Financial Statements and Stakeholders The WritePass Journal

Financial Statements and Stakeholders Introduction Financial Statements and Stakeholders -2014. [Online]. j-sainsbury.co.uk/media/2064053/sainsbury_s_annual_report_and_ accounts_ 13-14.pdf. 2014. [Accessed online on 01/11/2014] Laurent, C.R. Improving the efficiency and effectiveness of financial ratio analysis. Journal of Business Finance and Accounting. [Online] Vol 6(3). 2006. p401-413. McLaney, E. J., Â  Atrill. P. (2008). Accounting and finance : an introduction. Fourth edition. Harlow: Pearson. Palepu, K. Healy, P. (2008) Business Analysis and Valuation: Using Financial Statements. Mason:Thomson Learning WM Morrisons Supermarkets plc , 2014. Morrisons Annual Report 13-14 [Online]. http://annualreport.marksandspencer.com/downloads/MS_AR2014_Annual_Report.pdf [Accessed online on 01/11/2014]

Modern Music essays

Modern Music essays Claude Debussy composed his music with an emphasis on sound, sensuous, and sumptuous sound. His music turned away from German-Romanticism and German music with its chromatic harmonies and melodic formulas. Debussy uses color as his basic building block and in doing so has constructed a style of music to represent him and his proud nation of France. This paper is going highlight his extrordinary style of composition and the techniques he used to develop Impressionism. Between 1893 and 1895 Debussy worked on an opera based on Maurice Maeterlincks play Pellas et Mlisande. According to Grayson, this project always encompassed Debussy. The discovery of Pellas in 1893 was indeed a major turning point in Debussys career, and, as his remarks imply, it was the production of this opera in 1902 that brought him international celebrity. From that point on, everybody did indeed know what he had done. Debussy was taking great chances when writing opera, it was a good way to have everyone laugh at you and your work and put you on a shelf like a book you couldnt get through. His music stresses mood and nuances over patterns with pure melodies. It is impressive the way he created time standing still, by creating animated harmonic stasis. Richard Osborne describes Debussys work, Pellas et Mlisande is a drama of the inner, the really real world, a drama of implication, of psychological conflicts too secret to concentrate into the obvious attitudes of life, exhibitory and active... Arkel is old age poignantly particularized. The music by which Debussy gives him grief and wisdom is bowed in its sombre-moving phrases and harmonies, so pathetically in contrast to the golden throated lyricism of Pelleas: the innocent youngness but older in herself than she knows of Melinsande, the simple manliness of Gouland, that unfortunate horseman.1 Debussy b...

English Essay Example | Topics and Well Written Essays - 750 words - 14

English - Essay Example The tone and the use of words are not very scholarly. This can be attributed to how the essay is grounded on inference and not on facts. To illustrate, a students adapts a more confident tone if he knows he has studied for a report and is prepared with evidence if indeed a panelist asks questions. On the other hand, a students who is unprepared lacks confidence in what he has to say, and in turn resorts to using colorful and flowery words with the hope that it can influence the panelists to believe in his statements no matter how empty and trivial they are. The 2 students are much like the 2 articles compared side by side. A good article is the former, but this essay proves to be no different from the latter. The essay is built on a frail foundation not strong enough to withstand scrutiny, if analogy should be used. Even the title itself is inappropriate for the content for it talks about the special treatment, perks and privileges accorded to what society labels as â€Å"physically attractive†; it doesn’t talk about the importance, but the implications of being beautiful.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   As aforementioned, the points emphasized are supported by implausible data. The major assumptions cover a range, from children to the elderly. The essay presents assumptions that children who are considered beautiful are seen as more behaved and it is also assumed that men and women who are physically attractive climb the corporate ladder faster than their counterparts who are not gifted with good looks or admirable physique. Another assumption is that older patients are given more time and attention if they are viewed as possessing good looks. This results take root from the comment of a certain consultant,† Because the doctor feels that beautiful patients are more likely to respond to treatment, he’ll give them more time and

Implementation Research Paper Example | Topics and Well Written Essays - 1000 words

