i

THE EFFICIENCY OF CASHLESS TRANSACTIONS TOWARDS MICRO-

ENTERPRISES IN DAVAO CITY

An Undergraduate Thesis Presented to the

Faculty of College of Business Administration
Education University of Mindanao
Davao City

In Partial Fulfillment for the Requirement of the

Degree of Bachelor of Science in Business
Administration
Major in Financial Management

Reinier Amarante
Jenny Lyn Liboon
Jeaneth Torio
 ii

June 2023

ACCEPTANCE AND APPROVAL SHEET

This research entitled “ The Efficiency of Cashless Transaction Towards

Micro Enterprises in Davao City” prepared and submitted by Reiner

Amarante, Jenny Lyn Liboon, and Jeaneth Torio for the compilation of the

requirements of Business Research – FM (FM 301) with the code 8516 under

the College of Business Administration Education of the University of

Mindanao is hereby accepted.

CHRISTIAN PAUL S. MOYON, DBM

Research Coordinator
College of Business Administration Education

VICENTE SALVADOR MONTAÑO, DBA

Dean
College of Business Administration Education
 iii

APPROVAL AND ENDORSEMENT SHEET

This research entitled “The Efficiency of Cashless Transaction

Towards Micro Enterprises in Davao City” prepared and submitted by

Reiner Amarante, Jenny Lyn Liboon, and Jeaneth Torio for the compilation

of the requirements of Business Research - FM (FM 301) with the code

8516 under the College of Business Administration Education of the

University of Mindanao.

RODJARD B. PARO, MBA

Research Adviser
 iv

ABSTRACT

A cashless transaction is a secure payment for customers, increases

revenue and improves operational efficiency for sellers. However, despite all
these benefits associated with e-payment, adequate ICT know-how among
users and fear of security breach remain the most concern of individuals,
organizations, and experts in the field of information system. The study was
conducted to determine the significant difference in the effect of cashless
transactions towards micro-enterprises in Davao City. A survey was
conducted among micro-enterprises, which participated by fifty (50)
respondents in the study. Z-test and Anova were utilized as the statistical tool.
The researchers used an adapted survey questionnaire validated by experts.
In this study, every indicator of cashless transaction towards micro enterprises
shows no significant differences in the employee's profile. In terms of Safety
and Convenience, all results of the hypothesis were not rejected. The overall
mean of Safety and Convenience all indicators are high. The following data
speaks to the discoveries, conclusions, and recommendations of the study.
The researcher recommends that the Micro-enterprise specifically in Davao
City that using a cashless transaction in exchange of product and services is
more helpful to keep away from fraud or any circumstances which allow the
risk in the shortage of income. Moreover, the efficiency of having a cashless
transaction can also be more technological and free hassle on the part when
you use on hand money for purchasing something. Manufacturer of
Technology should take some action on it, especially in spreading of cashless
transaction through payment activities. Additionally, is the researcher
recommending them to have an orientation for the project so that the
consumer will know the dos and don’ts on using this project and to get more
easily lifestyle. Future Researcher should conduct a study on a larger scale
and scope in other areas to have more data to uplift and sustain the efficiency
to increase the number of cashless transactions.

Keywords: Cashless Transaction, Safety, Convenience

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ACKNOWLEDGEMENT

The researchers would like to sincerely thank the following to whom

they are indebted for all contributions given to them to finish the study.

To their parents, who are always there in terms of their financial and

emotional support, with their love and encouraging words throughout the

making of the research; to the friends and loved ones, who supported and

helped by giving more details to make this study accessible.

To the research adviser, Rodjard B. Paro, MBA for the knowledge he

shared to fulfill this study and his guidance, support, and patience in guiding

them in doing this study, for the assistance in all the concerns, clarifications,

and difficulties, during the making of this research.

To the research panelist, Prof. Rosalia Gabronino, MBA and Prof.

Glenndon Sobrejuanite, MBA for their remarks of improvements and

suggestions that made the content of the study more applicable;

To the research statistician, Prof. Leomar M. Sabroso, MBA for the

guidance in the statistical data and for giving an available time whenever they

have concerns and clarifications.

Above all, the Almighty Loving Father, who has given the

researchers a source of strength, wisdom, and talent to use in doing this

study, all would not be possible without him. All the Glory and Honor belong to

God.

The Researchers
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TABLE OF CONTENTS

TITLE PAGE i

ACCEPTANCE AND APPROVAL SHEET ii

APPROVAL AND ENDORSEMENT SHEET iii

ABSTRACT iv

ACKNOWLEDEGMENT v

LIST OF TABLES ix

LIST OF FIGURES x

INTRODUCTION 1

METHOD 8

Research Respondents 25

Research Materials and Instruments

Research Design and Procedures

RESULTS AND DISCUSSION

REFERENCES

APPENDICES

A Letter to Adviser 52

B Questionnaires Validation Sheet 53

C Letter to Conduct Study 55

D Letter to Statistician 56

E Statistician Certificate 57

F Result 58
 vii

G Turnitin Certification 59

H Grammarly Certification 60

I Survey Questionnaire 61

J Curriculum Vitae 63
 viii

LIST OF TABLES

Table Title Page

1 Interpretation table of efficiency of cashless 27

Transaction
2 Profile of Respondents 31
3 Efficiency in cashless transactions towards
32
micro-enterprises
4 Level of efficiency in Cashless transaction 34
Towards Micro enterprises in terms of safety
5 Level of efficiency in Cashless transaction 36
Towards Micro enterprises in terms of safety
6 Significant Differences in the Level of efficiency 38
in cashless transactions towards micro-enterprises by Age
7 Significant Differences in the Level of Organizational 39
Innovation by Sex
8 Significant Differences in the Level of efficiency in cashless
40 transactions towards micro-enterprises by type of business
 ix

LIST OF FIGURES

Table Title Page

1 Conceptual Framework of the Study 22

x
 1

INTRODUCTION

In recent years we have witnessed a growing trend in cashless

transactions as well as products and services sold exclusively in this way.

Also, after the onset of the global financial crisis, private crypto currencies

appeared that have raised some concerns. All these changes beg the

question of whether modern societies are moving towards a cashless society.

This also raises several other dilemmas such as whether cashless societies

have negative implications, whether they have what should be the response

of economic policymakers, who would be potential winners and losers, and

the like (Fabris, N., 2019).

Enlighten society with importance of authentication step of securities

on cashless payment method. Hence, they can avoid and reduce the chances

of falling into the danger of identity theft, scammers, malware, viruses and

cybercriminals provided with precaution so they can shop smartly. This digital

medium is also a proven challenge for those who are tech-unfriendly people

(Ishak, N., 2020).

