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Metrobank garners top marks at PDS Awards for 8th straight year

Living up to the Bank’s longstanding tradition of excellence and leadership in the industry, Metrobank Financial Markets Sector has once again proven that their expertise continue to contribute significantly to the growth of the Philippine financial markets.

Metrobank was recently bestowed several prestigious awards by the Philippine Dealing System Holdings Corp (PDS Group) at the PDS Annual Awards, including the highly sought-after Cesar E.A. Virata Award for Best Securities House in the Banking category. This is the eighth consecutive year that Metrobank has received this worthy distinction.

The PDS Annual Awards give recognition to industry leaders and market movers whose performance and leadership further the sustainable growth and development of Philippine financial markets.

“While it is the for the eight-time that we were given this honor, we are as proud as the first because the award recognizes the fruit of Metrobank’s commitment and dedication to the securities market despite these trying times,” shared Fernand Antonio A. Tansingco, SEVP, and head of the Financial Markets Sector of Metrobank. “Thank you for honoring us once again with the Cesar EA Virata Award for Best Securities House Bank category.”

Metrobank also brought home awards for being the Top Dealing Participant for Corporate Securities, Top Brokering Participant – Retail Transactions, and Top Fixed Income Dealing Participant.

“A lot of people ask why we in Metrobank insist on keeping our service at the same levels as prior to this pandemic,” Mr. Tansingco said. “It is because we believe that we are here to serve our customers and the financial community, and provide each and every one of our customers and clients with a meaningful banking experience.”

 

100 Bataan farmers finish SM Foundation’s KSK training

A total of 100 farmers in Bataan, coming from Barangays Poblacion, Sabang, Nagbalayong, and Binaritan, recently finished the training program under the SM Foundation’s Kabalikat Sa Kabuhayan on Sustainable Agriculture.

Under the said social good program, the farmer-participants are provided with training on modern farming technologies that would help them produce and sustain bountiful harvests. The participants are also given KSK Agri Starter Kits which include vegetable seeds and other farm implements—enough to cultivate a 100 sqm. land space for their agri-plot assignments.

Nestlé Philippines: Accelerating gender balance in the workplace

In celebration of International Women’s Month, Nestlé Philippines recently held a series of online fora for its employees and external stakeholders tackling issues, challenges, and approaches in fostering diversity and inclusion in the workplace.

This year’s theme for the celebration is #ChoosetoChallenge, a call to action for all people to step up and challenge gender bias and inequality.

“At Nestlé Philippines which has been present in the country for 110 years, building diversity and inclusion in the workplace where everyone can thrive is a top priority. The pursuit of gender balance is key to Nestlé’s approach for accelerating diversity and nurturing inclusivity in our workforce,” said Chairman and CEO Kais Marzouki.

Nestlé Philippines provides men and women in its technical teams’ equal opportunities for advancement. Production lines of factories have been rendered “women-friendly” through process automation and tools.

Mr. Marzouki shared a number of the company’s milestones towards achieving gender balance:

Balance in Leadership Roles – Nestlé Philippines has attained a 50-50 gender balance for management positions, strengthening the representation of women in leadership roles. As for senior positions, 47% (vice presidents and upwards) are held by women.

Globally, Nestlé’s vision is to increase the representation of women in its top 200 senior executive positions through the Nestlé Gender Balance Acceleration Plan. Since its launch, the plan has driven a 25% increase in women for top senior executive positions.

Equal Pay – Nestlé has pledged to accelerate equal pay globally, which means that women and men are rewarded equally or similarly for performing the same work. Since 2019, monitoring for equal pay at Nestlé Philippines shows that in the last two years there have been no significant gender pay gaps at all levels in the workforce. Proactive prevention measures of total rewards review systems and talent management are in place to maintain equal pay across all levels in all roles.

Parental Support Policy – Women are empowered to excel in every role they play. The Nestlé Philippines Parental Support Policy was launched in February 2020 as a gender-neutral policy in response to evolving parental roles. Through this policy, fully paid leave for the primary caregiver is extended from 15 weeks to 18 weeks, while fully paid leave for the secondary caregiver is extended from 9 days to 4 weeks. The company uses the terms primary and secondary caregivers to signify support for all forms of family set-ups:  biological or adoptive, including same-sex, and single parents, and legal guardians.

Balance in Candidate Sourcing – In sourcing talents, balanced representation is maintained regardless of role, by ensuring there is at least one female candidate in the pipeline.

Nurturing an environment in which Women can Thrive

  • Nestlé Philippines has made its factories’ production lines “women-friendly” through process automation and tools, giving men and women in its technical teams equal opportunities for advancement.
  • In a first for Nestlé in the Philippines, a female factory manager heading one of its production facilities was recently appointed.
  • The Makati Administrative Office has been certified as a Mother-Baby Friendly workplace with complete breastfeeding facilities. Today, All Nestlé factories are likewise equipped with breastfeeding facilities to support Nestlé moms. Paid lactation breaks are provided, as are daycare services.

