The Securities and Exchange Commission has revoked the Certificate of Registration of Bagong Bansang Maharlika (BBM) International Inc. (BBMII) due to violation of the Revised Corporation Code of the Philippines (R.A. 11232) in relation to Section 6 i (2) of Presidential Decree No. 902-A for serious misrepresentation as to what the corporation can do to the great prejudice of or damage to the general public.Thank you for reading this post, don't forget to subscribe!
The Commission has received reports indicating that BBMII is collecting membership fees from local communities, promising benefits such as food security, free education, free hospitalization, cash assistance, and livelihood opportunities.
Despite its registered status, BBMII was warned through an advisory dated August 28, 2023 that its registration only granted it the juridical personality to operate as a corporation, but did not authorize specific activities, such as operating as a Social Welfare Development Agency (SWDA), which requires permit/license from the Department of Social Welfare and Development.
Worse, the use of the President’s picture in the identification cards, tarpaulins and other materials and paraphernalia of BAGONG BANSANG MAHARLIKA (BBM) INTERNATIONAL INC. was done with palpable intent to mislead and deceive the public that the activities undertaken by the corporation are legitimate and are sanctioned by or with the imprimatur of the President or the Marcos administration.
The financial viability of BBMII’s promises also came into question, as it was a non-stock, non-profit corporation with limited capital and no visible income sources. It was not shown that it was the recipient of donations or bequest with which to finance its scheme, nor did it have any operating capital to speak of when it started operations. In fact, per its Articles of Incorporation, its total capital contribution is merely Php 35,000.00.
For a copy of the order, please visit https://www.sec.gov.ph/issuance/bagong-bansang-maharlika-bbm-international-inc/#gsc.tab=0