SEC warns vs BBM International

MANILA, Philippines — The Securities and Exchange Commission (SEC) has issued a warning against a group called Bagong Bansang Maharlika (BBM) International Inc., which is apparently using President Marcos’ initials and the Maharlika brand.

According to the  SEC, it  received information that BBMII is operating and inviting members to join its program.

Claiming to operate in Luzon, Visayas and Mindanao, BBMII is enticing the public to avail of benefits in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting 50 years of age.

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

The SEC said the entity registered with the Commission in 2022 with a primary purpose of  uplifting  the living conditions of members by assisting them in the establishment of livelihood facilities, services and enterprises” and acquiring  loans or other financial accommodations from the government and private lending institutions in order to finance productive livelihood enterprises, among others.

However, the SEC said that while the entity is registered to operate, its registration does not permit it to operate as a private social welfare development agency (SWDA).

“Thus, 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 SEC said.

The SEC has been closely monitoring entities that seek out investments from the public without the necessary licenses or those that aren’t sustainable and have the characteristics of a Ponzi scheme, or without the appropriate authority.

It has also been cracking down against abusive lenders.