ILO-ECOP Training for Women Employees in Business Soft Skills – Nestlé Philippines is the first food and beverage company in the country chosen to pilot the In Business Soft Skills Training Methodology of the International Labor Organization (ILO), facilitated by the Employers Confederation of the Philippines (ECOP). The initiative seeks to support enterprises in upskilling and broadening the critical soft skills of female employees working in Science, Technology, Engineering, and Mathematics (STEM)-related positions.

“Building diversity and inclusion in the workplace is a journey requiring a sustained commitment and unwavering focus. While we take pride in our milestones, what really counts is that these are making us a better and stronger organization, as the trusted Kasambuhay of Filipinos. The investments are worthwhile, not only for the organization but for society as a whole, because we all benefit from human empowerment, and in particular, empowered women,” Mr. Marzouki said.

Markets in Q1: Riding a tiger and waking some bears

LONDON — A new US president with $1.9 trillion to spend, amateur traders taking on seasoned hedge funds, hot oil, digital art selling for tens of millions of dollars, and grizzly bears in the bond markets. It has been an eventful start to 2021.

A year into the coronavirus pandemic and the focus has been on the vaccines vs. variants battle crucial to getting some normality back into the world economy.

It has given oil its best start to a year since 2005, with a 25% gain. World stocks have hit a few new highs too but it’s a very different story from last year’s. Whisper it, but some of the fabled FAANGs (Facebook, Amazon, Apple, Netflix, and Alphabet [formerly known as Google]) and other stratospherically valued stocks like Tesla will end Q1 down.

Then there’s been the bond bears, who have given the government debt markets their worst run since the 2013 “taper tantrum.” US Treasuries and German Bund have lost 6%6.5%; emerging market currency debt holders are down 7%.

The Democrats’ surprise clinching of the US Senate in January cleared the way for a $1.9 trillion stimulus plan. That has raised bets on growth and inflation, and some worry the Federal Reserve might be spooked into reeling in support.

BCA strategist Arthur Budaghyan said the Senate wins forced a change the view from investors and likened the market impact of the bumper stimulus plan to riding a tiger.

“Riding a tiger is fun,” Mr. Budaghyan said. “The only hitch is that no one can safely get off a tiger.”

The knock-on effects have been widespread.

From their January peaks, funds, stocks or currencies linked to innovation—the ARK Innovation Fund, Solar Energy stocks, BioTech shares, cryptocurrencies like Bitcoin, and special purpose acquisition companies or SPACs—are down 2025%.

The dollar has made the multitude of investment banks that predicted its fall look like fools by having its best Q1 since 2015 and any quarter since 2018.

Oil’s hot streak has seen the Canadian dollar and Norwegian crown outperform. Britain’s pound has too thanks to the UK’s rapid COVID vaccine rollout program, but emerging markets have been skittled.

Brazil’s real and Turkey’s lira have followed last year’s 20% batterings with further 10% drops. Remarkably the lira was the world’s best performer for the first six weeks of 2021. Then bond yields and energy prices kicked higher, and then President Tayyip Erdogan sacked another central banker.

“It is all been about the decoupling between the US and the rest of the world,” said Axa’s chief economist Gilles Moec, highlighting that at over 6%, the US is set to grow at its quickest rate since 1984 this year and faster than China for the first time in at least 20 years.

MEME MAYHEM
While oil and industrial metals like copper have soared on global reopening hopes, safe-haven gold has dumped 11%, marking its worst start to a year since 1982, albeit after a near 25% leap in 2020.

Last week’s blockage of Egypt’s Suez canal saw some shipping rates double, and electric car demand means palladium and platinum and are still 510% higher this year, but wheat and other key food prices have wilted badly.

At the other end of the investment spectrum, battles still rumble between online retail investors and the hedge funds who bet big money against so-called meme stocks like GameStop.

The video-game retailer’s shares soared as much as 2,700% in January when millions of small investors, egged on by social media, employed a classic Wall Street short squeeze on Wall Street itself. It is still up 950% whereas the main world stock index is up only 3%.

And if that doesn’t bamboozle the mind, a digital-only artwork sold for nearly $70 million this month. The buyer? A crypto asset investor going by the pseudonym “Metakovan.”

“Compared to the unusualness of Q1’s catalysts—a last-minute Democratic sweep, a surprisingly large $1.9 trillion US stimulus, meme stock trading, bubblettes bursting—Q2 will probably look less dramatic.” said JPMorgan’s cross-asset strategist John Normand. — Marc Jones/Reuters

Leaders of 23 countries back pandemic treaty idea for future emergencies

GENEVA/BRUSSELS — Leaders of 23 countries and the World Health Organization (WHO) on Tuesday backed drawing up an international treaty that would help deal with future health emergencies like the coronavirus pandemic by tightening rules on sharing information.

