lOMoARcPSD|7218389 Prelims ASC Reviewer Finmar Financial Markets (Pontifical and Royal University of Santo Tomas, The Catholic University of the Philippines) StuDocu is not sponsored or endorsed by any college or university Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 CA51021: Financial Markets Preliminary Exams Reviewer PART I: THEORIES 1. Money markets trade securities that I. have a maturity of one year or less. II. must be secured by the government. III. have a low risk of principal loss. a. b. c. d. I and II only I and III only II and III only All of the above 2. Which of the following instruments are used for capital market trade? a. Derivatives b. Negotiable CDs c. Treasury bonds d. Repurchase Agreement 3. A public record attached to a property's title that grants the financial institution the right to sell the property if the mortgage borrower defaults. a. Collateral b. Lien c. Proof of deposit d. None of the above 4. The buyer may return the mortgage to the selling financial institution under certain conditions. a. Mortgage with collateral b. Mortgage without recourse c. Mortgage with conditional sale d. Mortgage with recourse 5. An agreement between two parties to exchange a standard amount of an asset at a fixed price on a future date. Its payoffs are linked to other, previously issued securities or indices. a. Derivatives b. Negotiable CDs c. Treasury bonds d. Repurchase Agreement 6. In this form of efficiency, the use of price trends and patterns seen on charts are deemed useless. a. Weak form efficiency b. Semi-strong form efficiency c. Strong form efficiency d. All of the above Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 7. The interest rate on loans made to depository institutions by Federal Reserve Banks. a. Market Rate b. Stated Rate c. Discount Rate d. Coupon Rate 8. This is used to compute the returns on money market instruments that pay only at maturity. a. Bond Equivalent Yield b. Effective Annual Return c. Discount Yield d. Single Payment Yield 9. These markets save economic agents the time and money it would take to find customers or sellers on their own. a. Primary markets b. Secondary markets c. Money markets d. Capital markets 10. Companies who issue securities and stocks are involved in the transfer of funds in a secondary market. a. True b. False 11. The difference between long term government issued debt security and that of corporate issued is the premium for default and liquidity. a. True b. False 12. It is a premium present both on short-term and long-term government or corporate issued debt security. a. Default risk premium b. Liquidity premium c. Inflation premium d. Maturity premium 13. The annual percentage yield, also known as simple interest, considers the effect of compounding. a. True b. False 14. The actual yield of risk-free debt security is represented by the real risk-free rate of interest. a. True b. False 15. Underwriting is the process of offering shares of a private corporation to the public in a new stock issuance. a. True b. False Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 16. A fall in interest rates results in a. An equilibrium demand for funds b. Zero quantity demand for funds c. Lower quantity demand for funds d. Higher quantity demand for funds 17. The following are issues in Fiscal Policy, except: a. Future Reversal b. Built-in Stabilizers c. Repurchase Agreements d. Administrative Lag 18. When the inflation rate is significantly high, the nominal risk-free rate shall be computed using the cross-term format. a. True b. False 19. Statement I: Bonds and stock instruments with maturities of more than a year are traded in capital markets. Statement II: A 60-day Treasury bill is an example of a security traded in a money market. a. Statement I is true; Statement II is false. b. Both statements are true. c. Statement I is false; Statement I is true. d. Both statements are false. 