Anger & Stress Mgt. Seminar Presented by MBCCI by: James U. Sy Jr.

Featured Lecturer Maria Victoria Quiambao-Raca (seated, 3rd from left), a psychologist and HRD Training Consultant from Manila, together with the participants of the the Anger & Stress Management Seminar organized by the Metro Bacolod Chamber of Commerce, Inc. (MBCCI) under the leadership of its President Frank A. Carbon and its staff in cooperation with MGQ Career Development Center on July 24, 2014 at the Sugar Workers Livelihood Training & Development Center, Bacolod City (James U. Sy Jr./CMAS photo).

The Metro Bacolod Chamber of Commerce, Inc. (MBCCI) under the leadership of its President Frank A. Carbon and its staff in cooperation with MGQ Career Development Center organized an Anger & Stress Management Seminar on July 24, 2014 at the Sugar Workers Livelihood Training & Development Center, Bacolod City (James U. Sy Jr./CMAS photo). The Metro Bacolod Chamber of Commerce, Inc. (MBCCI) under the leadership of its President Frank A. Carbon and its staff in cooperation with MGQ Career Development Center organized an Anger & Stress Management Seminar on July 24, 2014 at the Sugar Workers Livelihood Training & Development Center, Bacolod City. Featured Lecturer was Maria Victoria Quiambao-Raca, a psychologist and HRD Training Consultant from Manila. Raca pointed out the different stimulants to anger and stress as well as the ill effects of these emotions, and gave several methods to express and/or control them. The workshop involved a number of de-stressing activities such as using songs and dance to calm the mind, role playing, and turning to the guidance and teachings of God to have a stress-free life. Worrying and vengeance were among the stimulants determined to cause stress and anger which become more manageable with unfading faith to the One Almighty. The seminar/workshop was attended by 12 entrepreneurs and professionals from Bacolod City College (BCC), BACIWA, CENECO, Negros Daily Bulletin (NDB), and some other institutions.

Vancouver’s “Colonial” Premiered in Bacolod, Forums & Workshop Also Held by: James U. Sy Jr.

