Advisory issued vs. non-stock organization operating within SEC Davao’s AOR

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DAVAO CITY — The Enforcement and Investor Protection Department (EIPD) of the Securities and Exchange Commission (SEC) has issued an advisory against BAGONG BANSANG MAHARLIKA (BBM) INTERNATIONAL INC (BBMII), which has operations within SEC-Davao’s Area of Responsibility (Davao Region, SOCCSKSARGEN, Cotabato City and the Maguindanao Provinces).

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The BBMII program lures its potential members by 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 fifty (50) years of age and above, among others. In order to become a member, one must complete an application form and submit a processing fee of one hundred pesos (Php100) for the issuance of an identification card.

Although SEC registered, an investigation by the EIPD revealed that BBMII does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD.

“A SEC registration certificate only grants a juridical personality to the corporation, but does not serve as authorization to engage in activities that necessitate a license or permit from other government agencies such as the license to operate as a Private Social Welfare Development Agency (SWDA) from the Department of Social Welfare and Development (DSWD),” SEC Davao Extension Office Director Atty. Katrina Ponco-Estares said.

The public is advised not to join the scheme offered by any individual or entity representing BAGONG BANSANG MAHARLIKA (BBM) INTERNATIONAL INC. or those non-stock organizations engaged in similar activities as BBMII.

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