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Abb e ia ed Key Ti le: ISRG J Econ Fin.
ISSN: 3048-6998 (Online)
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Volume – 2 Issue -6 (No embe -Decembe ) 2025
F equency: Bimon hly
THE MEDIATING ROLE OF SUPPLY CHAIN MANAGEMENT PRACTICES
BETWEEN THE RELATIONSHIP OF FINANCIAL MANAGEMENT PRACTICES
AND PERFORMANCE OF SMALL ENTERPRISES IN BANANA INDUSTRY
JENNIFER J. CATIPUNAN1*, MARY JANE B. AMOGUIS, DBM, LPT2
1 S uden o Uni e si y o he Immacula e Concep ion, Boni acio S ., Da ao Ci y, Philippines
2 Dean o G adua e School, Uni e si y o he Immacula e Concep ion, Boni acio S ., Da ao Ci y, Philippines
| Recei ed: 23.11.2025 | Accep ed: 24.11.2025 | Published: 26.10.2025
*Co esponding au ho : JENNIFER J. CATIPUNAN
S uden o Uni e si y o he Immacula e Concep ion, Boni acio S ., Da ao Ci y, Philippines
Abs ac
Amids he p oblems aced by small banana en e p ises in sus aining compe i i eness due o limi ed inancial capaci y and
ine icien supply chain sys ems, e ec i e inancial managemen ha imp o es pe o mance h ough enhanced supply chain
managemen p ac ices can di ec policymake s and indus y s akeholde s in de eloping a ge ed s a egies o ein o ce inancial
and ope a ional e iciency, p omo ing sus ainable g ow h o Small Medium En e p ises in he Da ao Del No e. Howe e , lack o
comp ehensi e esea ch in eg a ing inancial managemen p ac ices, supply chain managemen p ac ices, and pe o mance in o a
single media ing model, pa icula ly wi hin he con ex o small banana en e p ises. To de e mine he media ing ole o supply
chain managemen p ac ices in he ela ionship be ween inancial managemen p ac ices and he pe o mance o small en e p ises.
A desc ip i e-co ela ional app oach was used o su ey 100 om he owne s, manage s and supe iso s among banana indus y
in Da ao Region. Da a analysis in ol ed calcula ing mean sco es, S anda d De ia ion, Pea son , and S uc u al Equa ion
Modeling (Media ion Analysis and Pa h Plo ) we e he s a is ical ools u ilized o analyze he da a. Findings o he s udy showed
ha he le el o pe o mance o small en e p ises, inancial managemen p ac ices and supply chain managemen we e high.
Addi ionally, a signi ican and posi i e ela ionship was es ablished be ween inancial managemen p ac ices and supply chain
managemen ; pe o mance o small en e p ises and inancial managemen p ac ices; as well as supply chain managemen and
pe o mance o small en e p ises. Resul s u he e ealed ha supply chain managemen pa ially media e he ela ionship
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DOI: 10.5281/zenodo.17718800
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INTRODUCTION
Backg ound o he S udy
Small and Medium En e p ises (SMEs) a e i al con ibu o s o
economic ac i i y in he Philippines, pa icula ly in ag icul u al
indus ies whe e small en e p ises sus ain local supply chains and
u al employmen . In he banana indus y o Da ao Region, small
en e p ises ace ongoing challenges in inancial esou ce
alloca ion, cos managemen , and ope a ional e iciency. P io
esea ch has shown ha s ong inancial managemen p ac ices
including budge ing, wo king capi al managemen , and inancial
epo ing enhance he s abili y and p o i abili y o SMEs (Musah e
al., 2018). O he s udies highligh ha supply chain managemen
p ac ices, such as s a egic supplie pa ne ships, cus ome
ela ionship managemen , and in o ma ion sha ing, imp o e
esponsi eness, cos con ol, and o e all business pe o mance
(Wije unge, 2017).
Al hough bo h a eas ha e independen ly been linked o en e p ise
pe o mance, limi ed esea ch has examined how supply chain
managemen p ac ices may media e he ela ionship be ween
inancial managemen p ac ices and business pe o mance,
especially in pe ishable ag icul u al sec o s like bananas. This gap
is impo an because e ec i e inancial p ac ices may no ansla e
in o imp o ed pe o mance wi hou e icien supply chain sys ems.