The related literature and relevant studies on the efficiency of cashless

transactions towards micro-enterprises in Davao city are presented in this

section of the study. It comprises of two sections: demographic profile and

level of efficiency of cashless transactions. Age, gender, and type of business

are the indicators for the demographic profile. While safety and conveniences

are the indicators of the independent variable, efficiency.

The first indicator is Safety. The cost, security, and ease of use all play

a role in determining the best money transfer application. With the current

technological expansions, customers prefer to employ online banking facilities

 2

due to their convenience and worldwide accessibility. Under the Digital

Payments Transformation Roadmap, the Bangko Sentral ng Pilipinas (BSP)

has pledged to transfer 50% of total retail transactions to electronic channels

and boost the number of Filipino adults with bank accounts to 70% by 2023.

With the global health crisis as a driver, early data shows that digital

payments' proportion of total retail channels climbed to 30% in 2021 from 20.1

percent in 2020, while the number of Filipino people with bank accounts

increased to 53% in the first quarter of 2021 from only 29% in 2019. In

accordance with a study done by Hewamadduma, the most difficult aspect of

going online for a bank is ensuring adequate security for online customers

and their accounts. The rapid increase in the number of people using online

banking has attracted cyber criminals, and identity theft is a serious threat to

online banking services (DeMatteo, 2021).

According to Adedoyin (2018), one of the most often used methods for

combating illegal money transactions today is to set transaction thresholds for

various risky profiles. Transactions that exceed these limits will be subjected

to additional investigation. The client must disclose the source of the funds.

Because of its ability to handle large numbers of small value payments, as

well as its suitability for transferring funds globally in digital currencies and the

current lack of robust regulatory oversight, mobile money transfer is both an

attractive target for attackers and a vehicle for money laundering.

As stated by Abrazhevich, client spending and money sources can be

easily detected using account-based systems because they are usually

traceable and not anonymous. Data security is explicitly regulated in financial

organizations (Schwartz, 2007). The Gramm-Leach-Bliley Act (GLB Act)

 3

mandates that financial institutions adopt systems for safeguarding client data

and allows bank regulatory authorities to issue data security requirements. As

a result of the GLB Act, these agencies have published two Interagency

Guidances, one of which requires financial institutions to maintain reasonable

data security and the other of which requires them to design a regular

response policy to deal with data security breaches.

Mobile money transfer services have been used by 86 percent of the

respondents of Otiso et al, compared to 10 percent and 4 percent for regular

banking halls and money transfer companies, respectively. These figures lead

to the conclusion that mobile money transfer services are popular because

they reduce transportation costs and hazards when sending cash. In fact,

nearly half of respondents of another study conducted on 2021 by Caminti

(2021) of small business owners and consumers in eight countries said that

enabling contactless payment methods is one of the most critical safety

precautions retailers can provide. Another 47 percent of shoppers said they

won't shop at a store that doesn't accept contactless payments. The effect of

cost reduction, sales income, and market share by using mobile phone money

transfer services on the profitability of Micro and Small Enterprises was

analyzed and the MSE’s reported that mobile money transfer services have

aided in the growth of their businesses, as mobile phones are commonly used

by businessmen to connect with clients and suppliers, as well as boosted their

productivity and profitability.

Authentication features; Password, MPIN, OTP, fingerprint login, and face

recognition. Phishing is a well-known and simple way of stealing internet

customers' credentials with the sole objective of obtaining personal

 4

information for monetary benefit. There is a need to design safe

authentication techniques due to the steady amount of phishing assaults.

Phishing is usually done using malicious browser extensions or other

sophisticated credential-stealing tactics like the CR/RT MITM phishing attack.

As a result, strong authentication techniques must be developed to counteract

these assaults (Hewamadduma, 2017). 

Safety and security will continue to be a must-have for consumers

according to DeMatteo (2021). Most money applications require you to create

an account with a password and two-factor login techniques such as emailing

verification codes to validate your identity and the person to whom you are

sending money. Due to the rapid advancement of technology, customers now

require high-security systems with electronic identity alternatives.

According to Barreiro (2017), most logins now support two-factor

authentication. This is a security feature that sends a one-time password to a

mobile device or email address in addition to a password when logging into an

account. Two-factor authentication programs, such as Google Authenticator,

are also widely used.

Securing limited access systems from malicious attacks is perhaps the

most significant application of precise personal identity. Because of the

lengthy history of fingerprints and their widespread usage in forensics,

fingerprint identification systems have attracted the most attention of all the

currently used biometric approaches. 

Due to an increase in fraud cases, a lack of security in the system has

been felt as the demand for internet banking has grown. One of the many
 5

ways that banks may improve security and accessibility is through facial

recognition. The use of facial recognition for login and banking was

investigated in a paper proposed by Jain, et al (2021). This system's strength

lies in its ability to provide high security, username and password verification,

face recognition, and a pin for a successful transaction.

A national ID system will substantially aid the cashless ecosystem by

allowing users to be verified more easily, said Frederick Levy, Mynt’s chief

commercial officer for transfers. The Philippine Statistics Authority (PSA) has

started piloting the National ID system with the goal of enrolling the entire

population of the Philippines in the system by 2022 (Chua, 2019).

In resonance with a study done by Ghrbeia (2020), e-payment is one of

the key foundations of electronic commerce, and e-payment would not be

deemed electronic payment without it. As a result, payment systems are

crucial for imposing successful monetary policies through monetary

transactions and their effects on global economic and financial activities.

To maintain and strengthen brand loyalty and fulfill the ever-increasing

demands of its consumers, particularly millennials, banks are increasingly

focusing on providing an omnichannel customer experience using e-payment

and other electronic features (Lee, 2020).

 This feature provides benefits for customers. They will receive an SMS

message about the transaction within a few seconds after making a cash or

payment transaction with the card, which reflects the date, time, amount of the

transaction, location, and, if desired, the balance of the card after the
 6

transaction. They will also receive SMS messages about card account logins

(Andreasan et al, 2019). 

Customers choose to get email and SMS notifications are two of the

most popular alerts and there are a variety of types of alerts that the

consumer could get, varying from friendly transaction notifications that let

them know the current status of their account to security alerts that provide

the consumers with updates and give the bank a sense of security if activity

on the account is unusual (Farmers and Merchant, 2019). 

SMS processing computer applications are typically run on corporate

servers that are connected to the SMS network via specialized connectors

and gateways to mobile operators' SMS Centers. Instead of the typical 10-

digit mobile numbers, these servers are given short numbers. These numbers

are usually 4 to 6 digits long and are referred to as short codes. These

numbers are operator specific. Additionally, a premium cost (a price in

addition to the fixed SMS rates) could be imposed on these short numbers; in

other words, consumers would pay more to send SMS to these short codes

(Forbes Advisor, 2022).