The idea of such a treaty, also aimed at ensuring universal and equitable access to vaccines, medicines, and diagnostics for pandemics, was floated by the chairman of European Union leaders, Charles Michel, last November.

WHO Director-General Tedros Adhanom Ghebreyesus has endorsed the proposal, but formal negotiations have not begun, diplomats say.

Mr. Tedros told a news conference on Tuesday that a treaty would tackle gaps exposed by the coronavirus disease 2019 (COVID-19) pandemic. A draft resolution on negotiations could be presented to the WHO’s 194 member states at their annual meeting in May, he said.

The WHO has been criticized for its handling of the COVID-19 pandemic and was accused by the administration of US President Donald J. Trump of helping China shield the extent of its outbreak, which the agency denies.

A joint WHO-China study on the virus’s origins said it had probably been transmitted from bats to humans through another animal and that a lab leak was “extremely unlikely” as a cause. Data was withheld from WHO experts who went to China to research its origins, Mr. Tedros said.

The treaty proposal got the formal backing of the leaders of Fiji, Portugal, Romania, Britain, Rwanda, Kenya, France, Germany, Greece, Korea, Chile, Costa Rica, Albania, South Africa, Trinidad and Tobago, the Netherlands, Tunisia, Senegal, Spain, Norway, Serbia, Indonesia, Ukraine and the WHO itself.

“There will be other pandemics and other major health emergencies. No single government or multilateral agency can address this threat alone,” the leaders wrote in a joint opinion piece in major newspapers.

“We believe that nations should work together towards a new international treaty for pandemic preparedness and response.”

The leaders of China and the United States did not sign the piece, but Mr. Tedros said both powers had reacted positively to the proposal, and all states would be represented in talks.

White House spokeswoman Jan Psaki, speaking later to a regular press briefing in Washington, said: “We do have some concerns primarily about the timing on launching into negotiations for a new treaty right now.”

Negotiations could divert attention away from substantive issues regarding the pandemic response and future preparedness, although the Biden administration remained open to international collaboration, she added. — Reuters

Digital acceleration in Philippine healthcare

Latest innovations, initiatives shaping healthcare highlighted during BusinessWorld Insights

By Adrian Paul B. ConozaSpecial Features Writer

While technology has been improving the delivery of service in hospitals and healthcare facilities, the coronavirus disease 2019 (COVID-19) pandemic has further deepened the value of innovation in healthcare.

Telemedicine, for instance, was further utilized as an alternative to face-to-face appointments. Diagnoses, meanwhile, are effectively performed even outside the doctor’s office through devices enhanced with connectivity features.

These advancements and much more were highlighted during a recent BusinessWorld Insights online forum themed “Digital Care: Health Tech Trends in 2021,” the first of the two-part online series titled “The Impact of Technology on the Healthcare Sector.”

Digital health interventions

Dr. Enrique Tayag, Director IV of the Knowledge Management and Information Technology Service at the Department of Health (DoH), recognized that the pandemic has opened opportunities to consider digital health interventions to address the gaps revealed within the health sector. 

These interventions, the DoH official shared, include those for patients (e.g., telemedicine); for healthcare providers (e.g., electronic medical records); for health systems (e.g., “Kira Kontra COVID” chatbot; and for data services (e.g., unified enterprise architecture).

Such interventions, Dr. Tayag continued, aim to address gaps involving access to service delivery, supply of commodities, adherence to clinical guidelines, access to information, and access to the services themselves.

“Where choices are made by health providers for their patients, these digital health interventions restore the balance so that choices from patients themselves are on equal footing with the choices the health providers would provide their patients,” the DoH official later stressed.

Dr. Tayag noticed as well that the healthcare sector should deal with apparent cultural barriers, especially among those who are not yet comfortable with technology.

“Their options were to take care of themselves, get advice from others, and make use of social media,” Dr. Tayag observed about these individuals, “but they will be at risk for making wrong decisions. So, they have to reach out to a professional, [and] telemedicine provides them with this platform.”

Equity in the access to these interventions must be ensured so that those who might have difficulty in accessing these may not get left behind, he added.

Telemedicine as ‘force multiplier’

Ron Estrella, country manager of Medgate Philippines, shared how telemedicine has been appreciated as a solution that has been helpful to the Philippine population.

Mr. Estrella observed from their company’s experience that telemedicine “has come to the forefront of people’s minds” as a viable way to get medical care without being exposed to communicable diseases. 

The country manager also shared that over the past year, their company has seen increased demand by about 170%.

“Teleconsultations delivered to Filipinos from anywhere at any time is a great force multiplier in a situation where we don’t have enough doctors and frontliners,” Mr. Estrella said.

