SEC warns against Bagong Bansang Maharlika
THE Securities and Exchange Commission (SEC) warned the public against joining Bagong Bansang Maharlika International, Inc. (BBMII) as it lacks the necessary documents to operate its program.
The SEC said in an advisory posted Aug. 28 on its website that BBMII’s certificate of incorporation, despite granting juridical personality to the corporation, does not constitute a permit to undertake activities for which other government agencies need a license or permit.
“The public is advised not to join in any scheme offered by any individuals/agents/entities representing BBMII or its affiliates who are engaged in similar activities which [do] not have the required authority/license/permit from the concerned regulatory agencies to conduct such activities,” the commission said.
The SEC said that BBMII’s registration “only gives the subject entity the juridical personality to operate as a corporation.”
“The public is hereby warned that registration only gives the subject entity the juridical personality to operate as a corporation and does not encompass activities which [require] the necessary permit/license/authority such as but not limited to operate as a Private Social Welfare Development Agency (SWDA) from the Department of Social Welfare and Development (DSWD),” the SEC said.
“Investigation of the (SEC Enforcement and Investor Protection Department) showed that BBMII does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD as of July 31, 2023,” it added.
DSWD Memorandum Circular No. 17, Series of 2018 defined the SWDA as “a non-stock, non-profit corporation, organization, or association, implementing or intending to implement either directly or indirectly social welfare and development programs and services in the Philippines, and assessed as having the capacity to operate administratively, technically and financially.”
According to the agency, BBMII’s program entices prospective members via the promotion and offering of “assured benefits” such as food security, medical services, livelihood, free education, and cash assistance for senior citizens starting at 50 years of age and above.
These benefits are promoted via social media and seminars done in public places and radio stations. Members can avail of the benefits after filling up an application form and paying a P100 processing fee for their identification cards.
The SEC said BBMII claims to be operating in Luzon, Visayas, and Mindanao and is open to Filipinos worldwide from one year old and above but limited to those who voluntarily availed of the program.
Per government records, BBMII was with the commission on March 18, 2022 under SEC Registration No. 2022030046453-01. — Revin Mikhael D. Ochave
