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Emperador earnings jump 24% on international demand

DESPITE a local liquor ban, brandy and whisky manufacturer Emperador, Inc. posted a 24% growth in profits during the second quarter due to the continued demand for its products overseas.

In a statement on Monday, the listed company said its attributable net income during the April-to-June period stood at P1.9 billion, lifting core earnings for the year-to-date period up 2% to P3.3 billion.

Its revenues climbed 4% to nearly P11 billion during the second quarter, bringing first-half revenues to P21.5 billion.

Its higher turnout during the three months was “better than expected,” as the bulk of the duration of the coronavirus-related lockdown was during the months of April and May.

The Philippine government implemented a liquor ban to match the strict lockdown.

“Indeed, this is a very positive development during a complex year where external factors put huge pressure on some aspects of our business and open opportunity for others,” Emperador President and CEO Winston S. Co said in the statement.

He said apart from the liquor ban, the consumption of spirits was stunted in countries where bars, restaurants and hotels had closed. But in other countries where regulations were more lax, customers were able to get Emperador products through e-commerce channels.

“By taking advantage of the buoyant grocery and convenience markets, our international business has delivered better-than-expected performance,” Mr. Co said.

Part of Emperador’s strategy is to keep its international expansion while managing costs to cushion its bottom line. “Emperador remains strong and resilient, and our global footprint will allow us to emerge stronger and better from this experience,” Mr. Co said.

Emperador is under Alliance Global Group, Inc., the holding firm of tycoon Andrew L. Tan, which also has interests in real estate, hotel and casino, and McDonald’s Philippines.

It owns Emperador Distillers, Inc.; Scotch whisky maker Whyte and Mackay Group; and Spain-based Bodegas Fundador.

Shares in Emperador at the stock exchange picked up five centavos or 0.55% to close at P9.09 each on Monday. — Denise A. Valdez

Taylor Swift changes it up with ‘Folklore’ and earns rave reviews

LOS ANGELES — Taylor Swift on Friday won some of the best reviews of her career with an album produced entirely during the coronavirus crisis that breaks new ground for the Grammy-winning artist.

Folklore features the 30-year-old singer, who began as a country star then turned to pop, showing a quieter indie folk sensibility that took fans and music critics by surprise.

Rolling Stone said the album, with dreamy forest cover art, contained “the most head-spinning, heart-breaking, emotionally ambitious songs of her life.”

“Folklore really feels like the debut album of a whole new Swift,” the music publication said. The album went to No. 1 on the worldwide iTunes chart within hours of its release.

Working with alternative artist Bon Iver and Aaron Dessner, guitarist with indie rock band The National, the 16 songs on Folklore arrived with just 24 hours advance notice. Its release comes less than a year after Swift’s 2019 album Lover, which included the dancy lead single “Me!”

Swift said that while in isolation because of the coronavirus pandemic “my imagination has run wild and this album is the result, a collection of songs and stories that flowed like a stream of consciousness. Picking up a pen was my way of escaping into fantasy, history, and memory.”

Billboard called Folklore a “daring new vision of her artistry without a bad song in the batch,” while the Los Angeles Times called it the perfect quarantine album.

Variety said it was “hard to remember any contemporary pop superstar that has indulged in a more serious, or successful, act of sonic palate cleansing.”

Swift rose to fame as a 16-year-old, whose intense lyrics about first love and alienation resonated with teen girls.

Now a 10-time Grammy winner, she turned to pop in 2014 and showed a darker side in 2017 album Reputation, in which she took aim at critics with songs like “Look What You Made Me Do.” — Reuters

BDO swings to net loss in Q2 as it hikes loan loss provisions

BDO UNIBANK, Inc. (BDO) swung to a net loss in the second quarter as it hiked loan loss provisions in anticipation of the impact of the coronavirus disease 2019 (COVID-19) pandemic on its businesses.

The bank succumbed to a net loss of P4.502 billion in the second quarter versus the P10.393-billion net profit logged in the comparable year-ago period, its quarterly report filed with the stock exchange on Monday showed.

