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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Friday, September 17, 2021, Vol. 22, No. 181
Headlines
B R A Z I L
BRAZIL: Inflation to End 2022 Within Target, Says Guedes
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: No Intention to Increase Rates, CAASD Says
PUNTA CATALINA: Plant on Natural Gas 'Infeasible', Report Shows
[*] DOMINICAN REPUBLIC: Aims to be Carbon Neutral by 2050
E C U A D O R
ECUADOR: Inks Deal With IMF to Discuss Policies to Complete Reviews
M E X I C O
ALPHA HOLDING: S&P Discontinues 'D' Issuer Credit Rating
GRUPO AEROMEXICO: Delivers Final Valuation Materials
T R I N I D A D A N D T O B A G O
FIRST CITIZENS BANK: Kamla Wants Answers to FCB's Big Mystery Deal
X X X X X X X X
LATAM: Reactivation of Economies Insufficient to Recover 43MM Jobs
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B R A Z I L
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BRAZIL: Inflation to End 2022 Within Target, Says Guedes
--------------------------------------------------------
globalinsolvency.com, citing Reuters, reports that Brazilian
Economy Minister Paulo Guedes outlined a rosier outlook for Latin
America's largest economy in 2022, predicting a "robust" GDP growth
and inflation meeting its target.
"I have a constructive and positive view that we're going to post a
robust growth next year," he said, according to
globalinsolvency.com. Market participants see GDP growth at mere
1.93%, according to a central bank survey released, the report
notes.
In an event hosted by Credit Suisse, Guedes said inflation is
likely to be at 5% next year, the upper part of a range. This year
he said it should be at between 7.5% and 8%, adding he thinks price
adjustments will decelerate by year-end, the report relays.
Guedes said the government is likely to resume negotiations about
court-ordered debts, an issue which threaten to blow a hole in
2022's budget, the report discloses. He said President Jair
Bolsonaro's decision to publish an open letter seeking to smooth
over his tussle with the Supreme Court will ease negotiations with
the top court about legally mandated debts, the report adds.
About Brazil
Brazil is the fifth largest country in the world and third largest
in the Americas. Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.
Fitch Ratings' credit rating for Brazil stands at 'BB-' with a
negative outlook (November 2020). Fitch's 'BB-' Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) has been affirmed
in May 2021. Standard & Poor's credit rating for Brazil stands at
BB- with stable outlook (April 2020). S&P's 'BB-/B' long-and
short-term foreign and local currency sovereign credit ratings for
Brazil were affirmed in December 2020. Moody's credit rating for
Brazil was last set at Ba2 with stable outlook (April 2018). DBRS's
credit rating for Brazil is BB (low) with stable outlook (March
2018).
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D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: No Intention to Increase Rates, CAASD Says
--------------------------------------------------------------
Dominican Today reports that the director of the Santo Domingo
Aqueduct and Sewerage Corporation (CAASD), Felipe Subervi, denied
any intention to increase the rates for the potable water service
provided to the population of Greater Santo Domingo, as has been
circulated in some media.
The official clarified that during his participation in the program
Mas Cerca, explaining the current situation of water collection,
his statements created confusion among producers and drivers,
according to Dominican Today.
He pointed out that he tried to explain the CAASD's interest in
making the supply service more efficient so that the precious
liquid reaches the entire population who also have the
responsibility to pay for the service they receive, the report
notes.
To reiterate: "One of the proposals we are putting together with
the President is to improve the service and then begin to charge
the users who are not paying for it. What is my number one
objective? The industries. What is my second objective? Those who
can do the most for it," said Subervi, the report relays.
The official also specified that one of the main objectives is to
guarantee the quality of the services and to increase coverage of
the distribution in the sectors of Greater Santo Domingo, the
report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).
PUNTA CATALINA: Plant on Natural Gas 'Infeasible', Report Shows
---------------------------------------------------------------
Dominican Today reports that given that all the data provided only
show large disbursements of funds from the Dominican Republic
Government, in pursuit of a mitigation of an oversized
environmental liability, the evaluation shows that the proposed
conversion (of the Punta Catalina Thermoelectric Power Plant to
natural gas) constitutes an infeasible project.
This is the conclusion contained in the preliminary report
"Conversion of Punta Catalina coal to LNG (liquefied natural gas)
thermal power plant" prepared by the Energy Institute of the
Autonomous University of Santo Domingo (UASD), in which it is
established that the change in the generation fuel from both plants
will not produce extra income or savings that can offset the
investment to be made, according to Dominican Today.