Implementation - Research Paper Example Poor training will mean that the people who are supposed to be using the system are in the dark in the running of the system. They need to be part of the implementers of the system rather than being mere spectators (Graham, 2009). For Aux Bons Soins to go through in the implementation process of the system, they need to have all the data that need to be captured in the system in place. The data should not have any signs of redundancy. They should be as clean as a possible. There should be modules in place that will be used in the various sectors like the finance module, the human resource and the payroll system. The placing of these systems in place will make integration of the systems to be simple (Graham, 2009). Challenges of implementing ERP There are various challenges that are experienced in implementing an ERP system. This was experienced with the implementation of ERP in Aux Bons Soins. The main causes for the difficulties of the implementation are that of lack of support from the top management. Initially, there was a lack of understanding of the system with the top management. The top management was not supportive of the implementation of the new system. They did not think that the system will solve the problems of the various departments. This therefore affected the way finances were distributed and the way funding was undertaken. Without enough financial resources, a new system will not be implemented well. This was a major issue with the implementation of ERP system in Aux Bons Soins (Graham, 2009). Another source of the difficulty was the lack of cohesion between the various departments in the organization. Since the ERP system will be used to serve various processes in the whole organization, there is a need to have a unified process and one vision of the whole organization. There was a problem with the whole organization as the various departments in the organization had varying views (Young, 2009). This is something that made the implementation process hard. If the system would be implemented in one department or fewer departments, the problem could be avoided and the implementation would be a lot easier. Each department has developed their own objectives. This is making the whole process difficult. This made unifying the whole implementation process a tedious process. ERP systems serve many departments and; this is unlike other systems which are used to manage one process which affects one or two departments (Graham, 2009). Another issue and source of difficulties in the process were the technical compatibility with the other systems which have been running in the organization. It was hard for the technical department to unify the technical modules so that there is one system and the compatibility with the various processes that are found in the different departments. This is one cause of the difficulties which were found in the various departments (Graham, 2009). Key elements which led to success One of the key factors t hat will determine the success of an ERP is the project management. This is the application of the skills and knowledge so that the coordination of the schedules and activity monitoring is achieved. The plan for project management involves the definition of the activities that will be performed, assigning of personnel to those activities, and promoting the acceptability of the process in the system. There is also the very important factor of business process reengineering. This is the