Net loss attributable to the equity holders of the parent stood at P4.479 billion in the quarter versus the P10.389-billion net profit last year.

Despite this, BDO remained in the black for the first semester, with its net income at P4.3 billion, dropping 78.6% year on year from the P20.1 billion in the same period in 2019.

“Going forward, BDO believes that its solid balance sheet, sustained business growth, and dedicated team effort will allow the bank to weather the COVID-19 crisis and sustain its long-term performance post-pandemic,” the bank said.

BDO’s loan loss provisions ballooned to P20.174 billion in the second quarter from the P1.702 billion recorded a year ago. For the first half, its loan loss provisioning reached P22.43 billion against the P2.988 billion last year.

“By recognizing the provisions upfront, the bank can now focus on growing its business as restrictions under ECQ (enhanced community quarantine) or GCQ (general community quarantine) are gradually relaxed,” BDO said.

Net interest income rose 14.44% to P33.418 billion in the second quarter even as total interest income, mainly on loans, trading and other investment securities, among others, inched down to P40.177 billion from P40.612 billion last year. The bank attributed this to higher margins and growth in its interest-earning assets.

BDO’s net loans and other receivables stood at P2.3 trillion as of June, up 7% from a year ago on the back of the 11% growth in customer loans. Meanwhile, total deposits with the bank stood at P2.6 trillion, up 9% year on year as demand and savings deposits rose 44% and 16%, respectively. Time deposits, on the other hand, decline by 16%.

Other operating income, which includes gains from service charges, fees, trust, insurance premiums and foreign exchange, also increased 7.73% to P15.766 billion on the back of higher trading gains, which reached P6.357 billion in the quarter versus the P664 million seen in the same period in 2019.

Meanwhile, BDO’s other operating expenses besides interest climbed to P29.251 billion in the quarter from P28.172 billion in 2019.

The bank’s gross nonperforming loan (NPL) ratio inched up to 1.95% while NPL cover stood at 139.4%.

Return on average common equity was at 2.27% as of June, down from the 12% seen in the same period last year, while return on average assets was at 0.26%, also declining from last year’s 1.33%.

Its net interest margin stood at 4.36%, up from the 3.99% seen as of June 2019.

BDO’s resources totaled P3.3 trillion while its capital base stood at P367.5 billion at end-June. Its capital adequacy ratio was at 13.82%, down from 14.22% last year, while its common equity Tier 1 ratio stood at 12.7%, both beyond the minimum regulatory requirements.

The Sy-led lender said its branch operations have been fully restored as of June coming from the 45% at the start of the lockdown in mid-March.

BDO’s shares finished trading at P90 apiece on Monday, down by P3.05 or 3.28% from its previous close.

SEC bans, fines R&L external auditor for negligence in brokerage collapse

THE Securities and Exchange Commission (SEC) has disqualified the external auditor of R&L Investments, Inc. over its “gross negligence” that resulted in the emptying of the brokerage’s inventory of stocks.

The firm, KL Siy & Associates (KLSA), has also been asked to pay P314,570.65 for deficiencies in material disclosures, misstatements and violation of independence rules.

In a statement on Monday, the SEC said it issued a July 21 order to bar KLSA from becoming an external auditor of any of the entities it regulates.

The order covers KLSA managing partner Kathleen Mary L. Siy and partner Arturo D. Sabino. Ms. Siy’s accreditation has been nullified despite its effectiveness supposedly lasting until Sept. 6.

“The failure to flag the misappropriation of securities through the conduct of appropriate audit procedures contributed to the continuation of the illegal acts which resulted to the massive loss of securities… belonging to numerous number of investors,” the SEC quoted its general accountant office as saying in the statement.

To recall, brokerage R&L Investments reported last year that a rogue employee had been stealing from its inventory of stocks during the past eight years. The loss of securities amounted to P606.64 million as of end-December.