As stated by Foreman (2022), bank alerts can keep users even more

informed about what's going on with their accounts. Alerts can tell users when

it's payday or if someone is using their debit card without permission. Alerts

provide users with the most up-to-date information regarding account

activities, such as their current balance, withdrawals, deposits, and bill

payments (Intrust Bank, 2022).

Several banks offer a secure message center where consumers can

receive crucial messages and notifications (Mannan & Van Oorschot, 2008).
 7

Sending a request and receiving a response is known as pull SMS. This is a

full-duplex scenario in which a user sends an SMS banking request and the

application responds with the requested information (Farmers and Merchant,

2019). 

Thales, a global technology company stated that two-factor

authentication (2FA) or multiple-factor authentication (MFA) can be used to

provide stronger authentication. In these circumstances, the user offers two

(or more) separate authentication factors. Banks use OTP SMS as a standard

second-factor authentication mechanism.

Even though this type of multi-factor authentication relies on a large

quantity of data and complex algorithms, it all takes place in the cloud. The

consumer's experience is frictionless in a matter of seconds (Chaves et

al, 2019). In recent years, push notification-based authentication has seen a

significant increase in use. It's been used as a password-less authentication

method or as a second-factor authentication (TFA). A token device must first

be enrolled and paired with an account, or service pair. The token device then

receives a push notification anytime a user attempts to log in to an application

or web service and enters the necessary credentials. A screen overlay

appears when the user clicks on the notification, asking if the user wants to

allow or refuse the login attempt (Andreasan et al, 2019).

When compared to traditional one-time PIN (OTP) based TFA, this

"Just Tap" push-based authentication alleviates the usability pain point by

eliminating the need to copy the PIN code from the device to the login

terminal or browser. As a result of being more usable than OTP-based TFA,

push notification-assisted authentication has seen growing user adoption as

 8

evidenced by Duo Security's success and commercial adoption by software

and service giants like Twitter, Yahoo, and Google (Prakash et al, 2021).

This is critical since authentication systems that aren't simple and

efficient are unlikely to garner widespread adoption. A transaction can be

denied if a request to access an account comes from a phone that isn't related

to the user's phone number on file. Access can also be denied, or stricter

authentication asked if the user is logging in from a known hacker hotspot.

The system will only confirm the purchaser's authorization to make this

payment if all the authentication steps match (Farmers & Merchant, 2019).

The second indicator is the Convenience. According to Ashika (2021),

customer satisfaction is the priority of a business owner. This is because

users want business clients to have a positive experience and return to doing

regular business with users. In payment methods, to respond to the rising

demand for convenience, new techniques have emerged, and both customer

and merchant payments have matched this demand in cashless terms

(Cendana & Palaoag, 2020).

The research of Chakiso (2019) found a correlation between trust,

ease of use, compatibility, and relative advantage, which has the strongest

positive relationship, for both users and non-users. The perceived risk, on the

other hand, was not as much of a significant factor in deciding whether or not

to use a mobile banking system for the two groups of users.

Banks are transforming their services into more accessible platforms.

The main feature of mobile money and electronic payments adoption is the

payment's capacity to decompose or unbundle formerly bundled services.

(Adedoyin, 2018).
 9

Only 6.4 million Filipinos have used or are utilizing mobile wallets for

financial transfers, according to a report by DeMatteo (2021), out of an

estimated 49 million who have done so. Allowances account for 59 percent of

fund transfers, with remittances accounting for 27 percent and payments

being 14 percent. The convenience factor is cited by younger generations as

the primary reason for switching from cash to contactless payments (Lee,

2020). The generation of millennials is spearheading the charge toward a

cashless economy. This research is supported by a 2019 Experian report

which states, one out of every ten millennials use their digital wallet for every

purchase.

Consumers may now connect to a variety of services due to

technological advancements. Banking transactions that were previously only

available at branch offices, ATMs, and EDC (Electronic Data Capture) can

now be completed online. Balance checks, fund transfers, credit purchases,

PLN tokens, and payment of PAM and BPJS invoices may all be done via a

smartphone using a Mobile Banking application (Karmawan et al, 2019).

Making a transaction with a QR Code does not involve the use of a

card reader, although it does result in significant cost savings. Even though

the QR Code system has been touted as the key payment standard in the

future, most operators' adoption of the QR Code payment system is currently

limited. Furthermore, small and medium-sized enterprises were more likely

than small businesses to adopt a QR code system to receive payments. Small

businesses are always involved in a variety of activities. Small companies

 10

always get involved with many transactions by using cash (Chaveesuk &

Piyawat, 2021).

The top money transfer applications are free to download, but the cost

of using them varies. Most providers allow free bank transfers within 1 to 3

business days but charge extra if you want to pay with a credit card or

expedite delivery to your bank account (DeMatteo, 2021). The application

must offer several benefits, including a five-day or less transfer time and the

ease with which users may connect the app to their bank accounts. 

This is a trend that is likely to continue. According to a study from

Facebook and Bain & Company (2021), the number of digital consumers in

Southeast Asia will exceed 350 million by the end of 2021. This was based on

a poll done on more than 16,000 people in Indonesia, Malaysia, the

Philippines, Singapore, Thailand, and Vietnam. Since the outbreak, an

estimated 70 million more consumers have purchased online in six Southeast

Asian nations.

Facebook and Bain predict that by the end of 2021, more than 70% of

consumers aged 15 and up in the surveyed nations will purchase online. By

2026, the number of online shoppers in Southeast Asia is expected to reach

380 million, according to the survey.

For 37% of respondents, digital wallets were the preferred payment

method, compared to 28% who preferred cash, 19% who preferred credit or

debit cards, and 15% who preferred bank transfers. Digital wallet adoption

increased by 133 percent, 87 percent, and 82 percent in the Philippines,

Malaysia, and Vietnam, respectively (Jacob, 2021).

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Online bills payment; electricity, water, telecom, cable/internet, credit

cards, loan, real estate, school, insurance, health, government, airline, etc. As

a result of the pandemic, there has been a major move to digital payments.

The transition to more secure digital payment methods began even before the

pandemic. When businesses closed and people were forced to buy practically

everything online, the use of contactless payment methods surged (Caminti,

2021). 