Far from replacing physical services, telemedicine should be viewed as complementary or in a “synergistic relationship” with existing healthcare infrastructure and personnel, Mr. Estrella stressed.

“70%-80% of our customers don’t ever have to see a doctor face to face because their condition can be treated through telemedicine… Now, they won’t clog up medical facilities,” he explained. “It will allow the actual physical facilities and doctors to deal with the conditions they really have to deal with.”

With this increased acceptance of telemedicine, nonetheless, Mr. Estrella sees a challenge in improving the experience of patients with this tool.

“It is incumbent upon us in the technology field and people who implement public strategy that we make the impact on the end-user as light as possible — that for them it is something they’re used to,” he said.

For telemedicine and telehealth to grow further, Mr. Estrella continued, more doctors and frontliners are needed to further provide healthcare.

“Once we have more doctors, then they can leverage on the platforms and the technology that we have,” he said, adding that affordable high-quality internet bandwidth is likewise vital to make this happen.

Mr. Estrella also regards advances in AI as a key growth driver as it takes over “the job of the mundane [in order] to allow our personnel to handle the more complex and complicated.”

Remote care

Juan Miguel Tan, president and managing director of Siemens Healthineers Philippines, noticed that while digital healthcare has been present in the country before COVID-19, the pandemic has accelerated this tremendously.

Furthermore, he observed, the situation pushed for the use of what he calls precision medicine, which the managing director sees will shape healthcare in the future.

Mr. Tan cited teleradiology as an example of digital healthcare’s entry pre-COVID, with sophisticated CT scanners enabling radiologists to read images and diagnosis remotely. Picture archiving and communication is another technology that has been employed, leading to huge savings on x-ray film and space requirements.

“Whatever the radiologist would see inside the hospital, he can see at his home or wherever he is located,” Mr. Tan stressed. “This is something that has been around and being done for many years, but it was stressed even more.”

At present, Mr. Tan shared, their firm has collaborated with the DoH, the World Bank, and Asian Development Bank to deliver over 200 mobile x-ray machines to remote areas. These are coupled with Wi-Fi connections for remote sending of data to host areas, where the data can be diagnosed in their workstations.

“We are hopeful that when this is done, we will be able to provide digital solutions — not only to the regional hospitals but even down to district level. It takes a lot of money, a lot of work, but it can be done,” Mr. Tan added.

Mr. Tan also shared that the medical solutions provider is launching a robotic system that will help in cardiac interventions and can be controlled even by a doctor from another hospital.

For the Siemens Healthineers Philippines president, such developments and the further use of these innovations should push remote care, aided by precision medicine, to shape the future of healthcare.

“We should be able to get diagnosed remotely. We should be able to consult remotely,” Mr. Tan stressed.

In mutant variants, has the coronavirus shown its best tricks?

LONDON/CHICAGO – The rapid rise in different parts of the world of deadly, more infectious coronavirus variants that share new mutations is leading scientists to ask a critical question – has the SARS-CoV-2 virus shown its best cards?

New variants first detected in such far-flung countries as Brazil, South Africa and Britain cropped up spontaneously within a few months late last year. All three share some of the same mutations in the important spike region of the virus used to enter and infect cells.

These include the E484k mutation, nicknamed “Eek” by some scientists for its apparent ability to evade natural immunity from previous COVID-19 infection and to reduce protection offered by current vaccines – all of which target the spike protein.

The appearance of similar mutations, independent of one another, springing up in different parts of the globe shows the coronavirus is undergoing “convergent evolution,” according to a dozen scientists interviewed by Reuters.

Although it will continue to mutate, immunologists and virologists said they suspect this coronavirus has a fixed number of moves in its arsenal.

The long-term impact for the virus’ survival, and whether a limit on the number of mutations makes it less dangerous, remains to be seen.

“It is plausible that this virus has a relatively limited number of antibody escape mutations it can make before it has played all of its cards, so to speak,” said Shane Crotty, a virologist at the La Jolla Institute for Immunology in San Diego.

That could enable drugmakers to stay on top of the virus as they develop booster vaccines directly targeting current variants, while governments struggle to tame a pandemic that has killed nearly 3 million people.

The idea that the virus could have a limited number of mutations has been circulating among experts since early February, and gathered momentum with the posting of a paper showing the spontaneous appearance of seven variants in the United States, all in the same region of the spike protein. 

EVOLUTION, IN REAL TIME
The process of different species independently evolving the same traits that improve survival odds is central to evolutionary biology. The vast scope of the coronavirus pandemic – with 127.3 million infections globally – allows scientists to observe it in real time.

“If you wanted to sort of write a little textbook about viral evolution, it’s happening right now,” Dr. Francis Collins, a geneticist and director of the U.S. National Institutes of Health, said in an interview.

Scientists saw the process on a smaller scale in 2018 as a dangerous H7N9 bird flu virus in China appeared to begin adapting to human hosts. But no pathogen has evolved under such global scrutiny as SARS-CoV-2.