The e o e, he pu pose o his in es iga ion is o de e mine whe he
supply chain managemen p ac ices media e he ela ionship
be ween inancial managemen p ac ices and he pe o mance o
small banana en e p ises in Da ao Region. The s udy aims o
con ibu e essen ial e idence on how inancial capabili y and
supply chain ope a ions in e ac o in luence business ou comes,
o e ing insigh s ele an o policymake s, indus y suppo g oups,
and en e p ise owne s. Only in o ma ion di ec ly suppo ing he
s udy’s p oblem, pu pose, and heo e ical g ounding is p esen ed o
main ain cla i y and ocus.
METHODOLOGY
Resea ch Design
The s udy employed a quan i a i e esea ch app oach, speci ically
using a desc ip i e–co ela ional and causal media ion design o
examine he ela ionships among inancial managemen p ac ices,
supply chain managemen p ac ices, and he pe o mance o small
en e p ises in he banana indus y. The desc ip i e componen
measu ed he le els o inancial managemen p ac ices, supply
chain managemen p ac ices, and en e p ise pe o mance. The
co ela ional design assessed associa ions among he a iables,
while he causal media ion amewo k, based on Ba on and Kenny
(1986), analyzed whe he supply chain managemen p ac ices
media e he ela ionship be ween inancial managemen p ac ices
and en e p ise pe o mance. This design enabled he es ima ion o
bo h di ec and indi ec e ec s.
Resea ch Locale
The s udy was conduc ed in Da ao del No e, a majo banana-
p oducing p o ince in he Da ao Region, Philippines. The a ea
was selec ed due o i s high concen a ion o banana en e p ises—
including g owe s, expo e s, p ocesso s, buye s, and
manu ac u e s—making i an app op ia e se ing o analyzing
inancial and supply chain managemen p ac ices wi hin he
indus y.
The esponden s we e 100 owne s, manage s, and supe iso s o
banana en e p ises who had been ope a ing in he egion o a leas
one yea . Only indi iduals who olun a ily signed he in o med
consen o m we e included, while hose who wi hd ew du ing he
p ocess we e excluded. Fu he mo e, A quo a sampling
echnique was used o ensu e ep esen a ion ac oss di e en oles
in he supply chain (p oduce s, g owe s, expo e s, buye s, and
p ocesso s).
Resea ch Ins umen s
The i s ins umen , which ocused on Financial Managemen
P ac ices (FMP), was adap ed om he s udy o Ba b a (2022).
This ins umen demons a ed good eliabili y, wi h coe icien s
ha anged om 0.721 o 0.798. I consis ed o h ee indica o s:
inancial epo ing, wo king capi al managemen , and budge ing.
Each indica o was assessed h ough speci ic s a emen s ha
e lec ed he inancial managemen ac i i ies o small en e p ises.
The second ins umen measu ed Supply Chain Managemen
P ac ices (SCMP) and was based on he ins umen de eloped by
Wije unge (2017). This ool showed s ong in e nal consis ency,
wi h C onb ach’s alpha sco es o ≥ 0 .70. I included i e indica o s:
s a egic supplie pa ne ship, cus ome ela ionship, in o ma ion
sha ing, in o ma ion quali y, and in e nal supply chain p ocesses.
These indica o s we e assessed h ough s uc u ed i ems ha
cap u ed he ope a ional and ela ional dimensions o supply chain
managemen .
The hi d ins umen ocused on he Pe o mance o Small
En e p ises and was also adap ed om Ba b a (2022). This ool
assessed h ee indica o s: p o i abili y, sales g ow h, and ma ke
sha e, wi h eliabili y alues ha anged be ween 0.721 and 0.798.
All i ems ac oss he h ee ins umen s we e a ed using a 5-poin
Like scale (1 = S ongly Disag ee, 5 = S ongly Ag ee). Be o e
he ull implemen a ion, he ins umen s unde wen con en and
cons uc alida ion by h ee expe s and we e pilo - es ed among
50 esponden s, ensu ing cla i y, eliabili y, and alidi y o he
measu es used in he s udy.
Resul s and Discussion
Le el o Pe o mance in Banana Indus y
The da a in Table 1 p esen s he le el o pe o mance shows he
le el o pe o mance in he banana indus y as measu ed in h ee
indica o s: p o i abili y, sales g ow h, and ma ke sha e. I can be
s a e ha he o e all pe o mance o he banana indus y is e y
be ween inancial managemen p ac ices and pe o mance o small en e p ises. Small banana en e p ises a e ad ised o ein o ce
buil -in inancial and supply chain adminis a ion plans, wi h he help o speci ic go e nmen ac i i ies, o main ain a high le el o
pe o mance and o inc ease he le el o compe i i eness in he long un.
