HARDWORKING entrepreneurs can be counted on to be hands on in their businesses 24/7. An order hasn’t arrived at the end of the day? The businessman/woman will be on the phone instantly to find out from the supplier why the order hasn’t arrived. The computer system bogged down at 9 p.m.? No problem. The hardworking entrepreneur will go to the office to determine what’s wrong then communicate with the server people. Even on weekends, some entrepreneurs will still have business on their minds and will check on their stores (or the competition) if possible.

But working doubly hard for long periods of time without taking vacations can be bad for your physical and mental health. It’s like your body is on constant red alert. In an article entitled “Stress Basics,” staff at the Mayo Clinic say, “Over time, that level of stress leads to serious health problems.”

Migraines, back pains, vision problems and even allergies are just some of the health problems associated with work stress. While relaxation techniques and delegating tasks help, a good stress-free vacation can do wonders to recharge and reinvigorate the working man.
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WE KNOW we have one of the, if not the longest Christmas celebration in the world. Beginning September, the Christmas season is ushered in in the Philippines with the playing of Christmas songs on radio, announcements of holiday sales in the malls, and Christmas bazaars or tiangges in villages and commercial areas.

This 2009, the Christmas season seems even longer. We haven’t had as many nonworking holidays as we have this December. President Gloria Macapagal-Arroyo has declared December 26, 29, 31 and January 2 as nonworking holidays. December 25 (Christmas Day) and 30 (Rizal Day) are already legal holidays so that makes it an almost whole two-week holiday stretch from December 25 to January 4 for most people.

Most people are happy about it. One banker I spoke to says she is very happy about the long break. “I can have time to be with my family and cook,” she says. Although her bank has declared some branches open during the holidays, a system has been worked out such that employees only have to work for 1 to 2 days during the holidays (at holiday pay rate) since branches take turns being open. “In one area, there will always be a branch that is open to service the needs of the public,” she says. It’s a win-win situation. By keeping its branches open, the workload will not be that much on January 5 since some clients have been serviced during the holidays. Employees, by working for 1 to 2 days, get to earn more, yet still enjoy some days off.
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“ALMOST MEANINGLESS.” This is how Congressman Roilo Golez of Parañaque City described the Philippine centavo when he filed a resolution recently calling for a study into the possibility of retiring the following denominations: 1-centavo, 10-centavo, 25-centavo, and 50-centavo.

According to Golez, cash transactions can be rounded off to the nearest peso. Anyway, vending machines do not accept centavo coins, and producing coins cost more than their face value.

This news story came to mind as I went about my errands today. At the bakeshop nearby where I bought a loaf of bread, the cashier asked me for an additional P0.75 so she can give me a P5 coin as change. At the supermarket a few minutes later, the cashier asked if I can add P2.50 to the money I gave her so she can give me a P20 bill as change.
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MY EYES were glued on Suze Orman, well-known personal finance expert and author, as she affirmed to Larry King yesterday on Larry King Live on CNN that the current crisis is comparable to the Great Depression. See the rush transcript here .

Because of the US subprime crisis, the US big banks are falling, and so does everything else—stocks, yields, even the super insurer AIG, so it does seem like the sky is falling worldwide. After Bear Stearns, Lehman Brothers, and Merrill Lynch, two other banks—Morgan Stanley and Washington Mutual–are up for grabs. Just a few hours ago, news came in that central banks in other countries are pumping cash into their economies to help stabilize markets.

So, is this really the Great Depression 2.0?

The Great Depression happened in 1929 when the US stock market crashed on October 29, which has since been referred to as Black Tuesday. Crop prices fell, trade declined, businesses closed, incomes diminished, jobs became scarce, and in Gone With the Wind, Scarlett O’Hara had no choice but to face poverty. It was a devastating event for people who just experienced prosperity in the roaring ‘20s. It spread from the US to other countries and lasted into the late ‘30s when World War II began.

Historians say the great imbalance of wealth and stock market speculation caused that 1929 Great Depression. The rich became so rich, while the rest of America discovered credit, and soon consumers had so much debt they couldn’t buy every new thing coming out of assembly lines. Farmers also encountered an over-supply situation in the international market, so prices fell. Then it snowballed from there.

But thanks to government reforms and assistance, the US and other countries got back on their feet. Economic slowdowns happen, but they don’t last forever.

Since then, financial reforms and restrictions have been put in place, so we stand a greater chance of bouncing back faster from economic setbacks. As the Bangko Sentral ng Pilipinas says, RP banks are safe.

A New York economist shares the same view. Mark Getler, an economist from New York University, was quoted by Wall Street Journal saying: “This has been the worst financial crisis since the Great Depression. There is no question about it. But at the same time we have the policy mechanisms in place fighting it, which is something we didn’t have during the Great Depression.”

So business goes on. Back to work, guys.

Last week, the World Bank released a study called Doing Business 2009. In it, Singapore took the top spot in the rankings on the ease of doing business, New Zealand was 2nd, and the U.S. was 3rd.

Hong Kong was 4th; Japan, 12th; Thailand, 13th; and China 83rd.

The Philippines? 140th.

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