Resource speaker, organizing officials, and some attendees during the "Colonial" Art Forum last July 30, 2014 at the GGA Audio Visual Room, West Negros University (WNU), Bacolod City. From left: Dr. Maria Christina F. Bagundol, Faculty Member and Recruitment and Staff Officer, WNU; Gil Alfredo B. Severino, MBA, Instructor I, Bacolod City College (BCC); Mario R. Gabuya, Manager, Center for the Performing Arts and Culture, WNU; Hon. Sangguniang Panglungsod Member (SPM) Atty. Joceele Batapa-Sigue, Chair, Committee on Tourism, Local and International Cooperation; Dennis D. Gupa, Faculty of Arts, University of British Columbia, BC, Vancouver, Canada and formerly Assistant Professor of theatre arts and communications; and Susan Grandeza, Carlo S. Descutido, and James U. Sy Jr., all Instructor I,BCC. Not in the picture is Ionie Lacson of the office of Hon. SPM Atty. Batapa-Sigue (James U. Sy Jr./CMAS photo). “Colonial,” a multi-sensorial and transnational solo dance-theatre piece from Vancouver, Canada, made its premiere in Bacolod City last July 30, 2014 at the Gallaga Theatre, University of St. La Salle (USLS). Two performances were presented, one in the afternoon and the other in the evening. The performer was Alvin Erasga Tolentino, a recipient of the Vancouver Mayor’s Arts Award for his contributions in the performing arts in dance. Tolentino, who was born in the Philippines and immigrated to Canada in 1983, was also the director for the “Colonial” and is the founder of Co.ERASGA (2000). He is also Faculty of Arts at the University of British Columbia, BC, Vancouver, Calanda. Dennis D. Gupa, currently Faculty of Arts at the University of British Columbia, BC, Vancouver, Calanda and formerly Assistant Professor of theatre arts and communications, was Co-Director of “Colonial.” Gupa’s works were performed in Cambodia, Indonesia, and Malaysia. Jonathan Tsang was the Lighting, Set Designer, and Technical Diurector. “Colonial” was presented by Co.ERASGA through the office of Hon. Sangguniang Panglungsod Member (SPM) Atty. Joceele Batapa-Sigue, Chair, Committee on Tourism, Local and International Cooperation, with the cooperation of The USLS Artists’ Hub, the University of St. La Salle (USLS), University of Negros Occidental-Recoletos (UNO-R), West Negros University (WNU), and Colegio de San Agustin-Bacolod (CSA-B). “Colonial” is best described by its slogan “Returning. Remembering. Moving forward.” It is a one man-performance detailing the roots of the Filipino nation covered in colonialism, bloodshed, and unending struggle for freedom and self identity interpreted and expressed as contemporary dance. It strived to show the Filipino lineage, heritage, and culture through graceful and well choreographed movements of the head, torso, arms, and legs as well as facial and vocal expressions. Co.ERASGA has visited over 50 diverse cities and communities outside of Vancouver and in countries such as Belgium, Canada, France, Dominican Republic, Germany, Italy, Japan, the Philippines, Singapore, Uruguay, and Venezuela, and across four continents, to share the art of dance. Bacolod, Manila and Bulacan were some of the major cities where the 2014 Tour of Colonial gave performances. Prior to the performances, Dennis D. Gupa, Co-Director of “Colonial,” facilitated a forum on art in general and the “Colonial” in particular with students from collaborating schools as the audience. Gupa talked about his own journey to the world of art and theater and how it changed his life. Gupa was as eloquent in his speech as he was well versed in the arts. The forum at the GGA Audio Visual Room, West Negros University (WNU) was facilitated by Mario R. Gabuya, Manager, Center for the Performing Arts and Culture, Dr. Maria Christina F. Bagundol, Faculty Member and Recruitment and Staff Officer, and Ionie Lacson of the office of Hon. SPM Atty. Batapa-Sigue. Atty. Batapa-Sigue, at the conclusion of the forum at WNU, gave the students updates on developments of tourism projects in the city. Earlier this year, on February 28, Atty. Batapa-Sigue also spearheaded the 6th TechTalks Bacolod “Opportunities in Finance and accounting Outsourcing” through the Bacolod Bacolod-Negros Occidental Federation for Information and Communications Technology (BNEFIT), Inc. at the Masskara Hall at the People’s House and on July 17, actively supported The Science of Meetings: Providing System and Structure to Planning and Executing Corporate at the Eastview Hotel, Bacolod City Bacolod City College (BCC) under School Administrator Dr. Johanna Ann R. Bayoneta, with the permission of Program Coordinators Felipe R. Chin Jr., CPA, MBA (BSBA) and Mario Pao (BSOA), sent five faculty members to the forum and the performance, namely Carlo S. Descutido (BSBA/BSOA), Susan Grandeza (BSOA), Rosalia Lorilla (BSBA/BSPA), Gil Alfredo B. Severino, MBA (BSOA), and James U. Sy Jr. (BSBA). Then on July 31, 2014, the staff of “Colonial”/ Co.ERASGA conducted a dance, directing, and scriptwriting workshop for students.

Culture Nurture: E is for Education, Entrepreneurship, Employment, and Economy By: James U. Sy Jr.

