELLE JUMAWAN
257 BIADORA, ANGEL BELANDRES
258 BIGOT, VIC ABNER GENTEROLA
259 BILLONES, GARY ZOMIL
260 BILOG, VICTORIA MONES
261 BISENIO, JINKY ENCINAS
262 BITAMOR, JOEMARIE MALUNES
263 BITANTES, GLIDEL ABRIGO
264 BITAS, CHRISTIAN PATINDOL
265 BITOG, AMELIA AYDINAN
266 BOGBOG, FRANZEL ANNE TILLAY
267 BOJO, JEAN MERTO
268 BOJO, JELLA JOY BADATO
269 BOLANDO, MARY GRACE LIHAY-LIHAY
270 BOLOTAOLO, BREPEL REDULA
271 BONCALES, BERNADETH FLORENOSOS
272 BONCALES, DARWIN LLOREN
273 BONDOC, RAYMART GUINTO
274 BONGALON, JOHN PAUL ATUN
275 BONIFACIO, POCHOLO LATINA
276 BONIOR, ROSE JEAN BONCALES
277 BORDON, GINA FLORENDO
278 BORINAGA, MATEO JR ANDRIANO
279 BORJA, KIM MATADOS
280 BORJA, MARK GOMAR OLGUERA
281 BORJAL, RICHARD RALPH VENTURA
282 BOSE, ANA MARY TORRES
283 BOTAS, MHILKIE PARUCHA
284 BRAGA, JANE KIT DEGAMO
285 BRIZ, KRISTYL ABULOC
286 BRONDO, REINER CANDELARIA
287 BUCAR, WELLA JANE BANDONG
288 BUCOY, IVY JOY MORALES
289 BUCOY, JAN PAUL FRANCISCO
290 BUCSIT, AILEEN LOPEZ
291 BUCTOT, FRANCISCO JR FELICILDA
292 BUENAFE, CYNDREX MEDINA
293 BUENAFE, GAE EMMANUEL BALLERA
294 BUENAVISTA, ALICE CALIMLIM
295 BUENCONCIJO, ERROL PALCONIT
296 BUJARIE, REY CAITANO
297 BULALACAO, JENNIFER DE LA ROSA
298 BULAN, ROSARIO RABINO
299 BULARON, RANIE ENCABO
300 BULAWIT, EPREIM SAN PEDRO
301 BULGADO, EDERLINA DAÑOLA
302 BUMANLAG, ROSELYN SALADINO
303 BUSTAMANTE, ARMEL PANSOY
304 BUSTAMANTE, CHRISTINE BALBUENA
305 BUSTAMANTE, MARK DANIEL CAPISTRANO
306 BUÑOG, JUDY ANN VEGA
307 CABABARO, ALBEN CABARILLOS
308 CABACTULAN, MARIJANE BAHIAN
309 CABADING, REY JOSEPH TERRADO
310 CABAHUG, CHRISTINE CAMBRONERO
311 CABALING, JENNEL GAHATON
312 CABALON, ROWENA GAITAN
313 CABANO, MARIMAR SANCHEZ
314 CABANSAG, JOHNSON BALDANO
315 CABANTING, LLOYD DARYLL ANDEA
316 CABANTOG, ARNOLD CONTRERAS
317 CABATE, CAMILLE FEY GAMENG
318 CABAYAO, MELGRACE MANLIGAS
319 CABELIN, ROMNIC AMEN
320 CABLAS, ANGEL DONNA AROMIN
321 CABOG, ZHAIREN ROSE MAGHINAY
322 CABRERA, BRYAN JAY CABANGCA
323 CABRERA, KIAN LHOYD DUROJA
324 CABUCOS, JEANNIE LYN CABILLOS
325 CABUGNASON, DAN EDSEL GONZALES
326 CABUSO, NELIECE RAMOS
327 CABUSOG, JOSIE MANDANG
328 CACUYONG, EDLYN EVANGELISTA
329 CADUNGGAN, JOLYMAR BUYAYOT
330 CADUT, JHON LUCEO ARSENIO
331 CAENGLES, RICHELYN RACHO
332 CAGADAS, ANA MARIE RAÑA
333 CAGAS, JOUIE DALIRIPIN
334 CAGAS, REGIN LOOC
335 CAGAY, APRIL ROSE CABANTOG
336 CAHUCOM, PAMELA LOIS PURUGGANAN
337 CAIDOY, BERNARDITA LAURO
338 CAINDOY, JAY MARK IAN GOYO
339 CAISIP, RAFREL EM
340 CAJIGAS, GLENN HARVEY DACALDACAL
341 CALAGO, NUVIE ORTIZ
342 CALAMBA, JUNRIE AGUANZA
343 CALAYAG, ELAIDA HAZAEL COLLANO
344 CALDINA, NATALIE MAE CADUDU-AN
345 CALI-AT, JESSIE CRIS ARICAYOS
346 CALIBO, HAZEL TUBAL
347 CALIBUGAR, JANIN LIRAZAN
348 CALICDAN, LEONA MEJIA
349 CALIGNER, NORIEZEL SACANDAL
350 CALISQUEZ, ANGELIE CADAVID
351 CALLO, JAMESON VERGANIO
352 CALUB, RYAN SOBREPENA
353 CALUBIHAN, JOVY ANN SOLITE
354 CALVARIDO, KEMBERLY HAGORILES
355 CALZADA, GEORGE SALAZAR
356 CAMAGAY, ISABELLA NISPEROS
357 CAMARADOR, LOUVEN ALAÑON
358 CAMBRONERO, KYLE LOZANO
359 CAMPANA, FLINTON JULES MERIS
360 CAMPANO, REX ALBELAR
361 CAMPOSO, EVA MAY ECAT
362 CAMPOY, LEONOR CALSI
363 CAMPUGAN, FERDINAND BARANGAN
364 CANAMA, ROSALIE NANO
365 CANCILLER, KIM RUPERTGIL LOBENIA
366 CANDIA, JESTONY SAPINI
367 CANJA, JINKY CASTOR
368 CANO, ETHELBERT VILLA
369 CANOY, JOSEPH YARAG
370 CANTONEROS, MARIE JAY PLATILLA
371 CANTONES, DARYL JUNE GELOGO
372 CANTONG, DAISY MAE
373 CANTORNA, JIESEL SUMBA
374 CANTOS, EARL DERICK BONQUIN
375 CAOILE, AUBREY TAGUBAT
376 CAPANAY, IVAN ISMAEL GELBERO
377 CAPARIC, CHARLENE MANALO
378 CAPARROSO, LISTER APOLINAR
379 CAPILLO, JANSSEN BALANO
380 CAPIROSO, ROSELEEN MAGO
381 CAPITLE, RITZ CAMINO
382 CARACAS, ANDREO CAROLINO
383 CARALDE, JESSA ATILLO
384 CARAS, JONNIL LEMERA
385 CARASCA, APRIL ROSE BARO
386 CARBAQUEL, QUEENIE ROQUERO
387 CARBONELL, CLIFFORD JAMES DE VERA
388 CARBONILLA, JILBERT BOONG
389 CARESOSA, ROIJEAN MEJOY
390 CARIAGA, CHRISTINE BELLEZA
391 CARIAGA, JENNYLYN BALCITA
392 CARILLO, JORDAN NAZARENO
393 CARIN, NICOLE NESS JECCA BANIGA
394 CARITAN, JULIUS DE LUNA
395 CARIÑO, LEVIE GASPAR
396 CARLOS, EMMANUEL GALIMBA
397 CARMELOTES, ARNEL ESMAEL
398 CARPE, FELMAR MACATIAG
399 CARPENTERO, ARVIN SENARILLOS
400 CARPIO, HONEYLYN AGUSTIN
401 CARPIO, JULIA NICA SALVE MERANO
402 CARPIO, MAE JEAN SADJE
403 CARPIO, RANDY PATAJO
404 CARPISO, JASON LEBANAN
405 CARRILLO, ASTERIA VILLAMONTE
406 CARULLO, FRINCES EZRA GASPI
407 CASABAR, JERRY MERGELLANO
408 CASAQUITE, MARK JHON CAMARE
409 CASAS, ANGELITO JR CASTELO
410 CASAS, GELLIE GORRE
411 CASASIS, ROXANE JOY VIERNES
412 CASCON, KARL HERCHIL ROASOL
413 CASELLANO, JOVELYN BLANDO
414 CASEM, MARK KEVIN DE GUZMAN
415 CASILAO, LYNETTE GANGOSO
416 CASILLANO, MICHAEL CAINTO
417 CASPE, GLADYS CORTEZ
418 CASPE, NATHALYN QUILEM
419 CASPILLO, JEVIE IMPROGO
420 CASTAÑEDA, ADRIAN LALIC
421 CASTIGADOR, JUN ANTHONY EMN MARANAN
422 CASTIL, PROCESO MATAFLORIDA
423 CASTILLO, EMMANUEL VIRAY
424 CASTILLO, HILDRETH
425 CASTILLO, SHARRA JULIA ALANO
426 CASTRODES, RIZALYN PENDIJITO
427 CASUGA, REGIEN CALVA
428 CATALAN, SAMMY BAJO
429 CATALINO, RODRIGO MANGAOANG
430 CATALUÑA, CHESTER GIL POJAS
431 CATANYAG, JOSIE MAE GEROGALIN
432 CATILO, MERIS JENNIFHER ALOJIPAN
433 CATINOY, KENNETH ALOSNOS
434 CATIPAY, FAITH HOPE LEGADA
435 CATMON, PAUL JOHN LOBRES
436 CATUBIG, JERCEL NAZARENO
437 CAUAN, DIANA MAE SORIANO
438 CAUNTOY, SUNSHINE BANDIOLA
439 CAUSING, MARY JOY BINABATAG
440 CAWALING, MARY JOY OLITAN
441 CAYABYAB, BYRON AMADEUS GONZALES
442 CAYABYAB, DANIEL CARINGAS
443 CAYETANO, ILYNN SIBULAN
444 CAÑA, EVA MAE GARAY
445 CAÑA, REUEL DALIVA
446 CAÑARES, JEANCEL GAILAN
447 CAÑETE, REYNA MAE ALIGWAY
448 CEJALVO, RENELIZA DALIPE
449 CEJAR, EAR WILSON GUPONG
450 CELESTE, GERALDEN PERPINOSA
451 CENTINO, MADEL PITARGUE
452 CEPEDA, MANUEL ALVAREZ
453 CERNAL, JAY KENNETH BAJAR
454 CERVERA, NORWEN IAN CABALQUINTO
455 CEZAR, JENELYN GEROLEO
456 CHATTO, JAY BATICAN
457 CHAVEZ, SHANINE DHOTY ATIENZA
458 CHENG, CASANDRA CARLA TAN
459 CHISPA, JEZER JOHN MILLENA
460 CHUA, REY NIÑO DELMO
461 CINCO, FLORENTINO JR LAMOSTE
462 CLAOR, CLAUDINE ARTIENDA
463 CLARITO, ROLEN JOY ORTEGA
464 CLAVERO, GLENDA MAE CELZO
465 CLEMENTE, JOVELLE GUERRERO
466 CLEMEÑA, JANNU GEUSEPPE CABAHUG
467 COBRADO, YVONNE WILFRED CARUMBA
468 COLAS, GERALDINE GONZALES
469 COMEL, CHRISTEL JOY MALIPOL
470 COMENDADOR, JOANA MARIE
471 COMPRA, JULIE MADELO
472 COMPRENDIO, CHRISTINE MEJARES
473 CONCARDAS, JHONABEL CABALQUINTO
474 CONCEPCION, JOHN ALVIN AGUDELO
475 CONCORDIA, REMEDIOS PACQUING
476 CONDE, ERMA TANALEON
477 CONSTANTINO, JET HARRIS MISAJON
478 CONVOCAR, MANILYN PAJALLA
479 COOTAUCO, CHRISTOPHER MENDOZA
480 CORBO, RYAN JOHN MACADILDIG
481 CORDERO, NIKKA CRESTINE MACHA
482 CORDOVA, ALYSSA JEAN CATALAN
483 CORONADO, NADINE BALDIVIA
484 CORONEL, JENEVIE PARAISO
485 CORONEL, LEONIE GUIL
486 CORPORAL, JHUNILYN DE LA CRUZ
487 CORPUZ, GEORGE JR EUDELA
488 CORPUZ, MICHELLE JANE
489 CORREOS, DAVY PALER
490 CORTES, KEIRSTEEN DALE DAVIDE
491 CORTEZ, SEDRICK AVILA
492 CORTO, REXTER CAPARRO
493 CORTONES, ROMEL AGDANA
494 COSTA, VERNON CUENO
495 COSTOSA, ROSALIE ENCILA
496 CRISPINO, FERDINAND LASCUÑA
497 CRISPINO, LORENZ JUDE DUCAY
498 CRISPOLON, GIO SIMPRON
499 CRODUA, ALVIN PRADEL
500 CRUZ, ARVY CRIZZEL MANIQUIS
501 CUBA, JACINTO SOGELON
502 CUENCA, REHDEN MARCK LABANGCOC
503 CUEVAS, MICHAEL JOHN BENJAMIN
504 CUEVAS, ORLANDO SABIDO
505 CUNANAN, CHRISTINE JOY YUMUL
506 CURIA, RUTH CORPUZ
507 CURIO, MARIEL ACEBUQUE
508 CUTILLAS, MARY JEAN CUTARAN
509 CUYNO, DANIEFE TINDOG
510 DABLO, MA LOU SHANE MAGLANGIT
511 DACULA, JOSE ANTHONY DESCALZOTA
512 DACULIO, JERVY BANCE
513 DAGAMAC, MICHAEL CAÑONES
514 DAGONIO, BELMARK BARBON
515 DAGUPAN, LOLITA CORMINAL
516 DAHUNAN, NILAREY EROJO
517 DAIRO, JHON RYLL CALOMAG
518 DAJIS, CRISTIAN GAYO
519 DALDE, NOEREN MAE BAJADE
520 DALILING, MARLOU KANITENG
521 DALINA, NATHAN GLOBIO
522 DALISAY, STEPHEN REY BRAVO
523 DALISAY, ZYDRICK MENDOZA
524 DAMIAN, FRANCES ANN KITONGAN
525 DANCEL, HARRISON TORRES
526 DANGAN, ARVIN KEITH LAMATAN
527 DANIEL, FRANCISCO ELLORIN
528 DANO, DAILYN TIPAY
529 DASIAN, JESSEVEL GAMBOA
530 DATO-ON, MARY JOY AGUADO
531 DATU-HARON, ABDULLAH DATU-DACULA
532 DATUL, EMMANUEL
533 DAUD, ZENAIDA ALIPONTO
534 DAVID, MANUEL PATROPEZ
535 DAW-AS, ESTEFEN COMPAS
536 DAYAL, MARY JOY SARCINO
537 DE ASIS, CHIELO TALA-OC
538 DE ASIS, JHONA DULA
539 DE CASTRO, MONETTE SIGYEP
540 DE CASTRO, VAL BALBASTRO
541 DE GUZMAN, ARIEL DELA CRUZ
542 DE GUZMAN, CATHERINE
543 DE GUZMAN, JOVELYN MADRIAGA
544 DE GUZMAN, JUSTIN LOUIE CRUZ
545 DE JESUS, EUGENE JACOB AÑASCO