Carnival Corporation Case Study Essay Example for Free

Carnival Corporation Case Study Essay Carnival Corporation as the largest cruise line in the world is being a leader and innovator in the cruise line industry. Many of the onboard activities and services were introduced to strengthen the competencies between competitors. The challenges of the Carnival were being overcome by the management with creative and innovative strategies. As a corporate entity, Carnival did not refuse to withdraw money to settle the ocean pollution charged by public. The expansions of cruise line market via acquisition of a few subsidiaries dominate the cruise line in the world. 1. Strengths (internal factors) First, the largest cruise line in the world, as the leader and innovator in the cruise industry (growth from two converted ocean liners into an organization with multiples cruise lines). Second, the belief of management and Board of Directors that the company will grows better. It motivates the employees to work hard. Third, internal grow in term of vessels that approximately ten vessels are under construction. Fourth, employees loyalty (the longest period employees remain in this organization is around eight years) because Carnival management treating well to their employees in terms of wages). Fifth, creative and innovative corporate officers that is ready to face challenges. Sixth, Carnival has operational experience and economic of scales that causing them to have lowest break even point in the same industry. Weaknesses First, in 1972, the speed of ship was slow. Second, the long-term debt within 1999 and 2001 is increased (the payback of debt may lower the revenue and thus decreasing the dividend payment for shareholders). Third, the expand market (business) of Carnival causing the difficulty in managing the business. Fourth, reducing on net income in 2001 is because of higher costs and expenses. 2. Opportunities (external factors) First, the expansion through acquisition can reduce the competitors in same industry and has the ability to compete with other competitors (lower advertising costs). Second, collaboration with travel agents can promote cruises. Third, the industry is expected to have bright future in passengers, consolidation through mergers, buyout, and smaller cruise operator failure, and the expansion of the industry worldwide. Fourth, expand of target customers from older people to younger people. Fifth, expand of onboard activities (casino, disco, and nightclub). Threats First, terrorist events that were happen in 11 September 2001. Second, negative publicity in 2002 where Carnival subjected by the ocean pollution charges and â€Å"Norwalk-like† virus that affect the cruise industry. Third, the increased of fuel costs and airline costs that affect the industry. Fourth, the failure of Carnival discontinued operations of Fiesta marina Lines that affect the company image. Fifth, Persian Gulf War that was increased competitors in the cruise industry especially in Caribbean area. Sixth, Royal Caribbean Cruise Lines had institute a major shipbuilding program that challenges Carnival. The emergence of Walt Disney Company in the cruise market; and the prospect of new ships on the horizon give impact to the â€Å"family† cruise vacation segment. 3. Core competencies Yes, Carnival has core competencies because it is the competency crosses divisional boundaries, Carnival can do exceedingly well, and must continuously reinvest in it: i) Adding diversion onboard – such as disco, nightclubs, casino, and others. Carnival also tries to attract younger cruisers by providing vacation package that included airfare to the port of embarkation and home after the cruise. ii) Product positioning – Carnival believes that cruise market comprised to three segments (contemporary, premium, luxury) with different passenger demographics, characteristics, and growth requirements. iii) Travel agents – collaborate with travel agents to promote cruises. Carnival also training travel agents from nonaffiliated travel firm to sell cruises. 4. Distinctive competencies Yes, Carnival has distinctive competencies because distinctive competency is the superior to those of the competitions and difficult for competitors to compete with Carnival: i) Investment in new ships – Carnival is expanding its internal growth by investing in new ships. The ships under constructions are around 10 vessels. It is difficult for other competitors to invest in these large numbers of ships in same period but Carnival can do. ii) External expansion through acquisitions – Carnival has five subsidiaries that control the major cruise lines in different countries. This causing Carnival becomes as the largest cruise line in the world. 5. What trends are emerging in cruise industry?  i) The adding diversion onboard such as planned activities, disco, nightclubs, casino, and other forms of entertainment activities (different kinds of activities that suitable for different ages of target customers). ii) Moderate priced vacation for younger cruisers that included airfare to the port of embarkation and home after the cruise. iii) All inclusive packages that began with bags were tagged for the ship at the airport, air-conditioned bus, meals, onboard activities, house keeping service, until passengers were transported back to airport. iv) Love story movie such as â€Å"Titanic† and â€Å"Love boat† that promote the romance onboard encouraging couples to join cruise. 6. Marketing strategy i) Price – moderate price (vacation packages) that middle-class clients afford to pay. Prices for different levels of rooms are charged according to the customers needs. ii) Product – vacation package that suitable for the clients aged. Other onboard activities such as casino and disco. The service from picking up the clients at airport to board and dropping clients again at airport. iii) Place – Caribbean ports and other destination such as Walt Disney World, Holland, and Costa, as long as the clients want to go. iv) Promotion – some of the promotions are done by travel agents. The â€Å"Fun Ship† cruise that with designated shipboard party and everyone is welcomed by Carnival is another success promotion. 7. The importance of travel agents The travel agents will help Carnival to promote the cruises as an alternative to Disney or European vacation. For people who never take a cruise in their life, or afraid of taking a flight to the destinations will be attracted. Thus, it shows that the important role of travel agents to Carnival. Besides that, not only attracting clients to take a cruise as the core business, selling cruise is also part of the Carnival business. Thus, Carnival is training travel agents from nonaffiliated travel firms to sell cruise. Because of the attractive benefit in term of money provided by Carnival, in year 2000, Carnival took reservations from about 29000 travel agencies to promote the business. And, it proves that this strategy in promoting cruises either to attract clients boarding the cruise or selling the cruise is succeed. 