SEC reiterates warning VS Bagong Bansang Maharlika (BBM) International

The Securities and Exchange Commission (SEC) revoked the registration of Bagong Bansang Maharlika International Inc. (BBMII) due to serious misrepresentation as to what the corporation can do, based on its registered purpose, causing significant, imminent, and irreparable danger or injury to the public safety and welfare.

In an order dated 14 November 2023, the Commission found that BBMII violated Section 44 of the Revised Corporation Code (RCC) in relation to Presidential Decree 902-A for serious misrepresentation as to what the corporation can do to the great prejudice of or damage to the general public.

BBMII was registered with the SEC as a non-stock corporation under the registration number 2022030046453-01 with the purpose “To uplift the living conditions of members by assisting them in the establishment of livelihood facilities, services, and enterprises. To encourage the members in the effective utilization of local resources in livelihood activities and thereby improve the living conditions in the community. To acquire loans or other financial accommodations from the government and private lending institutions in order to finance productive livelihood enterprises. To provide and accept grants, contributions, donations, and other forms of assistance/financial aid, technical or in kind for the maintenance of the association and attachment of its purposes. To assist and support the members in the promotion of their business. To develop and harness the people’s participation in every economic activity toward the development of the community through self-help and self-reliance. To do and

perform any other acts which may be necessary, convenient, and appropriate to accomplish the objectives for which the association is organized.”

On 29 August 2023, the SEC issued an Advisory against BBMII warning the public that its registration with the Commission only grants it juridical personality to operate as a corporation and does not encompass activities that require the necessary permit or authority to operate as a Private Social Welfare and Development Agency (SWDA) from the Department of Social Welfare and Development (DSWD).

As per the DSWD, BBMII, its operators and agents have no authority to operate as a non-government organization for public and charitable purposes to act as a SWDA.

The SEC received a series of information that the entity has been going around the different municipalities and cities of the Philippines and preying upon the gullibility of people by promising those who will join, benefits such as food security, free education, free hospitalization, cash assistance, and livelihood to all Filipinos worldwide 1-year-old and above, all in exchange for a minimal membership fee are fraudulent and “too good to be true.”

The BBMII also uses the President’s picture in its identification cards, tarpaulins, and other materials and paraphernalia, with the intent to mislead and deceive the public that the activities undertaken by the corporation are legitimate and are sanctioned by the President or the Marcos administration.

Records of the Commission further showed that BBMII has not submitted its Mandatory Disclosure Form (MDF). Failure to comply with the MDF requirement is another cause for revocation of the certificate of incorporation of the non-complying non-stock corporation. (PR)