546 DE JESUS, JAYMARK
547 DE LA CRUZ, DIVAH GRACE APIPI
548 DE LA CRUZ, EFREN SEMOLAVA
549 DE LA CRUZ, NOEL CANIMO
550 DE LEON, BRYAN TUAZON
551 DE LEON, DEOGRACIAS III GARCIA
552 DE LOS REYES, JIFFY JOY ABINUMAN
553 DE TORRES, CINDY GRANITA
554 DE TORRES, JOHN ALLEN ATIE
555 DE TORRES, RACHELE LATAG
556 DE VERA, JULIE ROSE DELOS SANTOS
557 DE VILLA, RUEL PIQUERDA
558 DEDURO, NOLYN JOY CABAYAO
559 DEGOMBIS, CHRISTIAN MAITUM
560 DEIMOS, JANRIEL MEDEZ
561 DEJAPA, REYNALD SORIANO
562 DEJUCOS, JUVY LIGNES
563 DEL MUNDO, FRANCIS FEROLINO
564 DEL PILAR, MARTIN PETRONIO
565 DELA CERNA, RICAMAE MAGBAGO
566 DELA CRUZ, ARNOLD LANDINGIN
567 DELA CRUZ, DARREN ALMIRA
568 DELA CRUZ, GINO VILLAFLOR
569 DELA CRUZ, JENILYN BU-AN
570 DELA CRUZ, LEONAVIL ARCEGA
571 DELA CRUZ, LISNEY BELLONES
572 DELA CRUZ, MARICAR REYES
573 DELA CRUZ, MARK JOSEPH DUQUEZA
574 DELA CRUZ, MONICA JOY TORRES
575 DELA CRUZ, NICSON PEREZ
576 DELA CRUZ, REY MALABIGA
577 DELA CRUZ, STEPHEN RAY COBRADOR
578 DELA CRUZ, WALTER DELA CRUZ
579 DELA CRUZ, ZELZO MORENO
580 DELA FUENTE, RJ ABLADO
581 DELA PAZ, MELCHOR MEDRANO
582 DELA PEÑA, CHRISTIAN JUMALO PEÑA
583 DELA PEÑA, RHENA PALADIAS
584 DELA ROSA, ISRAEL VILLEGAS
585 DELA ROSA, JONALYN CIARES
586 DELA ROSA, LYNLYN TAPANAN
587 DELA ROSA, THERESA PAULA AGUDO
588 DELAMBACA, JOEHANSON CURIBA
589 DELFIN, KLIEZER VILLAGRACIA
590 DELFIN, MARY ROBEE CLAIRE PAMA
591 DELGADO, ERNESTO BUHAYAN
592 DELGADO, NELIZA SENDITO
593 DELICANO, SILVERIO JR RABUYA
594 DELOS REYES, SWEET MAYRALD HERNANE
595 DELOS SANTOS, MARIE ROSE ARAPAN
596 DEMERIN, MICHELLE JOY MAGSIPOC
597 DENONA, MYLAH AMOR CATAHUM
598 DERIO, ARNOLD CALAGOS
599 DESAMPARO, MELVIN TALAMAN
600 DESDECHADO, PAUL JAME BEATINGO
601 DETORE, NELMAR ANDRE-I
602 DIAGAN, NORIE SALDO
603 DIALA, DALE ANTHONY PAMA
604 DIAZ, REJOY BANGERO
605 DIEZ, PHERZY JANE ASUNCION
606 DIGNOS, JAYSON QUEROL
607 DIMALALUAN, AMADO JR MANGOSING
608 DIMAPAWI, MARLOU SILVERIO
609 DIMARANAN, COLEEN GEQUELLOS
610 DIN-ANG, MINERVA DEYPIS
611 DINOPOL, MARIESTELA ERMAC
612 DIO, JHOANNE NAZ
613 DIOLAN, CHRISTIAN
614 DIOLATA, RHEA MAE DOMINGO
615 DIONISIO, KHRYSTOFER LORD VILLAS
616 DIOSANA, JOHNDY VERGARA
617 DIRI, MARICEL JARAVATA
618 DISCAYA, RONEL GUNIO
619 DISTURA, MARIA RIZA DOROTEO
620 DIVINAGRACIA, IAN ROSAL
621 DIWAN, JESSABER GRACE LUMBOS
622 DIZON, ANDREA KAYE BALAGTAS
623 DIZON, SERGIO CALMA
624 DOCTO, JEROSE FLORES
625 DOCTOLERO, ALYSSA MIJARES
626 DODON, JUDY PADIO
627 DOHINOG, LEOPOLDO JR TANATO
628 DOHINOG, PORFERIO JR CABUCOS
629 DOJAYLO, SHEILA MAE MERLO
630 DOLLOPAC, LORELI SIBONGA
631 DOMAPIAS, LEA LAGARE
632 DOMASIG, GABBY GULARIZA
633 DOMINGO, CRISTINE JOY GARCIA
634 DOMINGO, DONABEE JONES
635 DOMINGO, GLENN ESPINOSA
636 DOMINGO, JEIHAN MONTECASTRO
637 DOMINGO, JOMARI CONCEPCION
638 DOMINGO, JULIUS POQUIZ
639 DONTUGAN, BENITA NAM-ON
640 DORMIDO, JOEL JR BARTOLOME
641 DORONILA, JINKY BUENAFLOR
642 DOSALEN, HAROLD LORENZO
643 DOTILLOS, SHERWIN TIBUS
644 DUBLA, CASPER GREGORIO
645 DUCUSIN, DARLENE MAE TORALBA
646 DUGAN, RICHARD DEMABILDO
647 DUGANG, ROSELYN VISTAL
648 DUMAGSANG, JESSA BOTIN
649 DUMAGTOY, JONATHAN BUMAGAT
650 DUMALI, MAYA MONAMEE ANDUJAR
651 DUMAPLI, JOYCE MILO
652 DUMLAO, JACKIELOU PAGUAGAN
653 DUNTUGAN, ANNABELLE INUMBOJ
654 DURAN, ANAMOR VERANO
655 DURAN, ART GLENN TANGUB
656 EBORA, JEEAN BALMES
657 EBRON, ALDRIN OROGA
658 EBRON, VANISSA MAE CAMILAN
659 ECHALICO, CHRISTINE KEM TERESE MELENDRES
660 ECHAVEZ, KENT LOYD MANGADLAO
661 ECLEO, EDTON BABELONIA
662 EDISA, LUNESA PAELAGA
663 EDMA, ANTHONY VILLA
664 EDRAIRA, JESREL ORTIZ
665 EGUILOS, ELMER ECLARINAL
666 ELEGIDO, JHUN MICHAEL ALSAGA
667 ELIAS, SITTIE JOHAIRAH DIALEM
668 ELICANO, MARIE SAYSON
669 EMANEL, HAREVE CONHOT
670 ENDRINA, MAYLYN SETIAR
671 ENGLIS, ZYRA TRESPECES
672 ENOBIO, MICHAEL DANGO
673 ENOG, DAWNA JANE DAÑOLA
674 ENRIQUEZ, ARIEL MA-ASIN
675 ENTICE, LORDELYN BELDAD
676 ENTICO, KRISTINE JOY CLERIGO
677 ERAN, MARA JEE HIPOLITO
678 ERESTINGCOL, KAREN MAURE
679 ESCABAL, APOLINARIO JR MANDAL
680 ESCABILLAS, MA CINDY GETIGAN
681 ESCALICAS, AIREEN MEZO
682 ESCARTIN, JOVERT BAGUIO
683 ESCORPISO, RAY MARK POLLENTES
684 ESCOTIDO, MARY ROSE PUYONG
685 ESLLER, PAULENE MEDINA
686 ESPALTO, JENNIFER ARDIENTE
687 ESPEJO, LEONA SODUSTA
688 ESPEJO, RANIELLE ROJAN GAMIS
689 ESPELITA, ANGELICA CADORNA
690 ESPINOSA, SANDRA ESLAVA
691 ESPIRITU, MARIA LYZA JOYCE CASTILLO
692 ESPIRITU, ROEL AGUSTIN
693 ESTADO, MA IRENE VERSOZA
694 ESTALLO, RAFFY GELLAMA
695 ESTILLORO, PRECIOUS MAY SALVILLA
696 ESTOY, GEMMA PONCE
697 ESTRELLA, MARIA ASHLY MALAKI
698 ESTUDILLO, ANITA ENCARNADO
699 EUSALA, VLADIMIR TORMO
700 EVALLE, ANDREA FAITH SERIA
701 EWICAN, JAYSON YBAÑEZ
702 EZA, NAILA DADAYAN
703 FABELA, ARIANE CABAREÑO
704 FABELLA, ZEDRIKKE CLIPHORDE RIEL
705 FABREGAS, CERIROSE GALLOS
706 FABROS, MARICAR ASUNCION
707 FAJARDO, JOEJEN TACOY
708 FALCULAN, RESTY RODA
709 FALLENA, MARY BONETH TALADTAD
710 FAMILARA, MAEAN CRYSTLE TOLENTINO
711 FAMPULA, ORLIE JR LAGMAY
712 FANGONILO, BABYLYN BAUTISTA
713 FAT, JENNELLE BELUCORA
714 FERNAN, MIRIAM TERNATE
715 FERNANDEZ, MARK FLOYD SARINAS
716 FERNANDEZ, PEDY DEQUIÑA
717 FERNANDEZ, ZARAH NAVARRO
718 FEROLINA, MICHELLE TOBIAS
719 FERRER, GELI-BOY TERNURA
720 FERRER, RIZA FEOLOG
721 FIANZA, ANA FEB BETWAG
722 FIDEL, MICHELLE OMBOY
723 FIEDACAN, LYKA GALINDEZ
724 FIEL, VANESSA ANIORA
725 FLORENCIO, JETHRO NADURA
726 FLORES, DAN LABE
727 FLORES, ERAPH GADE CABAYA
728 FLORES, MARIA JOANA PELAEZ
729 FLORES, ROGEN MARK ARREY
730 FLORIDO, FLOREVIE LIZANO
731 FONTANILLA, CAMILLE BALTAZAR
732 FRANCISCO, JOHN VINCENT GEROCHE
733 FRANCISCO, KENNY CERDEÑA
734 FRANCISCO, OSCAR JR SOTTO
735 FREO, EDISON DY
736 FRIAS, ARJUN ROSARIO
737 FRIGINAL, DYANNE ROSAL
738 FRUELDA, ALFRED MANSALAY
739 FUENTES, RESHEL BAJENTING
740 FUROG, SHIRLEY CLEOPAS
741 FUSIO, LORNA PETRA ZAMORA
742 GAA, DONNA MYCAH PASTOR
743 GABANAN, RAQUEL MAE DE JUAN
744 GABANES, FAMELA GA
745 GABASA, DANNA MARIE ESTOY
746 GABRIEL, MAHINAHON CRUZ
747 GABRIEL, MILLICENT JOY PADILLA
748 GACILA, FRANCIS ADRIAN BELO
749 GACITA, MARYNELLE DIAZ
750 GACUSANA, JEREMY SEAN MIRANDA
751 GADRINAB, JAMES RYAN GABUTAN
752 GALACGAC, SHARON BADUA
753 GALANTA, JUDYVER GASMIN
754 GALENZOGA, VERGIE ANN ENERO
755 GALINDEZ, RODEL OROBIA
756 GALLARDO, ADRIAN MARCELO
757 GALLEGO, MERELKY REZANO
758 GALUSO, GENEVA ROCABERTE
759 GALUYO, MEKKA ACOBA
760 GALVAN, ANNIEWENDA AVELLANOZA
761 GALVAN, BENJAMIN OGANIA
762 GALVAN, EVOYNE MAE GONZALES
763 GALVAN, MARY KATHLEEN FLORES
764 GAMBA, KRISTINE ETE
765 GAMBOA, JOFRE ALBERTO
766 GAMBOA, JUAN VIKTOR POLINTAN
767 GAN, MARK ANGELO PALOMATA
768 GANGOSO, GENIVIVE VILLARUZ
769 GANTE, EDGAR JR DELA CRUZ
770 GAPUZ, RONALD MABALO
771 GARAB, JELLY SY
772 GARABINA, CRISTOBAL COMBATE
773 GARBOSA, MICHAEL GAYAM
774 GARCIA, ARMYNE BORROMEO
775 GARCIA, CLARENCE DELA CRUZ
776 GARCIA, GELMER SILPAO
777 GARCIA, JERRA MIE HAMAC
778 GARCIA, JIMILEE MANUEL
779 GARCIA, LARIZA VILLENA
780 GARIDO, JACQUELINE RAMOS
781 GASAGAS, JOSELYN PASCUA
782 GASPE, R-JUN FREDERICK AVELINO
783 GASTA, JIM PAOLO CELESTINO
784 GATDULA, AMELITA MACALIBO
785 GATILOGO, ARON GARGARITANO
786 GAYLA, JHON KETZ LUMAHANG
787 GECHA, JESSA CLAIRE BALLES
788 GEMINA, AVELINO GERALI
789 GEPIGA, RONILO PANTOJA
790 GERONA, ORPHA MAY SENOC
791 GERONA, SHAWIE VILLALUZ
792 GERONIMO, ALDRIN BUALAN
793 GERONIMO, CATHYLEEN ALEGA
794 GESLAGA, PHAEBE JANE LORA
795 GETUEZA, DAVE LOOD
796 GETULLE, ELVIN JOHN MONTAÑO
797 GIGANTOCA, CLEENE IRAH BITANCOR
798 GILDO, JERRY BLANZA
799 GINEZ, ROVELYN CABUTOTAN
800 GLIAM, DESIREE JANE AMBROCIO
801 GODINEZ, CYRILL JOHN PRIMA
802 GONZAGA, EMILY BACALSO
803 GONZAGA, JUNDEL FRANCISCO
804 GONZAGA, RICKIE MAMAC
805 GONZALES, DARWIN RAMOS
806 GONZALES, GILBERT VILLANUEVA
807 GONZALES, KATHLEEN PATRON
808 GONZALES, LEO PAGADUAN
809 GONZALES, REYNALDO BALLONA
810 GONZALES, RONA MAE CABANAYAN
811 GORDO, WAYNE MARK
812 GORION, SHAEN PAUL TAMONAN
813 GRAFIL, ALLAN BARRIOS
814 GREGORIO, ROSALIE JANE GARFIL
815 GUBALANE, RICHARD SABELINO
816 GUEVARRA, JOMAR YABUT
817 GUILARAN, MELANIE GOC-ONG
818 GUIRHEM, JOAN LACAMENTO
819 GUMANGAN, MARICAR ESPIRITU
820 GUMATAY, MELVIN LIPATA
821 GUMIDLI, ALFONSO TINAW-WI
822 GUYAO, SHENA VEE DANGIWAN
823 GUYO, VILMA LEONO
824 HADJI JAMEL, FAHARODIN DEROGONGAN
825 HADJI MALIK, AL-ZHAHEEN KAYGUAN
826 HADJI SARIP, ASIPON SAMBUANGAN
827 HALILI, RON JACOB PAG-ILAGAN
828 HAMPANGAN, YVETTE CHRISTINE LACHICA
829 HARO, MELJAMES FABRIGAR
830 HASAN, FARHAN MUALLIP
831 HEPONIA, AVEJEAN UMBAY
832 HEREDIA, ZENON JR ASENJO
833 HERMANO, JOSEPHINE LAMSON
834 HERMOSO, JOHARY MIGUEL
835 HERNANDEZ, REBECCA SANTOS