20. Which of the following statements is CORRECT with respect to the determinants of interest rates? a. Default risk premium is added to compensate for the decline in purchasing power from foregoing current consumption b. Inflation risk premium is added to compensate for the risk that the borrower will not be able to pay its obligation as it falls due. c. The real risk-free rate does not include inflation. d. None of the above 21. Monetary expansion has an inverse effect on equilibrium interest rates. a. True b. False 22. This refers to the normal type of yield curve a. Flat yield curve b. Upward-sloping yield curve c. Downward-sloping yield curve 23. Yield rates are virtually unaffected by the term to maturity. MRP is also 0. a. Upward-sloping yield curve b. Downward-sloping yield curve c. Flat yield curve 24. Statement I: In a secondary market transaction, the proceeds from the sale of the securities will go to the issuing corporation. Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 Statement II: Initial public offerings (IPOs) is an example of a secondary market transaction. a. Statement I is true; Statement II is false b. Statement I is false; Statement II is true c. Both Statements I and II are true d. Both Statements I and II are false 25. Liquidity risk premium is added to the nominal rate to compensate for the risk of not being able to convert the securities immediately to cash and sell at its fair market value. a. True b. False 26. If households are not willing to set aside more money in exchange for future returns, ceteris paribus, then a. The equilibrium interest rate will remain unchanged. b. There will only be a movement along the supply curve. c. The supply curve will shift to the right. d. The supply curve will shift to the left. 27. Statement I: If the special provisions or covenants in the security benefits the borrower of the security such as a call option, it decreases the interest rate. Statement II: If the special provisions or covenants in the security benefits the investor of the security such as convertibility, it decreases the interest rate. a. Statement I is true; statement II is false. b. Statement I is false; statement II is true. c. Both statements are true. d. Both statements are false. 28. Dividend yield is equal to the annual dividend divided by the current stock price. a. True b. False 29. Which money market participants have pooled funds and use these to purchase large amounts of money market securities and sell them based on the instrument's underlying value? a. Commercial Banks b. Money Market Mutual Funds c. Brokers and Dealers d. Corporations 30. The securities in a money market are denominated in high amounts, frequently in millions, in order to make the most of the transaction expenses that would be incurred, given that the returns are usually low. Which basic characteristic of a money market is being described? a. Low Default Risk b. Sold in Large Denominations c. Short term Maturity d. Long term Maturity Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 PART II: PROBLEM SOLVING 1. The real risk-free rate is 2.4%. Inflation is expected to be 1.8% this year, 3% for 4 years, and 6% thereafter. The maturity risk premium is estimated to be 0.04%(t -1), where t = number of years to maturity. What is the yield on a 12-year Treasury note? a. 7.49% b. 7.65% c. 4.65% d. 4.79% 2. Today, 5-year Treasury securities have an interest rate of 4.4% and the market expects that 5 years from now, 1-year Treasury securities will have an interest rate of 8.75%. Assuming the pure expectations theory is correct, what would be the interest rate of 6-year treasury bills today? a. 4.75% b. 6.33% c. 5.11% d. 7.23% 3. An analyst is evaluating securities in a developing nation where the inflation rate is very high. As a result, the analyst has been warned not to ignore the cross-product between the real rate and inflation. A 10-year