Wendy Barclay, a virologist and professor at Imperial College London and a member of a scientific advisory panel to the UK government, said she is struck by the “amazing amount of convergent evolution we’re seeing” with SARS-CoV-2.

“There are these infamous mutations – E484K, N501Y and K417N – which all three variants of concern are accumulating. That, added together, is very strong biology that this is the best version of this virus in the given moment,” Barclay said.

It’s not that this coronavirus is especially clever, scientists said. Each time it infects people it makes copies of itself, and with each copy it can make mistakes. While some mistakes are insignificant one-offs, the ones that give the coronavirus a survival advantage tend to persist.

“If it keeps happening over and over again, it must be providing some real growth advantage to this virus,” Collins said.

Some specialists believe the virus may have a limited number of mutations it can sustain before compromising its fitness – or changing so much it is no longer the same virus.

“I don’t think it’s going to reinvent itself with extra teeth,” said Ian Jones, a professor of virology at Britain’s University of Reading.

“If it had an unlimited number of tricks…we would see an unlimited number of mutants, but we don’t,” said Michel Nussenzweig, an immunologist at Rockefeller University in New York.

CAUTIOUS OPTIMISM
Scientists remain cautious, however, and say predicting how a virus will mutate is challenging. If there are limits on how the coronavirus can evolve, that would simplify things for vaccine developers.

Novavax Inc is adapting its vaccine to target the South African variant that in lab tests appeared to render current vaccines less effective. Chief Executive Stan Erck said the virus can only change so much and still bind to human hosts, and hopes the vaccine will “cover the vast majority of strains that are circulating.”

If not, Novavax can continue matching its vaccine to new variants, he said.

Researchers are tracking the variants through data-sharing platforms such as the Global Initiative on Sharing Avian Flu Data, which houses a huge trove of coronavirus genomes.

Scientists recently identified seven U.S. coronavirus variants with mutations all occurring in the same location in a key portion of the virus, offering more evidence of convergent evolution.

Other teams are conducting experiments that expose the virus to antibodies to force it to mutate. In many cases, the same mutations, including the infamous E484K, appeared.

Such evidence adds to cautious optimism that mutations appear to share many of the same traits.

But the world must continue tracking changes in the virus, experts said, and choke off its ability to mutate by reducing transmission through vaccinations and measures that limit its spread.

“It’s shown a very strong set of opening moves,” Vaughn Cooper, an evolutionary biology specialist at the University of Pittsburgh School of Medicine, said of this coronavirus. “We don’t know what the end game is going to look like.” — Reuters

US condemns China moves to further reduce Hong Kong political participation

WASHINGTON — The United States strongly condemns moves by China to further reduce political participation and representation in Hong Kong and is deeply concerned by a second delay in the territory’s LegCo (Legislative Council of the Hong Kong) elections, the US State Department said on Tuesday.

“We are deeply concerned by these changes to Hong Kong’s electoral system, which defy the will of people in Hong Kong and deny Hong Kongers a voice in their own governance,” a State Department spokesman said in an email when asked about the changes finalized on Tuesday.

The sweeping overhaul of Hong Kong’s electoral system will drastically curb democratic representation as authorities seek to ensure “patriots” rule the global financial hub.

The measures are part of Beijing’s efforts to consolidate its increasingly authoritarian grip on Hong Kong following the imposition of a national security law in June, which critics see as a tool to crush dissent.

Britain said the changes breached a 1984 Joint Declaration signed by then Chinese Premier Zhao Ziyang and British Prime Minister Margaret Thatcher in which Hong Kong’s autonomy was guaranteed under a “one country, two systems” agreement.

The US spokesman, who did not want to be identified by name, said Beijing must uphold its international obligations under the Joint Declaration.

Hong Kong Chief Executive Carrie Lam said the changes would be submitted to the territory’s Legislative Council by mid-April and she expected to see them passed by the end of May.

Legislative Council elections, already postponed once to September with the government citing coronavirus, would be held in December, she said.

“We are … deeply concerned by the delay of the September LegCo elections for the second time,” the US spokesman said.

The United States has imposed sanctions on Chinese officials over the crackdown on democracy in Hong Kong and announced an end to the special economic treatment the territory had long enjoyed under US law. — Reuters

PayPal launches crypto checkout service

LONDON — PayPal Holdings Inc. will announce that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

Customers who hold bitcoin, ether, bitcoin cash, and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.

The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company said.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and Chief Executive Officer Dan Schulman told Reuters ahead of a formal announcement.

Checkout with Crypto builds on the ability for PayPal users to buy, sell and hold cryptocurrencies, which the San Jose, California-based payments company launched in October.

The offering made PayPal one of the largest mainstream financial companies to open its network to cryptocurrencies and helped fuel a rally in virtual coin prices.