836 HERNANE, LILIBETH ONLAS
837 HERNIA, MARY JUNE ILADO
838 HIBAYA, ALEXANDER RESABAL
839 HINGPIT, GIOVANNIE
840 HIPANAO, OLIVER SUBIATE
841 HISOLA, LESLIE TORION
842 HISTORIA, GERWEN FUNILAS
843 HORCAJO, MICHAEL GARI
844 HORMIGA, ANGELA FABRO
845 HUBO, FERNAN LADAO
846 HUGO, ARCELIE PUNZALAN
847 HUKDONG, JOEY PUERTO
848 HUMIWAT, JEREMIAH PAUL GOTIA
849 IBANA, DEBERSON DALERE
850 IBAÑEZ, REX SAGAL
851 IBAÑEZ, RICHARD POLLOSO
852 IBAÑEZ, ZALDY JR CANTONJOS
853 IBISATE, EDUARD MABALE
854 IGASAN, JUDITH FALCASANTOS
855 ILARDE, BERNARD SAYSON
856 IMLAN, AL-SHADREE ESMAEL
857 IMLAN, SHERTALYN JAIYON
858 INDEDAÑO, BEN HYREX VIRAY
859 INES, MENARD TORRES
860 INGAL, TEDDY JHON SON SOMERA
861 INGGO, IKE DAIGAN
862 INTIGRO, JESTONI ALBORES
863 ISAAC, JENIFER EMOY
864 ITURRALDE, MARREAN MARAVILLOSA
865 JABAGAT, ANGELO ALAYON
866 JACA, ALBERTO SUAYBAGUIO
867 JACOB, APRIL JOY LLANETA
868 JADLOCON, FRANCIS HADOL-ON
869 JAEN, RANDY DELLA
870 JALA, NERILYN LABISIG
871 JALONG, RONEL CASIPONG
872 JAMIL, JELLY GRACE BADAJOS
873 JAMISOLA, RENZEN MARIE BAJAO
874 JAMOYO, REYNALYN LABICANI
875 JANOPOL, JESRYL ANTOJADO
876 JAPSON, NURHAINA MAKALIMPAS
877 JARABATA, JIGER MAMOLANG
878 JAURIGUE, JOHN CHRISTIAN BABAN
879 JAVIER, LORRAINE DOMASIN
880 JIMENA, LOUDERICK ALMEDA
881 JIMENEA, JOHN RAPHAEL RAMOS
882 JIMENEZ, JACKYLOU GARCIA
883 JIMENEZ, JINGKY ANN PAHAYAHAY
884 JIZMUNDO, JOAN FERNANDEZ
885 JOLOYOHOY, BLAISAE AUGUIS
886 JOMUAD, JOSALYN TABALANZA
887 JUAN, ALVIN SILVER TABAG
888 JUAN, LOREEN VENUS TRIBUNSAY
889 JUARANA, RYAN CEASAR TAYCO
890 JUGARAP, CHARLIE ORAG
891 JUMAWAN, JAY ANN SAREN
892 JUSON, MARY GLENN BUDLAT
893 KAMID, SATAR MANGGAMANAN
894 KHO, RAYMOND TAN
895 KILIMAN, ALJON HONONGAN
896 KWAN, RANDY LUBGUBAN
897 LABANERO, JENNY BOCATEJA
898 LABHANAN, LLOYD ALMONECID
899 LABOR, ARNEL BALATE
900 LABRADOR, ARNEL MADAYAG
901 LACAP, JONH DERICK PASILIAO
902 LACAR, MARIO PACHICO
903 LACASTE, JENILYN BAGO
904 LACHICA, ZAKARI CORONADO
905 LACSINA, PATRICK SIMBULAN
906 LACUBTAN, IYV BARROGA
907 LAGAMON, JACQUELINE JULIA AGDAMAG
908 LAGASCA, ARMI FLOR DELLA
909 LAGUSTAN, CEDEL FRIAS
910 LAHUG, MOHAMMAD ABDULLA HALIKUL
911 LAJERA, VANESSA GAMALO
912 LAMBAN, JEBER LUMBAY
913 LAMPARAS, ARIZONA RABUSA
914 LANTICSE, CRISELDA CAMARILLO
915 LANTUD, JAY MARK MAHINO
916 LAOC, JENIE GALLENERO
917 LAORENO, MANILYN CUYOG
918 LAPITAN, MARICRIS LANTICAN
919 LAPURGA, ROSE ANN UBUNGIN
920 LARDIZABAL, VINCENT TORZAR
921 LARIBA, MELCHOR JR TAUSA
922 LASTIMOSO, MORITO JR ALDAMAR
923 LATAY, ELENA GUEVARRA
924 LAVARRO, KIETH JASON RAÑO
925 LAWINGAN, REMEDIOS AKIATE
926 LAZARENO, MARJON REBOLLOS
927 LEANDRO, HERVIN ABELARDO
928 LEBICO, DARREN JOY TURLA
929 LEGADO, LOUEI MAR CUMLA
930 LEGO, LARRY JR AGUSTINO
931 LEONILLO, JAYDILYN MAMBA
932 LEOPOLDO, DOUVIE ANGELOVE OPON
933 LEORO, ROSANA PAMPANGA
934 LETCHE, JAMES DACUCUS
935 LEYVA, ERWIN JR APIAG
936 LIBERATO, GEROME ESTEBAN
937 LIBO-ON, MIKKO COBRADOR
938 LIBRADILLA, CLINT BONGCASAN
939 LICARDO, CHARMAINE BOHOLST
940 LICLICAN, GRANA RITCHIE ESTILLER
941 LICUDO, VERONICA CASES
942 LIDASAN, JOHAIMA MIPANTAO
943 LILO-AN, FELIPE JR PALAHANG
944 LIM, ERICA VANESSA ORDOÑEZ
945 LIM, MARY ROSE MIONES
946 LLANTO, MAREVIL ALUPIT
947 LLUP, VIRGILIO JR TAER
948 LOBATON, ELIZABETH BALO
949 LOBERIO, SHERLYN LORENTE
950 LOBRIGAS, STEPHANIE PALMA
951 LODOVICE, DENMARIE TRILLES
952 LOMBOY, CLAIR ANNE JUAN
953 LOMBOY, HERBERT DIMARUCOT
954 LOMOTOS, JOHN MARK PAGARAN
955 LOPEZ, AILENE PADERNILLA
956 LOPEZ, ISAGANI PADILLA
957 LOQUINARIO, CORNELIO JR OYANGORIN
958 LORAÑA, NORBERTO JR MALLORCA
959 LORIO, JENNY PUNTO
960 LORONO, DARYL JAN SUSUSCO
961 LOSARIA, MARK EZEKIEL MARFIL
962 LOSBAÑOS, RONNEL PASION
963 LOTINO, RENER RAQUEDAN
964 LOYOLA, ALMA SUSIE TIU
965 LUBRICA, ALLAN GAVINA
966 LUCAS, LOLITA JOY ANDRES
967 LUGAS, ANNABELLE LOREN
968 LUMACAD, ROY CZAR ENTRINA
969 LUMACANG, ROSEMARIE BABAISON
970 LUMAIN, JESS GAYAN PESCADERO
971 LUMANGGAL, ALLAN PANGA
972 LUMAYAS, HANNAH ABEGAILBLESSING SUMATRA
973 LUMONTOD, HASNA DIMARO
974 LUNA, APRIL ROSE TABALINA
975 LUNA, CRISTY ORIENDO
976 LUNADO, MILKY SADIO
977 MABANGLO, ROMEO ARAGOZA
978 MABBORANG, JOANNA MAE QUILIT
979 MABUNGA, MELJOHN MABUNGA
980 MACABALI, SETH NEVIN JANE
981 MACABANGON, ROFAIDAH MARCABAN
982 MACALINTANGUI, DONG BALAYMAN
983 MACAMAY, MARK GIL CENISA
984 MACAPAZ, FLORDELIZ BUHAY
985 MACAPAÑAS, RODEL GAGAM
986 MACARAEG, DANILO CUTARAN
987 MACARAEG, SHARI KAYE AMBROSIO
988 MACARANAS, NODA MARIE SALANIO
989 MACUJA, NICOLE GALIDO
990 MADAMBA, JORILE LOVE VALDEZ
991 MADELO, MILDRED DELOS REYES
992 MADRID, JAY ANN LYNN LIBRE
993 MADULI, MYLA ANN DAMAYAN
994 MAEL, MELANIE BACULUDAN
995 MAGANDAM, ALONCIO JR HABAN
996 MAGAYANES, GENELIE CADAYONA
997 MAGBANUA, DJOHANA MIRAVALLES
998 MAGBOO, JOHN PAUL DOCE
999 MAGBULOGTONG, MYRALYN TELEBRICO
1000 MAGLANGIT, JERICK ESTIFANE
1001 MAGLENTE, MELA SIMBAHON
1002 MAGNO, ANDREA LODOVICE
1003 MAGTALAS, MELIZA PAGUIBITAN
1004 MAGTIBAY, MYRA HANDIG
1005 MAHINAY, CRISANTO DANO
1006 MAHINAY, JAYRO FERRER
1007 MAHUSAY, KISH MARK CAÑETE
1008 MALABANAN, VENUS MANDIGMA
1009 MALAGAMBA, ZYRRA FAYE FADERAGAO
1010 MALAGUIAL, AMBRA MAMA
1011 MALANOG, ALVIN CAJES
1012 MALASO, ERVIN GERRARD ACUZAR
1013 MALICDEM, MARILYN ABALOS
1014 MALLO, ARLYN MISONA
1015 MALLORCA, ERWIN CELO
1016 MALONES, JOECEL BORJA
1017 MALOOY, JED WILLIAM BONGGOT
1018 MALUBAY, JOHN RONAN CEQUIÑA
1019 MALUBAY, MARY JOY LOFRANCO
1020 MALUMAY, VICKY JANE DELOS REYES
1021 MAMAAT, MARCO IMMANUEL GARGAR
1022 MAMBUSADA, NIKO LATOZA
1023 MAMOLO, ARMAND LOVITOS
1024 MAMORIBID, HAMDI ABDULGANI
1025 MANALO, LORENA JAMERO
1026 MANANGKILA, MICHAEL ESPINA
1027 MANAOL, NAILAH BEROWA
1028 MANAPSAL, KRISHA JAE SALIGUMBA
1029 MANATAD, BRITANEI IVAN MINGUITO
1030 MANDIA, FLERIE VIC DELA CRUZ
1031 MANDING, VENLYN SIOHAN
1032 MANG, DAVEN MALUMPONG
1033 MANGABAT, KATHLEEN IMEE GALIMBA
1034 MANGANIP, LORNA DALANAO
1035 MANGMANGON, JORDAN DOMINGO
1036 MANGRUBANG, MERVIN LLOYD MENDOZA
1037 MANGUILIMOTAN, ALONA GALLARDO
1038 MANINGO, ABMER BELACAS
1039 MANIPON, ELEAZAR CESARIO
1040 MANITO, JASPER KELVIN VILLAR
1041 MANLANGIT, JOAN JUMAWAN
1042 MANLAPAZ, JOSE ALLAN NOEL JR NAVALES
1043 MANSOL, SITTIE FATHIMA UMAL
1044 MANUEL, CHRISTIAN ESPOSO
1045 MANUEL, MARY JOY PADUA
1046 MANZAN, RYAN DE LA TORRE
1047 MANZANO, JEREMIAH CHRISTOPHER RAMOS
1048 MAPALO, NIKIANN GAJETE
1049 MAPANAO, RUDOLPH GABRIEL SALANG
1050 MAPUTI, CRISTINE GAMAL
1051 MAQUI, JULIE ANN MICO
1052 MARAVER, LUCIEL LYKA MAHINQUE
1053 MARAVILLAS, HAZEL PEREZ
1054 MARAÑON, ORVEN JUNE SARABIA
1055 MARCELINO, JUMEL BADIVAL
1056 MARCELINO, LANCE MATTHEW UI
1057 MARCELO, JILYN BENGGA-AN
1058 MARCELO, MYKEE ARRIESGADO
1059 MARCHAN, IRA LONCERAS
1060 MARFIL, MARY JOY ARDIDON
1061 MARIQUIT, CHARLENE CALDO
1062 MARMOL, SARAH BENJAMIN
1063 MARQUILENCIA, KIZZY ARRO
1064 MARTIN, LIEZEL SALAZAR
1065 MARTINEZ, MA PRINCESS ERICA DELA CRUZ
1066 MARTIZANO, JOHN REY VIJAR
1067 MARZAN, REDICK LADIA
1068 MASA, CZARINA EBIO
1069 MASAYON, MARIA AMOR CASCAÑO
1070 MASAYON, RONNIE DELA PEÑA
1071 MASILAC, LESTER JOHN GREGAS
1072 MATERNAL, PAMELA CLARA AGUIRRE
1073 MATI-OM, MERIAM BINONGO
1074 MATIBAG, MA SYLVIA INSILAY
1075 MATUNHAY, LEAH INSON
1076 MAURICIO, ANAHLYN FLORES
1077 MAXIMO, RONEL VILLASIS
1078 MAÑERO, JEANETTE ROMBLA
1079 MECISAMENTE, JUVELLOU IGNALIG
1080 MEDEL, JESSABEL NILLAMA
1081 MEDRANO, MARJUN SANCHEZ
1082 MEDRANO, VHON CHRISTOPHER REYES
1083 MEGALLON, CHEMARIE REMETICADO
1084 MEJES, CHRISTOPHER BORROMEO
1085 MELAD, ALWIN VILORIA
1086 MELEGRITO, JUNELL NOOL
1087 MELENDRES, JOHN BENNITH REBADULLA
1088 MELENDRES, RONALD AGUILANDO
1089 MENDAC, ANNE GISELLE BOLESTANA
1090 MENDOZA, JERIC PARDILLA
1091 MENDOZA, LOVELYN DINGCOK
1092 MENDOZA, STEPHEN ARANETA
1093 MENTANG, KHOMENIE SAMAMA
1094 MERCADO, ANEA DE GUZMAN
1095 MERCADO, CRISTIAN AGUSTIN
1096 MERCADO, JOVI BALDRIAS
1097 MERCADO, LADY DEE LUZANO
1098 MERTO, REYNARD ADLAO
1099 MICAYABAS, ALFRED VALMORES
1100 MIFAÑA, ANDREA BALUARTE
1101 MIGUEL, JAYMIKE GULLONAN
1102 MIJARES, MA HANNICA QUILARTO
1103 MILLOROSO, SYREL ALMERO
1104 MINAVES, PETE NOAH BAGUNA
1105 MIRAFLOR, FRENZYL APRIL CACHERO
1106 MIRANDA, EDITHA BULLO
1107 MIRANDA, REN ERIZ PUNO
1108 MIRASOL, CRISTINE OPENION
1109 MOGOL, JOHN RUSSEL FAJUTAGANA
1110 MOLLENIDO, JOLINA FLORES
1111 MONDEJAR, MANILYN ASCAÑO
1112 MONES, GIAN GLENN ARCIOSA
1113 MONSANTO, ANALYN CORIBA
1114 MONTAÑO, CORAZON LENTOYAN
1115 MONTENEGRO, PROGELYN GRUMEZ
1116 MOOG, OLIVIA SANTOS
1117 MORALES, ELAINE SERNA
1118 MORALETA, ADELVENCI ELIZAR FELIX
1119 MORANTE, MICHELLE CAÑO
1120 MORENO, MARK FLORES
1121 MORENO, PRECIOUS MAE LIGUAN