8. Flight or cruise? We will choose cruise because we have not travel yet to some where by cruise before. i) In our opinion, although the price for a cruise might be higher a bit than to take a flight to Caribbean island that we can afford to pay. By choosing a package for the cruising is worth because there will be variety of services that suitable for us as active younger cruisers rather than just to sit in the flight and we have nothing to do. ii) Even though cruise may take a longer time to reach Caribbean island, the final destination that we will reach is Caribbean island no matter we take a cruise or flight. Thus, we can enjoy the onboard facilities that we have paid for. Disco, nightclubs, gym room, cinema, and casino are the places that we seldom go for but we can enjoy if we take a cruise for this vacation. iii) Cruise is a place that we can relax ourselves since the purpose of travel is to relax our mind. The sea view from a ship can make us happy and reduce our stress. On the other hand, we c an also meet some new friends through this trip. iv) Besides, we can experience some exotic destinations when the cruise will sail in the ports. The cruisers can come down from the vessel and visit some famous spots. Adversely, if we take flight, we can’t visit anywhere except just transit in airport. 9. Evaluation of Carnival’s targeting to specific target market i) Contemporary segment – served by Carnival ships, featured a casual ambiance. ii) Premium segment served by Holland America, for longer market and appealed to more affluent consumers iii) Luxury segment – served by Seabourn and Cunard, catered to experience cruisers. The above are the target market for Carnival. Each segment has different types of costs to be charged to consumers. For the contemporary segment, it is more suitable for family and people who need relaxing during a short period of holidays. The price is cheaper than premium or luxury segment. For the premium segment, it is more suitable for affluent consumers, who need a longer period to relax. It normally targets an older people to board because the facilities in the ship are more suitable for their ages. This segment of cruise will have more cabin or public space per person. In term of price, it is the most expensive and little people can afford to pay. The price for this segment is higher than contemporary segment. Not everyone will prefer this segment of cruise because they need to consider the available time for taking the cruise. The luxury segment targets for extremely rich consumers where they were served as â€Å"king† and â€Å"queen† in the ship. The consumers who taking this segment of cruise can show that they have a higher social status and prestige is the main consider by consumers. 10. Strategic management in Carnival Carnival has a very unique and successful strategic management in cruise industry. During terrorist events in 2001, the world cruise industry was negatively impact by it. However, to overcome this problem, Carnival offered a deep discount to lure back the passengers. In year 2002, Carnival was subjected to the ocean pollution charges. The company was withdrawing $18 million to overcome this issue. This strategy is not only to overcome the issue ethically but also to maintain the company image. Carnival is doing well in pricing strategy where they offer different kinds of packages with moderate price for different kinds of customers. To improve the core competency of the company, Carnival tried to increase the services onboard and adding diversions onboard. Even though other cruise company can imitate this strategy but Carnival is the first to invent the same strategy that succeeds to gain revenue from it. Carnival tried to introduce new strategy to make more convenience to consumers such as the â€Å"all-inclusive package†. The main purpose of this strategy is to maximize the satisfaction of consumers on Carnival services. Finally, to reduce the competition in cruise industry and to compete with other competitors in the same industry, Carnival did acquisition on many cruise lines as subsidiaries. The expansion of Carnival in cruise line market through acquisition can tighten the status of Carnival in cruise industry. 11. The advantage of being a CFC The individuals (foreigners or locals) who held the stocks of Carnival under the CFC status are incorporation exempt shipping operations of United States persons from income tax. Carnival with all of its income (except of United State source of income from transportation, hotel and tour business of Holland America) would be exempt from United State federal income taxes at the corporate level. This exemption not only can increase the revenue of Carnival, it also allows the company to have more funds (liquidation assets) to run more projects or activities for the company. The reason of government to give exemption to Carnival is because to encourage this industry to growth and attract more passengers boarding on ship, especially the ship with casino. It will increase the government sources of money. 12. How to maintain low costs, high level of service? i) Vertical integration or outsourcing – Carnival can try to produce in-house or outsource the products or services in related industries such as shipbuilding, meal preparation industry, and transportation (bus). This is because either vertical integration or outsourcing, which contributes the lowest cost, will be the choice of Carnival to either produce in-house or to outsource the needs. The good relation with suppliers can guarantee the best quality of the products or services. The in-house produce (vertical integration) can guarantee for the high level of products and services quality. ii) Maintain employees – Experienced employees can be the senior for the new comers. They can train and guide the new workers while doing a task rather than the company to send them for training course. Thus, maintaining experienced employees can save the labor cost and maintain the service quality to passengers. iii) Maintain crui se standard (such as sanitary standard) by periodically checking to avoid break down during cruising and it may need higher cost to repair and bring inconvenience to passengers. Conclusion The success of Carnival is depends on the innovative Board of Directors and management. The growth of cruise market becomes more significant because of the low fares high quality of service. Carnival is dominating the cruise line market but they still do investment in improving the services so that to avoid the core competencies become the weaknesses of the company. Even though the net profit of year 2001 is decreased but it did not mean that they have weak internal control. External factors such as increased in fuel cost also are considered the factor in the declining profit. Finally, Carnival has the potential to grow in cruise line market because they already gained the experience in cruise line and they have strong financial to support many cruise activities.