The subject of payment systems has been one of the most critical

elements of technological growth. As we move closer to becoming a more

digital society, governments are promoting the implementation of cashless

systems in all sectors (Wulandari & Andilolo, 2017). The pandemic

transformed what customers desire at the checkout. Guido Sacchi, chief

information officer at payment technology and software solutions firm Global

Payments, says that consumers increasingly seek interactions that are "less

personal and more digital."

It costs more money, time, and energy to pay bills and payments in

cash at the designated location. Electronic bills made it easier to use, and

new applications and websites have recently been launched to make it easier

and more accessible to more customers at any time and from any location

(Shaker AL-Ashqar, 2018). 

According to Yang (2017), Net Bank is a bank's virtual counter that

uses network technology to enable customers to complete traditional services

such as account opening, inquiries, transfers, online securities, investments,

and financial planning. Online banking reduces operating costs when

compared to traditional bank services. There is no time or place restriction;

 12

the bank can provide services at any time and in any location. The net bank

also offers a wide range of personalized services, including insurance,

securities, and other financial goods.

due to the inherent differences in consumer and Web-system features,

both sides' perspectives and technological aspects may result in significant

variations in customers' adoption of online payment methods.

This study was anchored on Diffusion Innovation Theory (DOI) by

Rogers (1995) who posited that the adoption of a new idea or innovations is

caused by interaction between individuals through interpersonal networks. In

this context, diffusion is the spread of cashless payment where consumers

seek improved, convenient and safe transactions, while businesses seek

new profit opportunities. The diffusion of cashless payment will result in the

adoption of cashless transactions within the society or community, subject to

the types of innovation adopters and innovation-decision process.

The said theory was also reflected in the proposition of Paul and Friday

(2012) that since the consequences of diffusion in cashless payment depend

on how quickly the society is willing to adopt cashless payment through

different stages of innovation processes, the consequences of the adoption of

cashless payment differs in different society. Today, the use of electronic

payment has continued to increase due to its convenience, safety and swift

mode of payment. This was also affirmed by Moghavvemi et al (2021) that

the determinants payment processing time and fees, convenience and

enhanced payment security features (safety) are motivating business

establishments to adopt cashless transactions.

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Conceptual Framework

Figure 1 below Illustrates the theoretical conceptual framework. The

main variable is Efficiency of cashless transaction. The indicators are Safety

and Convenience. The moderating variables as of profile of the respondents

are age, gender, and type of business.

Main Variable

Efficiency of Cashless
Transactions

 Safety
 Convenience
 14

Demographic Profile

 Age
 Gender
 Type of business
Moderating Variable

Figure 1. Conceptual Framework of the Study

The completion of this study contributes to the understanding of the

efficiency of cashless transactions towards microenterprises. Further business

ventures will be using this study in facilitating them to conduct their strategies
 15

and other valuable solutions to make operations better for customers’

satisfaction. In addition, the study will be beneficial to the following people and

organizations:

The result will provide the students with knowledge about the

efficiency of cashless transactions. At the end of the study, students will

understand how important it is. Teachers. The study would serve as a guide

on what to do with the students for them to be guided by some measures to

help the students. The study would serve as a foundation of knowledge for

consumers to help them educate themselves further about the effectiveness

of electronic payment systems. Business owners. This study would promote

an effective way to handle money that could potentially improve a business’s

profit and reach. Other researchers. The study would serve as the basis for

future research in relation to electronic systems for cashless transactions.

Moreover, they could use this as one of the references or source materials.

This would contribute to improving the research skills of the researchers and

developing critical thinking and cooperation among the group members.

METHODS
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The research process is presented in this section and contains a

detailed description of the Research Design, Research Respondents,

Research Instruments, Data Gathering Procedure, and Statistical Data

Treatment.

Research Design

The study employed quantitative research using descriptive methods to

assess the level of efficiency of cashless transactions towards

microenterprises. It is used to know the efficiency of the cashless transactions

to people’s day jobs in Davao City during the global pandemic. The main goal

of this type of research was to describe the data and characteristics of what

was being studied. A descriptive survey is a sub-unit of descriptive study that

can be made in various configuration based on the study of Anderson (2010),

it allows researchers to extend data from a small sample group to a larger

population therefore users will be able to apply these findings to a larger

group of people with greater accuracy. The gathered data is based on the

responses to a questionnaire. The idea behind this type of research was to

study frequencies, averages, and other statistical calculations. In this view,

the descriptive method is an appropriate research design since the study tries

to measure the efficiency of cashless transactions towards microenterprises.

Research Respondents

The respondents of this study were the microenterprises business in

Davao City. This study will select the respondents through Judgment or

Purposive sampling technique. There were 50 respondents for this study in a

small business entity in which the business was established in Davao city

only. The sample was divided into meaningful segment used to determine the
 17

sample size of (50) respondents for a total of 30 persons and by the rule of

thumb of the selection of n=50 for a boundary between small scale samples to

aim estimating mean, 50 approximations was good enough to get a valid

sample for a total population of efficiency of cashless transactions towards

microenterprises Hoggs & Tanis, 2011). Concerning the given concept above,

the researcher is mindful in ensuring the researchers who administered the

instrument did not influence the answer of the respondents. Therefore, this

sampling technique involves determining and choosing individuals in the

entire population based on their purpose (Alchemer, 2022).

Research Instrument

Through an online survey questionnaire that has used Google Forms,

primary cross-sectional data for the year 2023 in February at the Bolton Street

to Claveria Street, and Uyanguren were collected from microenterprises who

work since these places consist of many vendors and suppliers of products

and goods. The respondents were voluntarily asked to honestly answer the

above questions since most microenterprises business had previously worked

in the business for a year in the succeeding years, 2023 was the appropriate

year to collect data from them.

The research instrument of this study was adopted from the study of

Alliance (2003) entitled “The efficiency of cashless transactions towards

microenterprises in Davao City” and modified by the researcher. The

questionnaire was checked by the panels and experts so that the items were

fitted to the study. The questionnaire was divided into (3) main questions and

closed-ended sub-questions which measured the significant relationship

 18

between efficiency of cashless transactions towards microenterprises in

Davao City.

An online survey will be designed as a web-based (fully anonym zed)

survey using Google a form (Google Inc., 2022) was disseminated through

social media. The respondents are asked to rate every item on It uses a scale

of 1 to 5 where: 1= not at all/never; 2= seldom; 3= sometimes; 4= oftentimes;

5= always. These scores are categorized and scaled using the exact limits

with the descriptive equivalent.

Scale of Instruments

The instrument that was used in this study will be efficiency of cashless

transactions towards microenterprises online survey questionnaire. A specific

process was undertaken in making the questionnaires by reading literature to

create a pool of items for inclusion in the instrument. This survey tool was

validated by a group of experts to assure the appropriateness of the items in

the questionnaire. The comments, suggestions, and recommendations of

experts were properly taken and reflected in the appendices.

