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Manila Bulletin devider Business devider SEC warns of 'BBM' investment scheme

SEC warns of 'BBM' investment scheme

Bagong Bansang Maharlika (BBM) International Inc. or BBMII

Published Aug 30, 2023 07:47 am

The Securities and Exchange Commission (SEC) has advised the public against dealing with a scheme using President Ferdinand "Bongbong" R. Marcos Jr.'s initials or "BBM" with his photo to solicit investments without the necessary license.

bbm investment 2.png

In an advisory, the SEC warned the public against Bagong Bansang Maharlika (BBM) International Inc. (BBMII) due to its unauthorized solicitation of investments without first getting a license from the Commission.

BBMII claims to be an organization that aims to uplift the living conditions of its members by assisting them in the establishment of livelihood facilities, services, and enterprises. 

It entices prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education, and cash assistance for senior citizens, among others. 

The SEC’s investigation revealed that BBMII  claims to operate in Luzon, Visayas and Mindanao and is open for membership to “Filipinos worldwide from one year old and above” or “everyone but limited to those who voluntarily availed the program.”

To avail of the benefits offered by BBMII, a prospective member is required to fill out an application form and pay P100 in the guise of a processing fee for their identification cards.

Through the use of the social media and seminars conducted in public places and radio stations, the BBMII program entices the prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting 50 years of age and above, among others, to the members of BBMII.

The SEC said BBMII was registered with the Commission but was not granted the necessary permit, license, or authority to operate as a Private Social Welfare Development Agency (SWDA) from the Department of Social Welfare and Development (DSWD).

“Investigation of the Department showed that BAGONG BANSANG MAHARLIKA (BBM) INTERNATIONAL INC. does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD as of July 31, 2023,” said the SEC.

“Thus, the public is advised NOT TO JOIN in any scheme offered by any individuals/agents/entities representing BAGONG BANSANG MAHARLIKA (BBM) INTERNATIONAL INC. or its affiliates who are engaged in similar activities which does not have the required authority/license/permit from the concerned regulatory agencies to conduct such activities,” said the SEC.
 

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Bagong Bansang Maharlika (BBM) International Inc. (BBMII) Securities and Exchange Commission
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