Bitcoin has nearly doubled in value since the start of this year, boosted by increased interest from larger financial firms that are betting on greater adoption and see it as a hedge against inflation.

PayPal’s launch comes less than a week after Tesla Inc. said it would start accepting bitcoin payments for its cars. Unlike PayPal transactions where merchants will be receiving fiat currency, Tesla said it will hold the bitcoin used as payment.

Still, while the nascent asset is gaining traction among mainstream investors, it has yet to become a widespread form of payment, due in part to its continued volatility.

PayPal hopes its service can change that, as by settling the transaction in fiat currency, merchants will not take on the volatility risk.

“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” Mr. Schulman said.

The company will charge no transaction fee to checkout with crypto and only one type of coin can be used for each purchase, it said. — Reuters

 

How Bangladesh has changed

The country has come a long way since the ‘70s.

It is not often that Bangladesh is mentioned in international media. If there is news about the country, it is usually about a political crisis, natural disasters, or spectacular accidents. 

This is unfortunate since Bangladesh has enjoyed steady and strong economic growth in recent decades, which has benefited a large proportion of the country’s 165 million inhabitants. 

When Bangladesh became independent from Pakistan in 1971, it was one of the poorest countries in the world. What are the reasons for the strong economic growth that has benefited broad strata of the population?

I have been following the development in Bangladesh for over 40 years. During the latter half of 1970, I worked as a visiting research fellow at the Bangladesh Institute of Development Studies in Dhaka and participated in a major national poverty study. 

I was a social anthropologist and did fieldwork in a typical village for weeks and months at a time over a four-year period. People in the village were impoverished and were depending largely on employment and income from the agricultural sector. 

This was the case for most people in the country’s 60,000 villages at that time. The agricultural sector was characterized by simple technology and the output was very low. There were few jobs outside agriculture.

I saw poverty daily in the village where I lived, among my closest neighbors. It was primarily lack of food. 

Many poor families only ate one or two meals a day for long periods of the year. Few people could afford to buy chicken, meat, or fish. The nutritional situation was very bad, and many people became weak and ill. Child mortality was high and life expectancy short. Many people did not have access to clean water and the sanitary conditions were miserable. The public health and education services in the village were very bad. Almost no girls attended primary school. The international aid organizations and the Bangladesh authorities were pessimistic about the future for the country. 

After many years of absence from Bangladesh, I returned in 2009 to the country and the village I had lived in during the late 1970s. I was very happily surprised to see the positive economic and social transformation that had occurred in the village. 

I decided that I wanted to do a restudy of the village and during the period between 2010 and 2016, I again conducted fieldwork in the village on various occasions. I interviewed the same families I knew from the 1970s. Many of the old and grown-up people I knew from the past were dead, but I talked with their children who all recognized me. All families had a significantly higher standard of living. 

Nobody starved anymore and the poor and landless ate three meals a day and there was money left after the food had been purchased.

The increased material standard in the village was easily visible. The houses that people lived in were built of corrugated aluminum sheets or brick, not bamboo and straw as before. People had enough clothes and much better tools and equipment in their homes. 

The village had received electricity and all the families in the village were connected. Half of the families had bought televisions, and almost everyone had a radio and a mobile phone. Many families had their own water pump and the sanitary conditions had improved. 

In their homestead plot, many families in the village had several cows, goats, chicken, a vegetable garden, and fruit trees. Women earned their own income by selling milk, fruits, and vegetables in the market.

Not at least, many people in the village benefited from the new job opportunities that had been created outside agriculture. Many young women worked in the textile industry in the capital, Dhaka, and contributed to the family’s economy. 

The public education and health system had also improved significantly. The village school was nicely refurbished. All the children attended primary school and most completed and continued to secondary school. 

A few decades ago, women moved little outside the home. Much of the family’s honor was linked to keeping women and young girls in purdah, tucked away from public space. Today, girls and women have become far more “visible” and active in new areas of the village. 

In the morning and afternoon, the roads in the village were full of girls in fine school uniforms with books under their arms. This was an unthinkable sight 40 years ago. Many girls received scholarships paid by the government and international donors to attend school.

Health professionals visited the village regularly. All children received a vaccination book. One nurse told us that 80 percent of young married couples in the village used family planning methods.

How representative is the development of this village compared to what is currently 88,000 villages in the country? 

All national statistics confirm that the changes I saw in the village I studied have to a large extent occurred in most of the villages in Bangladesh.

The green revolution has taken place across much of the country. Total rice production has increased from 12 million tons in the 1970s to 36 million tons today. Bangladesh is more than self-sufficient in grain and can today export rice. 

Within a few years, Bangladesh is expected to pass China and become the world’s largest exporter of textiles. 

Today, 10 million people, mostly young men, are migrant workers and send back $15 billion a year to their families. Most work in the Middle East. Life expectancy in Bangladesh has increased from 59 years to 72 years over a 40-year period. 