1122 MORIENTE, EARL CEDRIC REYES
1123 MORIRA, MIA ARCANGELES
1124 MORTEL, ERWIN MALLEN
1125 MOSICO, JOANE RACHEL CAGAMPANG
1126 MOVILLON, MONIQUE KAYTH REYES
1127 MULIG, RUBY ROSE SABILLON
1128 MURILLO, NOVY JUCILLE JAVIER
1129 MUSA, TASKIER SAMBOLAWAN
1130 NABLO, SARAH MAE TAN
1131 NACAITUNA, JACKIELYN MAESTRADO
1132 NACIONAL, MARYBETH ROSALES
1133 NAGULADA, MARK KEVIN PERSIGAS
1134 NAILON, MARIA ELEZABETH GOLIMAN
1135 NALAM, KATRINA DANIELLE TAN
1136 NALDO, MERGIE DACARA
1137 NALUGON, JELEN PAESTE
1138 NAMESA, CHRISTINE GALLEGO
1139 NAMOC, LORIE JOY VALLAR
1140 NANTES, PETER SACAYAN
1141 NAPALLATON, EIMERENE MAGBANUA
1142 NAPARAN, ANALYN CATALYA
1143 NASAM, RONNEL LAURE
1144 NATAA, KERR GUITAO
1145 NATABIO, IZA MAE
1146 NATAN, CHRIS ANN MONDIA
1147 NATIVIDAD, ARIEL DAHINOG
1148 NATIVIDAD, JULIE MARQUEZ
1149 NATIVIDAD, MARIE BIE SANTOS
1150 NAVARRETE, GENALIOR SANOPAO
1151 NAVARRO, JHINKE ALIMOOT
1152 NAVARRO, WILLY JUN BACSA
1153 NAVEO, CARLO CAMPAÑON
1154 NAVERA, ROSEBEL CLORES
1155 NAVILLA, CRISTALENE JOY DEMAFILES
1156 NAYLES, JOSHUA CAYANAN
1157 NIDOY, TESSIE MARCES
1158 NIEVES, EDEN CAMANGON
1159 NILLOSA, ARLYN ANDRADE
1160 NOBLEZA, KAREN JOY
1161 NOJAS, CHELLY ANN BEDRIO
1162 NOVA, MYCA ABUNDABAR
1163 NUEZ, JUNRIL TORREGOSA
1164 OBENA, RONBER VILLARIN
1165 OBIERA, MARIA SOCORRO REBOLLOS
1166 OBLIGADO, JOVAN CAGAPE
1167 OCAMPO, MICKO CHRISTOPHER
1168 OCEÑA, REMEGIO JR PATEÑO
1169 OCUMEN, JECERYN PLARIS
1170 ODIAMAN, ROLANN DELFIN
1171 OGABANG, JOHN MACH ABLAO
1172 OGATIS, DAVID VILLA PAULO
1173 OLARITA, JESSA CLARICE CASTRODES
1174 OLARTE, JOSEPH AZOR NINANG
1175 OLAVIDES, JESSEQUEL ALMONEDA
1176 OLIVEROS, CHARLO MADANI
1177 OLIVEROS, JOSE MARI BARRAMEDA
1178 OMAN, RACHEL CHUM-EN
1179 OMAÑA, KARLA LAWIG
1180 OPENIANO, MARK RENZ MEDALLADA
1181 OPIÑA, RONALYN HIJARA
1182 OPON, DIANA ROSE BACUS
1183 OQUENDO, JASMEN RICO
1184 OQUERIZA, JANE LIBOON
1185 ORAA, MELODY GARROTE
1186 ORAIZ, KENNETH
1187 ORCALES, SANDY SEVA
1188 ORCINO, ANA LIZA SANTOS
1189 ORDIZ, RAMCHAN DIVINAGRACIA
1190 ORDONIA, JOHN NELSON MANDAPAT
1191 ORDONIO, MARK ANTHONY BIAG
1192 ORENDAIN, JOSHUA VALENZUELA
1193 ORIAS, RUBI ABELLANA
1194 ORILLO, KISSY APARRE
1195 ORPILLA, HANNA MAY VENTURILLO
1196 ORTEGA, KENNETH QUIJANO
1197 ORTIGUERO, IVY ROSEMARIE GABATINO
1198 ORTIZ, JESSICA ANN VICENTE
1199 ORTIZ, MYLENE GRIPO
1200 OSANO, EDZEN GOLUYANE
1201 OSILA, JULIETA ODOÑO
1202 OZARAGA, AIDEE JR SALES
1203 PABELLON, JUDY MAE LEQUIN
1204 PABELLON, REXIE MAONGAT
1205 PABLEO, LEI-YONNAH SALAS
1206 PABLO, JIMMUEL BRUNO
1207 PABUAYA, ALFREDIE
1208 PACALDO, ADRIAN ZACHARY GOMO
1209 PACAO, ROMEL CABERTE
1210 PACIS, JOMAR GAPUZ
1211 PACLAUNA, RENALYN TABACOG
1212 PACLEB, CHRISELLE DADERO
1213 PACOMIOS, POL JOHN QUITA
1214 PADA, EDEN GAYAGAYA
1215 PADIN, MA EVELYN DIAPERA
1216 PADUHILAO, ROMULO JR CADENAS
1217 PADULLON, CHIQUI MENDEZ
1218 PADUNGAO, MARY JOY CAGAS
1219 PAET, SONIA LAGUNA
1220 PAGADOR, MARIFLOR PATINDOL
1221 PAGATPATAN, ANGELO VERGEL SOMGA
1222 PAGLUMOTAN, KEARR PLACIO
1223 PAGUSARA, DAN FRANCIS NATHAN DELA CERNA
1224 PAHENTE, MYLENE TORRES
1225 PAHINGALO, CATHERINE AGNO
1226 PAKILO, BESO 1 AWILAN
1227 PALAD, CHRISTINE LOLOS
1228 PALASI, LUCENA DULNUAN
1229 PALASPAS, JOYCE CARGANILLA
1230 PALERMO, RONALD GOLIAT
1231 PALIMA, CARLO MORALES
1232 PALINGCOD, ANILIE RETIZA
1233 PALITA, JOZY MIJARES
1234 PALIVINO, LEANNE MORILLO
1235 PALLER, JEREMAE ALEMANY
1236 PALMA, EDUEL JAY CORPUZ
1237 PALMA, MICHELLE JARAMILLA
1238 PALMARIA, VONA MAY SEÑO
1239 PALMES, RUDINEL PADILLA
1240 PALOMAR, PABLO JR MAGNO
1241 PALUCA, MIKAEL LORENZO BATILONA
1242 PALUMAR, ALIJAH GABRIEL QUILIOPE
1243 PAMA, MARY GRACE ELLORES
1244 PAMEROYAN, NESTY JAY GRAFANE
1245 PAMILLO, DOANA GRACE VARGAS
1246 PAMUGAS, CZARINA BACUS
1247 PANAGSAGAN, ARVELYN CRYSTY SALGADO
1248 PANDAC, JOVANIE ABUNDA
1249 PANERIO, JELLIAN REQUINA
1250 PANES, LYNGIELO ARSENAL
1251 PANGANIBAN, JHONZELL GALICHA
1252 PANGINAHUG, JANET RENTUCAN
1253 PANLAQUI, RAMIR TORRES
1254 PANTALEON, NOMER SON BONIFACIO
1255 PANTILGAN, MERIAM NOCOS
1256 PANTILLO, JOHN-JAY FUERTES
1257 PANTON, CHARLTON NODADO
1258 PANTUA, KRIZEL JOY CANJA
1259 PAPASIN, JANELLA BIANCA GONZALES
1260 PAQUIO, DENVER BUSIGEN
1261 PARAC, LEON JR MALANOG
1262 PARADO, FRANK CLIN MANLAPAZ
1263 PARAISO, JUDY ANN AVELLON
1264 PARAMIO, ERMA RAMORAN
1265 PARCON, IRYL ORARIO
1266 PARDO, ANNABELLE PELLETERO
1267 PAREDES, MARK ANTHONY RIVERA
1268 PARIL, EDUARD VINCENT AMANCIO
1269 PARREÑO, CREZYL FAJARDO
1270 PARREÑO, JACQUILYN AROMIN
1271 PARTIDAS, JARED CARACA
1272 PASIA, JOMEL SABAS
1273 PASION, DAVE JOHN CAMAT
1274 PASION, JOY CELINE ALFONSO
1275 PASTRANA, GRACE CARAIG
1276 PASUQUIN, KRISTHEL JOY SALAMANCA
1277 PATARATA, MARIA EVA MAE DANGAY
1278 PATIGAYON, GRACEL MAY CAGA
1279 PATIMO, DONALD LIBATON
1280 PATOLILIC, ARJUN OCLARIT
1281 PATOY, JAYSER DELA VIRGEN
1282 PAYOT, MARGIE OCULARES
1283 PAYUSAN, MARILEN SILABAY
1284 PAÑA, MARINEL INCISO
1285 PEDILLON, JONATHAN MAQUIPOTEN
1286 PEDRANO, RYAN MATURAN
1287 PELOMINO, RHEA MAE DEBABAO
1288 PENEYRA, MATHEW SUALOG
1289 PEPANIA, JOEVIL CASPI
1290 PERALTA, OSCAR JR MAMARIL
1291 PEREZ, LOIZEL SAIT
1292 PEREZ, NICHOL JOY BALOYO
1293 PERNIA, ADRIAN NICCOLO RUBIN
1294 PETALLAR, ORLANDO JR VILLASENCIO
1295 PEÑAFLOR, JINCKY ALFARO
1296 PEÑALOGA, JEFFERSON SAMILLANO
1297 PEÑARANDA, RODEL LIMPIADA
1298 PIALAGO, MAY AGUS
1299 PIAMONTE, WISLIE ENRIQUEZ
1300 PILIGAN, RACHELL LUIB
1301 PINEDA, JOEL JR ERA
1302 PINOY, ANGELO BRILLO
1303 PINTO, SALIMA TUAZAN
1304 PISGA, HENRI PERMANO
1305 PIÑGOL, DRAZEN TENA
1306 PLACIDES, VERA SHAINA DY
1307 PLAMUS, HARAH JANE ZAMBRANO
1308 PLAZA, DEO AMOR QUISAGAN
1309 PLIMACO, ROWENA FUMAR
1310 POBLETE, GEMMALYN ASTOVEZA
1311 POBLETE, MARITESS SALAMERO
1312 POCUT, HERWIN RONCALES
1313 POLIDO, CHAROFEL AUTILLO
1314 POLIZON, LADYMITS PARILLA
1315 POLLENZA, JERMILYN URBANOZO
1316 POLO, JESSA SIAO
1317 PONSOY, ELLEN MAE VARGAS
1318 PONTILLANO, QUEENY LEE SHANE TRAJE
1319 PONTINO, ARNOLD AMBROS
1320 PORRAS, ARNEL INECIAL
1321 PRADO, ANILYN NEMIS
1322 PRADO, EUGENE MALANAO
1323 PRAMBITA, VARY MEJIA
1324 PREMIAN, ROSUEL BALONZO
1325 PRETE, LEAH GANZON
1326 PRIA, JENNY MAE ARAOJO
1327 PUGAL, FAITH CHALIPO
1328 PULGARINAS, ELMA VOCIS
1329 PULIDO, LILIBETH ORTIZANO
1330 PULUPOL, YSHMAEL TOM-OKEN
1331 PUNLA, PAUL ANGELES
1332 PUSOC, REX MAE GICO
1333 PUYOD, LYNDUD BORONGAN
1334 PUYOT, ANGELICA MEJARES
1335 QUIBRAL, MACK LIONEL GONZALES
1336 QUICOY, CHERLYN
1337 QUINTO, MARIAN OMBION
1338 QUIRO, MELINDA YBAÑEZ
1339 QUITAYEN, CATHERINE SUCALDITO
1340 QUITAYEN, KRISTINE SUCALDITO
1341 QUITORIO, JEMICA BONGON
1342 QUIVES, NELJO TANIONGON
1343 QUIÑO, MARY ROSE SANIEL
1344 QUIÑO, REY SANIEL
1345 RABINO, JAYVIN CLEIN ENRIQUEZ
1346 RACHO, KATHLEN BANDOLA
1347 RACHO, MYCKO ENCARNACION
1348 RAFANAN, SANDRA DIMALIBOT
1349 RAGMAC, MYLENE GALAMITON
1350 RAGPALA, CARYLL CLAIRE CUESTAS
1351 RAGUAL, TRISHA CAMILLE BRAVO
1352 RALA, MANOLO MUROS
1353 RAMA, JUSTINE LIMPIYADO
1354 RAMOS, FERDILYN ANTOLIN
1355 RAMOS, JOHNNIE VILLAMIN
1356 RAMOS, MICHAEL CASTILLO
1357 RAMOS, NIÑA MARIE GADAYAN
1358 RAMOS, PEDRO PEREZ
1359 RAMOS, RICA JOY DE TORRES
1360 RAMOS, ROSE-ANN JOY MARTINEZ
1361 RANGAIG, RAKIMA MAMARINTA
1362 RANILE, CHARISSE NORINA MA APARTE
1363 RANIT, KAREN TAPADERA
1364 RAPIS, MARY GRACE GABON
1365 RAYMUNDO, INNA VILLASIN
1366 RAYMUNDO, ROWENA DOLOR
1367 RAYOS, JAYPEE AÑONUEVO
1368 RAZALO, NORMAN SUMUGAT
1369 RECTO, JEFFERSON BULAYAN
1370 REDUCTO, ARIES JAY
1371 REFUERZO, JHOMEL CAJIGAS
1372 RELAMPAGOS, RISTY ANN BALLESTEROS
1373 RELLERMO, GUILLERMO MABANSAG
1374 REMEGIO, JOHN GALLEGO
1375 RENTINO, JUDELYN LABOR
1376 REOVOCA, ALYSSA ROSE RAMONES
1377 REPALDA, CRIZALYN BASTILO
1378 REPASO, AGAPITO JR PANGASIAN
1379 REPIQUE, RODRIAN ALVAREZ
1380 REPOLLES, ELLEN GRACE BONA
1381 REQUERME, ANAVE COMBONG
1382 RETOS, RACILLE RELINGO
1383 REVELEGIA, HARVEY NEIL FABURADA
1384 REYES, ARMANDO JR MARTINEZ
1385 REYES, NORLEN DIEGO
1386 REYMAN, RENZ HILLARY PRIETO
1387 REYNALDO, SHAMAH REGIMEN
1388 REÑOLA, CASELYN CATADMAN
1389 RICAMONTE, STEVE AMANCIO
1390 RICO, JAY LIGAD
1391 RIGOR, JIN IVON HONORIDEZ
1392 RIMAS, LOUIE COSME
1393 RIVAS, FRENCY SUPE
1394 RIVERA, SHEIREN VILLAGORDA
1395 ROBERTO, JANE MAMING
1396 ROBILLOS, CHRISTIAN DELOS REYES
1397 RODELA, MAY ANGEL MIER
1398 RODELAS, MA AZUCINA AGUILANDO
1399 RODRIGUEZ, CHRISTIAN ALEXIS RECTO
1400 RODRIGUEZ, JENNY LOMA
1401 ROJO, ANA MARIE MONTERO
1402 ROJO, MARVIN JASON
1403 ROLOMA, RENELINA CARESUSA
1404 ROMANO, MARIA CEZARIE POTES
1405 ROMARAOG, MERRYGIL AGRA
1406 ROMERO, JUNREY PAPA
1407 ROMERO, KEIL VINCENT AVILA
1408 ROMUALDO, LEISHA MAE DUMAPLIN