Why go to college? An often asked question in college and university interviews that doesn’t seem to be answered with enough deep thought to the matter. The usual answers that one gets include to gain more knowledge, to graduate from college, and to have a good job, which by themselves are correct…partially correct actually. Partially correct because after one gains more knowledge then what? After one graduates from college then what? After landing a good job then what? Simply put the answers are very myopic, short term in nature, and are not the ultimate goal, although they contribute to the final objective. I tell my students that one’s mission in going to college is, take good note of this, to improve one’s quality of life and ultimately be happy in life. Having knowledge, having graduated, and having a job or a business are the first steps. If one is myopic, he can just focus his sights on these yet he may never attain real fulfillment and happiness in life since this ultimate goal is not within his focus. On the other hand, if one has improving the quality of life and being happy as the ultimate goal then having knowledge, having graduated, and having a good job or business are but natural preparatory steps. This way of thinking is outside the box, a different paradigm shift if you will. Many students would go to school just to hang out, drink, smoke, do drugs, go to billiard halls or disco houses, or even impregnate or be impregnated. Any of these activities that do not contribute to the fulfillment of one’s dreams have no place in a student’s focus in going to school. If a student has this mindset then he can never go down the wrong path. The importance of education can not be pointed out enough. The title of this article may well best describe the revolving interaction between education, entrepreneurship, employment, and the economy. There is a direct link between education and employment. Education prepares a citizen for employment, whether with an institution or by one’s self (entrepreneurship). An analogy I often give my students is that at one point in life, we may be required to remove a screw. Without the right tool we won’t be able to do the job. It is here where the education system comes in, by providing the screwdriver to get the job done. Generally, people with no or less education end up in labor-intensive employment - porters, stevedores, construction workers, carpenters, plumbers, etc. While these jobs are honorable, the laborer has a decreasing capability to earn as he grows older and become weaker physically. Younger applicants can easily sidetrack them in the race for bringing home the bacon. However, a job, say in the office, while still stressful, would tend to put more strain on the mind rather than on the physical, and with better pay. Office workers will have relatively fewer job-related physical mishaps or injuries than those in the labor-intensive industries. Improving quality of life therefore does not only involve earning money for the sake of having money but being able to use one’s earnings to make life more comfortable and enjoyable. This includes being able to attend to the medical needs of one’s parents or family, being able to eat what one wants to eat, and being able to go where one wants to have a vacation among other things. Traditionally, the orientation of graduates is towards salaried employment. In more recent times, this has changed as there is a growing interest in entrepreneurship in our country. Today, entrepreneurship is included in the curricula of most universities and colleges. Consider the following figures by the Department of Trade and Industry (DTI). There were 820,255 business enterprises operating in the Philippines in 2011 with 99.6% (816,759) of these being micro, small, and medium enterprises (MSMEs) (those with up to P3 million, P3-15 million, and P15-100 million capitalization respectively); The large enterprises only comprised 0.4% (3,496). 91.0% (743,250) of these MSMEs were micro enterprises; 8.6% (70,222) were small enterprises and 0.4% (3,287) was medium enterprises. In Region 6 (Western Visayas) there were 47,166 MSMEs in that year. MSMEs generated 3,872,406 jobs in 2011, or 61.0% of the total jobs generated by all types of business establishments that year; the large enterprises contributed 2,473,336 jobs. Again, micro enterprises comprise the bulk of this job generation at 45.9% (1,778,353 jobs). 206,108 jobs were generated for Region 6 (Western Visayas) that year. Thus, entrepreneurship helps improve the economy among others through 1) employment, 2) income generation of employees and businesses (both suppliers and buyers), 3) improvement of the quality of life, 4) more equitable distribution of wealth, and 5) strengthening of the government through taxes, licensing and permits, and development of buildings and other structures. In Bacolod City, the capital of the province of Negros Occidental, the local government under Hon. Mayor Monico O. Puentevella continues to operate and support the Bacolod City College (BCC), which had produced thousands of graduates within its 14 years of existence. This year BCC produced 897 graduates in its 5 programs. During the college’s 14th Commencement Exercises last April 3, 2014 at the BAYS Center, Mayor Puentevella stressed the college’s continued quest for excellence in education by having experts from the academic field in the board of trustees. He also thanked the parents for sacrificing to have their children finish college. BCC is one of only two public schools in Bacolod offering college education (the other is the Carlos Hilado Memorial State College) As graduates join the real world of employment and entrepreneurship and as high school graduates enter the gates of colleges and universities this coming June, hopefully they will realize that education, employment, entrepreneurship, and the economy are all interrelated pieces of a larger puzzle which we all call life.

Culture Nurture: Maleficient: Fairy Tale Hollywood Style By: James U. Sy Jr.