Now, women give birth to an average of 2.3 children compared to six children in the 1970s. Almost all children are vaccinated, and all go to school. Bangladesh reached most of the Millennium Development Goals set by the UN.

Infrastructure has improved across the country. Huge bridges are built across the great rivers, Brahmaputra and Ganges, and link the country together. Bangladesh has become a large construction site.

No other developing country has given the voluntary organizations so much room for action. NGOs in Bangladesh have become a model for NGOs in other countries and the NGOs of Bangladesh export their ideas and working methods to NGOs worldwide. 

What is the reason Bangladesh has largely succeeded in its development over the last decades? 

Many would argue that an important reason is that the country has been integrated into the international labor market and that international companies are now investing in the country and creating millions of jobs for poor people.

Another reason is that the most important development actors: government, NGOs, and international donors have managed to cooperate well. The government of Bangladesh, unlike many other developing countries, has allowed NGOs to operate in many sectors across the country and international donors have provided financial support to many of these programs.

What role have foreign donor organizations played in Bangladesh? After independence, international donors poured much money into the country with the WB in the lead. 

As economic growth accelerated, aid declined. The voluntary organizations are today largely self-financed. Western embassies, formerly mainly engaged in development assistance and development programs, are now mostly engaged in creating business cooperation between their own country’s business companies and the companies in Bangladesh.

Is the development in Bangladesh a sunshine story? To a large extent, it is. 

The writer is a social anthropologist and has written several books on Bangladesh. This article was earlier published in Norwegian Daily, Klassekampen, in September 2019 and in Bangladesh Daily, The Dhaka Tribune, in January 2020. This is an abridged version. 

Bangabandhu lives forever

Bangabandhu will live forever in Bangladesh—the country he founded. One can kill a man but one cannot kill a spirit. Bangabandhu instilled in the hearts of millions the spirit of Bangali nationalism that inspired them to fight against all odds for their freedom and emancipation. Bangladesh is a sovereign and independent country today and it is primarily due to his bold and courageous leadership. All efforts of the reactionary elements to undermine him in the past have failed. One cannot draw a circle without a center nor can one write the history of our independence struggle without acknowledging Bangabandhu’s pivotal role. He is at the heart of Bangladesh and will always remain there.

The emergence of Bangladesh as a sovereign and independent state is one of the remarkable developments of the 20th century. It is an epic tale of how an unarmed but determined people defeated a well-armed repressive machinery. Three million people were killed, 10 million took shelter in India, and countless others were subjected to the worst forms of persecution in the hands of the occupation army. This genocide had little parallel in history. Finally justice and truth triumphed over injustice and falsehood.

Our armed struggle lasted for nine months, but our movement for freedom and independence had been more than two decades long. It passed through various phases, movements for protecting our language and our ethnic identity, for grant of autonomy on the basis of Six Points, mass upsurge of 1969, elections of 1970 and finally, our glorious war of independence. Bangabandhu played a central role in all these phases. Some elaboration is needed to put our movement for independence in its correct historical perspective.

The Muslims of Bengal had passionately supported the Pakistan movement as they had believed that the creation of a separate Muslim homeland would emancipate them from British colonial rule as well as economic domination. Unfortunately, the ruling Pakistani clique turned out to be the new exploiters which had no interest in the welfare of the Bangalis. Their only interest was to economically exploit the Bangalis, and to obliterate their linguistic and cultural identity.

Soon after the creation of Pakistan, Urdu, the language of the minority in the western wing, was declared as the sole state language over Bangla—the language of the majority, who lived in the eastern wing. In the historic language movement, Bangabandhu played a central role to protect our mother tongue Bangla. Bengalis are the only nation in recorded history who had laid down their lives to protect their language. The Pakistani authorities had to bow down to public demand and restore Bangla’s due national status. The conspiracy, however, continued.

The Pakistani ruling clique dissolved four western provinces and created an amalgamated West Pakistan and renamed East Bengal as East Pakistan with a strong central government. Bangabandhu, as the elected representative of the people to the constituent assembly, protested against the Pakistani design to wipe out our ethnic identity. He demanded that Bengal’s ethnic identity must be respected and that a referendum or a plebiscite should be held to seek public mandate to this change of name.

Bangabandhu fought against the military regime of Ayub Khan and continued to press for grant of full autonomy to East Bengal. His historic Six Points demand for autonomy provided the “charter of survival” for Bangalis. The Pakistani ruling clique opposed it and even tried to intimidate Bangabandhu by starting the Agartala conspiracy case against him. He was undeterred. In the face of mass upsurge of 1969, the Ayub regime caved in and released Bangabandhu unconditionally. They invited him to a political dialogue to extract a concession from him on the question of autonomy, but he flatly refused.