R&L Investments’ 2018 audited financial statements showed it had client securities worth P738.9 million, while its Business Partner (BP) Portfolio Report from the Philippine Depositary & Trust Corp. showed a client portfolio worth P132.26 million.

The SEC said when it reached out to KLSA for its investigation of the case, the firm admitted it relied on the BP Portfolio Report provided by R&L Investments, which was apparently altered.

“KLSA should have rejected the documents as audit evidence and initiated additional audit procedures, considering it has identified weaknesses in R&L Investments’ control environment,” the SEC said.

The regulator also found that KLSA prepared the audited financial statements of R&L Investments, which violates the independence that external auditors should be exercising from its clients.

“KLSA’s inability to exhibit impartiality hindered the early detection or prevention of fraud which has caused substantial losses to investors,” the SEC said.

The disqualification of KLSA, Ms. Siy and Mr. Sabino prohibits them from acting as external auditors of issuers of registered securities, public companies, clearing agencies and exchanges, and entities such as investment houses, brokers and dealers of securities, government securities eligible dealers and investment company advisers.

R&L Investments has been under the control of the Capital Markets Integrity Corp. since November 2019 to handle its outstanding contracts and protect affected customer accounts. — Denise A. Valdez

Prolific TV host Regis Philbin, 88

REGIS PHILBIN, a familiar face to TV viewers as an energetic and funny talk and game show host who logged more hours in front of the camera than anyone else in the history of US television, has died aged 88, People magazine said on Saturday, citing a statement by his family.

The magazine said Philbin died of natural causes on Friday, one month shy of his 89th birthday, quoting the statement.

“His family and friends are forever grateful for the time we got to spend with him — for his warmth, his legendary sense of humor, and his singular ability to make every day into something worth talking about,” the statement said. “We thank his fans and admirers for their incredible support over his 60-year career and ask for privacy as we mourn his loss.”

He was known for his rough edges, funny anecdotes, self-deprecating humor, and a Bronx accent that was once described as sounding “like a racetrack announcer with a head cold.” American comedian and late-night host David Letterman, a long-time friend, called Philbin the funniest man on television.

Philbin — known to fans as “Reeg” — was a fixture on various local and national shows for a half century with co-hosts including Kathie Lee Gifford and Kelly Ripa, winning millions of fans as well as honors as the top US talk and game show host.

He hosted the successful Who Wants to be a Millionaire program when it debuted in the United States in 1999 as well as other game shows. Philbin signed a deal in 2000 making his salary for Who Wants to be a Millionaire $20 million a year, the most ever for a game show host.

In 2011, as Philbin was ending his run as co-host of the popular Live! With Regis and Kelly at age 80, the New York Times wrote: “In a daytime landscape filled with bland, polished hosts and smarmy good cheer, Mr. Philbin was crumpled, nasal and histrionic. He was a snaggletooth amid cosmetic dentistry and porcelain veneers.”

“Spontaneity is everything to me, working without a net,” Philbin told the Times in 2011.

Guinness World Records listed him as having put in more time on camera than anyone else in the history of US television — about 17,000 hours.

Philbin first made a name for himself in the 1960s with his own show on local TV in San Diego and then as a sidekick to comedian Joey Bishop on another program.

Philbin’s biggest success came in the various incarnations of his nationally syndicated morning talk show that began in 1983 when he created The Morning Show for WABC in his native New York City.

After two co-hosts came and went, singer Gifford joined him in a highly successful collaboration in 1985, and in 1988 the program gained national syndication. Gifford remained his co-host for 15 years before Philbin was partnered with perky former soap opera actress Ripa for 11 years. Ripa remained as host of the show after Philbin departed.

“I think he is the world’s greatest storyteller,” Ripa said in 2011. “That’s his gift.”

In 2001, he won a Daytime Emmy as outstanding talk show host and another Emmy for outstanding game show host for Who Wants to Be a Millionaire. He also received a lifetime achievement Daytime Emmy award in 2008.

