Inquirer file photo
MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned the public against a company that entices potential “investors” without the necessary permits and whose corporate name mimics President Ferdinand Marcos Jr.’ initials and words associated with his administration.
The SEC on Saturday said the corporate registration of Bagong Bansang Maharlika (BBM) International Inc. had been revoked since November last year for illegal investment solicitation.
READ: SEC issues cease and desist orders against six financing, lending firms
According to the corporate watchdog, BBM International collected membership fees from residents of local communities and promised to provide food, free education, free hospitalization and cash assistance to Filipinos age 1 year old and above.
The company also used Marcos’ photos in its marketing materials, “creating a false impression that its programs are legitimate and sanctioned by the current administration,” the SEC said in a statement.
The commission revoked the company’s permit in November 2023, three months after SEC gave it a warning. However, the SEC found out that BBM International continued to be active in parts of the Visayas and Mindanao despite the revocation order.
Under Section 28 of Republic Act No. 8799, or the Securities Regulation Code, those who sell securities without the necessary permits face up to P5 million in fines or imprisonment of up to 21 years, or both.