Keywo ds: Banana indus y, inancial managemen p ac ices, pe o mance o small en e p ises, s uc u al equa ion modeling,
supply chain managemen .
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high, as s ipula ed by he o e all mean o 4.41. The da a u he
s a ed ha he s anda d de ia ion (SD) alues ange om 0.15 o
0.70, esul ing o egula i y and homogenei y in he esponses. This
inspi es ha he esponden s gene ally assess hei business
pe o mance as s ong and s able. These esul s ce i y ha he
banana indus y shows high p o i abili y, sus ainable inc ease in
sales, and compe i i e posi ion on he ma ke , which a e p ima y
indica o s success and ha diness in ag icul u al en e p ises.
S a us o Financial Managemen P ac ices o Small En e p ises
in Banana Indus y
Fo he Table 2 p esen s he inancial managemen p ac ices o
small en e p ises in banana indus y as measu ed in h ee
indica o s: inancial epo ing, wo king capi al managemen , and
budge ing. Resul shows ha he inancial managemen p ac ices o
small en e p ises in banana indus y is e y high, wi h an o e all
mean o 4.35. This esul signi ies ha mos small en e p ises in
he banana indus y egula o y display good and e icien inancial
managemen p ac ices. Tha hey make su e o keep hei inancial
eco ds accu a e, manage hei cash p ope ly, and p epa e budge s
o guide he e ope a ions. The esul s implies ha mos ly small
en e p ises in he banana indus y shows s ong cohesion o sound
inancial managemen p ac ices, speci ically in main aining
accu a e eco ds, managing cash low e ec i ely, and p epa ing
budge s o ope a ions.
S a us o Supply Chain in Banana Indus y
P esen ed in Table 3 is he le el o supply chain in banana indus y
o he esponden s. This indica es ha small banana en e p ises
suppo solid and con inuous de elopmen . he esponden s
indica ed h e highes ag eemen in he s a emen Conside ing
quali y as he p ima y c i e ion when selec ing supplie s x
.
and he lowes in Implemen ing con inuous imp o emen p og ams
ha in clude ey supplie s x
. , which s ill alls unde high.
Co ela ion be ween a iables
In Table 4 illus a es he co ela ion be ween he a iables by use
o Spea man ank-o de co ela ion since he da a se ailed he es
o no mali y. Addi ionally, he e is also a s ong posi i e
associa ion be ween FMP and SCMP ( =.517, p <.05), which
means ha an imp o ed Financial Managemen P ac ices a e
associa ed wi h a endency o s eng hening Supply Chain
Managemen P ac ices. The indings a e in line wi h he esea ch
conduc ed by O oo e al. (2024) who also disco e ed ha he
op imal use and adhe ence o inancial managemen p ac ices
de ini ely a ec he pe o mance o o ganiza ions. Equally, Rashid
and Al-Am i (2023) belie ed ha inancial p udence helps SMEs
o es ablish sus ainable supply ela ions, which ha e he e ec o
enhancing supply chain eliabili y and e iciency.
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Simila ly, he e is a posi i e and signi ican ela ionship be ween
FMP AND SME Pe o mance ( = .372, p<.05) such ha , a s able
FMP o an SME will mos likely lead o imp o emen in an SME
pe o mance. This esul con i ms he p e ious esul s o Nguyen
and Pham (2024) who s essed ha inco po a ion in o supply chain
assis s small en e p ises o eac ins an ly o changes in he ma ke ,
educe cos s and be sa is ied wi h cus ome s. Fu he mo e,
Aladeja e and Adebayo (2023) ound ha SMEs ha ha e good
budge ing and inancial con ol sys ems ha e a g ea e chance o
ha e a s able pe o mance because o inc eased decision-making
and capi al used e ec i ely.
Addi ionally, SCMP has he s onges signi ican co ela ion o
SME Pe o mance wi h a coe icien o .555 (p<.05). This can be
gleaned ha e ec i e supply chain managemen is s ongly linked
o imp o ed SME pe o mance. The esul aligns wi h he
conclusions o Jia (2024) speci ying ha well o ganized supply
chain ac i i ies s eng hen business compe i i eness and
p o i abili y.