Table 1: Interpretation Table of Efficiency of Cashless Transactions

 19

Scale Range Description Interpretation

This means that the

5 4.50 - 5.00 Very High
4 3.50 - 4.49
3 2.50 - 3.49 Moderate
2 1.50 - 2.49
1 1.00 - 1.49
business owners are highly
satisfied and experience no
hassle when using cashless
payment on their
transactions
This means that the
business owners are
satisfied and experience no
High
hassle when using cashless
payment on their
transactions
This means that the
business owners are
moderately satisfied when
using cashless payment on
their transactions
This means that the
business owners are not
satisfied when using and
Low
experienced hassle when
using cashless payment on
their transactions
This means that the
business owners are highly
unsatisfied and experienced
Very low
hassle when using cashless
payment on their
transactions

Research Procedure

In the gathering of data, the researchers observed the following steps:

1 Permission to Conduct Study. The researchers were provided.

a letter of permission for the approval to conduct study.

2 Constructions and Validation of the Test Instrument. The

researchers constructed a questionnaire and presented it to the adviser for

evaluation and validated by the research panel.

 20

3. Administration of Questionnaire. The researchers distributed the

survey questionnaires to the possible respondents and instructed them to fill-

up the necessary questions provided.

4. Scoring and Collation of Data. The data were generated from the

survey and had been collated, tallied, and subjected to statistical

interpretation and analysis.

5. Analysis and Interpretation of Data. The raw scores together with

the data will be submitted to the statistician for computation and for analysis

and interpretation.

Statistical Treatment of Data

To analyse the data gathered by the researchers about the efficiency of

cashless transaction, the following statistical tools were used.

Frequency. This statistical tool was used to simply count the number

of times of each variable. This will be utilized to calculate the percentage of

responders who fit the demographic profile of age, gender, and type of

business.

Mean. This statistical tool was used to imply average, and it is a sum of

a set of data divided by the number of data that can also prove to be an

effective tool when comparing different sets of data. In this study, it is used to

determine the efficiency of cashless transaction.

Standard Deviation. This statistical tool will be used to demonstrate

the degree of variation or dispersion from the average or mean. This will

assess how well the data is dispersed in relation to the obtained mean. The

said statistical tool will be used to measure the degree of variance specifically

the efficiency of cashless transaction.

 21

Z-test. This tool will be used to determine whether two population

means differ from one another given that the sample size is more than. In this

case, Z-test is adopted to determine the means of age and gender.

One Way Anova. This is a statistical tool that compares three

components by only using one independent variable. One-way ANOVA will be

utilized in this research to identify the significant difference between types of

business.

RESULTS AND DISCUSSION

The specific problems presented earlier were answered in this chapter.

The data were presented, analyzed, and interpreted based on the research

questions of the study. The data were in descriptive from placed in numerical

tables. Interpretations were done through inferences and implications in

 22

determining the efficiency in cashless transactions towards micro-enterprises

in Davao City. The ANOVA was used to determine if there was significant

relationship in the efficiency in cashless transactions towards micro-

enterprises in Davao City when respondents were grouped according to their

profile.

The researchers conducted a survey in January 2022 to determine the

efficiency in cashless transactions towards micro-enterprises in Davao City in

the areas of convenience, and safety. Lastly, this study can be a great help to

any micro enterprise for them to know the easy way on how to be secured in

using cashless transaction.

Profile of the Respondents

Shown in Table 1 is the data profile of the respondents, the

respondents answered the questionnaires respectively given by the

researchers, the profile of the respondents is as follows: Age, Sex, and Type

of business. In terms of age, of the 50 respondents, 25 or 50 percent are

belonged to the age bracket 18-25, 13 or 26 percent are in the 26-35 age

bracket, 7 or 14 percent are belonged to the 36-45 age bracket, and 5 or 10

percent are in the 46 above age bracket.

Table 1 Profile of the Respondents

Profile Frequency Percentage

Age

18-25 years old 25 50%

26-35 years old 13 26%
36-45 years old 7 14%
46 above 5 10%
 23

Total 50 100%

Sex
Male 9 18%
Female 41 82%
Total 50 100%

Type of Business
Wholesale and retail 13 26%
trade
Online reseller 37 74%
Total 50 100%

Further, when it comes to sex, 18 percent of the respondents are males and

82 percent are female. More so, when it comes to type of business, out of the

50 respondents, 26 percent are wholesale and retail trade, and 74 percent are

online reseller.

Level of efficiency in cashless transactions towards micro-enterprises

in Davao City

Table 2 shows the level of efficiency in cashless transactions towards

micro-enterprises. The overall mean of all indicators was 4.32 with a standard

deviation of 0.47 with a descriptive equivalent of high. The data interpreted

that in terms of safety; the mean ratings were 4.19 with a standard deviation

of 0.53 with a descriptive equivalent of high. Lastly, the mean ratings of

convenience were 4.46 with a standard deviation of 0.67 with a descriptive

equivalent of high.

Table 2: Efficiency in cashless transactions towards micro-enterprises

Indicators Mean SD Descriptive

 24

4.19 0.53 High

Safety

Convenience 4.46 0.67 High

OVERALL MEAN 4.32 0.47 High

In the study of Ananda, M. et.al., (2019) the adoption of the cashless

system requires further comprehension of the existing situation in the post-

COVID-19 pandemic era. The cashless system may, however, provide users

with additional benefits, but not all consumers or even all businesses may be

willing to adopt such advances, and some may even find it challenging to

eliminate their dependency on cash.

Level of Efficiency in cashless transactions towards micro-enterprises

in terms of Safety

In Table 2a, the study tries to determine the level of Efficiency in

cashless transactions towards micro-enterprises in terms of Safety. The

results show an overall mean score of 4.19 with a standard deviation of 0.53,

with a descriptive equivalent of high which means the respondents are

satisfied and experience no hassle when using cashless payment on their

transactions. Results showed particularly in cash related that it feels that

cashless transaction will reduce cash related fraud., with a mean of 3.94; a

standard deviation of 0.98 with the descriptive equivalent of very high. In

terms of receiving notifications or sms whenever I login my account for online

transactions, the mean is 4.64, with the standard deviation of 0.63, and the

descriptive equivalent was very high. Meanwhile, in receiving messages on

how to protect my account and reminders not to click suspicious links, the

mean is 4.50, with the standard deviation of 0.70 and the descriptive
 25

equivalent was very high. Another is in haven’t experienced phishing when

paying or receiving payments via online, the mean is 3.82 with the standard

deviation of 1.12 and with the descriptive equivalent was high. In terms of

haven’t been scammed when paying or receiving payments online, the mean

is 3.98, with the standard deviation of 1.22, and the descriptive equivalent was

high.