security with no maturity, default, or liquidity risk has a yield of 21%. If the real risk-free rate is 7%, what average rate of inflation is expected in this country over the next 8 years? a. 29.47% b. 18.30% c. 27.49% d. 13.08% 4. You bought a $800,000 treasury bill for $704,000. What is the discount yield on the bill if it will mature in 350 days? a. 12.34% b. 12.71% c. 0.79% d. 12.84% 5. A negotiable certificate of deposit (NCD) has a face value of $950,000. Given that the interest rate is 3.5% with a maturity period of 150 days, what is the Maturity Value of the certificate? a. $964,778 b. $963,854 c. $969,396 d. $966,625 6. Achmed and Peanut want to purchase a house for $3,000,000 using a 12-year mortgage obtained from Dunham Bank. The mortgage rate offered by the bank is 12% per year and requires a 10% down payment. Calculate the monthly payments on this mortgage. a. $33,333.33 b. $26,229.22 c. $35,462.32 d. $27,272.73 Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 7. LeBron James, a professional basketball player, plans to buy a house worth $50,000,000 using a 23-year mortgage. The mortgage rate offered to him was 6% annually. Mr. James decides to make a $10,000,000 down payment to forego the purchase of the PMI at closing. If Lebron decides to pay 3,251,139.39 annually, at year 18, how much of the loan balance would he still have to pay? a. $15,986,906.73 b. $18,149,100.11 c. $11,265,541.26 d. $13,694,981.74 8. What is the bond equivalent yield on fed funds that are 3 days from maturity and have a quoted nominal yield of 0.25 percent? a. 0.23% b. 0.25% c. 0.30% d. 0.20% 9. Short term treasury securities are currently yielding 4.5%. Your broker has given you the following estimates of current interest premiums: Inflation premium 1.75% Liquidity premium 1.45% Maturity risk premium 1.00% On the basis of these data, calculate the real risk-free rate of return. a. 3% b. 1.75%% c. 1.25% d. 2.75% 10. 5-year Treasury securities yield 5.5%. The inflation premium (IP) is 1.9%, and the maturity risk premium (MRP) on 5-year T-bonds is 0.4%. There is no liquidity premium on these bonds. What is the nominal risk-free rate for a 5-year investment? a. 3.20% b. 0.0320% c. 5.10% d. 6.75% 11. Benedict has invested all his 1,000,000 savings in treasury bills. He wants you to calculate the bond equivalent yield and effective annual return on the treasury bills he bought at 99.4% of its face value, 35 days maturity. Calculate for its BEY and EAR. a. BEY = 6.35%; EAR = 6.50% b. BEY = 6.29%; EAR = 6.48% c. BEY = 6.20%; EAR = 6.37% d. BEY = 6.25%; EAR = 6.42% 12. Brian owns a 69-day maturity money market security that has a bond equivalent yield of 1.43%. The EAR of this security is? a. 1.44% b. 1.50% c. 1.34% d. 1.01% Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 13. Ben purchased a $150,000 house and paid $7,000 as down payment. She obtains a fixedrate mortgage where the annual interest rate is 5.96 percent and there are 360 monthly payments. What is the monthly payment to the nearest peso? a. $8,522.80 b. $409.21 c. $853.68 d. $397.22 14. Ian bought a skypod themed house for P 32,000,000.00. Assuming he paid a 25% down payment at closing, he financed the rest by taking out a 20-year mortgage with a 5% interest rate from his depository bank and decided he would pay for the amortization yearly at P 1,925,822.09 a year. How much is his loan balance at the end of year 15 and year 20? a. Year 15 = 8,337,802, Year 20 = 1,834,116 b. Year 15 = 4,200,733, Year 20 = 13,998,669 c. Year 15 = 225,455, Year 20 = 0 d. None of the Above 8.337.802 & 0 15. You can buy commercial paper from a corporation for P575,000. The paper has a face value of P600,000 and is 62 days from maturity. Calculate the discount yield and bond equivalent yield on the commercial paper. a. DY = 25.23%; BEY = 25.60% b. DY = 24.19%; BEY = 25.60% c. DY = 25.60%; BEY = 24.19% d. DY = 24.53%; BEY = 24.69% 16. A company’s 5-year bonds are yielding 8.25% per year. Treasury bonds with the same maturity are yielding 6.8% per year, and the real risk-free rate (r*) is 3.15%. The average inflation premium is 3.2%; and the maturity risk premium is 2.3%. If the liquidity premium is 1%, what is the default risk premium on the corporate bonds? a. 0.45% b. 2.45% c. 3.00% d. 0.55% 17. A one-year corporate bond that will mature in 5 years has a yield of 4.5%. It expects its inflation to be at 3% in the first year, and 4% in the succeeding years. Assuming that the expectations theory holds, the real risk-free rate of 2.5% remains to be constant and the liquidity risk premium and default risk premium is at 0.5% & 2% respectively. What is the yield of the 3-year corporate bond? a. 6.17% b. 8.67% c. 6.8% d. 8.17% 18. Lian Gabriel, plans to buy a house worth $25,000,000 using a 10-year mortgage. The mortgage rate offered to him was 5% annually. Lian Gabriel decides to make a 20% down payment to forego the purchase of the PMI at closing. If Lebron decides to pay PHP 2,590,091.50, at year 6, how much of the loan balance would Lian still have to pay? a. Php 9,184,336.26 b. Php 11,213,740.72 Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 c. Php 2,029,404.46 d. Php 7,053,461.57 19. Patrick owns a 72-day maturity money market security that has a bond equivalent yield of 1.48%. What is the EAR of this security? a. 1.46% b. 1.52% c. 1.49% d. 1.37% 20. Given an economy’s marginal propensity to consume of 0.80 and the real GDP being P250,000,000, which is at equilibrium. If the potential GDP is P320,000,000, how much increase in government spending and decrease in taxes is necessary? a. 14,000,000 and 17,500,000 b. 17,500,000 and 14,000,000 c. 13,000,000 and 18,500,000 d. 18,500,000 and 17,500,000 Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 ANSWER KEY PART I: THEORIES 1. B 7. C 13. A 19. B 25. A 2. C 8. D 14. A 20. C 26. D 3. B 9. B 15. B 21. A 27. B 4. D 10. B 16. D 22. B 28. A 5. A 11. A 17. C 23. C 29. B 6. A 12. C 18. A 24. D 30. B PART II: PROBLEM SOLVING 1. A 5. B 9. D 13. C 17. B 2. C 6. C 10. C 14. D 18. A 3. D 7. D 11. B 15. B 19. C 4. A 8. B 12. A 16. A 20. A Solutions: 1. The real risk-free rate is 2.4%. Inflation is expected to be 1.8% this year, 3% for 4 years, and 6% thereafter. The maturity risk premium is estimated to be 0.04%(t -1), where t = number of years to maturity. What is the yield on a 12-year Treasury note? a. 7.49% b. 7.65% c. 4.65% d. 4.79% r* = 2.40% IP12 = 1.8% + 3%(4) + 6%(7) = 4.65% 12 MRP = 0.04%(12 – 1) = 0.44% r15 = r* + IP + MRP r15 = 2.40% + 4.65% + 0.44% r15 = 7.49% 2. Today, 5-year Treasury securities have an interest rate of 4.4% and the market expects that 5 years from now, 1-year Treasury securities will have an interest rate of 8.75%. Assuming the pure expectations theory is correct, what would be the interest rate of 6-year treasury bills today? a. 4.75% b. 6.33% Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 c. 5.11% d. 7.23% 1r5 = 4.4% 8.75% 1r6 = ? 5r1 = (1+ r)6 (1+ r)6 1+r r = (1.0440)5(1.0875)1 = 1.3488 = 1.0511 = 0.0511 or 5.11% 3. An analyst is evaluating securities in a developing nation where the inflation rate is very high. As a result, the analyst has been warned not to ignore the cross-product between the real rate and inflation. A 10-year security with no maturity, default, or liquidity risk has a yield of 21%. If the real risk-free rate is 7%, what average rate of inflation is expected in this country over the next 8 years? a. 29.47% b. 18.30% c. 27.49% d. 13.08% r = (1 + r*) (1 + I) - 1 1% = (1.07) (1+ I) - 1 1.21/1.07 = 1 + I 1.1308 - 1 = I I = 0.1308 or 13.08% 4. You bought a $800,000 treasury bill for $704,000. What is the discount yield on the bill if it will mature in 350 days? a. 12.34% b. 12.71% c. 0.79% d. 12.84% id = (Pf – P0) x 360 Pf n id = (800,000 – 704,000) x 360 800,000 350 id = (96,000) x 1.028 800,000 id = 0.12 x 1.028 id = 0.1234 or 12.34% 5. A negotiable certificate of deposit (NCD) has a face value of $950,000. Given that the interest rate is 3.5% with a maturity period of 150 days, what is the Maturity Value of the certificate? a. $964,778 b. $963,854 c. $969,396 d. $966,625 Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 MV = FV x [1 + (r x n/360)] MV = 950,000 x [1 + (3.5% x 150/360)] MV = 950,000 x (1 + 0.014583*) MV = 950,000 x 1.014583 MV = 963,854 6. Achmed and Peanut want to purchase a house for $3,000,000 using a 12-year mortgage obtained from Dunham Bank. The mortgage rate offered by the bank is 12% per year and requires a 10% down payment. Calculate the monthly payments on this mortgage. a. $33,333.33 b. $26,229.22 c. $35,462.32 d. $27,272.73 PMTmonthly = P [ r(1 + r)^n ] / [ (1 + r)^n – 1] PMTmonthly = 2,700,000 [ 1%(1+1%*^144] / [ (1 + 1%)^144-1] PMTmonthly = 2,700,000 [ 1%(1.01)^144] / (1.01^144-1) PMTmonthly = 2,700,000 [ 1%(4.1906) / (4.1906 – 1)] PMTmonthly = 2,700,000 ( 0.041906 / 3.1906) PMTmonthly = 2,700,000 ( 0.0131342) PMTmonthly = 35,462.34 (difference due to rounding-off) 7. LeBron James, a professional basketball player, plans to buy a house worth $50,000,000 using a 23-year mortgage. The mortgage rate offered to him was 6% annually. Mr. James decides to make a $10,000,000 down payment to forego the purchase of the PMI at closing. If Lebron decides to pay 3,251,139.39 annually, at year 18, how much of the loan balance would he still have to pay? a. $15,986,906.73 b. $18,149,100.11 c. $11,265,541.26 d. $13,694,981.74 Refer to MS Excel screenshot of amortization table: *NOTE that interest is computed by multiplying the interest rate and the beginning loan balance for that year. Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 8. What is the bond equivalent yield on fed funds that are 3 days from maturity and have a quoted nominal yield of 0.25 percent? a. 0.23% b. 0.25% c. 0.30% d. 0.20% 9. Short term treasury securities are currently yielding 4.5%. Your broker has given you the following estimates of current interest premiums: Inflation premium 1.75% Liquidity premium 1.45% Maturity risk premium 1.00% On the basis of these data, calculate the real risk-free rate of return. a. 3% b. 1.75%% c. 1.25% d. 2.75% Since these are short term treasury securities, LP and MRP are disregarded. r = r* + IP 4.5% = r* + 1.75% r* = 2.75% 10. 5-year Treasury securities yield 5.5%. The inflation premium (IP) is 1.9%, and the maturity risk premium (MRP) on 5-year T-bonds is 0.4%. There is no liquidity premium on these bonds. What is the nominal risk-free rate for a 5-year investment? a. 3.20% b. 0.0320% c. 5.10% d. 6.75% r rf = r* + IP r = r* + IP + MRP 5.5% = r* + 1.9% + 0.4% r* = 3.2% r rf = 3.2% + 1.9% r rf = 5.10% 11. Benedict has invested all his 1,000,000 savings in treasury bills. He wants you to calculate the bond equivalent yield and effective annual return on the treasury bills he bought at 99.4% of its face value, 35 days maturity. Calculate for its BEY and EAR. a. BEY = 6.35%; EAR = 6.50% b. BEY = 6.29%; EAR = 6.48% c. BEY = 6.20%; EAR = 6.37% d. BEY = 6.25%; EAR = 6.42% BEY = (Pf - Po) * 365 Po n Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 BEY = (1,000,000 - 994,000) * 365 994,000 35 BEY = 0.062949 or 6.29% ibe )365/n - 1 365 n EAR = (1 + 0.062949)365/35 - 1 365 35 EAR = 0.06477 or 6.48% EAR = (1 + 12. Brian owns a 69-day maturity money market security that has a bond equivalent yield of 1.43%. The EAR of this security is? a. 1.44% b. 1.50% c. 1.34% d. 1.01% EAR = (1 + 0.0143)365/69 - 1 365 69 EAR = 1.4383 or 1.44% 13. Ben purchased a $150,000 house and paid $7,000 as down payment. She obtains a fixedrate mortgage where the annual interest rate is 5.96 percent and there are 360 monthly payments. What is the monthly payment to the nearest peso? a. $8,522.80 b. $409.21 c. $853.68 d. $397.22 Note: A negative sign was placed to the Pv to make the answer a positive value. 