1409 ROMULO, MICHAEL KYLE BUITIZON
1410 RONGCO, JOHN PAULO NACARIO
1411 ROSAL, LEOVEL II DEVIRA
1412 ROSALES, DANIELLE MARGARET NUÑEZ
1413 ROSEL, CEDRICK AVILA
1414 ROSTATA, RAMIL MONGATO
1415 ROYO, JENNIFER MANZANERO
1416 RUBIC, MARY GRACE RASING
1417 RUBITE, ENOC FONTAMILLAS
1418 RUIZ, ANGELINE VELARDE
1419 RUIZ, FRANCES JOAN LOPEZ
1420 RUIZ, JANRY LACAP
1421 SABAL, JUVELINE DELA CERNA
1422 SABALDAN, KATHLEEN LORRAINE ROMANO
1423 SABESAJE, JOAN LOMOTAC
1424 SABORDO, RAZEL JEAN BALBANIDA
1425 SABUGA-A, MIE PAGARA
1426 SACRO, LORISA JOY BULAWAN
1427 SAD-AYAN, MELECIA AGO
1428 SADANG, MARK STEPHEN II MAGISTRADO
1429 SADULLO, DENISE BIANCA YANZON
1430 SAGARAL, PRINCESS SANTIAGO
1431 SAGURAN, ISMAEL SABANAL
1432 SAJOL, JALETH JERUSALEM
1433 SAJONIA, SHERLYN NARANJA
1434 SALADAN, JULITO SAGUCOM
1435 SALAMAGOS, JAY KURT VELAYO
1436 SALAS, GIOVANNE FERNANDO
1437 SALAZAR, JADE JAVIER
1438 SALAZAR, MERIZA UGDIMAN
1439 SALCEDO, LOWELLA MARIE CASIPLE
1440 SALCEDO, MA KRISTELLE JOY IGLESIA
1441 SALDIVIA, GRACE BALAD-ON
1442 SALMORIN, MARY JOY BUENAFLOR
1443 SALUTAN, JOHNREL DANTE
1444 SALVA, ANVIR AMOR
1445 SALVA, SHEVA MAE FRANCISCO
1446 SALVADOR, GLORY ANN AZUCENA
1447 SALVAN, ALJIM PALANOG
1448 SALVAN, LORIEBEL PASUGIRON
1449 SAMBRANO, RAY MARK AGUINALDO
1450 SAMPAGA, CHAD KHIN LLAGAS
1451 SAMPEROY, IAN VEGAFRIA
1452 SAMSON, ANGELIE SANTIAGO
1453 SAMSON, DOMINGO SALVADOR
1454 SAMSON, KIMBERLYNNE EVARISTO
1455 SAN JUAN, GRACIELLA MARIE SERITO
1456 SANCHEZ, JOHN LOUIS FONTE
1457 SANCHO, PAOLO FLAVIO PADRON
1458 SANORIA, LIEZL MAE DEL ROSARIO
1459 SANTELICES, MICHAEL SALAR
1460 SANTIAGO, MYLA GARCIA
1461 SANTOS, KEVIN JAY SALCEDO
1462 SANTOS, ROBERTO JR BROÑA
1463 SAOI, APRIL GRACE SACANLE
1464 SAOIT, RUBY BUMANGLAG
1465 SARAEL, GLADICE DAQUIADO
1466 SARAIL, SAMSARAIL SAJILI
1467 SARANILLO, MARY LOVE INOCENCIO
1468 SARDAN, MARK ANTHONY BALDONAZA
1469 SARIAN, JUDITH ANN AGBANNAOAG
1470 SARMIENTO, AUREN GREG ORTIZ
1471 SARMIENTO, GENESIS OCAMPO
1472 SARMIENTO, JOED ALAPIDE
1473 SAROL, THESALONICA CABALUM
1474 SARON, ROSEMELYN ABELA
1475 SARONA, ARNEL DIMPAS
1476 SARSUA, ROWENA BABAGONIO
1477 SARSUELO, DAISY GABALES
1478 SASIL, JOSEPH MORILLO
1479 SATINGASIN, JOSEPH PELIGRINO
1480 SAYSON, BAMER CADULDULAN
1481 SEGURA, KYSHA NICHOLE LENCIANO
1482 SELVINO, DELMA CONDIZA DELA PIEDRA
1483 SENO, CHRISTIAN EFREN JAN NAVARRO
1484 SENTURIAS, GIVEN LOVE SILAO
1485 SEQUEHOR, CHE CHE TRABUCON
1486 SERENIO, CRISTAC ALESNA
1487 SERGAS, CHRISTY MAE VENTURA
1488 SERQUIÑA, CHRISTIAN JAY BUCOG
1489 SERRANO, DAVIDSON IBARRETA
1490 SERUNDO, ALEZHA ROSE TRUZ
1491 SERVANIA, DARYLL CABALUNA
1492 SERVANO, TEDDY DEADIMA
1493 SEVANDAL, ROSEWIN LOGRONIO
1494 SEVILLA, MARIA LEAH MAÑGOMA
1495 SEÑEREZ, CHESTER WING SIONG
1496 SIENA, DARLENE JOY MARANE
1497 SIENDA, RAYMOND ARELLANO
1498 SILVA, CARLA KRISTINE MACATANGAY
1499 SIMACON, NOEL DELEGENCIA
1500 SIMEON, ANTHONY GARCIA
1501 SIMON, JERAMIL CANDONG
1502 SIMULABA, MARY JANE BARON
1503 SIMUNDO, RENJILL MAY AGUILAR
1504 SINUMLAG, MONICA PAN-OY
1505 SIODORA, MARIA LUNA PUBE
1506 SISCAR, JANE CLOSA
1507 SOBERANO, JORDAN DEMAVIVAS
1508 SOGUILON, DIONATHAN FAVOR
1509 SOL, MELANIE PIA
1510 SOLIANO, MARY JOY JUMAMOY
1511 SOLINAP, DARYL JAY DECOSTA
1512 SOLITO, ARVIN BAQUIRAN
1513 SOMBITO, FRANCIS DAVE CASTRO
1514 SOMERA, JAYSON UBALDO
1515 SORIANO, ROCHELLE VILLOLA
1516 SOTTO, PRINCE RALPH DALOMINGO
1517 STO DOMINGO, JUN GALES
1518 SUANQUE, MA CELESTE ADORABLE
1519 SUAREZ, GENEBETH RICABERTE
1520 SUELO, CARLITO JR TABOBOT
1521 SULATORIO, KHRISTINE MARCOJOS
1522 SULTAN, GENESIS JUMAWAN
1523 SULTAN, HANISHA BALO
1524 SUMAGANG, JANETH DINGLASA
1525 SUMALPONG, KC LYN GUMBAN
1526 SUMARIA, CARLO OPULENCIA
1527 SUMAYOD, ANALIZA VERDILLO
1528 SUMPINGAN, MARY ANN JURIAL
1529 SUPAN, KRISTINE PASCUAL
1530 SUPERALES, LEIZEL MISIONA
1531 SUPIN, NORODEL COSTILLAS
1532 SUPLIDO, ELIFAITH LUCES
1533 SURIAGA, JOAN NEGARE
1534 SURMIEDA, MARIAN GALLEGO
1535 SUTER, SHARLENE MAE TAN
1536 SUYA, CHARITY GORRE
1537 TAALA, JENNY TAGUD
1538 TABABA, TOPALINE PADERNAL
1539 TABINAS, MARY GRACE VERA
1540 TABOJARA, KYRA MAREE BENIGAY
1541 TABOR, JOMAR ORBIGO
1542 TABSING, KATE CATLEENE LUBATON
1543 TABUDLONG, MACWELL CUSTODIO
1544 TACMO, VLADIMIR SACLAMITAO
1545 TACUYAN, HERNANDO JR DENALU-AN
1546 TADURAN, JONAFEL ALFELOR
1547 TAER, JESCEL MORALES
1548 TAGATAC, ALLAN DOMINGO
1549 TAGON, KEVIN RAMAL
1550 TAJOLOSA, VENISE GENINE
1551 TALAMO, JUNRY CONCILLADO
1552 TAMAYO, REYNALDO LAVARIAS
1553 TAMBAK, SHAHID GUIABEL
1554 TAMIDLES, REAGAN ALVAREZ
1555 TANALEON, RECHEL GALLERO
1556 TANAY, JOHN PHILIP DE LIMA
1557 TANGLIBAN, LIG-AY MUNDIGUING
1558 TANGONAN, JODEL TABURADA
1559 TANGPOS, ENRIQUE OBIEDO
1560 TANUDRA, MARY ANN ALCUIREZ
1561 TAPAR, EDWARD LABACO
1562 TAPIA, JESSEBER JAYSETH PANCHO
1563 TASONG, MERQUE TRAYA
1564 TAYAB, ZELANIE OMAGAD
1565 TAYABAN, GERRY MARK RASONABE
1566 TAYOTO, KIMBERLY TACLINDO
1567 TECSON, RICHELLE MAE BITANG
1568 TEJERO, WINSTON DAEL
1569 TELANDUCA, JONHEL ORACION
1570 TELLIDUA, EDWILL JR BANAAG
1571 TENASAS, CRISTINA
1572 TENORIO, ROBERTO JR SALURIA
1573 TI-ON, CRISTIAN PARAGOSO
1574 TIAD, KENNMARK CAÑETE
1575 TIANERO, GHISLAIN ESCOLIN
1576 TIBURAN, JUDY ANN NIZERIO
1577 TICONG, AIREN BONTOG
1578 TIZON, FAITH NICOLE ONDOT
1579 TOLEDO, DANICA JOYCE MATEO
1580 TOLENTINO, ARIS ATAYDE
1581 TOLENTINO, PATRICK FUERTE
1582 TOMALON, REA FE PACQUIAO
1583 TOMBADO, JULIE SILABA
1584 TOMBOC, ALEXIS VAL MARTINEZ
1585 TOMBOC, JUDY ANN DULDULAO
1586 TOMBOC, NICO RYAN FRONDA
1587 TOMOGDA, REYNALD ARCETE
1588 TORALIZA, LUIGI GERONGCA
1589 TORION, IVAINE LIRA NARVASA
1590 TORREGOSA, RIMMEL ANGCO
1591 TORRES, ERWIN ESPIRITU
1592 TORRES, FRENEMEL DE LOS SANTOS
1593 TORRES, MARILOU ASPE
1594 TORRES, PHOEBE PALACIOS
1595 TORTOLES, JUDITH RAMOS
1596 TRAJE, MARIEL TORNEA
1597 TRIAS, DAVID ANGELO TAÑEDO
1598 TRISTE, MA VANESSA KATRINA TAÑALES
1599 TROPA, LORLYN LOPEZ
1600 TUCAL, JEREMY TUMAPANG
1601 TUGADE, DIANA FAYE JUANCITO
1602 TULABIS, MARY ANN PASCUAL
1603 TULANG, JOVELYN BUSLON
1604 TULIAN, JACKIELYN PAULING
1605 TUMBAY, JAYSON VILLAFLOR
1606 TUOZO, REAGAN BURDEOS
1607 TUPAN, FERLYN GREGORE
1608 TURBELLA, RAYMOND SUAYBAGUIO
1609 TUSOY, LILIBETH TUTANES
1610 TUYO, DENARD SAMSON BANAGODOS
1611 UCOL, RODEL UALAT
1612 UDTOHAN, LORJEAN MAGTORTOR
1613 ULILA, LUIS PENOSIAN
1614 UMALI, ARVIN CATAJE
1615 UMPAR, ASNIA GAMOR
1616 URBINO, EDMHARLENE RETURCO
1617 URDELAS, FARAH GAUD ALMEIDA
1618 VALDEVIESO, RINZO DETABLAN
1619 VALDEZ, AGNES DE CASTRO
1620 VALDEZ, JR GASPAR
1621 VALENCIANO, JOEVANNIE TRINIDAD
1622 VALENTOS, RONALD PAJE
1623 VALENZUELA, DONABEL ESCOBAR
1624 VALES, PATRICK ANTHONY GALLO
1625 VALIENTE, CHRISTIAN FLOYD FUENTES
1626 VALLO, MANUEL II CABRERA
1627 VARGAS, NEIL DEL VALLE
1628 VARON, ANTHONY BAYLON
1629 VELAGIO, JOSEPH GALLO
1630 VELASCO, ELTON REY JACOB
1631 VELASCO, GINALYN MOLINA
1632 VELASCO, JAEL LOCTONAGAN
1633 VELASCO, JAEMARK JACOB
1634 VELASCO, JOANN SADANG
1635 VELASQUEZ, JENNYLOU AMAYA
1636 VELORIA, EVANGELINE ORDOÑA
1637 VERA CRUZ, ROEL LOPEZ
1638 VERAQUE, RITZ GLINOGO
1639 VERDAD, MELVIN ALMAIDA
1640 VERDADERO, IVY ZABALA
1641 VERGARA, JEAN PALABRICA
1642 VERSOZA, ROBERT TOLENTINO
1643 VICTOR, DIVINE MALOU ECONAR
1644 VIDAL, JEFFREY LAGROSA
1645 VIDEÑA, JANVIR LORD BUKLATIN
1646 VILLACORTA, ANALYN AMBRAD
1647 VILLACORTE, LEOVENZA PASCUAL
1648 VILLAGEN, JOY MADERA
1649 VILLAMARZO, MARIA ARLENE ORFELA
1650 VILLAMOR, DAN HENRY JAYOMA
1651 VILLAMOR, JONARD BAUTISTA
1652 VILLANUEVA, JESSA MARIE GOMEZ
1653 VILLANUEVA, MENARDO DALOG
1654 VILLAR, RUFA JOYCE RADOVAN
1655 VILLARAMA, JELLARY HIPOLITO
1656 VILLARIN, IAN LORD GENOVATE
1657 VILLARINA, CRISTINE BATICADOS
1658 VILLARINO, MARILYN ENUBACAN
1659 VILLARMINO, CRISTINE BELLITA
1660 VILLAS, NESTOR JR AGSALOG
1661 VILLENA, DAIANAH MAE VILLAS
1662 VILLETA, PAUL ANDREW GELA
1663 VILLEZA, MARGERETE DAUZ
1664 VILLON, DANIEL JR SALLE
1665 VILOS, JAYMAR RABALA
1666 VISTA, SONNY BATALLER
1667 VITALICIO, LOREEN LOIS VERCELES
1668 VITO, KRISTEL JANE RAMILO
1669 WALANG, JONARD SALASA
1670 YADAO, JANICE PANG
1671 YAGO, WILMER FABIAN CERDIÑO
1672 YAMBING, JAY PAMATIAN
1673 YASAY, DANICA DE LOS ANGELES
1674 YBAÑEZ, LEONIZA ALAMPAYAN
1675 YBAÑEZ, LYDETTE PACATANG
1676 YBAÑEZ, MERIAN GUANZON
1677 YECYEC, MYLA ABIERO
1678 YEE, ROLAND CHRISTIAN DURAN
1679 YMATA, FERMIN JR ROSADIÑO
1680 YUNOS, MURSEY AFDAL
1681 YUSAY, ARNEL ANDRECIO
1682 YUZON, VON MARK BUENSUCESO
1683 ZACARIAS, AIZA MANUEVO
1684 ZAFE, RODELYN SALES
1685 ZAMORA, ALDRIN MONSON
1686 ZANORIA, JERWIN SAYA-ANG
1687 ZAPATA, ANGEL MOJICA
1688 ZARAGOSA, JAMES RODNEL BONGOLTO
1689 ZOSA, CARLO DENNIS CASTILLO