Media ion Analysis
This pa analyses he media ing posi ion and indi ec in luence
SCMP among associa ion o FMP and SME Pe o mance. Ano he
isual ep esen a ion o he s anda dized eg ession coe icien s is
he Pa h Plo ha indica es he magni ude and di ec ion o he
ela ionship o he a iables in he model (Table 5).
On he o he hand, he indi ec e ec o FMP on SME
pe o mance, media ed by SCMP, was ound o be β 0.2 2 (p =
.001). This indica es ha SME pe o mance imp o es when sound
inancial managemen enhances supply chain p ocesses. In o he
wo ds, when i ms adop e ec i e inancial epo ing, budge ing,
and wo king capi al p ac ices, hese imp o emen s s eng hen
supply chain coo dina ion, in o ma ion low, and supplie –
cus ome ela ionships—ul ima ely ansla ing in o be e
pe o mance ou comes. Thus, SCMP se es as a signi ican
pa hway h ough which FMP con ibu es o SME success,
highligh ing i s ole as an impo an media o .
Meanwhile, he o al e ec o FMP on SME pe o mance was β
0.341 (p = .002), demons a ing ha he combined in luence o
bo h he di ec and media ed pa hways is s a is ically signi ican
and g ea e han he di ec e ec alone. This is a ibu ed o he
media ing ole o SCMP, which channels he impac o inancial
p ac ices in o ope a ional imp o emen s. When SMEs in eg a e
s ong inancial p ac ices wi h e ec i e supply chain s a egies,
hey expe ience enhanced p o i abili y, sales g ow h, and ma ke
pe o mance. This combined e ec unde sco es he essen ial ole
o supply chain managemen in con e ing inancial s eng hs in o
angible pe o mance gains.
Fu he mo e, pa h coe icien s showed ha FMP signi ican ly
p edic ed SCMP β 0.6 6, p < .00 , and SCMP, in u n,
signi ican ly p ed ic ed SME pe o mance β 0. 7 , p < .00 .
These alues sugges a s ong sequen ial ela ionship wi hin he
model. Howe e , because he di ec e ec o FMP on pe o mance
β 0.0 , p .666) was no signi ican while he indi ec e ec
was subs an ial, he esul s indica e ull media ion. This means ha
FMP does no di ec ly in luence SME pe o mance; ins ead, i s
impac occu s en i ely h ough SCMP. The e o e, imp o emen s in
inancial managemen lead o s eng hened supply chain p ac ices,
which ul ima ely d i e be e pe o mance among SMEs.
Figu e 3
Legend:
FMP – Financial Managemen P ac ices
SCMP – Supply Chain Managemen P ac ices
SME PER – Small Medium En e p ises Pe o mance
In addi ion, SME pe o mance has an R-squa ed alue o 0.28,
indica ing ha he model explains 28 pe cen o he a ia ion while
72 pe cen o componen s a e uns udied. On he o he hand, Supply
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Chain Managemen P ac ices (SCMP) explains 25 pe cen o he
a ia ion wi h an R-squa ed o 0.25, excluding 75 pe cen o
componen s om he analysis. This indica es ha SCMP accoun s
o a signi ican pe cen age o he a iabili y in SME pe o mance,
demons a ing a s ong co ela ion.
Visually, Figu e 1 shows ha he pa h om Financial Managemen
P ac ices (FMP) o SME pe o mance has a s anda dized
coe icien o 0.05 (p > .05), meaning ha o e e y one-uni
inc ease in FMP, SME pe o mance inc eases by 0.05, showing
ha FMP has a small di ec impac on SME pe o mance. Since
his e ec is weak, FMP alone does no s ongly de e mine SME
pe o mance. Adding on, he pa h analysis indica es ha a one-uni
imp o emen in FMP esul s in a 0.52 inc ease in SCMP,
demons a ing a signi ican impac . This indica es ha supe io
FMP signi ican ly imp o es SMEs' supply chain managemen
p ac ices.
Meanwhile, he di ec pa h om SCMP o SME pe o mance has a
s anda dized coe icien o 0.56, meaning ha o e e y one-uni
inc ease in SCMP, SME pe o mance inc eases by 0.56 and is
signi ican (p < .05) a he 95 pe cen con idence le el. I sugges s
ha he posi i e e ec is signi ican , which means ha SCMP
signi ican ly in luences SME pe o mance.