14. Ian bought a skypod themed house for P 32,000,000.00. Assuming he paid a 25% down payment at closing, he financed the rest by taking out a 20-year mortgage with a 5% interest rate from his depository bank and decided he would pay for the amortization yearly at P 1,925,822.09 a year. How much is his loan balance at the end of year 15 and year 20? Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 a. b. c. d. Year 15 = 8,337,802, Year 20 = 1,834,116 Year 15 = 4,200,733, Year 20 = 13,998,669 Year 15 = 225,455, Year 20 = 0 None of the Above Since year 20 is the last year to pay, the ending balance will be 0. Therefore, none of the above is the answer. 15. You can buy commercial paper from a corporation for P575,000. The paper has a face value of P600,000 and is 62 days from maturity. Calculate the discount yield and bond equivalent yield on the commercial paper. a. DY = 25.23%; BEY = 25.60% b. DY = 24.19%; BEY = 25.60% c. DY = 25.60%; BEY = 24.19% d. DY = 24.53%; BEY = 24.69% DY = (Pf - Po) * 360 Pf n DY = (600,000 - 575,000) * 360 600,000 62 DY = 24.19% BEY = (Pf - Po) * 365 Po n BEY = (600,000 - 575,000) * 365 575,000 62 BEY = 25.60% Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 16. A company’s 5-year bonds are yielding 8.25% per year. Treasury bonds with the same maturity are yielding 6.8% per year, and the real risk-free rate (r*) is 3.15%. The average inflation premium is 3.2%; and the maturity risk premium is 2.3%. If the liquidity premium is 1%, what is the default risk premium on the corporate bonds? a. 0.45% a. 2.45% b. 3.00% c. 0.55% RC₅= r*+IP+LP+DRP+MRP RT₅= r*+IP+LP+DRP+MRP *There is no LP and DRP in treasury bills. Solution RC₅ = 3.15% + 3.2% + DRP + 1% + 2.3% RT₅ = 3.15% + 3.2% + 0 + 0 + 2.3% 8.25%-6.8% = 1%+ DRP 1.45%= 1% + DRP DRP = 0.45% 17. A one-year corporate bond that will mature in 5 years has a yield of 4.5%. It expects its inflation to be at 3% in the first year, and 4% in the succeeding years. Assuming that the expectations theory holds, the real risk-free rate of 2.5% remains to be constant and the liquidity risk premium and default risk premium is at 0.5% & 2% respectively. What is the yield of the 3-year corporate bond? a. 6.17% b. 8.67% c. 6.8% d. 8.17% RC₃ = r*+IP+LP+DRP RC₃ = 2.5%+3.67%+0.5%+2% RC₃ = 8.67% IP₃ = (3%+4%+4%)/3 IP₃ = 3.67 18. Lian Gabriel, plans to buy a house worth $25,000,000 using a 10-year mortgage. The mortgage rate offered to him was 5% annually. Lian Gabriel decides to make a 20% down payment to forego the purchase of the PMI at closing. If Lebron decides to pay PHP 2,590,091.50, at year 6, how much of the loan balance would Lian still have to pay? a. Php 9,184,336.26 b. Php 11,213,740.72 c. Php 2,029,404.46 d. Php 7,053,461.57 Downloaded by Ria Riego (crystalskyelee18@gmail.com) lOMoARcPSD|7218389 19. Patrick owns a 72-day maturity money market security that has a bond equivalent yield of 1.48%. What is the EAR of this security? a. 1.46% b. 1.52% c. 1.49% d. 1.37% EAR = (1 + 0.0148)365/72 - 1 365 72 EAR = 1.4888 or 1.49% 20. Given an economy’s marginal propensity to consume of 0.80 and the real GDP being P250,000,000, which is at equilibrium. If the potential GDP is P320,000,000, how much increase in government spending and decrease in taxes is necessary? a. 14,000,000 and 17,500,000 b. 17,500,000 and 14,000,000 c. 13,000,000 and 18,500,000 d. 18,500,000 and 17,500,000 Multiplier effect = 1 / (1 - MPC) = 1 / (1 - 0.80) = 5 Increase in Government spending needed = (320M - 250M) / 5 = 14M Decrease in Taxes needed = (320M - 250M) / (5 * 0.80) = 17.5M PREPARED BY: Canonizado, Marella, L. Carmelo, Therese Isabel Angela, G. Dizon, Catthlynn Jhune I. Emeterio, Benedict Brian F. Gicana, Lara Justine D. Hilario, Jen Margaret B. Sanchez, Gabriel S. Zuniga, Winona Mae B. 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