The idea of converting the Punta Catalina generation matrix from
coal to natural gas, recently expressed by the Minister of Energy
and Mines, Antonio Almonte, was classified as a non-viable
operation for the Dominican State, the report notes.
About Punta Catalina Plant
The Punta Catalina Thermoelectric Power Plant is a 770-megawatt
coal-fired power plant in Punta Catalina-Hatillo, Dominican
Republic. The construction of the plant is under the charge of
the Odebrecht-Tecnimont-Estrella consortium (a contractor group
composed of Italian company Maire Tecnimont SpA, Brazilian
contractor Construtora Norberto Odebrecht S.A, and Chile-based
Ingenieria Estrella SRL). Groundbreaking for the project,
estimated to cost US$2 billion, was held in late 2013. Unit 1 of
the Power Plant became operational on Feb. 27, 2019, with an
initial 36.5 megawatts to the national grid (SENI).
The Project has had its shares of financing delays and funding
scandal. In February 2017, a U.S. court discovered that main
contractor Odebrecht had paid $92 million in bribes to Dominican
officials between 2001 and 2014, as a means of securing a number
of contracts, including the contract to build the Punta Catalina
plant. The project's staff have pleaded with politicians to stand
behind continued construction work on the plant, despite the
corruption allegations. Some environmental groups also opposed the
plant construction, citing harmful impact on the Caribbean coasts
and climate in general.
The plant's parent company and sponsor is the Dominican Republic's
state electric utility, Corporacion Dominicana de Empresas
Electricas Estatales (CDEEE).
[*] DOMINICAN REPUBLIC: Aims to be Carbon Neutral by 2050
---------------------------------------------------------
Dominican Today reports that the authorities of the Dominican
Republic have set themselves the challenge of reducing their carbon
dioxide (CO2) emissions so much that they manage to assimilate to
the amount of this gas that is withdrawn from the island's
atmosphere, reaching what is usually called carbon neutrality.
Based on the United Nations Framework Convention on Climate Change
(UNFCCC) and the Paris Agreement of 2015, the country is committed
to a nationally determined contribution of CO2 of 27% by 2030,
according to Dominican Today.
President Luis Abinader recalled that from that year on, 20% of
this reduction will be conditioned by international cooperation,
while 7% will depend on the country's own efforts, the report
notes.
He said he knew that this is not enough, so they have agreed to
promote and progressively increase climate ambition, setting carbon
neutrality as a goal for the year 2050, the report adds.
About Dominican Republic
The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district. Luis Rodolfo
Abinader Corona is the current president of the nation.
The Troubled Company Reporter-Latin America reported in April 2019
that the Dominican Today related that Juan Del Rosario of the UASD
Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international
commitments."
An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.
Fitch Ratings on Jan. 18, 2021, assigned a 'BB-' rating to
Dominican Republic's USD1.5 billion 5.3% notes due Jan. 21, 2041.
Concurrently, the Dominican Republic reopened its 2030 4.5% notes
for an additional USD1.0 billion, which Fitch rates 'BB-', raising
the total outstanding amount of the 2030 notes to USD2.0 billion.
Standard & Poor's, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term sovereign credit ratings. The negative
outlook reflects S&P's view that it could lower the ratings on the
Dominican Republic over the next six to 18 months, given the
severe impact of the COVID-19 pandemic on the sovereign's already
vulnerable fiscal and external profiles, as well as the potential
for a weaker-than-expected economic recovery.
Moody's credit rating for Dominican Republic was last set at Ba3
with stable outlook (July 2017). Fitch's credit rating for
Dominican Republic was last reported at BB- with negative outlook
(May 8, 2020).
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E C U A D O R
=============
ECUADOR: Inks Deal With IMF to Discuss Policies to Complete Reviews
-------------------------------------------------------------------
An International Monetary Fund (IMF) mission led by Ms. Ceyda Oner
conducted in-person and virtual meetings with the Ecuadorian
authorities during August 2 - September 7 to discuss policies to
complete the second and third reviews under the Extended Fund
Facility (EFF) arrangement and conduct the 2021 Article IV
consultation. Ms. Oner issued the following statement in
Washington, D.C at the conclusion of those meetings:
"The IMF team and the Ecuadorian authorities have reached a
staff-level agreement on the combined second and third reviews of
Ecuador's economic program supported by a 27-month EFF arrangement.
The teams also completed discussions for the 2021 Article IV
consultation. The agreement is subject to the approval of the IMF
Executive Board in the coming weeks, contingent on the
implementation by the authorities of prior actions and fulfillment
of all relevant Fund policies. Upon completion of the review,
Ecuador would have access to about US$ 800 million (equivalent to
SDR 564,9 million).