Prolific moviegoers would have noted several ongoing trends in the film industry nowadays. For one, superheroes are the in thing, with Marvel outdoing DC in the silver screen with the release of Spider-Man, The Incredible Hulk, Captain America, Iron Man, Thor, The Fantastic Four, Daredevil, Elektra, and yes, The Avengers. The most familiar DC franchise is Batman with several films already made under its belt. But aside from that there’s only Superman and Green Lantern (Flash is yet to be released and there’s a rumor of a Justice League movie). Another noticeable trend is the reemergence of several fairy tales in Hollywood, but with some new and refreshing twists. At least two new versions were made for Snow White and then there was Jack the Giant Slayer (of Jack and the Beanstalk fame), Hansel and Gretel, and Rapunzel, in the cartoon format Tangled. Other fairy tales in the cartoon format were Frozen and the three installments of Shrek. Many of these movies had some really good action packed sequences, most especially Hansel and Gretel. The latest of these fairy tales to hit the screen was Maleficient, which starred Angelina Jolie in the lead role. Interestingly, the title was not “Sleeping Beauty” but viewers would soon understand why it was not so. What differentiates Maleficient from the other previous fairy tale movies is that the point of view taken was that of the villain, not of the innocent victim princess. This adds an air of freshness to the presentation because it’s a route outside of the box. The movie depicted Maleficient, the villain in the movie, not as the kind of evil that previous fairy tales would have us see. Instead, Maleficient was given a human element (although she’s a fairy), a personality that has both a bad and good side, which tends to break our stereotype of a purely evil or a purely good person. Maleficient was both villain and hero, an anti-villain if you will. The start of the movie depicted Maleficient as a joyful and righteous fairy, appreciating the beauty in her environment and taking the responsibility of protecting all that’s within her kingdom. The attack on her people by the king represented man’s inherent greed, which often leads to conflict. Maleficient succeeded in defending their home but then she was betrayed by her childhood sweetheart and she lost her wings. Her consequent depression and transformation is a manifestation of the great sorrow caused by man’s lust for power and wealth. From a wronged person’s perspective, taking revenge is but a natural progression, something that has not been elaborately depicted in other retelling or rendering of the story of Sleeping Beauty. The movie Maleficient put this in proper perspective. Jolie looked stunning as an evil fairy with her make up and the accompanying light effects. But as fate would have it, love is the antidote to hate. Aurora (Sleeping Beauty) grew to be a fine and likeable young lady. Maleficient would often see her doing things that she used to do also when she was young, reminding her of old self. Maleficient developed a liking for Aurora though she tried to suppress and hide it. Jolie convincingly acted this out on screen. Maleficient soon started her retransformation to her old self. An unexpected twist was when Aurora did not wake up from the kiss of the prince. Then the fairy tale bubble bursts. Reality check: How can the prince really love a girl whom he just met once? Viewers are left thinking, “Now what?” Maleficient, who regretted putting a spell on Aurora, tried to revoke the curse but wasn’t able to because of the condition she had placed on the curse. At this point, Maleficient did not realize it yet but her actions bespeak of her love for Aurora. Her asking forgiveness and kissing Aurora in the forehead is symbolic of man’s real life actions that would soon lead him to regret them. It was this part wherein Maleficient’s humanity was best expressed by the film’s director. Love, which is very real, is the real fairy tale after all. Taken from a philosophical point of view, the movie Maleficient is a good medium of teaching values to children, who would have been a significant part of the total viewers of the movie. It was a story about friendship, loyalty, and betrayal, love and hate, good and evil, and how people transform because of their environment and how they are affected by the actions of others. Overall, it was a totally human depiction of a fairy tale. Two thumbs up. For those who have not yet seen it, you better do.

Kasalan 2014 Wedding Exhibition: Through the Lens of a Journalist

A display of bridal gowns and groom suits by Ysabelles’s Bridal Shop during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). A display of bridal gowns and groom suits by Simply Chic Gown Rental during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). The Misyel’s Catering Services display giving a sample of the ambiance of fine dining for the wedding reception during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). Belle Visage Services offer airbrush and traditional make up and hair styling for the bride to be at her most beautiful on the day of her wedding. Exhibit manned by siblings Emee Rose and Myla Robles during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). The Business Inn and Planta Hotel exhibit during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). The Sugarland hotel exhibit during the Kasalan 2014 wedding exhibition at the Fountain Area of Robinson’s Place Bacolod (James U. Sy Jr./NDB Photo). Robinson’s Place Bacolod is hosting at its Fountain Area Kasalan 2014, a wedding exhibit, offering different products and services from the planning stage to the actual wedding, and even the post nuptials. My Choice Party Shop (Pinky H. Mirano-Ocampo), Personal Touches by Ellen Lindaya, Unlimited Occasions (Kayte Aguilar-Matiling), and YES (Your Event Specialist) by DJM Consulting Firm offer full coordination/event planning and different wedding packages that include invitations, flowers, sound system and lights, photo and video coverage, photobooth, emcee and DJ, wedding cakes, giveaways, and fireworks among others. Design Lab also offers invitations, personalized items, graphic designs, and printing services for the wedding. In terms of bridal gowns and groom suits/barongs, Simply Chic Gown Rental and Ysabelles’s Bridal Shop offer an assortment of wedding attire for the couple and their entourage and sponsors. For the bride to be at her most beautiful on the day of her wedding, Belle Visage Services offer airbrush and traditional make up and hair styling. Amelvin’s Touch offers styling and flowers. Calishoots Photohraphy, Iyo Photography, Jesphotoworks, and SKT Digital offer photography and videography services. Carvi Canopy Tent Sales & Rentals offers aircons tents, portalets, tables and chairs, chandeliers, red carpets, floorings and Iwata air coller for weddings. And for the receptions and accommodation, exhibitors include Misyel’s Catering Services, D’ Baker’s, Business Inn, Palmas del Mar, Planta Hotel and Residences, and Sugarland hotel. .