Moreover, in confidence that my personal information is being

protected, got the mean of 4.06, a standard deviation of 0.93, and a

descriptive equivalent of high. In addition, in can track the history of

transactions I have made, got the mean of 4.52, a standard deviation of 0.68,

and the descriptive equivalent is very high. Next is in receiving proofs of

payment confirmation via email or sms, got the mean of 4.64, a standard

deviation of 0.66, and the descriptive equivalent is very high. Another is in

when feel that paying online is safer than the traditional face to face payment,

the mean is 3.88, with the standard deviation of 1.00, and the descriptive

equivalent was high. Finally, in the area where you feel secure with all the

types of passwords that online payment offers, the mean is 3.90, with a

standard deviation of 0.95, and a descriptive equivalent of high.

Table 2a Level of Efficiency in cashless transactions towards micro-

enterprises in terms of Safety
Safety Mean S. D Description

1. I feel that cashless

High
transaction will reduce 3.94 0.98
cash related fraud.
2. I am receiving 4.64 0.63 Very High
 26

notifications or sms
whenever I login my
account for online
transactions.
3. I am receiving
messages on how to
protect my account and Very High
4.50 0.71
reminders not to click
suspicious links.
4. I have not experienced
phishing when paying High
3.82 1.12
or receiving payments
via online.
5. I have not been
scammed when paying
3.98 1.22 High
or receiving payments
through online.
6. I am confident that my
personal information is 4.06 0.93 High
being protected.
7. I am able to track the
Very High
history of transactions I 4.52 0.68
have made.
8. I am receiving proofs of
Very High
payment confirmation 4.64 0.66
via email or sms.
9. I feel that paying online
is safer than the
3.88 1.00 High
traditional face to face
payment.
10. I feel secure with all the
types of passwords that 3.90 0.95 High
online payment offers.
Overall Mean 4.19 0.53 High
Level of Efficiency in cashless transactions towards micro-enterprises

in terms of Convenience

Table 2b tries to measure the level of Efficiency in cashless transactions

towards micro-enterprises in terms of Convenience. In general, the result

shows an overall mean of 4.46, with a standard deviation of 0.67, and a

 27

descriptive equivalent of high. In terms of thinking that using online payments

can offer me wider range of payment options, the mean is 4.60, with a

standard deviation of 0.67, and its descriptive equivalent is very high. In terms

of thinking that online payments offer better choices for its users through its

features, the mean is 4.38, with a standard deviation of 0.83, and its

descriptive equivalent is high. In terms of thinking that paying or receiving

payments online saves me more time, the mean is 4.60, with a standard

deviation of 0.81, and its descriptive equivalent is very high. Moreover, I am

happy that online payments offer more promos and vouchers that can be

used on my online transactions, the mean is 4.44, with a standard deviation of

0.79, and its descriptive equivalent is high. In addition, when it feels that

paying or receiving payments online is more convenient than the traditional

face to face payment, the mean is 4.42, with a standard deviation of 0.86, and

its descriptive equivalent is high.

Furthermore, in feel that my customers are happy because our store

offers cashless transaction/payment; it has a mean of 4.54, a standard

deviation of 0.73, and a descriptive equivalent of very high. Another is, in the

field that when I see no problem if cashless transaction will be permanently

added as a mode of payment, the mean is 4.40, with a standard deviation of

0.86, and its descriptive equivalent is high. Further, in the area when I am

happy that I no longer need to bring cash with me when transacting with my

customers, the mean is 4.34, the standard deviation is 0.92, and its

descriptive equivalent is high.

Lastly, the respondents were asked in terms when they feel that cashless

transactions increase my quality of service, in terms of processing time and

 28

comfort, where there’s no need for changes at the time of purchase, it got a

mean of 4.48, a standard deviation of 0.71, and a descriptive equivalent of

high.

Table 2b Level of Efficiency in cashless transactions towards micro-

enterprises in terms of Convenience
Convenience Mean S. D Description

1. I think that using online

payments can offer me
Very High
wider range of 4.60 0.67
payment
options.
2. I think that online
payments offer better
High
choices for its users 4.38 0.83
through its
features.
3. I think that paying or
receiving payments Very High
4.60 0.81
online saves me more
time.
4. I think that applications
for online payments are
High
not complicated and 4.38 0.83
can be easily
understood.
5. I am happy that online
payments offer more
promos and vouchers
4.44 0.79 High
that can be used
on my online
transactions.
6. I feel that paying or
receiving payments
online is more
convenient 4.42 0.86 High
than the
traditional face to face
payment.
7. I feel that my 4.54 0.73 Very High
customers are happy
because our store
 29

offers
cashless
transaction/payment.
8. I see no problem if
cashless transaction
High
will be permanently 4.40 0.86
added as a mode of
payment.
9. I am happy that I no
longer need to bring
cash with me when 4.34 0.92 High
transacting with
my customers.
10. I feel that cashless
transactions increase
my quality of service, in
terms of processing
4.48 0.71 High
time and comfort,
where there’s no need
for changes at the time
of purchase.
Overall Mean 4.46 0.67 High

In a study of Ha, H. (2020), a cashless economy is a place where

purchases and transactions are made primarily electronically and rarely in

cash. One of the pillars of the cashless economy is non-cash payment, but

through electronic money transfers, bank transfers or payment by cheque.

Accordingly, goods and services are traded effectively without cash.

Significant Differences in the Level of efficiency in cashless transactions

towards micro-enterprises in terms of Age
As shown in Table 3 Z-test is used to determine if there were a

significant difference in the level of efficiency in cashless transactions towards

micro-enterprises when grouped according to their age. The indicators of the

level of efficiency in cashless transactions towards micro-enterprises were

measured to determine if there were significant differences in Safety, the p-

value of 0.355 shows that there was no significant difference exist. Further, in
 30

convenience, the p-value of 0.811 shows that there was no significant

difference exist. Also, it is higher than the alpha value of 0.05 which means

there was no significant difference exists. Therefore, the decisions of the

hypothesis were not rejected.

Table 3 Significant Differences in the Level of efficiency in cashless

transactions towards micro-enterprises by Age
Sum of
Indicators Square Sig. Decision on Ho

Safety Do Not
3.25 0.355
Reject

Convenience
0.959 0.811 Do Not
Reject

Many research studies hold that a company's age may have a negative

effect on its ability to conduct cashless transactions, yet this may not be as

important if additional studies take the opposite position. Additionally, it

suggests that an established business is more likely to take the initiative to

improve efficiency. Additionally, the capacity to generate new knowledge

regarding the application of management systems helps explain this.

