The Securities and Exchange Commission (SEC) is advising the public not to engage with Bagong Bansang Maharlika (BBM) International Inc., a group whose corporate registration has been revoked due to its illegal solicitation of investments.
The Commission reiterated this warning after finding that BBM International maintained its operations in certain parts of Visayas and Mindanao, despite the issuance of a revocation order of the SEC Enforcement and Investor Protection Department as early as November 2023.
BBM International’s corporate registration was revoked due to its collection of membership fees from residents of various local communities, promising to provide food security, free education, free hospitalization, cash assistance, and livelihood to all Filipinos aged one year and above worldwide.
It also made use of President Marcos Jr.’s image as part of its marketing materials, creating a false impression that its programs are legitimate and sanctioned by the current administration.
BBM International’s actions are in violation of Section 44 of Republic Act No. 11232, or the Revised Corporation Code (RCC), which provides that no corporation shall possess or exercise corporate powers other than those conferred by the RCC or by its articles of incorporation.
The SEC has also issued an advisory against BBM International as early as August 28, 2023, warning the investing public to exercise caution when dealing with the group.
Those who act as salesmen, brokers, dealers or agents, representatives and promoters of unauthorized investment activities may be held criminally liable under Section 11 of Republic Act No. 11765, or the Financial Products and Services Consumer Protection Act, as well as under Section 28 of Republic Act No. 8799, or the Securities Regulation Code, which are both penalized separately up to P5 million, or imprisonment of up to 21 years, or both.
