The Securities and Exchange Commission (SEC) has warned the public not to join Bagong Bansang Maharlika International Inc. (BBMII).
The SEC said that BBMII program entices prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens aged 50 years and up, using the social media and seminars conducted in public places and radio programs.
The SEC said that the Bataan-based organization is not among the private social welfare development agencies authorized by the Department of Social Welfare and Development.
“As the certificate of incorporation issued to BBMII show, while such certificate grants juridical personality to the corporation, the certificate of incorporation does not constitute a permit to undertake activities for which other government agencies require a license or permit,” it said.
“Thus, the public is advised not to join in any scheme offered by any individuals/agents/entities representing BBMII its affiliates who are engaged in similar activities which does not have the required authority/license/permit from the concerned regulatory agencies to conduct such activities,” the SEC said.