G2B - The Best Ending Ever: A Review By: James U. Sy Jr.

Negros Daily Bulletin writer James U. Sy Jr. with PBA legend Benjie "Papa Bear Chito" Paras during the Unveiling of the Alaxan FR "Court of Inspiration" last August 26, 2012 at Prk. Langka, Brgy. Taloc, Bago City (James U. Sy Jr./NDB photo). The first time I heard the song “Got to Believe in Magic” was way back when I was just a grade 1 pupil at Tay Tung High School. The song came from the same era when songs such as “Words” and “King and Queen of Hearts” were in vogue, a time when love songs were really love songs. I was watching Juan de la Cruz when I first saw the promo for Got to Believe (G2B), which aired starting August 26, 2013. I wasn’t impressed. What does a teen hanging another teen by her ankle upside down got to do with love? Well, the teleserye just proved that “first impressions last” to be not always the case. I accidentally watched one episode and I was hooked. I’m a teenager no more and I don’t get kilig because of the beautiful or handsome lead stars. What caught my fancy was the plot first and foremost. The idea of Joaquin being accidentally shot in the head gave a refreshing twist to an otherwise love story retold hundreds of thousands of times around the world. That single event unraveled, layer by layer, the path to which their undying love story will come to full fruition. In general, the storyline was based on reality. Well, at least with the exception of say, Lolo Isko showing up to Joaquin and then making him remember everything at just a snap of a finger when Chichay had to work a number of days to unsuccessfully rehabilitate Joaquin’s memory. I say based on reality in the sense that it shows the wide gap between the rich and the poor in the Philippine setting. Juliana and her father are typical of rich people who are eye poor (mata pobre, gets? ) while the Zaragosa couple exemplified the rich but kind individuals. Jaime symbolized the poor guy who worked hard and earned his place in society. The Tampipis were the epitome of the poor family that is full of love and aspirations in life. I can deduce that G2B was a hit to the masses because of this characterization. The average Filipino can easily relate to the circumstances shown in the teleserye. They get to feel more emotional as the setting of the plot is closer to their hearts, closer to home as you might say. I’m not saying that the characterization is the centerpiece of this particular masterpiece. On the contrary, it is the fairy tale romance between Chichay and Joaquin. The characterization gave their romance more life, more meaning. I could just imagine a young poor girl watching G2B, aspiring that someday her own prince charming, a knight in shining armor, will come to her aid and cover her body or to carry her in his arms after she falls down to the floor. What the story essentially wants to show is the purity of the love of Chichay and Joaquin. Love is not just about dating, dining out, and watching the moon. It’s much more than that. In fact, G2B subtly taught that love goes beyond the usual teenage stereotype of what love is. Chichay showed that love also means sacrifice as she was willing to let go of Joaquin and be hurt in the process so he might just live. Even Bechay showed sacrifice when she did not go between the relationship of Juliana and Jaime. I especially like the concept of Joaquin losing his memory but his heart still beating for Chichay. It’s kinda sweet and doesn’t fail to make hordes of girls and ladies kilig to the bones. Their love is also pure because it was not based on lust. Chichay and Joaquin slept in one room but nothing happened. The most that Joaquin did was kiss her in the forehead, which showed his respect for her, as one would kiss a grandmother or a mother in the forehead. The producer and director of G2B wanted to present love at its purest form and in the process presenting a more wholesome TV viewing for the whole family. Just like what ABS-CBN did with Juan de la Cruz, G2B was subtly teaching its viewers values that one can use in real life. Respect for parents and superiors, the caring of the elders, the value of education, the value of friendship, honesty, fighting for one’s right and principles, being righteous, and a lot more. In this sense, G2B did more than entertain, it taught as well, though indirectly and subtly. Over all, it’s two thumbs up for me (that would be two toes up for a friend of mine ). The cast and crew did a good job. As they say, all good things must come to an end. But the lessons and values that G2B gave to the consciousness of the Filipino nation will continue to inspire and give hope, especially when Filipinos will need “magic” in their own lives.