new zealand politics 1984-1993 Essay example -- essays research papers

On July 6 1984, the fourth Labour government were elected into parliament after defeating the National party in a snap election. 1984 can be regarded as a major turning point in New Zealand political history in the sense that significant political changes affected the whole of the New Zealand society, economy and political structure. New Zealand government’s experimented with radical Neoliberal policy programmes to achieve economic and social progress during this period. The essay shall discuss the central features of the process of policy change over the period of 1984 to 1993 in New Zealand. These reforms were among the most sweeping in scope and scale within any industrialised democracy. There are a significant number of historical and institutional similarities between Australia and New Zealand which make them a fertile ground for comparative analysis. This essay shall compare industrial relations reform in Australia and New Zealand during the 1980s and 1990s, integrating both institutionalist and interest-based approaches. Within comparative politics there are two main approaches to the impact of economic change on national policy patterns. The first, new institutionalism has been very influential in comparative industrial relations. The second, which focuses on the role of interests, has also been significant in New Zealand and Australian politics. The concept of institutionalism is central to the analysis of the reform episode that took place in New Zealand. Institutions are the rules of the game in a society or, more formally, are the humanly devised constraints that shape human interaction (North,1990:3). Zucker defines Institutionalism as a fundamentally cognitive process (1983:25). In comparison, Immergut argues that the theoretical core of the new institutionalism is the view that there is a tendency for certain arrangements in social life to persist over institutions and for these institutional arrangements to affect not just strategic actions but also the preference formation of social actors (1998:7). Immergut stresses the fundamentals of the concept of institutionalism can be problematic as there are many conflicting definitions and analysis. â€Å"Since the common research interest is in the black box between potential political demands and ultimate outcomes, it does not make sense to predefine the contents of this box. A standard definit... ...liams Books. Kasper, W. (1996) ‘Free to Work: The Liberalisation of New Zealand's Labour Market,’ Policy Monograph 32, Centre for Independent Studies, Sydney. Maloney, T. (1997). Benefit Reform and Labour Market Behaviour in New Zealand.’ Institute of Policy Studies, Victoria University: Wellington. McClure, M. (1998). ‘The Reluctant State: 1984-1998’ in ‘A Civilised Community: A History of Social Security in New Zealand 1898-1998’. Auckland University Press: Auckland. North, D. (1990) ‘Institutions, Institutional Change and Economic Performance.’ New York: Cambridge University Press. Rankin, S., St John, S. (1998). ‘Quantifying the Welfare Mess’ (Policy Discussion Paper 22) Department of Economics: University of Auckland. Schwartz, H. (2000). ‘Internationalization and Two Liberal Welfare States Australia and New Zealnd’ in Scharpf, Fritz & Schmidt, Vivien, (eds). ‘Welfare and Work in the Open Economy’ (vol 2), Oxford University Press: New York. Shipley, J. (1991). ‘Welfare That Works,’ Minister of Social Welfare, Wellington Zucker, L. (1983) ‘Organizations as Institutions’, in Bacharach, S (ed). ‘Research in the Sociology of Organizations,’ Greenwich: JAI Press.