NOTHING FOLLOWS———————-

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BERLIN: German Chancellor Angela Merkel on Wednesday warned US President Donald Trump against unleashing an all-out trade war after he threatened to impose steep tariffs on cars from the European Union.

Both sides were already locked in a “trade conflict” since Trump’s decision to slap punitive tariffs on steel and aluminum imports, said Merkel, adding that “it is worthwhile to prevent this conflict from becoming a real war.”

Trump on Sunday charged that Europe is “possibly as bad as China” on trade, as he reiterated that he is mulling import taxes of 20 percent on EU cars.

The EU has slapped tariffs on iconic US products including bourbon, jeans and Harley-Davidson motorcycles, as a symbolic tit-for-tat response to the metals duties.

Taking aim at Trump over his complaint that the EU, and in particular Germany, is running a massive trade surplus against the US, Merkel said that his calculation is skewed as it is based only on goods, not services.

“If you include services like the digital services, then you have a completely different trade balance sheet with the US showing a surplus against the EU,” she noted.

“It is almost old-fashioned to only calculate goods and not include services,” Merkel told parliament.

Merkel had previously voiced her backing for a “digital tax” that would target multinationals like Amazon, Facebook or Google, which have come under fire for shifting earnings around Europe in order to pay lower taxes.

But the EU is divided over the proposal, as countries including Luxembourg and Ireland are loath to see US tech giants head for the exit. AFP

AFP/CC

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LONDON: Maria Sharapova insists she is not finished as a Grand Slam force despite her worst ever performance at Wimbledon, a tournament which should be her perfect showcase.

The 31-year-old gave up a set and a 5-2 lead to lose in the first round on Tuesday to fellow Russian Vitalia Diatchenko, an injury-plagued qualifier ranked a lowly 132 in the world.

Diatchenko, who needed treatment on her back on three occasions, celebrated an unlikely 6-7 (3/7), 7-6 (7/3), 6-4 triumph after more than three hours on Court Two.

The match ended in twilight, a fitting metaphor for Sharapova who slipped to her first ever opening round defeat at the All England Club where she first burst upon the scene in 2003.

One year later, as a 17-year-old, she stunned Serena Williams to capture the Wimbledon title, the first of her five majors.

Russia’s Maria Sharapova falls while playing Russia’s Vitalia Diatchenko during their women’s singles first round match on the second day of the 2018 Wimbledon Championships at The All England Lawn Tennis Club in Wimbledon, southwest London, on July 3, 2018. AFP PHOTO 

However, she has been back to the Wimbledon final only once since 2004, losing to Petra Kvitova in 2011.

Before Diatchenko, there had already been some embarrassing howlers—in 2008, losing to Alla Kudryatseva, ranked 154, then to world number 45 Gisela Dulko in 2009 and to Michelle Larcher de Brito, a 131st-ranked Portuguese qualifier in 2013.

This year was Sharapova’s first appearance at Wimbledon since 2015 having been sidelined by a doping ban in 2016 and injury last year.

Since her return from suspension, her Slam record stands at a last-16 run at the US Open, third round in Australia and a quarterfinal place at Roland Garros.

Steady, not spectacular but Sharapova insists there are positives.

“I have to take away the things that didn’t work well for me and get back and work through those, look for my next opportunities,” said Sharapova whose fate was sealed against Diatchenko when she served up her 11th double fault of the match.

Not pleasant

Tuesday’s loss was her first opening round exit at a Slam since Australia in 2010.

Before that, her only other first-up losses came in her maiden season in Melbourne and Paris in 2003.

Sharapova, who decided not to play the Birmingham grass court warm-up event, admitted that the passing years pose a new challenge.

“I always find the transition from clay to grass has been a little bit tougher for me as I’ve gotten older,” she admitted.

“That’s just a matter of training, getting through the soreness in the first week or so. There’s no perfect formula.”

Since her return to the tour in April 2017, Sharapova has added just one more title to her career tally—at the low-key season-ender in Tianjin.

She also suffered a mini-slump this year, losing three first round matches in succession at Doha, Indian Wells and Stuttgart.

She now stands at 15-9 on the season.

“At this moment, my competitive desire is not great,” she said in the aftermath of her loss to Diatchenko.

“It’s always tough to assess motivation after a first-round loss. There’s no doubt that when I will—I don’t shy away from mistakes and errors, looking back at film, learning from what went wrong.

“It’s not always pleasant moments, but sometimes those are the ones you need to get better.” AFP

AFP/CC

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IRA PAULO POZON

A staple concept in business courses, especially marketing ones, is the famed “first-mover advantage”. It basically states that in every market, the first entrant gains significant advantage by having a near-monopolistic regime.

History is full of examples of first-movers cashing in on these advantages. However, in this now incredibly fast-paced world, equally as important as having that novel idea is the wisdom of seeing when to evolve and actually doing so.

An advantage first-movers have is the opportunity to create brand loyalty and name recognition with customers. For instance, in 1949, a small company acquired the rights to photocopy technology and developed and marketed the process “xerography” under the name Xerox Machines. And to this day, over half a century later, many people still refer to photocopying as “Xeroxing”.

However, being the first entrant in a highly evolving technological world no longer guarantees overall success, much less survival. That same brand that arguably started it all, Xerox, now barely reaches fourth place in global photocopier market share, well behind Canon, HP, and Ricoh.

An even better example is Kodak, the company whose brand was the name in terms of cameras, films, and basically everything to do with photography. In 2001, it bought Ofoto (later rebranded as “Kodak Gallery”), a pioneering consumer-sourced digital photography site where individuals could store, view, and share their photos online.

Kodak not only failed to adapt in time to the shift to digital photography, it had the unusual logic that it could use digital, through Kodak Gallery, to bring photo printing back to the forefront. In 2012, Kodak filed for bankruptcy.
So many brands have risen and fallen over the years, all to successors who utilize the advantages of being the second mover, like demand recognition and a better targeting of the market and the needs of the consumer.

Google is synonymous with online searches, a fame that long succeeded Alta Vista, AskJeeves, or even Yahoo!.
Facebook stands tall today while the likes of Friendster, MySpace, and Hi5 have long gone, even though all were launched within the same five-year range in the early 2000’s.

This year alone we see the fall of giants.

Yahoo! Messenger for instance, is shutting down in a few weeks, after having operated for 20 years. It was among the pioneers of online messaging, and outlasted the likes of ICQ and AIM, yet failed to evolve to the consumer’s tastes and needs that led to the rise of the new breed of messenger apps.

For instance, Snap is famous for its self-destructing photos and videos and its humorous filters, while Line captured its 600 million users by combining messaging with a timeline where friends can comment, combined with a humongous sticker gallery.

Telegram found its niche with high-grade point-to-point encryption and disappearing messages, features that Viber and WhatsApp now have as well.

Toys R Us, arguably the first department store that sold goods exclusively for kids and those kids-at-heart, closed up shop after over half a century of operations. Among the factors that led to the failed restructuring and eventual closure included failing to adapt and compete with the rise of e-commerce competitors who could offer better deals and ease of delivery, while Toys R Us kept with the expensive brick-and-mortar retail stores.

In a final farewell, company mascot Geoffrey the Giraffe is shown going on a permanent vacation.

Spanish philosopher, poet, and novelist George Santayana, once said, “Those who cannot remember the past are condemned to repeat it.” In this fast-paced technological world, the challenges facing businesses on one hand include being true to their core, their mission statements, while on the other hand seeing the opportunities and challenges brought about by change, and discerning when to evolve.

The author is the Founder, CEO, and Counselor for Compliance, Trade & Investment, and Government Relations & Public Policy at Caucus, Inc., a multi-industry, multi-disciplinary consultancy firm. He graduated MBA from De La Salle University, Juris Doctor from Far Eastern University, and LLM in International Commercial Law from the University of Nottingham, United Kingdom. He was a Chevening-HSBC UK Government Scholar, a Confucius Institute Scholar, and an alumnus of the US State Department’s International Visitor Leadership Program. He teaches at the College of Law of the Pamantasan ng Lungsod ng Maynila. The author may be emailed at iap@caucusinc.com

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ALDRICH POLICARPIO

You’ve decided to purchase a second-hand car and started to hunt for one. The next steps will be a lot trickier than the car buying decision. Of course, you want a vehicle in the best condition possible at the lowest price. But just because you’re buying a second-hand car doesn’t mean you’ll settle for a huge piece of junk, right?

So you won’t end up regretting your purchase, be very meticulous and careful when buying a pre-owned vehicle. Here are some tips you need to know before buying one.

1. Research your options extensively
Before contacting sellers, make sure you arm yourself first with enough knowledge about the used car model you want to buy and its price range.

Ask for pointers and leads from your friends and colleagues who bought a second-hand car. Join car forums, especially the ones that focus on your target make or model, and ask questions. Check out the used car listings on car classifieds on newspapers and websites to know how much your preferred model costs.

2. Compare used car prices
As you browse through different buy-and-sell websites scouring through second-hand cars for sale, make a price comparison of the model you want to buy. Also, check out the specs of the lowest-priced units—they might have higher mileage or they might be older year models.

Planning to purchase a second-hand car through an auto loan? Compute first how much you’ll be paying for the interest and compare how much it will cost you versus paying the full amount in cash.

3. Check the mileage, too
During your research, don’t focus only on the prices. The cheapest used cars aren’t necessarily the best ones to purchase—they typically have higher mileage. The higher the mileage is, the older the car is. The older the car, the more parts you have to replace.

So be sure to check or ask the details on the mileage of the car you’re considering to buy. Avoid those cars with a mileage higher than 60,000 km. because these units’ parts are likely to be worn out.

4. Set a reasonable budget for the second-hand car
On top of the car’s purchase price, set aside an amount for the repair and replacement costs that will prepare the car for the road. TopGear columnist Andy Leuterio recommends allocating at least 20% of the used car’s price.

5. Dig deeper into the car’s history
The biggest risk of buying a second-hand car is its history. It may have been stolen, involved in a crime, met an accident, or flooded. How will you know about the service history of a pre-owned car? Here are some ways to find out.

• Check the car’s Certificate of Registration (CR) and Original Receipt (OR) issued by the Land Transportation Office (LTO).

• Ask for the anti-carnapping clearance issued by the PNP Highway Patrol Group.

• Verify if the car has a bad record in the LTO.

6. Check the used car thoroughly for red flags
Never agree to buy a used car without doing a thorough inspection yourself. Be as meticulous as possible—check not just the body but also every nook and cranny. Look for red flags that indicate the car has been involved in an accident or flooding.

Not confident with your vehicle inspection skills? Take the car to a trusted mechanic and let him do the job for you.

7. Don’t skip the test drive
Did the car pass your visual inspection? Good! The next step is test driving the unit. Insist on driving the car for a test—if the seller refuses, just walk away. You don’t want to waste your hard-earned money on a car that’s cheap but will cause you headaches in the long run.

8. Don’t forget to insure the car
If your newly purchased second-hand car doesn’t come with an insurance plan, you’ll have to buy one on your own before you take it out for a spin. Used cars, like brand-new ones, aren’t exempt from accidents that can drain your money if yours isn’t insured.

To find the right car insurance policy and save on costs, compare car insurance rates at MoneyMax.ph. Aldrich Policarpio is the Content Marketing Manager of MoneyMax.ph, the Philippines’ leading comparison website for insurance, credit cards, and loans. You can save money on your car insurance and get the chance to win a brand new Toyota Vios at the same time. For more information, visit https://www.moneymax.ph/learn-more/promotions.

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THE Foundation for Economic Freedom (FEF) lauded the passage of Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (Train) Act, saying it increased government revenues and enhanced investors’ confidence in its fiscal stability and capacity to finance its “Build Build Build” infrastructure program.

“Train will enable the government to invest in health, education, and infrastructure without borrowing,” FEF President Calixto Chikiamco told The Manila Times.

He said, however, that he was against the second package of the government’s Comprehensive Tax Reform Program, informally called Train 2.

“I am for rationalizing fiscal incentives, but not [in]the way Train 2 does it,” the think tank chief said without elaborating on the package’s provisions he disagreed with.

His remarks are similar that of the Philippine Association of Multinational Companies Regional Headquarters Inc. (Pamuri), which warned that Package 2 would leave thousands jobless.

Some provisions in the package include removing incentives to foreign investors and gradually reducing corporate income tax from 30 percent to 25 percent.

Some fear that if Package 2 is approved, the operations of multinational firms would be moved to such countries as India, Malaysia, and Vietnam.

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PRESIDENT Rodrigo Duterte has signed into law Republic Act 11039, or the Electric Cooperatives Emergency and Resiliency Fund (ECERF), which aims to help these power firms rehabilitate their infrastructure after a natural disaster.