(Sapprasert & Clausen, 2019).

Significant Differences in the Level of efficiency in cashless transactions

towards micro-enterprises in terms of Sex

As shown in Table 4 Z-test was used to determine if there were a

significant difference in the level of efficiency in cashless transactions when

respondents were grouped according to their sex. The indicators of the level

of efficiency in cashless transactions were measured to determine if there

 31

were significant differences in Safety, the p-value of 0.139 shows that there

was no significant difference exist.

Table 4 Significant Differences in the Level of Organizational Innovation by

Sex
Sum of
Indicators Square Sig. Decision on Ho

Safety Do Not
2.194 0.139
Reject

Convenience 2.637 0.104 Do Not

Reject

According to Galia (2021), says that the chance of efficiency is

increased by having a varied mix of genders in an organization's senior jobs.

Therefore, when it comes to creativity, women excel. The cultural dimension's

decision-making process is indirectly influenced by effective cashless

activities.

Further, in convenience, the p-value of 0.104 shows that there was no

significant difference exist. Also, it is higher than the alpha value of 0.05 which

means there was no significant difference exists. Therefore, the decisions of

the hypothesis area are not rejected.

Significant Differences in the Level of efficiency in cashless transactions

towards micro-enterprises in terms of type of business

As shown in Table 5, Z-test was used to determine if there was a

significant difference in the level of efficiency in cashless when respondents

were grouped according to their type of business. The indicators of the level

of efficiency in cashless transactions towards micro-enterprises were

 32

measured to determine if there were significant differences in Safety, the p-

value of 0.113 shows that there was no significant difference exist. In the area

of convenience, the p-value of 0.324 shows that there was no significant

difference exist. When the p-value is greater than the Alpha-value of 0.05

means that there was no significant difference. Therefore, the decisions of the

hypothesis area were not rejected.

Table 5 Significant Differences in the Level of efficiency in cashless

transactions towards micro-enterprises by type of business
Sum of
Square Sig. Decision on Ho
Indicators

Safety Do Not
2.514 0.113
Reject

Convenience 0.971 0.324 Do Not

Reject

As cited by Sergio (2018), payments are made or accepted in cashless

transactions without the usage of actual cash. This covers payments made

with credit/debit cards, checks, DDs, NEFT, RTGS, and any other online

payment method that relieves a business owner of the need to carry cash.

CONCLUSIONS AND RECOMMENDATIONS

Presented in this chapter were the conclusion, and Recommendations

derived from the result of the study entitled efficiency in cashless transactions

towards micro-enterprises in Davao City.

Conclusions
 33

Constructed on the findings of the study, the following conclusions

were drawn:

In the level of efficiency in cashless transactions towards micro-

enterprises, convenience has the highest level which is distinguished and

concluded to be frequently manifested in all micro-enterprises in Davao City.

When grouped according to their profile, there was no significant

difference existing in the efficiency in cashless transactions towards micro-

enterprises when analyzed. In terms of Safety and Convenience, all results

and hypotheses are not rejected. This means that the profile was factors that

can cashless transactions which conformed to the theory of Paul and Friday

(2012) that since the consequences of diffusion in cashless payment depend

on how quickly the society is willing to adopt cashless payment through

different stages of innovation processes, the consequences of the adoption of

cashless payment differs in different society. Today, the use of electronic

payment has continued to increase due to its convenience, safety, and swift

mode of payment.

This was also affirmed by Moghavvemi et al (2021) that the

determinants payment processing time and fees, convenience, and

enhanced payment security features (safety) are motivating business

establishments to adopt cashless transactions.

Recommendations

Based on the conclusions, the following recommendations are given:

The researchers recommend to those micro- enterprises specifically in

Davao City that using a cashless transaction in exchange of product and

services is more helpful to keep away from fraud or any circumstances which
 34

allow the risk in the shortage of income. Moreover, the efficiency of having a

cashless transaction can also be more technological and free hassle on the

part when you use on hand money for purchasing something.

On the other hand, It is recommended that the manufacturer of the

technology should take some action on it, especially in spreading of cashless

transaction through payment activities. Additionally, is the researcher

recommending them to have an orientation for the project so that the

consumer will know the dos and don’ts on using this project and to get more

easily lifestyle.

Moreover, Future Researcher should conduct a study on a larger scale

and scope in other areas to have more data to uplift and sustain the

efficiency to increase the number of cashless transactions.

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m_Cash_to_Cashless_A_Study_of_Consumer_Perception_towards_Di
gital_Transactions
 39

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APPENDIX A
 40

LETTER TO THE ADVISER

APPENDIX B
 41

SURVEY QUESTIONAIRE VALIDATION SHEET

APPENDIX B

SURVEY QUESTIONAIRE VALIDATION SHEET

 42

Appendix C
 43

LETTER TO CONDUCT STUDY

 44

Appendix D

LETTER TO STATISTICIAN
 45

Appendix E

STATISTICIAN CERTIFICATE
 46

Appendix F

RESULT

Table 1 Profile of the Respondents

Profile Frequency Percentage

Age

18-25 years old 25 50%

26-35 years old 13 26%
36-45 years old 7 14%
46 above 5 10%
Total 50 100%

Sex
Male 9 18%
Female 41 82%
Total 50 100%

Type of Business
Wholesale and retail 13 26%
trade
Online reseller 37 74%
Total 50 100%

Table 2: Efficiency in cashless transactions towards micro-enterprises

Indicators Mean SD Descriptive

4.19 0.53 High

Safety

Convenience 4.46 0.67 High

OVERALL MEAN 4.32 0.47 High

 47

Table 2a Level of Efficiency in cashless transactions towards micro-

enterprises in terms of Safety
Safety Mean S. D Description

11. I feel that cashless

High
transaction will reduce 3.94 0.98
cash related fraud.
12. I am receiving
notifications or sms
Very High
whenever I login my 4.64 0.63
account for online
transactions.
13. I am receiving
messages on how to
protect my account and Very High
4.50 0.71
reminders not to click
suspicious links.
14. I have not experienced
phishing when paying High
3.82 1.12
or receiving payments
via online.
15. I have not been
scammed when paying
3.98 1.22 High
or receiving payments
through online.
16. I am confident that my
personal information is 4.06 0.93 High
being protected.
17. I am able to track the
Very High
history of transactions I 4.52 0.68
have made.
18. I am receiving proofs of
Very High
payment confirmation 4.64 0.66
via email or sms.
19. I feel that paying online
is safer than the
3.88 1.00 High
traditional face to face
payment.
20. I feel secure with all the 3.90 0.95 High
 48