Culture Nurture: Banking: The Summarized Genesis By: James U. Sy Jr.

The legal definition of a bank in the Philippines, as established in the General Banking Act, requires four elements for an entity to be considered as a bank under Philippine law. The institution must be 1) authorized by the Monetary Board (MB), the policy making body of the Bangko Sentral ng Pilipinas (BSP), 2) to engage in the lending of funds 3) obtained from the public through the receipts of deposits of any kind, and 4) all entities regularly conducting such operations. Thus, non-banking financial institutions (NBFIs), such as financing and lending firms, differ from banks because they lack at least one of these elements. The word bank was derived from the Latin word for “bench” since money lenders sat on benches in any Roman forum in the past. Thus, being bankrupt meant that the money lender’s bench was literally broken so he could no longer sit there anymore. Cognates for the Latin bank are the Spanish banco and the French banc, both of which also mean “bench” (Latin, Spanish, and French all came from the Romance family of languages). The concept of banking was already in existence for thousands of years. However, it was not exactly in the form that we know of today. As early as 2000 B.C. loans were recorded in the temples of Babylon. In Egypt and Mesopotamia, people kept their valuables in temples. Temples were sacred places under the protection of the Gods and were not likely to be robbed. Thus, they were safe depositories. However, since these valuables were not circulated within the community they served little value in improving the local economy. Furthermore, those who read the Bible will remember that Jesus Christ got angry because people were conducting business inside the temple. By the 12th Century, banking activities were recorded in Genoa and other Italian cities. In 1587, Banco della Piazza de Rialto, the first real public bank, was established in Venice. King Charles I of England was in great need of money in 1640 so he seized the deposits of city merchants worth 200,000 pounds of bullions which had been deposited with the mint for safekeeping. The merchants panicked and took measures by entrusting their valuables to the goldsmiths. Goldsmiths were individuals who made and/or sold jewelries such as gold. The goldsmiths of that era also lent money using their own funds. Due to the nature of their business, goldsmiths were usually the only ones who had a vault in their premises, making them the ideal keeper for the city merchants’ valuables. Goldsmiths issued receipts for the valuables entrusted to them and these receipts later became the medium of exchange, the first banknotes if you will, at least in Europe (The Chinese invented paper and unsurprising, were the first to use paper money). Then the goldsmiths started using the funds given to them for safekeeping to expand their lending businesses. As banking continued to evolve, elite banking families, such as the Fuggers, rose to prominence. They lent to noblemen like kings, queens, dukes, etc. It reached a time when these banking families in Europe became more powerful than the monarchs or kingdoms they lent money to. Utilizing their money, they started manipulating the political, economic, and financial environments. They subtly bought influence within the governments for control. These elite banking families destabilized existing monarchies if the king didn’t serve their purpose best. They paid people to cause trouble in the royal court or to cause a revolution, ultimately leading to the ouster of the king and the ascension of a new ruler whom they have control over. These elite banking families also stirred up unrest between nations, lending vast sums of money, usually to both sides, so that war could be waged. The weapons purchased by both sides were manufactured by the industrial wing of the banking-industrial cartel. Usually the outcome of a conflict was controlled by regulating the loan of money and the timing of the delivery of weapons. Sometimes artificial economic crisis was created by contracting/hoarding the money supply, leading for the population to clamor and lose faith in the government in power. The artificial economic crisis also served to increase interest from at least 12% to as high as 45%. These unscrupulous and unregulated banking practices that caused havoc to the ruling governments caused the creation of central banks in different nations to control the activity of a country’s financial system. The Riksbank of Sweden, the oldest central bank, for instance, was founded in 1656. In 1694, the Bank of England, considered as the first real central bank, was established as a joint stock company by an act of Parliament. It served as the model for most modern central banks. In the Philippines, the Philippine National Bank (PNB) (founded Jul. 22, 1916), a government-owned banking institution with headquarters in the old Masonic Temple along Escolta, Manila, served as a de facto central bank prior to the creation of the Central Bank of the Philippines (CBP), as mandated by Republic Act No. 265 (The Central Bank Act), and its formal inauguration and opening on January 3, 1949. The CBP was officially replaced by the Bangko Sentral ng Pilipinas (BSP) with the signing of Republic Act No. 7653 (The New Central Bank Act) by President Fidel V. Ramos into law on June 14, 1993. The explicitly stated primary objective of the BSP is the maintenance of price stability in the country.