VIGAN CITY, Ilocos Sur (PIA) – The Securities and Exchange Commission (SEC) reiterated its warning against the bogus scheme of Bagong Bansang Maharlika International Inc. (BBMII).
In a recent statement, the SEC echoed that the registration of BBMII was revoked on Nov. 14, 2023, for violating Section 44 of the Revised Corporation Code (RCC) for serious misrepresentation as to what the corporation can do to the great prejudice of or damage to the general public.
This after the SEC received complaints that BBMII has been going around different municipalities and cities of the Philippines and deceiving people by making false promises.
“BBMII promises 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 press release stated.
The SEC then issued an advisory against BBMII on Aug. 19, 2023, warning the public that its registration only grants its juridical personality to operate as a corporation and does not encompass activities that require the 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 press release read.
“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,” it added.
Records of the Commission further showed that BBMII has not submitted its Mandatory Disclosure Form (MDF) contrary to what is being spread in some areas in the Ilocos Region.
“Failure to comply with the MDF requirement is another cause for revocation of the certificate of incorporation of the non-complying non-stock corporation,” the press release stated.
SEC urges the public to be cautious of individuals or entities representing BBMII or those non-stock organizations engaged in similar activities as BBMII.
To know more, the public is urged to read the order of revocation issued by the SEC through this link: https://www.sec.gov.ph/wp-content/uploads/2023/11/2023_NoticeOrder-of-Revocation_BBMI-Inc-revised-OOL.pdf. (JCR/MJTAB/JMCQ, PIA Ilocos Sur)