types of passwords that

online payment offers.
Overall Mean 4.19 0.53 High

Table 2b Level of Efficiency in cashless transactions towards micro-

enterprises in terms of Convenience
Convenience Mean S. D Description

11. I think that using online

payments can offer me
Very High
wider range of 4.60 0.67
payment
options.
12. I think that online
payments offer better
High
choices for its users 4.38 0.83
through its
features.
13. I think that paying or
receiving payments Very High
4.60 0.81
online saves me more
time.
14. I think that applications
for online payments are
High
not complicated and 4.38 0.83
can be easily
understood.
15. I am happy that online
payments offer more
promos and vouchers
4.44 0.79 High
that can be used
on my online
transactions.
16. I feel that paying or
receiving payments
online is more
convenient 4.42 0.86 High
than the
traditional face to face
payment.
17. I feel that my 4.54 0.73 Very High
customers are happy
because our store
offers
 49

cashless
transaction/payment.
18. I see no problem if
cashless transaction
High
will be permanently 4.40 0.86
added as a mode of
payment.
19. I am happy that I no
longer need to bring
cash with me when 4.34 0.92 High
transacting with
my customers.
20. I feel that cashless
transactions increase
my quality of service, in
terms of processing
4.48 0.71 High
time and comfort,
where there’s no need
for changes at the time
of purchase.
Overall Mean 4.46 0.67 High

Table 3 Significant Differences in the Level of efficiency in cashless

transactions towards micro-enterprises by Age
Sum of
Indicators Square Sig. Decision on Ho

Safety Do Not
3.25 0.355
Reject

Convenience
0.959 0.811 Do Not
Reject

Table 4 Significant Differences in the Level of Organizational Innovation by

Sex
Sum of
Indicators Square Sig. Decision on Ho

Safety Do Not
2.194 0.139
Reject
 50

Convenience 2.637 0.104 Do Not

Reject

Table 5 Significant Differences in the Level of efficiency in cashless

transactions towards micro-enterprises by type of business
Sum of
Decision on
Square Sig.
Indicators Ho

Safety Do Not
2.514 0.113
Reject

Convenience 0.971 0.324 Do Not

Reject
 51

Appendix G

TURNIT IN CERTIFICATION
 52

Appendix H

GRAMMARLY CERTIFICATION
 53

Appendix I

ADAPTED SURVEY QUESTIONNAIRE

Efficiency of Cashless Transactions towards Microenterprises in Davao

City
5 – Always 4 – Oftentimes 3– Sometimes

2 – Seldom 1 – Never

Table.1 Efficiency of Cashless Transactions towards Microenterprises

A. Safety 5 4 3 2 1

1. I feel that cashless transaction will reduce cash related fraud.

2. I am receiving notifications or sms whenever I login my account for

online transactions.

3. I am receiving messages on how to protect my account and

reminders not to click suspicious links.

4. I have not experienced phishing when paying or receiving

payments via online.

5. I have not been scammed when paying or receiving payments

through online.

6. I am confident that my personal information is being protected.

7. I am able to track the history of transactions I have made.

8. I am receiving proofs of payment confirmation via email or sms.

9. I feel that paying online is safer than the traditional face to face
payment.

10. I feel secure with all the types of password that online payment
offers.
 54

B. Convenience

1. I think that using online payments can offer me wider range of

payment options.

2. I think that online payments offers better choices for its users
through its features.

3. I think that paying or receiving payments online saves me more

time.

4. I think that applications for online payments are not complicated and
can be easily understood.

5. I am happy that online payments offer more promos and vouchers

that can be used on my online transactions.

6. I feel that paying or receiving payments online is more convenient

than the traditional face to face payment.

7. I feel that my customers are happy because our store offers

cashless transaction/payment.

8. I see no problem if cashless transaction will be permanently added

as a mode of payment.

9. I am happy that I no longer need to bring cash with me when

transacting with my customers.

10. I feel that cashless transactions increase my quality of service, in

terms of processing time and comfort, where there’s no need for
changes at the time of purchase.

This research instrument is adapted and modified from the research of

Kanishk Gupta and Nupur Aurora (2019). Investigating Consumer Intention to
Accept Mobile Payment Systems through Unified Theory of Acceptance
Model. Retrieve from:
 55

https://www.emerald.com/insight/content/doi/10.1108/SAJBS-03-2019-0037/
full/pdf?title=investigating-consumer-intention-to-accept-mobile-payment-
systems-through-unified-theory-of-acceptance-model-an-indian-perspective

Appendix J

CURRICULUM VITAE

Reinier A. Amarante

939 Caimito St. Citizen’s Village, polomolok South Cotabato

Contact Number: 09163393711

Email Address: reinier.amarante0709@gmail.com

Personal Profile

Birthdate: July 9,1999

Birthplace: Polomolok
Father’s Name: Rosalito Amarante
Mother’s Name: Ernelyn Amarante

Educational Background

2018 – 2023 University of Mindanao – Main Campus

2013 – 2018 Notre Dame Siena College of Polomolok

2007 – 2012 Notre Dame Siena College of Polomolok

 56

Organizations

2022– 2023 Junior Finance Executives (JFINEX)

JENNY LYN E.

SGR Village, Camasura Compound Davao City

Contact Number: 09755721005

Email Address: liboon.jennylyn@gmail.com

Personal Profile

Birthdate: July 08,1996

Birthplace: San Juan, Maco
Father’s Name: Norma E. Liboon (Deceased)
Mother’s Name: Leonardo A. Liboon

Educational Background

2019 – 2023 University of Mindanao – Main Campus

2013 – 2015 ComputerSense College
2008-- 2012 Erico T. Nograles National High school
2002 – 2008 Maco Elementary School
 57

Organizations

2022– 2023 Junior Finance Executives (JFINEX)

JEANETH TORIO

SGR Village, Camasura Compound Davao City

Contact Number: 09100589031

Email Address: jeanethtorio29@gmail.com

Personal Profile

Birthdate: July 08,1996

Birthplace: San Juan, Maco
Father’s Name: Norma E. Liboon (Deceased)
Mother’s Name: Leonardo A. Liboon

Educational Background

2019 – 2023 University of Mindanao – Main Campus

2013 – 2015 ComputerSense College
2008-- 2012 Erico T. Nograles National High school
2002 – 2008 Maco Elementary School

Organizations

2022– 2023 Junior Finance Executives (JFINEX)

58