Mo eo e , he pa h plo indica es a ull media ion o SCMP in he
ela ionship be ween FMP and SME pe o mance. This sugges s
ha FMP imp o es SCMP, which signi ican ly in luences SME
pe o mance; howe e , i s di ec e ec on SME pe o mance is
limi ed, highligh ing he impo ance o SCMP in ansla ing
inancial managemen in o business ou comes. This implies ha
SMEs should p io i ize imp o ing bo h FMP and SCMP o
enhance o e all pe o mance.
This s udy's indings suppo he Resou ce-Based View (RBV)
Theo y as p oposed by Ba ney (1991). The heo y posi s ha i ms
achie e supe io pe o mance when hey a e able o o ganize and
in eg a e aluable in e nal esou ces, such as inancial and supply
chain capabili ies. The signi ican posi i e co ela ion be ween
FMP and SCMP, along wi h he media ing e ec o SCMP on
SME pe o mance, illus a es ha e ec i e esou ce coo dina ion
and in eg a ion con ibu e o compe i i e ad an age and business
g ow h.
Likewise, he indings con i m p oposi ions by Chowdhu y e al.
(2022) and Nyamah e al. (2023), emphasizing ha SMEs wi h
well-de eloped inancial and supply chain sys ems can ansla e
s a egic inancial decisions in o imp o ed ope a ional and
inancial ou comes. Fu he mo e, he esul s suppo Zailani e al.
(2022), highligh ing ha supply chain in eg a ion enhances he
impac o inancial p ac ices on i m pe o mance, ein o cing he
idea ha inancial s a egies a e mo e e ec i e when coupled wi h
s ong supply chain sys ems.
CONCLUSION AND
RECOMMENDATIONS
This chap e shows he conclusions based on he indings o he
s udy. Also, i holds ecommenda ions ha may help add ess he
issues ecognized h ough his s udy.
Conclusion
Based on he indings, he ollowing conclusions we e d awn:
SME has a high le el o pe o mance. The esul o his inding
means ha hese businesses a e able o achie e high le els o
p o i abili y, a s able le el o sales g ow h as well as achie ing a
balance in e ec i eness and compe i i eness in ma ke sha e.
The s a us o inancial managemen p ac ices was e y high which
means ha hese en e p ises a e cons an ly implemen ing e ec i e
inancial epo ing, wo king capi al managemen , and budge ing
sys ems.
The s a us o supply chain managemen p ac ices was ex emely
high and his con i ms ha he supply chain managemen p ac ices
a e e y conspicuous. This shows ha hey ha e a e y good
inancial base in which hey ollow e ec i e p ac ices such
s a egic supplie ela ionship, cus ome ela ionship, deg ee o
in o ma ion sha ing, deg ee o in o ma ion quali y and in e nal
supply chain p ocess (pos ponemen ).
Financial managemen p ac ices ha e a s ong posi i e co ela ion
wi h supply chain managemen p ac ices and business
achie emen s o small en e p ises in banana indus y This implies
ha as long as en e p ises emb ace good inancial managemen
p ac ices in e ms o p ope cash handling, p ecise epo ing, and
accep able budge s, hey can enhance hei supply chain
coo dina ion and ele a e business pe o mance. On he same no e,
an e ec i e supply chain sys em p o ides c ea ed p o i abili y,
p oduc i i y, and ma ke esponsi eness.
The ela ionship be ween business pe o mance and inancial
managemen p ac ices is highly media ed by supply chain
managemen p ac ices. The media ion analysis e ealed ha only
inancial managemen ails o de elop pe o mance, easonably, i s
posi i e e ec s a e achie ed by sound supply chain managemen I
means ha supply chain e iciency in eg a ion and inancial
discipline is a p e equisi e in he a ainmen o g ea e business
conclusions. E ec i ely alloca ed inances es ablish he i ms
p ope ly o alloca e he esou ces in an e icien way and he
e icien supply chain ope a ions con e hem in o ope a ional
success and su i al.
The indings con i m he Resou ce-Based View (RBV) and Supply
Chain In eg a ion Theo y, which pos ula es ha inancial esou ces
ha a e owned by an en e p ise when igh ly inco po a ed on he
supply chain capabili ies igge he compe i i e ad an age ha
compel he pe o mance. The esul s also suppo he heo y o
Ahmad e al. (2023) and Kuma and Rahman (2022) ha assumes
ha small businesses ha ha e de eloped inancial and supply
chain sys ems ha e highe chances o u ning in o e icien and
acqui ing he ma ke . Mo eo e , he indings o he s udy can also
be co ela ed o he ideas o he Dynamic Capabili ies heo y; in
his espec , he s udy also adds ha companies should cons an ly
in eg a e, de elop, and eshape bo h in e nal and ex e nal
capabili ies in such a way ha he company will e ain i s
compe i i e ad an age in he long un.