Philbin was known for his candid appraisals of his career. He told ABC’s 20/20 program in 2001 that he left the Live! talk show in part because the contract offered to him “wasn’t what I expected or I thought I deserved.”

He said his No. 1 career regret was that he had worked so many unheralded years on local programs in Los Angeles and New York before getting national exposure in 1988. “I wish I didn’t have to wait till I was in my late 50s before the good part of my life started in this business,” he told 20/20.

Philbin wrote books including How I Got This Way, I’m Only One Man!, and Who Wants To Be Me? and also was a singer.

Philbin was born into an Irish Catholic family in New York City on Aug. 25, 1931. He was named after Regis High School, a Jesuit boys school in Manhattan that his father attended. He attended the University of Notre Dame and then served in the US Navy before beginning his television career.

Philbin dealt with heart problems during his career and underwent triple-bypass surgery in New York in 2007 at age 75.

Philbin married his second wife, Joy, in 1970 and remained married the rest of his life. She sometimes co-hosted his national talk show with him when Gifford or Ripa were away. — Reuters

UnionBank books lower net profit

UnionBank in Ayala, Makati  Philippines — BW FILE PHOTO

UNIONBANK of the Philippines, Inc. booked lower net earnings in the first semester as it continued to build up loan provisions amid the coronavirus disease 2019 (COVID-19) pandemic.

The Aboitiz-led lender’s net income slipped six percent year on year to P4.5 billion in the first six months of the year, it said in a stock exchange filing on Monday.

Provisions for loan losses in the first half totaled P7 billion, the bank said.

“The bank deemed it prudent to add reserves ahead of the potential impact of the COVID-19 crisis on its credit portfolio,” UnionBank said in its filing with the bourse.

UnionBank’s return on equity stood at 9.2% as of June against the 11.1% recorded last year.

The bank’s revenues surged 55% to P22.1 billion in the first semester, backed by growth in its net interest income and higher trading gains.

The lender’s net interest income reached P13.8 billion, climbing 41% from a year ago, supported by higher earning assets and margin improvement. Other income also jumped 86% to P8.3 billion backed by its trading gains.

Loan growth in the first half was supported by expansion in segments like consumer (33%), small- and medium-sized enterprises (22%) and commercial lending (33%).

Meanwhile, UnionBank’s margins increased 94 basis points to 4.5% on the back of lower funding costs due to the 21% growth in its current account, savings account or CASA deposits and lower market interest rates.

Deposits with the bank also rose 19% to P510.4 billion in the first half. Meanwhile, total assets increased seven percent to P751.5 billion as of June.

UnionBank’s shares closed unchanged at P52 apiece on Monday. — LWTN

Globe looking to invest more in content creation

GLOBE TELECOM, Inc. said it is studying to invest further in video content creation as part of its response to the changing needs of its customers.

“The situation today with the global pandemic showed the importance of content creation in terms of addressing the more specific needs of the families and individuals that may not be available outside of our local portfolio. That is why content creation is coming in more in terms of video and music,” Nikko Acosta, Globe senior vice-president for content business and product management, said in a statement e-mailed to reporters on Monday.

He noted there is a need to find new ways to produce “compelling content” that engages with the audiences.

“We are affirming that content creation is an area that we want to pursue strategically, moving forward,” Mr. Acosta added.

Globe Telecom’s entertainment production studio, Globe Studios, has been producing films. One of them is the first Filipino Netflix film Dead Kids.

“Globe’s original materials are now being used globally using the distribution channels of its partners,” it added.

The company said further it has teamed up with local and international brands to create quality content for its customers.

“This allows Globe to bring the right service and product through the company’s marketing and distribution channels. Globe started to change how Filipinos consume content by introducing Spotify in 2014, followed by Facebook, Netflix, NBA, iflix, Disney, Viu, TikTok, among other partners,” it said.

Globe noted that during the government’s implementation of lockdowns to contain the coronavirus pandemic, there was a significant increase in customers’ use of wireless devices for entertainment or information. — Arjay L. Balinbin

Fleetwood Mac blues guitarist Peter Green, 73

FLEETWOOD MAC guitarist and co-founder of the influential rock group Peter Green has died at age 73, Green’s lawyers said on Saturday.