On Dec. 5, 1969 at a public meeting, Bangabandhu underlined that “there was a time when all efforts were made to erase the word Bengal from this land and map. The existence of the word Bengal was found nowhere except in the term Bay of Bengal.” He announced at that meeting that “East Pakistan” henceforth would be called “Bangladesh.” From that moment, creation of Bangladesh became the Bangalis’ cherished goal and they never looked back.

His charismatic and bold leadership inspired millions and they gave him and his party, Awami League, absolute majority at the National Assembly elections in November 1970. The new Pakistani military ruler Yahya Khan tried to entice him with all kinds of offers, including the Prime Ministership of Pakistan but he refused to betray the trust and confidence reposed in him by his people.

When Yahya postponed the National Assembly session at the behest of the West Pakistani leader Zulfikar Ali Bhutto, Bangabandhu, in his historic Seventh March speech categorically told his people: “The struggle this time is the struggle for emancipation; the struggle this time is the struggle for our independence. Since we have given blood we will give more blood. God willing, the people of this country would be liberated. Turn every house into fort; face the enemy with whatever you have… Victory shall be ours. Joy Bangla!” The people responded to this clarion call wholeheartedly.

Before the occupation army arrested him and started the genocide, Bangabandhu sent a message to the nation: “This may be my last message; from today Bangladesh is independent. I call upon you, the people of Bangladesh, wherever you might be and whatever you have, to resist the army of occupation to the last. Your fight must go on until the last soldier of the Pakistan occupation army is expelled from the soil of Bangladesh. Final victory is ours.” This call was carried by the Reuters and was published in the international press.

People fought bravely against all odds and Bangalis paid the heaviest price for freedom and independence. Bangladesh was born and soon thereafter, Bangabandhu returned after nine months of captivity. Dhaka went delirious and millions were on the streets to receive him. Before landing, the British comet, which brought him from London, circled for 45 minutes over the countryside, in deference to Bangabandhu’s desire to see his “Shonar Bangla.”

As a freedom fighter diplomat posted in Washington DC in 1971, I must recall here with deep appreciation and gratitude, the wholehearted support and cooperation that we had received from the Government and people of India during the critical period of our nationhood. The emotional bond that  was established in 1971 remain a dominant  factor in the country’s political, cultural and social wave and guide us in establishing close and cooperative ties with our largest neighbor, India.

Bangabandhu suffered more than anybody in the hands of Pakistanis and their cohorts and yet, in his first speech, he asked his people to exercise restraint and not to take revenge against them. If Bangabandhu had not returned, many feared that there would have been a bloodbath in Bangladesh. Alas, these reactionary forces were behind his killings three years later.

At the international level, Bangabandhu had a unique position. It is largely due to his personal appeal that nearly 100 countries, including most of the major powers, recognized Bangladesh within a few months. Again, due to his personal interceding with the Indian leadership, India withdrew its troops within three months from Bangladesh. This is an unprecedented event in contemporary history. The United Nations, even before Bangladesh was admitted as a member, set up UNROD (subsequently UNROB after Bangladesh’s admission)—the largest international relief and reconstruction efforts under its aegis.

On the basis of Bangabandhu’s foreign policy based on peaceful coexistence and “friendship to all and malice towards none,” Bangladesh was able to establish close and cooperative ties with all the countries of the world, and Bangladesh joined the Non-aligned Movement (NAM), the Commonwealth, the Organisation of Islamic Conference (OIC), and finally the United Nations. At his speech at the UN, he announced that “peace is an imperative for the survival of mankind. It represents the deepest aspirations of men and women throughout the world. Peace to endure, however, must be based on justice.”

At home, the country was largely able to restore its totally devastated economic infrastructure; millions of refugees returned home from India and thousands of stranded Bangladeshis returned from Pakistan. The country adopted its first constitution providing the basic guideline of the newly independent state. The country’s first five-year plan was adopted which inter alia, gave primary emphasis on education, health, agriculture, and rural development. The basic aim of the plan was to alleviate poverty and build Shonar Bangla.

On Aug. 15, 1975, Bangabandhu and members of his family were murdered. His two daughters Sheikh Hasina and Sheikh Rehana survived as they were abroad at that time. Bangabandhu may have been killed by the assassins, but his indomitable spirit still inspires his countrymen to build Shonar Bangla. It is a matter of great satisfaction that Bangladesh, under the dynamic leadership of his able daughter Prime Minister Sheikh Hasina has made giant strides during the recent years and the country aspires to reach the middle income level status within a matter of years. Bangladesh today is not a “bottomless basket” but it is one of the fastest economies in the world. That day is not too far when Bangabandhu’s dream of Shonar Bangla will be fulfilled.

Long live Bangabandhu!

The writer is a former Foreign Secretary of Bangladesh. This article was earlier published in a publication of Bangladesh High Commission in India in 2018.

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