The P750-million fund will be taken initially from the National Disaster Risk Reduction and Management Fund (NDRRMF), while the National Electrification Administration (NEA) will manage and disburse it.

The ECERF will be included in the annual General Appropriations Act.

In case the fund runs low, the state-run electrification agency can seek a supplementary budget from the NDRRMF subject to the President’s approval, according to the law.

The President signed the measure and Executive Secretary Salvador Medialdea transmitted it to Speaker
Pantaleon Alvarez on June 29. It was released to the media on Tuesday.
The NEA welcomed the enactment.

“We believe this new measure reflects the [Duterte] administration’s commitment to support ECs and member-consumer-owners (MCOs), as it assures the immediate rehabilitation of power facilities damaged by natural calamities and relieves ECs and MCOs of the financial burden stemming from the cost of reconstruction,” the NEA said in a statement.

The agency also thanked Congress, specifically the energy committees of both chambers, for crafting the measure.

“The NEA looks forward to working with Congress and the Department of Budget and Management to ensure that the budgetary requirements of RA 11039 are fully integrated in the 2019 NEA budget,” it said.

Founded in 1969, the NEA is tasked to create policies and coordinate the implementation of ECs’ activities related to emergency and resiliency management in coordination with the National Disaster Risk Education and Management Council.

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FLORIAN SALCEDO

On November 21, 2017, in time for its 81st anniversary celebration, the Securities and Exchange Commission (SEC) launched the full implementation of the SEC Company Registration System (CRS), an online platform providing for the full automation and online processing of corporations and partnerships, licensing of foreign corporations, and other corporate applications requiring SEC approval.

The SEC CRS includes the following features: (1) online verification of company name; (2) online appeal for disallowed proposed name; (3) online fill-out of Articles of Incorporation and By-laws; (4) built-in validation in the pre-form and in-form data encoding; (5) online submission through uploading of documents for internal processing/evaluation; (6) online issuance of deficiencies on submitted/uploaded application; (7) online assessment of filing fees; and (8) online payment of fees. Through the SEC CRS, users should be able to complete online the entire incorporation process from corporate name reservation up to payment of registration fees.

According to then SEC Chairperson Teresita J. Herbosa, the mandatory implementation of SEC CRS was intended “to serve the public better — it eliminates face-to-face interactions for the registration of new corporations, and most importantly…to save the public’s time and effort and to further ease doing business in the Philippines.”

However, since its initial implementation on November 2017, the SEC has received numerous complaints concerning the recurring software glitches and delays in processing company registrations under the SEC CRS. Instead of achieving efficiency, company registration under SEC CRS has ironically become more tedious and drawn out.

In many practitioners’ experience, it usually takes two to four months for the SEC to issue Certificates of Incorporation in favor of those seeking to register new corporate entities under the SEC CRS.

Further, the system itself has been the subject of several hacking attempts, causing further delays in the release of certificates for new companies and partnerships. The SEC’s Company Registration and Monitoring
Department (CRMD) Director Ferdinand Sales downplayed these hacking attempts as mere “part[s]of birthing pains.” According to Sales, “a lot of people do not want this system to succeed so [it]probably has 500 hacking attempts every day.”

To help address these complaints, Senator Nancy Binay, on January 29, 2018, filed Senate Resolution No. 596 directing the proper Senate Committee to conduct an inquiry, in aid of legislation, on the reported delays in the release of Certificates of Registration by the SEC.

On the scheduled inquiry by the Senate committee on banks, financial institutions and currencies, Sales admitted that the Commission then still had a backlog of 5,378 new applications as a result of their current level of staff (assuming that average incoming applications were at 296 a day with “no unforeseen circumstances” that may cause interruptions).

The need to address the problems of bureaucratic red tape and government inefficiency prompted the government to recently enact Republic Act (RA) No. 11032, or the Ease of Doing Business and Efficient Government Service Delivery (EODB) Act of 2018, which declared as a policy the promotion of measures and programs adopting simplified requirements and procedures to reduce red tape and expedite business and non-business related transactions in government.

Among the measures mandated by RA 11032 is the standardization of the deadlines for government transactions to three to seven working days, depending on the complexity of the transaction. In fact, in case of failure to approve or disapprove an original application or request for issuance of license, clearance, permit, certification or authorization within the prescribed processing time, said application or request shall be deemed approved.
Clearly, the SEC CRS has a long way to go in order to fully comply with the mandate of RA 11032.

While we commend the initiative and the noble intentions of the SEC in launching the SEC CRS, we strongly encourage the SEC to provide tighter measures for cyber-security, define more clearly the guidelines in company registration, further streamline the process by cutting off redundant and unnecessary steps/procedures, and foster manpower efficiency and productivity in reviewing the documentary submissions, in light of the clear mandate of the RA 11032.

Florian G. Salcedo is a Junior Associate of Mata-Perez, Tamayo & Francisco (MTF Counsel). He is an active member of MTF Counsel’s corporate, labor, litigation and immigration practice. The contents of the above article are intended for general information purposes only and don’t constitute legal advice. If you have any question or comment regarding this article, you may email the author at info@mtfcounsel.com or visit MTF Counsel’s website at www.mtfcounsel.com.

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Ben D. Kritz

LATER today, the inflation data for the month of June will be released. Guessing the result beforehand has become something of a sport; the BSP offers a forecast, the Department of Finance chimes in with one of its own, and there’s never a shortage of local analysts willing to share their predictions.

All of these guesses are duly reported, of course, in as much analytical detail as is made available, which helps to emphasize the significance of the inflation indicator. That inflation deserves close attention because it’s the basis on which monetary policy is formulated, which affects the entire economy, is taken for granted. A question that should be asked, however, is should it be?

The prevailing opinion is that inflation in June was at least a bit higher than it was in May, when it hit a five-year high of 4.6 percent; the average forecast for June of analysts polled by this paper was 4.7 percent, while the BSP, taking its usual shotgun approach, predicted a range between 4.3 and 5.1 percent. My own guess, based purely on unscientific casual observation, is that inflation probably accelerated in June; its rate of growth had been slowing for a couple of months, but with the start of the school year, fuel prices that have remained elevated, and supply and price pressures on commodities like rice, sugar, and animal feeds, that trend has likely reversed. For the sake of putting a possible claim to bragging rights for accuracy later this afternoon on record, I’ll say June inflation clocked in at 4.8 percent.

Bragging rights are about all the forecasts are worth, but the actual official inflation data may not be any more practically useful. The obvious reason for this is that inflation data are unavoidably retrospective. By the time the month’s inflation figure is presented – usually during the first week of the following month – much of the price data that are used to generate it are several weeks old. Even though the inflation result is generally reported accurately as being what inflation was during the previous month, because it’s the latest reported figure, there’s a natural tendency to regard it as describing what inflation is at present, and what it will continue to be until a new figure is reported. In reality, unless we have an army of statisticians equipped with fast computers at our disposal, we never know what the inflation rate is right now.

That is problematic, because any conclusions that are drawn from the published inflation rate – monetary policy decisions, adjustments to wages, price hedging by suppliers, and so on – are inevitably outdated. Over a long period of time the effect is not so significant, but in practical terms the economy is managed in much smaller windows – about six-and-a-half weeks between Monetary Board meetings, quarterly for most businesses, month-to-month for most households. Inflation is a volatile indicator, so over short timeframes, what appear to be trends can change rapidly. For example, over the past three months (March through May), the rate of inflation’s increase appeared to be slowing; March’s inflation rate was 0.5 percent higher than February’s, April inflation was 0.2 percent higher than in March, and May’s inflation rate was just 0.1 percent higher than April’s. The trend was expected to continue and so became part of assumptions, which now have to be revised to catch up to the effects of unexpected changes during the past month.

Not only are inflation figures retrospective, there’s some reason to doubt whether they are even accurate in that context. The consumer price index is generated by a statistical analysis of a “basket” of prices that ostensibly represents average spending, adjusted for the proportion each accounts for in an average household budget, and further adjusted for geographic area (about 26 percent from the NCR and about 74 percent from the rest of the country). The weights of the prices in the CPI basket are not adjusted very often, only when the base year is changed, which it was this year from 2006 to 2012. In reality, however, the weights of expenditures in household budgets change constantly, depending on current economic conditions. For instance, families likely spent more than the average for “education” and “clothing and footwear” in June because of the start of the school year. The static weights assigned to these things in the CPI basket are probably valid as averages across an entire year, but for this one month, they represent a spike that’s not necessarily accounted, therefore throwing off the broad inflation measure by some amount.

Thus, we may be basing a large part of our forward-looking assessments of the economy on an indicator that’s not necessarily accurate, and not certainly indicative of future economic performance. The reality that everyone does it this way and has consistently done so for a long period of time lends a certain regularity to it in terms of comparisons with other economies, but only in the sense that everyone may be uniformly inaccurate. As a tool to determine how this economy should be managed to achieve a certain future result, inflation may not be helpful after all, which may explain why many if not most economic policy initiatives fall short of expectations.

ben.kritz@manilatimes.net

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Commemorative coins issued by the Bangko Sentral ng Pilipinas (BSP) can be used purchase goods or services as these are deemed legal tender, the central bank said on Wednesday.

“Together with BSP-issued banknotes and coins, commemorative coins … may be used … unless these coins have been demonetized,” a central bank advisory stated.

Commemorative coins are designed and produced in limited quantities to showcase significant events, the legacy of a deceased person, Philippine landmarks or an advocacy.

At present, 45 commemorative coins are of legal tender and in circulation.

However, 30 are now under demonetization, will have no value after April 30, 2019 and will be considered demonetized by May 1, 2020.

The most recently issued are the five-peso Bagong Bayani coin in honor of overseas Filipinos and another marking the Leyte Landing, and a 10-peso coin celebrating the 150th year of Philippine hero Apolinario Mabini.
In a related development, the BSP also reiterated that the full set of New Generation Currency (NGC) coins had been released starting March 26 this year.

“These consist of six denominations — 10-piso, 5-piso, 1-piso, 25-sentimo, 5-sentimo and 1-sentimo…,” it said.
Coins in the NGC Series feature the new BSP logo; three national heroes — Jose Rizal on the P1, Andres Bonifacio on the P5 and Apolinario Mabini on the P10 coins; a stylized three stars and a sun on the 25-, 5- and 1-centavo coins; and endemic flora.

The Bangko Sentral also called on the public to help preserve the integrity of Philippine currency and encouraged coin recirculation “through regular use in daily transactions”.

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CAPAS, Tarlac: The Subic Bay International Airport (SBIA) could return to operation in the second quarter of 2019 under a revival plan, Transportation Secretary Arthur Tugade said on Wednesday.

“The Subic Bay Metropolitan Authority (SBMA) is proposing for the revival of airport,” Tugade said in a briefing at the site of the proposed New Government Administrative Center in New Clark City.

The airport fell into disuse after American logistics giant Federal Express closed its Subic hub in 2009. The SBMA last year proposed to spend P300 billion to upgrade the facility on top of a P540-million appropriation.

Tugade said the government would focus on fixing aviation facilities but declined to give a cost estimate.
Senator Richard Gordon, who used to be mayor of Olongapo and later SBMA chairman, has called on the government to consider reopening SBIA in a bid to decongest Metro Manila’s Ninoy Aquino International Airport (NAIA).

Re-opening the Subic airport would complement the operation of nearby Clark International Airport, which is also being developed as and alternative to NAIA.

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CAPAS, Tarlac: Work will start this year on three main components of the New Clark City project, which the Duterte government expects to spur investments and economic growth under its centerpiece “Build Build Build” infrastructure program.

“The New Clark City will bring in several hundred enterprises and billions in new investments,” Finance Secretary Carlos Dominguez 3rd said in a briefing prior to a media tour of the area along with other Cabinet members.

New Clark City — located within the Clark special economic zone spanning Angeles City ​in Pampanga and the towns of Capas and Bamban in Tarlac — is one of the 75 flagship projects under “Build Build Build”, which Dominguez said was moving forward due to a decision to prioritize the use of government funds, official development assistance, multilateral financing and hybrid public-private partnerships.

Construction is scheduled to start this year on three main structures — the P1.78-billion Clark Green City Government Center, P850-million Clark Commercial Center and the P3.33-billion Clark Mixed-Income Housing segment – given steady revenues from the Tax Reform for Acceleration and Implementation (Train) law, implemented at the start of the year for the purpose of funding the infrastructure drive.

Dominguez noted that New Clark City, which will rise at a nexus of well-developed roads, will soon be connected to Manila by the second stage of the Philippine National Railway North Line and will be linked to the Subic Freeport by another high-speed rail line.

“The excellent logistics and the prospective rail link to Subic will make this area an ideal place to build manufacturing, especially food processing and other export industries,” he said, adding that the development will also be the country’s first “smart and green” metropolis.

New Clark City will also host the National Government Administrative Center where several state agencies will relocate. It will also house back-up facilities for the bureaucracy to ensure operational continuity in the event of a major calamity in Metro Manila.

World-class sports facilities will also be built within New Clark City in time for the country’s hosting of the Southeast Asian Games in November next year.

Budget Secretary Benjamin Diokno rejected criticism that the transfer of government offices to the NGAC would complicate the bureacratic process, saying planned links would improve access to government services.

“It’s not the distance. It’s the travel time and the predictability of the journey,” he said, adding: “That’s why we are investing in the train [project]. Tutuban to Malolos to Clark.”

Dominguez said the development of the area was “part of a plan to decongest Metro Manila by interconnecting this part of the country and investing in new growth centers.”

The Finance chief expressed confidence that the economy would expand by 7 percent or better over the medium term due to the “Build Build Build” program, for which the government expects to spend up to P9 trillion up to 2022.

Dominguez said that in the first five months of 2018 alone, national government spending on infrastructure had reached P281 billion, up 42 percent compared to the same period last year. This was on top of private sector construction and public sector projects financed through public-private partnerships.

The government has ​averaged close to P56 billion a month in spending on “Build Build Build”, he claimed.

With 3​0 percent of this spending going to wages, moreover, about P17 billion has been infused into the economy per month​ in the form of additional income and purchasing power for workers, on top of the creation of around 100,000 new jobs so far. ​

​“‘Build Build Build’ will drastically alter the Philippine economic landscape. It will create over a million jobs per year. It will bring our logistics backbone up to par in a region that is growing very dynamically,” Dominguez said.
Combined with other reforms such as the long-due modernization of the tax system and improvements in the ease of doing business, he said the government was looking at reducing poverty to 14 percent by 2022 from the 2015 level of 21.6 percent

“This will be the absolute measure of success of our strategy of inclusive growth. This is the goal that has been set for us by President [Rodrigo] Duterte, and this is how we are implementing it,” he said.

Also present during the site visit on Wednesday were Also present in the forum were Public Works Secretary Mark Villar, Socioeconomic Planning Secretary Ernesto Pernia, Transportation Secretary Arthur Tugade and Bases and Conversion Development Authority President Vivencio Dizon.