The law firm Swan Turton said in a statement that Green had died in his sleep this weekend.

Green, born in London, was one of the original four members of the band founded in 1967 and was one of eight members to be inducted into the Rock and Roll Hall of Fame in 1998.

Tributes from Green’s British rock peers and admiring fans poured in on Twitter on Saturday, remembering him as one of the most talented guitarists of his generation.

“An Artist I Truly Loved & Admired … He Was A Breathtaking Singer, Guitarist & Composer,” tweeted British rock band Whitesnake singer David Coverdale.

“God bless the ineffable Peter Green, one of the unsung heroes of musical integrity, innovation and spirit,” British singer-songwriter Cat Stevens tweeted.

Green left the band in 1970, around the time he was using psychedelic drugs and struggling with schizophrenia, according to Fleetwood Mac’s website.

His talent and unique tone on the guitar inspired legendary blues artist B.B. King to say, “He has the sweetest tone I ever heard; he was the only one who gave me the cold sweats,” the band’s website states. — Reuters

RCBC lists P16-B bonds

RIZAL COMMERCIAL Banking Corp. has listed its latest bond issuance. — BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) on Monday listed its recently issued P16.616 billion in two-year bonds meant to support its lending activities and refinance debts at the Philippine Dealing and Exchange Corp.

The bonds carry a coupon of 3.25% per annum and will mature in July 2022.

“For the bank, it will be used to further support longer tenor lending activities and refinance some maturing obligations at a lower cost,” RCBC Senior Executive Vice-President and Treasurer Horacio E. Cebrero III said in a text message on Monday.

Mr. Cebrero said the listing of bonds in the secondary market will provide investors more options for medium-term investments.

“For the investors, it is providing a medium-term investment instrument with an acceptable yield relative to the low yields of short-term investments currently in the market,” he said.

RCBC raised P16.616 billion in bonds or nearly six times its initial P3-billion target earlier this month to “support the bank’s asset growth, refinance maturing liabilities, and fund other general purposes.”

The bank ended the public offer period for the two-year bonds on July 15, two days ahead of the scheduled closing date as investors swamped the offering.

“This puts us in a much stronger position to accelerate the growth of the bank and boost our financial services for wider availability,” Mr. Cebrero was quoted as saying in the bank’s statement on Monday.

The issuance was the fifth out of the bank’s P100-billion bond and commercial paper program. RCBC has raised P54.17 billion in peso-denominated bonds since last year.

“[This is] a record amount for the bank, demonstrating investors’ confidence in the various initiatives RCBC has taken to fuel its growth and support the fixed income capital market,” the lender said.

ING Bank N.V. Manila Branch served as the sole lead arranger and bookrunner for the transaction while RCBC Capital Corp. acted as the financial advisor. ING and RCBC were the selling agents.

The bank raised P7.05 billion via two-year bonds in April at a rate of 4.848%. The proceeds, the bank had said, will be used to boost asset growth and improve its liability structure.

The Yuchengco-led lender also announced its return to the dollar bond market early this month after its board of directors approved the issuance of $300 million in dollar-denominated bonds eligible as additional Tier 1 capital under Basel III requirements. The funds will be used to support its lending and green projects.

The bank’s net earnings surged 77% to P2.3 billion in the first quarter, fueled by strong core business and trading gains. Its total assets reached P715.3 billion as of March.

RCBC’s shares closed at P16.02 each on Monday, down 4.05% or by 68 centavos from Friday’s finish of P16.70 apiece. — Beatrice M. Laforga

Philippine Realty and Holdings Corporation to hold its virtual stockholders’ meeting on August 20

NOTICE AND AGENDA OF ANNUAL STOCKHOLDERS MEETING

Notice is hereby given that the Annual Stockholders Meeting (“ASM” or “Meeting”) of PHILIPPINE REALTY AND HOLDINGS CORPORATION (the “Company”) will be held on Thursday, August 20, 2020, at 3:00 p.m. The Meeting will be conducted virtually and there will no longer be a physical venue for the ASM.

