55% of RP execs report high stress levels

By Doris Dumlao

MANILA, Philippines--More than half of leaders of private businesses in the Philippines reported higher stress levels last year but were a bit better off than most of their overseas counterparts as the local stress ratio fell below the global average for the first time in four years.

This was among the highlights of the latest Grant Thornton International Business Report 2010, which was released locally by accounting firm Punongbayan & Araullo (P&A), a member firm of Grant Thornton.

The report showed that 56 percent of private business chiefs globally felt higher stress levels in 2009, with mainland China having the worst ratio at 76 percent.

On the other hand, the Philippines fell below the global average for the first time since 2006, with 55 percent of local business leaders reporting increased stress levels.

The research covered the opinions of more than 7,400 business owners across 36 economies.

“I think we can attribute this to the fact that Filipino business owners are now anticipating a rebound following the financial meltdown of 2008,” said P&A’s managing partner and chief operating officer Marivic Españo said.

“We’re seeing fewer stressed out business owners because they’ve realized the full extent of the economic crisis, and now they’re gearing up for recovery, if they haven’t already bounced back,” she added.

Survey respondents were asked about the major causes of their workplace stress. Of the 14 specific factors cited, heavy workload, pressure on cash flow, and economic climate were cited by the most number of Filipino respondents, while 31 percent had other stress factors not included in the choices.

Globally, the top three sources of stress among businessmen were economic climate (38 percent), pressure on cash flow (26 percent) and competitor activities (21 percent).

“It’s telling that while globally, the economic climate was cited as the top [stress factor], only 17 percent of Filipino business owners consider it a major cause of their workplace stress,” Españo said. “Again, this goes toward the idea that the economic slump did not hit us as hard as it did other countries, and that we are now on the road to recovery.”

The survey also found a correlation between stress levels and the number of days-off taken by an individual in a year. Countries at the top of the stress league are those where business owners, on average, took fewer holidays each year.

(As published in the Philippine Daily Inquirer, 20 March 2010. Articles about this particular IBR 2010 result have also appeared in the Philippine Star, Manila Times and Manila Bulletin on 20 March 2010, and BusinessWorld online on 22 March 2010.)