One of the gatherings of the Bagong Bansang Maharlika International Inc. in Zamboanga City where they oriented senior citizens of their program (snapshots from RYL Vicoy bonsai youtube account)
PAGADIAN CITY, Zamboanga del Sur (PIA) – The Securities and Exchange Commission has issued a warning against Bagong Bansang Maharlika International Inc., a group allegedly using the name and image of President Ferdinand R. Marcos Jr. to solicit funds from the public under false pretenses.
Speaking during the recent “Kapihan sa PIA ug DXPR” radio program, Securities Counsel II Attorney Rona Chua Santos revealed that BBMII is registered as a non-stock corporation with the stated purpose of improving its members’ living conditions.
However, the organization has been inviting individuals to join for a membership fee of P100 in exchange for lifetime free education, hospitalization and other forms of financial assistance for individuals aged 1 to 60.
“Mao daghan mabiktima, kay P100 lang man ang membership fee. But if you collect that money, dako to,” Santos explained. (That’s why many fall victim, because the membership fee is only P100. But if you collect all that money, it becomes a large amount.)
She further emphasized that BBMII falsely presents itself as a legitimate organization by displaying posters, ID cards and marketing materials featuring the president’s image. However, their SEC-registered capital amounts to only PHP 35,000, as it was based solely on member contributions.
“They are not a business entity, and it is clear they are scamming innocent people just to collect the PHP 100 membership fee,” she added.
According to Santos, BBMII’s license was revoked in 2023 after the SEC discovered it was engaging in investment solicitation without the necessary regulatory approval. Despite this, the organization has continued its operations and recently attempted to recruit members in Mindanao, specifically in Zamboanga City.
“We received reports that they were holding gatherings in barangays in Zamboanga City to attract new members. Many believe this is sanctioned by the president, but it is a scam. We have since informed the concerned barangay officials, and their meetings were halted,” Santos stated.
The SEC has reinforced its advisory by issuing a revocation order against BBMII, declaring that the organization no longer has juridical identity. The public is urged to remain vigilant and verify any investment offers, financing schemes or lending operations with the SEC.
“Always check with the SEC, especially when dealing with investment companies, financing firms and lending corporations, as all are under our supervision and regulation,” Santos advised.
The SEC continues to monitor and act against fraudulent organizations to protect the public from financial scams and illicit solicitations.
(EDT/HTB/PIA9-Zamboanga del Sur)