"We welcome the new administration's commitment to continue with
the EFF-supported economic program. The authorities' economic
program backed by the IMF aims to support Ecuador's recovery from
the pandemic, expand social assistance to protect Ecuador's
vulnerable families, promote a transparent management of public
resources, restore fiscal sustainability with equity, and promote
sustainable growth with high quality jobs.
"We commend the speed with which vaccines have been obtained and
administered to 9 million Ecuadorians (more than half of the
population) in the first hundred days of the new administration.
These efforts are helping Ecuadorian families and businesses
recover decisively from the pandemic. Continued efforts to secure
vaccines, provide support to the most vulnerable families, and
reopen the economy will further support the recovery.
"Notwithstanding the speedy vaccination program, the effects of the
pandemic are still being felt in the economy. The downturn in 2020
was the largest on record at 7.8 percent and the economy is
projected to expand by 2 3/4 percent in 2021 and 3½ percent in
2022. Going forward, like many other countries across the world,
Ecuador's outlook faces significant uncertainty regarding the
future path of the pandemic and global oil prices. Over the medium
term, we expect growth to be 2 3/4 percent.
"The fiscal balances for December 2020 and April 2021 were better
than projected at the time of the First Review. Higher revenues,
expenditure restraint, and oil prices being higher than expected
contributed to this outcome. As a result, most targets were met
except for the April target on nonfinancial public sector (NFPS)
deposits, which was missed by a small margin. There has been
important progress on the structural reform agenda, notwithstanding
some delays. Most notably, the authorities amended on May 3, 2021
the central bank legal framework within the Organic Monetary and
Financial Code (COMYF). The enacted amendments to COMYF were
comprehensive revisions that significantly strengthened the basis
for dollarization and the technical autonomy of the Central Bank of
Ecuador (BCE).
"The pandemic has increased the government's spending needs this
year beyond what had been anticipated at the time of last review.
The better fiscal outturns and somewhat improved economic outlook
provide some space to accommodate these higher immediate spending
needs. In addition, the program is being revised in terms of the
pace and composition of policies to reflect the authorities' own
plans, favoring a reduction of public sector expenditures more than
what was envisaged initially. The reform agenda reflects their view
on the need to firmly ensure a path of fiscal sustainability over
the medium term, while lowering Ecuador's dependence on oil
revenue. Looking ahead, restoring fiscal sustainability and
building much-needed liquidity buffers will hinge upon the
authorities' resolve and capacity to implement such plans in a
timely and sustainable fashion.
"Going forward, the authorities are also committed to continue
improving public financial management, enhancing transparency in
the management of public resources-including on COVID spending and
operations of State-Owned Enterprises- and advancing the
anti-corruption agenda, which would strengthen confidence in public
institutions and boost private sector activity. The authorities
also plan to reform their public-private partnership framework,
capital and labor markets, and improve the business environment to
catalyze domestic private investment and attract foreign direct
investment.
"The mission met with Minister of Economy and Finance Cueva,
Minister of Government Vela, Minister of Production and Trade
Prado, Minister of Labor Donoso, General Manager of the Central
Bank of Ecuador Avellan, other senior government officials, private
sector participants, and civil society in Quito and Guayaquil. We
thank the Ecuadorian authorities for the candid and constructive
discussions."
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M E X I C O
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ALPHA HOLDING: S&P Discontinues 'D' Issuer Credit Rating
--------------------------------------------------------
S&P Global Ratings has discontinued its 'D' issuer credit and
issue-level ratings on Alpha Holding S.A. de C.V. The bonds have
been in default for more than 30 days, and S&P Global Ratings is
unlikely to raise ratings on them soon. Amid the Chapter 11 filing
for its Colombian operations and the voluntary bankruptcy
proceeding petition according to Mexico's Bankruptcy Law, the
company announced that it has stopped its on-balance sheet
origination activities.
S&P said, "We discontinued these ratings according to our
surveillance and withdrawal policy. We had previously lowered our
issuer credit on Alpha to 'D' from 'CC'. We also cut our
issue-level rating on the $300 million senior notes and the $400
million senior notes to 'D' from 'CC', respectively."
Environmental, social, and governance (ESG) credit factors that we
considered in our latest ratings actions:
-- Risk management and internal controls; and
-- Transparency.
