The Securities and Exchange Commission (SEC) said it has revoked the registration of Bagong Bansang Maharlika (BBM) International Inc. for operating as a non-government organization (NGO) without licenses, while using the president’s name to lure members.
The SEC said BBM International was collecting membership fees from residents of various local communities, promising to provide food security, free education, free hospitalization, cash assistance, and livelihood to all Filipinos aged one year and above worldwide.
“While BBM International is a duly registered corporation with the SEC, activities such as coordinating welfare programs and collecting investments require secondary licenses from the appropriate government agencies,” the agency said.
“BBM International is only allowed to exercise powers inherent to its existence as provided in the Revized Corporation Code (RCC) and those conferred in its articles of incorporation (AOI). Dealings which are irrelevant to the purposes mentioned in its AOI are considered unauthorized,” it added.
The SEC said that the activities of BBM International require that it register and secure a license from the Department of Social Welfare and Development (DSWD) under the department’s relevant guidelines.
“Evidently, [BBM International]’s SEC registration was obtained only for the purpose of giving a semblance of legitimacy to the corporation and that the corporation’s activities were sanctioned by the government,” it said.
“Worse, the use of the President’s picture in the identification cards, tarpaulins and other materials and paraphernalia of [BBM International] 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,” it added.