Education in the Philippines Essay

During the period of colonization by the United States, Education in the Philippines changed radically, modeled on the system of Education in the United States of the time. After theSecond World War, changes in the US system were no longer automatically reflected in the Philippines, which has since moved in various directions of its own. Filipino children may enter public school at about age four, starting from Nursery up to Kindergarten. At about seven years of age, children enter elementary school (6 to 7 years). This may be followed by secondary school (4 years). Students may then sit for College Entrance Examinations (CEE), after which they may enter tertiary institutions (3 to 5 years). Other types of schools do exist, such as Private schools, Preparatory schools, International schools, Laboratory High Schools and Science High Schools. Several ethnic groups, includingChinese, British, Americans, and Japanese operate their own schools. Elementary schooling is compulsory, but 24% of Filipinos of the relevant age group do not attend, usually due to absence of any school in their area, education being offered in foreign languages only, or financial distress. In July 2009 DepEd acted to overcome the foreign language problem by ordering all elementary schools to move towards mother-tongue based learning initially. The order allows two alternative three-year bridging plans. Depending on the bridging plan adopted, the Filipino and English languages are to be phased in as the language of instruction for other subjects beginning in the third and fourth grades Secondary schooling is of four years duration only. Although secondary schooling is compulsory, some Philippine news media have reported that since the 2000s, many Filipino students who began studying at private high schools, are forced to transfer to public high schools because of increasing cost of living and private school fees and financial distress. Many public elementary/high schools in the country are already overcrowded. The school year in the Philippines starts in June of one year and ends in March of the next, with a two-month summer break for April and May, one week of semestral break (the last week of October), and a week or two of Christmas break. History and development Earlier times Further information: Ancient Philippine scripts In pre-Spanish times, education was informal unstructured in some areas. Children were provided more vocational training and less academics (3 Rs) by their parents and in the houses of tribal tutors. When the Spanish arrived in Manila, though, they were surprised to find a population with a literacy rate using a system of writing known as baybayin which was higher than the literacy rate of Madrid. Spanish period Main article: Philippines education during Spanish rule Under the Spanish, education indigenous population was initially left to religious orders, with primary education being overseen by parish friars who generally tolerated the teaching of only religious topics. The friars, recognizing the value of a literate indigenous population, built printing presses to product material in Bambayin. The friars, generally poorly educated themselves, were especially hostile to local population, termed indios learning to speak and read Spanish, which would have made available access to the same body of knowledge the friars had. Secular education was completely neglected; with only one public primary school operating in Manila as late as 1830. A 1714 royal decree creating secular universities was never implemented. A 1702 decree creating seminaries for natives was implemented only in 1772. Access to education by the Filipinos was later liberalized through the enactment of the Educational Decree of 1863 which provided for the establishment of at least one primary school for boys and girls in each town under the responsibility of the municipal government; and the establishment of a normal school for male teachers under the supervision of the Jesuits. Primary instruction was secularized and free and the teaching of Spanish was compulsory. In 1866, the total population of the Philippines was only 4,411,261. The total public schools was 841 for boys and 833 for girls and the total number of children attending these schools was 135,098 for boys and 95,260 for girls. In 1892, the number of schools had increased to 2,137, 1,087 of which were for boys and 1,050 for girls. By 1898, enrollment in schools at all levels exceeded 200,000 students. First Republic. The defeat of Spain by American forces paved the way for Aguinaldo’s Republic under a Revolutionary Government. The schools maintained by Spain for more than three centuries were closed for the time being but were reopened on August 29, 1898 by the Secretary of Interior. The Burgos Institute in Malolos, the Military Academy of Malolos, and the Literary University of the Philippines were established. A system of free and compulsory elementary education was established by the Malolos Constitution. American period Main article: Philippines education during American rule. Further information: Thomasites An adequate secularized and free public school system was established during the first decade of American rule upon the recommendation of the Schurman Commission. Free primary instruction that trained the people for the duties of citizenship and avocation was enforced by the Taft Commission per instructions of President William McKinley. Chaplains and non-commissioned officers were assigned to teach using English as the medium of instruction. A highly centralized public school system was installed in 1901 by the Philippine Commission by virtue of Act No. 74. The implementation of this Act created a heavy shortage of teachers so the Philippine Commission authorized the Secretary of