Poor transparency, risk management, and internal controls
influenced our credit rating on the company. S&P considered the
announcements related to accounting errors and restatement of its
financial statements reflected governance deficiencies, which
resulted in reputational damage to the company, harming the
business confidence of customers and investors.
GRUPO AEROMEXICO: Delivers Final Valuation Materials
----------------------------------------------------
Grupo Aeromexico, S.A.B. de C.V. informs that, in compliance with
its existing, and fully disbursed, super-priority
debtor-in-possession senior secured loan agreement approved by the
United States Bankruptcy Court for the Southern District of New
York presiding over Aeromexico's Chapter 11 voluntary financial
restructuring process, the Company has delivered to its DIP Lenders
the Final Valuation Materials and the Refinancing Qualification
Certificate in accordance with the DIP credit agreement.
The delivery of the Final Valuation Materials is a key milestone in
the Company's Chapter 11 proceedings. Under the DIP facility, the
"Tranche 2" DIP Lenders have the option to convert their loans into
equity of the reorganized Company at the value set forth in the
Final Valuation Materials. The lenders must send a notice of their
election on or before September 20, 2021. Aeromexico then intends
to file a Plan of Reorganization consistent with such election no
later than October 8, 2021.
The Company intends to continue to participate in mediation before
Judge Sean H. Lane of the United States Bankruptcy Court for the
Southern District of New York so as to have a forum for key
stakeholders to continue discussing the important next steps in
Aeromexico's Chapter 11 cases.
Aeromexico will continue pursuing, in an orderly manner, its
voluntary financial restructuring through Chapter 11, while
continuing to operate and offer services to its customers and
contracting from its suppliers the goods and services required for
operations. The Company will continue to strengthen its financial
position and liquidity, protect and preserve its operations and
assets, and implement necessary adjustments to mitigate the effects
of COVID-19.
About Grupo Aeromexico
Grupo Aeromexico, S.A.B. de C.V. (BMV: AEROMEX) --
https://www.aeromexico.com/ -- is a holding company whose
subsidiaries are engaged in commercial aviation in Mexico and the
promotion of passenger loyalty programs.
Aeromexico, Mexico's global airline, has its main hub at Terminal 2
at the Mexico City International Airport. Its destinations network
features the United States, Canada, Central America, South America,
Asia and Europe.
Grupo Aeromexico and three of its subsidiaries sought Chapter 11
protection (Bankr. S.D.N.Y. Lead Case No. 20-11563) on June 30,
2020. In the petitions signed by CFO Ricardo Javier Sanchez Baker,
the Debtors reported consolidated assets and liabilities of $1
billion to $10 billion.
The Debtors tapped Davis Polk and Wardell LLP as their bankruptcy
counsel, KPMG Cardenas Dosal S.C. as auditor, and Rothschild & Co
US Inc. and Rothschild & Co Mexico S.A. de C.V. as financial
advisor and investment banker. White & Case LLP, Cervantes Sainz
S.C. and De la Vega & Martinez Rojas, S.C. serve as the Debtors'
special counsel. Epiq Corporate Restructuring, LLC is the claims
and administrative agent.
The U.S. Trustee for Region 2 appointed a committee to represent
unsecured creditors on July 13, 2020. The committee is
represented
by Willkie Farr & Gallagher, LLP and Morrison & Foerster, LLP.
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T R I N I D A D A N D T O B A G O
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FIRST CITIZENS BANK: Kamla Wants Answers to FCB's Big Mystery Deal
------------------------------------------------------------------
Anna Ramdass at Trinidad Express reports that opposition Leader
Kamla Persad-Bissessar has said there is a big "mystery"
surrounding the move by majority State-owned First Citizens Bank
(FCB) to invest US$25 million in Jamaican company, Barita
Investments.
She also raised questions with respect to the controversial
Atlantic LNG Train 1 of the National Gas Company (NGC), according
to Trinidad Express.
The former prime minister referred to a Sunday Express report on
this matter at the United National Congress (UNC) virtual meeting,
the report notes.
"Here's the mystery - we don't know who are the majority
shareholders of Barita Investments or their associated companies.
We don't know why the State-owned FCB decided to invest US$25
million in Barita's shares. We also don't know how much returns
FCB has made from its investments in Barita," said
Persad-Bissessar, the report relays.
The report discloses that she called on Prime Minister Dr Keith
Rowley to answer:
* Is any Government Minister, any Government member or chairman of
any State company also investors in Barita?
* Did Attorney General Faris Al-Rawi or Energy Minister Stuart
Young or any other Minister have to recuse themselves for any
decisions on this issue?
* Is the PNM government currently seriously considering the sale of
FCB?