WITH A REPORT FROM ED VELASCO AND JERRY M. HERNANDEZ

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WASHINGTON, D.C.: US Secretary of State Mike Pompeo left Washington on Thursday bound for Pyongyang and his latest round of talks with Kim Jong Un on North Korea’s nuclear arsenal.

Washington’s top diplomat and senior aides took off shortly after 2:00am and were due in the North Korean capital on Friday, where Pompeo is to stay overnight for the first time.

President Donald Trump met Kim at a historic summit in Singapore last month and the US leader has been bullish about hopes for peace, boasting that the threat of nuclear war is over.

But the statement the leaders signed was short on detailed commitments and Pompeo has been tasked with negotiating a plan to achieve the “complete denuclearization” of the Korean peninsula.

This would involve Kim making a detailed declaration of the extent of his nuclear arsenal and enrichment program, and agreeing on a timetable for it to be dismantled and placed under inspection.

Washington hopes that the process can be underway within a year, but many expert observers and Trump critics warn that Kim’s summit promise meant little and the process could take years.

In the meantime, Pompeo and Trump have vowed to keep in place the international economic sanctions that they believe forced the North to the negotiating table in the first place.

After talks late Friday and early Saturday in Pyongyang, Pompeo is due to fly on to Tokyo to brief his Japanese and South Korean counterparts.

His round-the-world diplomatic voyage will then take him on to Vietnam and then Abu Dhabi before he arrives in the Belgian capital Brussels to rejoin Trump for next week’s NATO summit.

AFP

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THE Energy Regulatory Commission (ERC) vowed on Thursday to strengthen its supervision of the Philippine power industry to serve its stakeholders better.

In a statement, ERC Chairman and Chief Executive Officer Agnes Devanadera said she had ordered that all the commission’s rules impacting consumers be reviewed and amended, if needed, “to ensure that the consumers’ welfare are promoted and protected.”

“As we strengthen the ERC’s processes, we will also make sure that our policies are robust and legally defensible,” she added.

The commission aims to ensure this by implementing its short-term “ERC’s 5Es” program, aimed at cutting red tape and improving its services.

The 5Es are ERC on Wheels, ERC Academy, ERC Web Portal for Interactive and Systematic Exchange (eWISE), ERC on Emerging Technologies, and ERC Enabling Electrification.

The first is a mobile platform for the agency to hold consultations with consumers and address their electricity-related concerns.

The second aims to increase knowledge and capacities in the industry, reinforce the regulator’s capacity-building, and provide updates on new policy directions.

The third shall automate the filing of applications and compiling of data, compare data submitted in various cases more easily, generate reports of regulatory policies, and modify its paperless internal system.

The fourth plans to familiarize stakeholders with the impact of advance technologies on the provision of electricity. The agency plans to promulgate rules for them.

The fifth aims to fast-track electrification by resolving applications from unserved or unviable areas more quickly. It entails the creation of a task force for this purpose.

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INVESTMENTS approved by the Board of Investments (BOI) increased by 18.9 percent in the first five months of 2018 to P207.48 billion from P174.47 billion in the same period last year.

In a statement on Thursday, BOI said approved foreign direct investments (FDI) grew by 29 percent to P7 billion from P5.38 billion in 2017.

Approved local investments rose by 18.6 percent to P200.54 billion from last year’s P169.09 billion.

The latest increase was buoyed by energy projects (P106.55 billion), transportation and storage (P39.81 billion), manufacturing (P19.35 billion), real estate (P14.535 billion), and water supply (P13.872 billion).

The amount for the five-month period improved on the P152.12 billion posted in the first quarter and the P153.1 billion in January to April.

Toyota Motor Philippines Corp. was the top investor for May after it increased its investments in the Comprehensive Automotive Resurgence Strategy (CARS) Program by P2.56 billion.

Mitsubishi Motor Philippines Corp. invested an additional P820 million in CARS, bringing the program’s total new investments to P3.38 billion.

“These figures are just preliminaries. We expect more foreign investments to come in as a result of the various presidential visits and investment promotion activities [held]in the past months,” Trade Secretary and BOI Chairman Ramon Lopez said.

“The Philippines has a growing economy. In fact, our country is projected to grow more than five times its current economic size and become the 24th biggest economy in the world by 2030. Together with this growth, we see stronger demand for many projects on infrastructure, services, manufacturing, and utilities,” he added.

While the agency’s current investment incentives are primarily geared toward domestic investors in strategic industries, the increase in FDI shows that there are opportunities to attract foreign companies to serve domestic markets, if only the relevant incentive tools are available, according to BOI Managing Head Ceferino Rodolfo.

“It is in this context that we are supportive of the proposed” second package of the government’s Comprehensive Tax Reform Program, “in order to make our incentive regime more relevant and responsive to the needs of investors in priority strategic and socially relevant industries,” he said.

The Trade and Finance departments are working on engaging stakeholders and preparing investment promotion agencies in maximizing the benefits from possible changes in the package, he added.

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DEN SOMERA

A friend who is closely following the market suggested that its latest efforts to bounce back was but a “dead cat bounce.”

Also, if he were a player in the virtual stock trading challenge (being not lucky enough to be chosen among those to play in the present game), he’ll be selling all of his stock positions like he is actually doing. He feels the market is yet to find a bottom.

When the market fell into bear country last January 25, he already sent the cryptic note that the seesaw of movements that may follow will just be a “dead cat bounce.”

A dead cat bounce is a price movement that occurs during a bearish period. To one reference, a dead cat bounce “is a long-awaited correction of a brutal bearish trend.”

This happens when “after the market is down for six weeks in a row” (according to some experts’ reckonings).

“Bears (or investors who are more prone to selling than buying) start to lock in profits and value investors start to also believe the bottom has been reached.” Their concerted action to buy at the same time sends the market up.

“Momentum investors who are constantly on the lookout for oversold readings through their indicators,” like Pixiu in our virtual stock trading challenge, also contribute to the “awakening of buying pressure, if only for a brief time.”

Come to think of it, the market has been going down since it peaked in January of this year. Even without smoothing the trading results, the pattern has been clearly on the downtrend.

With the many troubling external factors, like the escalating trade war between the United States and China (which my friend also feel will surely drag us down), he just can’t imagine how our market could recover so easily, not to mention the existence of equally pressing political and economic internal issues now also causing some volatility in the market.

The recently concluded initial public offering (IPO) of construction firm DM Wenceslao and Associates Incorporated (DMW) is also expected to create additional pressure on the market’s present liquidity.

DMW is the first company to debut at the Philippine Stock Market (PSE) this year. Its offer price was set at P12 per share and raised a total of P8.15 billion from the sale of 679.17 million common shares.

DMW owns one of the largest land holdings in Metro Manila. Majority of these are located in Aseana City, of which it has a total leasable area of 59,000 square meters. It has earmarked P3.7 billion from the proceeds of the IPO to fund the construction of nine other real estate projects and improve the company’s average income growth record of 11 percent. It reported a net income of P1.6 billion in 2015 and doubled this in 2017. Through the IPO, the company is bullish it can attain its goal to expand fourfold within five years.

The final offer price of DMW was 48 percent lower from its much talked about initial pricing of P22.90 per share. On its listing date on June 29, Friday, DMW closed at P10.26 per share, down 14.5 percent from its IPO price.
As of July 4, Wednesday this week, DMW closed slightly lower again at P10.20, down another P0.08 centavos in relatively small volume.

Week 18 (July 2 – 4, 2018) initial trading activities

Still the most active in the virtual stock trading challenge up to this point of Week 18, Pixiu disposed her shareholdings in Philippine H2O Ventures Corp. (H2O), Manila Electric Company (MER) and The Philodrill Corporation.

For Pixiu, the news report in the acquisition of H2O by rising taipan Dennis A. Uy and the change of its corporate purpose as implied in its new name, PH Resorts Group Holdings, Inc. served as a “sell on good news” trading event.

However, as you will see in the table below, it took her until Wednesday to successfully sell her stockholdings in H2O. This happened only after lowering her selling prices and profit objectives.

Luck was also on her side. When she posted a much lower selling price of P6.50 per share on Wednesday, H2O opened at P7.10 a piece that she made more profit than she was ready to settle with.

With MER, her indicators were prodding her to already sell it. Its price was moving sideways and she can just come back for it when its upward trend resumes. She also had to absorb a loss to get rid of OV quickly. It has lost luster when the price of crude in the world market leveled down with the move by Saudi Arabia to help ease the price situation.

(See Table 1)

Play Hard was the next player who had a trading activity within the period. He had five trading orders first thing Monday morning.

One was a “buy” order for H2O, which was undone because his posted price was just too low of the stock’s done prices for the day. The next were four selling orders for EEI Corporation (EEI), SM Prime Holdings, Inc. (SMPH), Eagle Cement Corporation (EAGLE), and Ayala Land, Inc. (ALI).

Play Hard was quite explicit with his intentions for selling. He seemed to agree with my friend’s impression about the state of the market. Any attempt by it to bounce back may just turn out to be at best a “dead cat bounce.”

(See Table 2)

Bottom line

Last Friday, the market started to bounce back. It closed with a daily gain of 127.11 points or 1.80 percent on a value turnover of P7.13 billion, which was just about the market’s average for the year.

On Monday to Wednesday this week, things got even better. The market was especially buoyant on a much smaller value turnover. It was up 34.28 points or 0.47 percent on a value turnover of P4.8 billion only on Monday.

This was followed by another advance of 39.36 points or 0.54 percent on Tuesday, also powered by a small value turnover of P4.78 billion. It climbed higher and faster on Wednesday and ended with a day’s gain of 81.08 points or 1.11 percent on a small value turnover again of only P4.94 billion.

Such buoyancy, however, is not a foolproof indication that the market is back. The market’s daily gains since Friday last week still have to be reconfirmed – up to six weeks, if we are to believe the conclusions of one study on a dead cat bounce.

This is possibly the reason why my friend still thinks the efforts of the market to bounce back since Friday last week up to last Wednesday were just but a “dead cat bounce.”

As we noted in the study, after a long decline, the market can either make a short-lived bounce or enter a new phase in which the general direction of the market undergoes a sustained reversal – until it finds a bottom.

There is no simple way to knowing for sure a market’s direction. However, a technical know-how on spotting market reversals and bottoms should be helpful in finding the right answer – if the market is just on a dead cat bounce or has reached bottom.

A dead cat bounce can be a great money-making opportunity for swing traders. But this style of trading takes a great deal of dedication, skill in reacting to short-term movements and risk tolerance. It’s not good for the long-term or buy-and-hold investor, whose key to success is to have a diversified investment portfolio and think long term.

(Den Somera is a licensed stockbroker. The article has been prepared for general circulation for the reading public and must not be construed as an offer, or solicitation of an offer to buy or sell any securities or financial instruments whether referred to herein or otherwise. Moreover, the public should be aware that the writer or any investing parties mentioned in the column may have a conflict of interest that could affect the objectivity of their reported or mentioned investment activity. E-mail address of the writer is den.somera@manilatimes.net

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Emeterio Sd. Perez

WHY do the public ownership reports (POR) posted on the website of the Philippine Stock Exchange (PSE) sometimes show the public as significant stockholders? It’s even worse when they’re treated in PORs as principal stockholders when they are not.

As Due Diligencer has long been advocating in this space, the public stockholders of listed companies should be represented in the board. The possibility of this happening could be very remote for business owners are only in the market to save on taxes.

Again, it is even impossible for the majority stockholders to allow anyone among outsiders to gain access to the board. To do so would enable the public to see for themselves how directors behave inside the board rooms. Are they, as business owners, treating well the independent directors (ID) that they appoint only to eventually become their allies?

Naturally, IDs are not members of the board to tell on the actuations of the majority stockholders. Their loyalty remains with their patrons, who are mainly responsible for getting them into the board.

Are these IDs really independent as listed companies portray them to be?

It’s about time the Securities and Exchange Commission (SEC) tell the public its official definition of IDs and their role inside the boardrooms.

Incomplete PORs

SM Investment Corp. (SMIC), the listed holding company of the group of companies owned by businessman Henry Sy Sr, and his family, reported in a POR 1.205 billion outstanding common shares. The same ownership filing listed five family members as “principal/substantial stockholders who owned a total of 311.914 million SMIC common shares, which were equivalent to 25.89 percent of 1.205 billion outstanding common shares.

The Sys holdings plus 98.538 million SMIC common shares, or 8.17 percent which the family attributed to six companies equals 34.06 percent. The result of the company’s computation showed 533.572 million SMIC common shares as “the total number of shares owned by the public”, which were equivalent to 44.30 percent.

If the public really own 533.572 million SMIC common shares, or 44.30 percent, they should have elected at least three seats in the company’s nine-membership board, or 3.96 seats in a board with nine directors.

It’s unfortunate that the public stockholders of certain listed companies are credited with so much holdings but are not allowed to name their own representatives to the board. Instead, their seats are usually taken up by independent directors who would not even qualify to get elected regular directors.

Due Diligencer’s take

Why don’t SEC officials overhaul POR filings to reflect the true ownership profiles of listed companies which aren’t public at all?

Of course, this suggestion may not be easy to implement. Overhauling the contents of a POR would be requiring listed companies to change their system of reporting their ownership profiles. If at present, they make it appear the public as either significant or majority stockholders, they would be doing this for the next decade or so.

As public stockholders who are in the market for dividends either in cash or in stock and not for control, they would do well being what they are: traders who either hold on to their listed common shares until such time when they receive dividends due their holdings.

However, being public stockholders of listed companies, they should send their own directors to the board.

If this would make listed companies also public, so be it. At this time what investors need is a more effective venue for investing their money. It’s not enough that they keep their money in the banks. To them, the stock market would be a good outlet that would make them earn more than saving their money in a bank.

Who will help them choose the right listed stock in which to put their “idle funds”? Just asking.

esdperez@gmail.com

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Pre-need company Paz Life Plan Inc., formerly known as Paz Memorial Services Inc., has been placed under conservatorship by the Insurance Commission for failing to comply with capitalization requirements.

“The result of the examination made into the affairs, financial condition, and methods of doing business of Paz Life Plan as of year-end 2016 disclosed that the company failed to comply with the minimum P50 million paid-up capital requirement,” Insurance Commissioner Dennis Funa said.

Paz Life Plan’s paid-up capital amounted to just P1.7 million and the firm was subsequently barred from selling memorial plan contracts.

Funa said the firm failed to comply with an order to cover the capital deficiency and also did not explain why it should not be placed under conservatorship.

He clarified that all memorial plans issued before the conservatorship order were still valid and that Paz Life
Plan’s obligations to existing clients remained in effect up to the expiration of their respective plans.

The company had 14,739 planholders as of December 31, 2016, the Insurance Commission said.

Named as conservator was lawyer Raul Rafael, who will take charge of Paz Life Plan’s assets, liabilities and management, collect all moneys and debts due the company, and exercise all power necessary to preserve the firm’s assets and restore its viability.

Paz Life Plan was established in 1969 and was authorized to sell memorial plans with La Funeraria Paz, Inc. as its service provider, the Insurance Commission said.

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