Public Instruction to bring to the Philippines more than 1,000 teachers from the United States called the Thomasites between 1901 to 1902. These teachers were scattered throughout the islands to establish barangay schools. [7]The same law established the Philippine Normal School (now the Philippine Normal University) to train Filipino teachers for the public schools. The high school system supported by provincial governments, special educational institutions, school of arts and trades, an agricultural school, and commerce and marine institutes were established in 1902 by the Philippine Commission. In 1908, the Philippine Legislature approved Act No. 1870 which created theUniversity of the Philippines. The Reorganization Act of 1916 provided the Filipinization of all department secretaries except the Secretary of Public Instruction. Two decades later, enrollment in elementary schools was about 1 million from a total of 150,000 students in 1901. [7] After World War II In 1947, by virtue of Executive Order No. 94, the Department of Instruction was changed to â€Å"Department of Education. † During this period, the regulation and supervision of public and private schools belonged to the Bureau of Public and Private Schools. Marcos era In 1972, the Department of Education became the Department of Education and Culture by Proclamation 1081. Following a referendum of all barangays in the Philippines from 10–15 January 1973, on 17 January 1973 President Marcos ratified the 1973 Constitution by Proclamation 1102. The 1973 Constitution set out the three fundamental aims of education in the Philippines, to: ? foster love of country; ?teach the duties of citizenship; and ?develop moral character, self discipline, and scientific, technological and vocational efficiency. On 24 September 1972, by PD No 1, the Department of Education, Culture and Sports was decentralized with decision-making shared among thirteen regional offices. In 1978, by PD No 1397, the Department of Education and Culture became the Ministry of Education and Culture. The Education Act of 1982 provided for an integrated system of education covering both formal and nonformal education at all levels. Section 29 of the Act sought to upgrade education institutions’ standards to achieve quality education, through voluntary accreditation for schools, colleges, and universities. Sections 16 & 17 upgraded the obligations and qualifications required for teachers and administrators. Section 41 provided for government financial assistance to private schools. The Act also created the Ministry of Education, Culture and Sports. Fifth Republic On 2 February 1987, a new Constitution for the Philippines was ratified. Section 3, Article XIV of the 1987 Constitution contains the ten fundamental aims of education in the Philippines. In 1987 by virtue of Executive Order No. 117, the Ministry of Education, Culture and Sports, became the Department of Education, Culture and Sports . The structure of DECS as embodied in EO No. 117 remained practically unchanged until 1994. On 26 May 1988 Congress enacted Republic Act 6655, the Free Public Secondary Education Act of 1988, which manndated free public secondary education commencing in the school year 1988-1989. On 26 May 1988 Congress enacted RA 6655 which made free public secondary education to become a reality. On 3 February 1992, Congress enacted Republic Act 7323, which provided that students aged 15 to 25 may be employed during summer or Christmas vacation with a salary not lower than the minimum wage. 60% of the wage is to be paid by the employer and 40% by the government. On 3 February 1992, Congress enacted RA 7323 which provided that students aged 15 to 25 may be employed during summer or Christmas vacation with a salary not lower than the minimum wage. 60% of the wage is to be paid by the employer and 40% by the government. The Congressional Commission on Education (EDCOM) report of 1991 recommended the division of DECS into three parts. On 18 May 1994, Congress passed Republic Act 7722, the Higher Education Act of 1994, creating the Commission on Higher Education (CHED), which assumed the functions of the Bureau of Higher Education, and supervises tertiary degree programs. On 25 August 1994, Congress passed Republic Act 7796, the Technical Education and Skills Development Act of 1994, creating the Technical Education and Skills Development Authority (TESDA), which absorbed the Bureau of Technical-Vocational Education plus the National Manpower and Youth Council, and supervises non-degree technical-vocational programs. [17] DECS retained responsibility for all elementary and secondary education. This threefold division became known as the trifocal system of education in the Philippines. The trifocal education system of the Philippines. In August 2001, Republic Act 9155, otherwise called the Governance of Basic Education Act, was passed transforming the name of the Department of Education, Culture and Sports (DECS) to the Department of Education (DepEd) and redefining the role of field offices (regional offices, division offices, district offices and schools). RA 9155 provides the overall framework for (i) school head empowerment by strengthening their leadership roles and (ii) school-based management within the context of transparency and local accountability. The goal of basic education is to provide the school age population and young adults with skills, knowledge, and values to become caring, self-reliant, productive and patriotic citizens. [8] In January 2009, DepEd signed a memorandum of agreement with the United States Agency for International Development to seal $86 million assistance to Philippine education, particularly the access to quality education in the Autonomous Region in Muslim Mindanao (ARMM), and the Western and Central Mindanao regions.