The Agenda of the Meeting is as follows:

1.  Call to Order;

2.  Certification of Notice of Meeting and Determination of Quorum;

3.  Approval of the Minutes of the Previous ASM held on June 7, 2019;

4.  Report of the President and approval of the 2019 Annual Report and the 2019 Audited Financial Statements;

5.  Election of the Members of the Board of Directors for the ensuing year;

6.  Approval and Ratification of all Acts, Contracts, and Deeds of the Board of Directors, Board Committees, Management and Officers during their terms of office;

7.  Amendment of the By Laws:

7.1  Article I, Section 3 (Notices) – Inclusion in the notices of ASM or Special Meetings of Stockholders notices via electronic mail and other methods allowed by the Securities and Exchange Commission at least twenty-one (21) days prior to the date of the ASM from the present at least one (1) week;

7.2  Article I, Section 6 (Voting) – Every stockholder entitled to vote may vote personally or by proxy or via remote modes of communications;

7.3  Article II, Section 3 (Board Meetings) – Board meetings to be held monthly; notices of meetings to include notices via electronic mail and other methods allowed by the Securities and Exchange Commission and directors who cannot physically attend meetings can participate and vote through remote communication such as videoconferencing, teleconferencing or other alternative modes of communication;

7.4  Article II, Section 5 (Nomination Committee) – Creation of a Corporate Governance and Nomination Committeeand the functions of the Nomination Committee shall be subsumed under the Corporate Governance and Nomination Committee;

7.5  Article II, Section 9(Risk Oversight Committee) – Creation of a Board Risk Oversight Committee;

7.6  Article II, Section 10 (Related Party Transactions Committee) – Creation of Related Party Transactions Committee.

8.   Appointment of External Auditor;

9.   Other business that may properly be brought before the Meeting; and

10.   Adjournment

Only stockholders of record as of June 5, 2020 are entitled to notice of, and to vote at, the said Meeting.

Considering the COVID-19 global pandemic, stockholders may only attend the Meeting by remote communication, by voting in absentia, or through proxy. The conduct of the annual stockholders meeting will be streamed live, and stockholders may attend the Meeting by registering on or before on August 6, 2020.

Stockholders who intend to participate in the virtual ASM may register by sending an email to asmregistration@philrealty.com.ph of their intention to participate on or before August 6, 2020, together with the requirements set forth in the Information Statement and published at the Company’s website at http://www.philrealty.com.ph.

Upon successful registration and validation of the documents submitted through email above, the stockholder will receive an email confirmation and the link with code www.philrealty2020asm.com which can be used to log in and view the 2020 ASM.

Electronic copy of the Information Statement and Management Report, and SEC Form 17A and other relevant documents in relation to the annual stockholders’ meeting may also be accessed through the aforementioned website, www.philrealty.com.ph/investor-relations/ and through the PSE EDGE portal at https://edge.pse.com.ph/companyInformation/form.do?cmpy_id=40.

Pasig, Metro Manila, July 15, 2020.

Seaoil tests its station frontliners against virus

INDEPENDENT oil firm Seaoil Philippines, Inc. has provided coronavirus testing for frontliners of company-operated stations within so-called “red zones” of the National Capital Region and Rizal province.

“Testing our frontliners on a regular basis not only protects them, but also our valued customers who continue to gas up,” said Glenn L. Yu, Seaoil chief executive officer, in a statement on Monday.

The company said the test against the coronavirus disease 2019 (COVID-19) is an added layer of protection that Seaoil provides for its station frontliners and customers, in addition to their personnel protective equipment (PPEs) and enhanced station safety protocols that have been adapted to new normal conditions.

“At Seaoil, we value each employee’s health and safety,” Mr. Yu said.