Recommenda ions
Based on he indings and conclusions, he ollowing
ecommenda ions a e p oposed:
Since he s udy e ealed a e y high le el o business pe o mance
among small banana en e p ises, i is ecommended ha his
pe o mance be sus ained h ough con inuous imp o emen and
inno a ion. Suppo om he Local Go e nmen Uni s (LGUs) and
he Depa men o Ag icul u e (DA) may be s eng hened by
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42
implemen ing Banana Indus y De elopmen P og ams ha ocus
on p oduc ion e iciency, ma ke expansion, and
Gi en he high le el o inancial managemen p ac ices obse ed,
he Depa men o T ade and Indus y (DTI) and he Coope a i e
De elopmen Au ho i y (CDA) may u he de elop inancial
li e acy and in es men managemen p og ams speci ically ailo ed
o small banana en ep eneu s. These ini ia i es can enhance hei
abili y o manage cash low, assess inancial isks, and plan o
long- e m inancial s abili y.
The e y high a ing in supply chain managemen p ac ices may be
u he ein o ced h ough logis ics imp o emen p og ams and he
adop ion o echnology-based supply chain sys ems. The DTI, in
collabo a ion wi h he p i a e sec o , can assis small en e p ises by
p o iding access o digi al in en o y sys ems, eal- ime acking
ools, and eliable supplie ne wo ks o inc ease ope a ional
e iciency and educe deli e y delays.
The s ong posi i e ela ionship ound be ween inancial
managemen p ac ices, supply chain managemen p ac ices, and
business pe o mance sugges s ha en ep eneu s would bene i
om in eg a ed aining p og ams. These may ocus on inancial
planning, p oduc ion managemen , and supply chain coo dina ion.
Such wo kshops will enable en ep eneu s o de elop adap i e
s a egies and e ec i ely espond o ma ke luc ua ions.
Since supply chain managemen p ac ices signi ican ly media e he
ela ionship be ween inancial managemen and business
pe o mance, LGUs and he DTI a e encou aged o collabo a e in
es ablishing local supply chain clus e s. These clus e s can help
small banana en e p ises sha e esou ces, supplie s, and logis ics
se ices, he eby educing cos s and enhancing compe i i eness.
Fu u e esea che s a e encou aged o explo e o he ac o s ha may
u he enhance business pe o mance, such as ma ke ing
inno a ion, digi al ans o ma ion, and sus ainabili y p ac ices.
Employing mixed-me hods esea ch designs may also p o ide a
deepe unde s anding o how inancial and ope a ional p ac ices
in e ac o imp o e he o e all pe o mance o small en e p ises.
ACKNOWLEDGEMENT
The esea che g a e ully acknowledges he ollowing pe sons o
hei aluable con ibu ions o he success ul comple ion o his
s udy.
To D . Ma y Jane B. Amoguis, hesis ad ise and he Dean o he
G adua e School, o he unwa e ing guidance and insigh ul
inpu s ha g ea ly con ibu ed o he e inemen and comple ion o
his hesis.
To he espec ed panel membe s, D . Dunhill Z. Bilog, D . Emma
V. Saga ino, and D . Lo ibelle Ocena , o expe ise, and
cons uc i e commen s ha s eng hened he quali y and subs ance
o his s udy.
To he owne s, manage s, supe iso s, and s a o he Banana
Indus ies in Da ao del No e, o hei kind coope a ion and
assis ance du ing he da a-ga he ing p ocess.
To Ms. Kailen Mae Asuncion Cos elo, o he assis ance in
acili a ing he collec ion o da a in he a ea o Da ao del No e.
To he husband, M . Danny A. Ca ipunan, and sons, Da id Enzo J.
Ca ipunan and Da id Gab iel J. Ca ipunan, o hei unending lo e,
pa ience, and belie in he capabili ies, which se ed as he g ea es
sou ce o s eng h and mo i a ion h oughou his jou ney.
To he iends, colleagues, and classma es, o hei cons an
encou agemen
To Si F ancis Kenne h Canono, o his guidance, and help o his
esea ch.
Abo e all, o ou Almigh y Fa he , o he wisdom, s eng h, and
pe se e ance, o g an ing he he abili y o accomplish his wo k
despi e all challenges. To God be he glo y!
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