* Why did FCB invest and how much return have they received on this
"major investment"?
Persad-Bissessar said this mystery will soon be solved, adding that
"night does run, but day will catch it".
Background
The Express has reported previously that First Citizens Investment
Services (FCIS) made two investments in the shares of Barita
Investments Ltd: The first in September 2020 which involved the
purchase by FCIS of 54,280,154 shares in Barita Investments in the
first Additional Public Offering (APO) of shares in the company,
the report relays. The price of was J$52 per share and the total
consideration paid by FCIS would have been J$2.82 billion (about
US$19.5 million), the report notes.
FCIS also purchased a block of 12 million shares on the floor of
the Jamaica Stock Exchange on December 4, 2020 at an estimated
price of J$92 a share, for a total consideration of J$1.1 billion
(US$7.3 million), the report discloses.
FCIS paid about US$26.8 million for a total of 66,280,154 shares,
the report says.
In the last Sunday Express, it was reported that FCB lent the
parent of Barita Investments, Cornerstone Financial Holdings Ltd,
US$25 million sometime during the period October 1, 2018 to
September 30, 2019, the report notes.
NGC's Vulgar Waste
Persad-Bissessar also called for the resignation of Young and the
entire NGC board, the report relays.
She noted that the board had sought indemnity for their decision to
spend TT$440 million on the failed turnaround of Atlantic Train
1-which was supported by Rowley, the report discloses.
She said the board is asking for indemnity because they probably
already know they are guilty of wrongdoing and looking for
protection, the report says.
"Are we saying to the country that we will protect our friends for
whatever thiefing or wrongdoing or negligence they may have done?"
she asked, the report relays.
She questioned whether the board at Petroleum Holdings Ltd is also
asking for indemnity with respect to the "fake oil" legal matters,
the report notes.
She said the NGC indemnity for Train 1 is "Malcolm Jones and World
GTL 2.0," the report relates.
"Just as Malcolm Jones was allowed to escape scot-free after
billions of dollars of waste, mismanagement and corruption, the NGC
board, including its President, are allegedly attempting to be
protected from the vulgar wasting of $440 million," she added.
Persad-Bissessar said in 2019 Government was aware that bpTT would
be unable to supply gas to the plant, the report notes.
She added that in early 2021 concerned employees wrote to the Prime
Minister warning him that something was very wrong and the people
were being "set up," the report relays.
"Prime Minister why did you not act on that?" she asked.
She said what they opted to do was place the burden on NGC which
was already facing issues with supplying gas to other down
streamers in Point Lisas, the report notes.
"It is shameful and disingenuous that despite failing to identify a
single source of gas that could keep Atlantic Train one going, the
Board of NGC opted to invest TT$440 million in a turnaround of
Train one," she added.
Persad-Bissessar posed these questions to Young and the NGC:
* Why did you waste taxpayers' money knowing that there wasn't a
gas supply to keep Atlantic Train 1 going?
* What analysis and future supply of gas did the board base this
$400 million investments on?
* Who are the recipients of these funds?. None of those projects
listed by the Minister of Energy can supply immediate gas, so did
the board base this investment on a flawed gas supply?
* What economic model did you base this investment on and what has
been the benefit of this investment to the people of this nation?
"Tonight, I ask the Government, is it the Cabinet, a Cabinet
minister, or the Prime Minister who instructed the board to make
this baseless wasteful decision, because they were playing politics
to avoid the embarrassment of yet another plant closing down?" she
added.
About First Citizens Bank
First Citizens Bank Limited is headquartered in Port of Spain,
Trinidad and Tobago, and is 82.64% owned by the Republic. The bank
reported total consolidated assets of TT$ 35.8 billion (US$ 5.6
billion) and shareholders' equity of TT$6 billion (US$ 945 million)
as of March 31, 2014.
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X X X X X X X X
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LATAM: Reactivation of Economies Insufficient to Recover 43MM Jobs
------------------------------------------------------------------
Rio Times Online report the reactivation of the economies of Latin
America and the Caribbean is insufficient to recover the 43 million
jobs lost since the outbreak of the coronavirus pandemic, warned
the International Labor Organization in Lima.
"The incipient economic recovery that has taken place, especially
in the fourth quarter of last year and the first quarter of this
year, has not been sufficiently reflected in the labor market," ILO
regional director for Latin America, Vinicius Pinheiro, told a
press conference, according to Rio Times Online.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A.
Chapman, Editors.
Copyright 2021. All rights reserved. ISSN 1529-2746.
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