The oil company has also started to transition to contactless payment methods through its partnerships with GCash, PayMaya and PriceLOCQ, which it described as a revolutionary mobile app that allows customers to buy their fuels in advance while prices are low.

More than 1,200 station frontliners in red zones across Luzon, Visayas and Mindanao are scheduled for testing. Seaoil is assigning medical teams to designated testing centers to administer the tests.

The company targets to complete the first run of rapid testing by the end of July. Rapid testing for its frontliners will be conducted every two weeks until a vaccine becomes available, it said.

Controversial matchmaking show helps Netflix in battle for India

NETFLIX, INC. has hit the sweet spot with a controversial reality series on a jet-setting Indian matchmaker helping her picky clients find life partners, in a boost to the streaming giant’s efforts to produce local content for subscribers in new markets.

Indian Matchmaking, which debuted last week, touches on the centuries-old custom of arranged marriages, in which families, friends, or matchmakers bring together eligibles — unlike the popular Western reality shows like Bachelor or Love is Blind. The show features Sima Taparia — the match arranger — roping in astrologers, face readers, and marriage coaches to accomplish her mission.

The eight-episode series with its blend of romance, heartbreak, and toxic relationships is gaining viewers not just in India, but also in countries like the US and UK, where there’s a significant South Asian population. The show is a major win for Netflix, which is competing for eyeballs with Amazon.com, Inc.’s Prime Video, Disney+ Hotstar, Zee5, and SonyLIV as hundreds of millions of stuck-at-home Indians go online scouring for entertainment during the pandemic.

Netflix has almost 193 million subscribers globally and doesn’t provide user data for individual markets. The buzz — and some online fury — generated by the matchmaker series illustrates that the company could start leveraging content produced for India to gain a wider audience overseas as well.

“Streaming platforms have been trying to gain mindshare by tailoring content with a deep connect to regional audiences,” said Tarun Pathak, a New Delhi-based associate director with Counterpoint Research. “Even if Netflix viewers don’t entirely relate to the matchmaking series, it’s still got them talking.”

With China being inaccessible, India has become the battleground for the global streaming giants as they tussle for original content. Netflix recently announced 17 India originals, including Bollywood films and a romcom series, while Amazon said it’s snagged the premiere of a much-awaited Bollywood film and was also lining up multiple originals for the coming weeks.

The rivals have low-cost subscription plans aimed at the country. Netflix’s mobile-only monthly plan costs 199 rupees ($2.70), while its regular plans start at 499 rupees. Amazon Prime’s all-screen subscription is cheaper at 129 rupees a month, and a Disney+ Hotstar plans start at 399 rupees a year.

The concept of arranged marriages — essentially pre-vetted dating but with a more urgent and definite slant toward marriage — has for years fascinated westerners. For many Indians, even Western-educated ones, the pressure to get married builds steadily from the mid-20s and several of the singles in the reality series say dating apps and online matchmaking hasn’t worked for them.

Yet the series, while leaving some viewers wanting more, has drawn criticism for its portrayal of caste, fair-skin obsession, and misogyny. Some describe it as a “cringe fest” on social media for highlighting the worst of Indian culture, including sexism and racism. But many say it holds a mirror to the ugly side of arranged marriages.

Poorna Jagannathan, an actor and a series regular in Netflix’s US teen comedy Never Have I Ever, said the show was “horrifying.”

A representative for Netflix declined to comment on the content of the series or the controversy raging online.

The show has also made overnight stars of its lead characters. A deluge of memes show “Sima Auntie,” the calm but judgmental matchmaker who calls the shots, as she repeatedly introduces herself as “Sima from Mumbai” and spouts lines like “ultimately my efforts are meaningless if the stars are not aligned.” As she jets between Houston, New York, and Mumbai, nonchalantly peeping into bedrooms and peering into wardrobes, the matchmaker says, “In India, we don’t say ‘arranged marriage’; there’s marriage and then love marriage.”

The first season ends on carefully structured cliffhangers. Most of the singles it features do not find a marriage partner, leaving the door open for more episodes. — Bloomberg

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