IN AN advisory last Aug. 29, the Securities and Exchange Commission in the region warned the public against being swayed by the offers of any individual or entity representing Bagong Bansang Maharlika International Inc. (BBMII).
The investigation conducted by the SEC Enforcement and Investor Protection Department revealed that while BBMII is SEC-registered, it does not have a valid registration/license to operate or accreditation from the Department of Social Welfare and Development (DSWD).
SEC clarified that the registration only gives the subject entity the juridical personality to operate as a corporation and does not encompass activities that require the necessary permit/license/authority such as, but not limited to, operating as a Private Social Welfare Development Agency (SWDA) from the DSWD.
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 senior citizens starting fifty (50) years of age and above, among others.
In order to become a member of BBMII, one must complete an application form and submit a processing fee of P100.00 for the issuance of an identification card.
In a previous report last August 23, the Department of Interior and Local Government (DILG) XI warned the public about BBMII, stating that it’s another investment scam.
“We have clear data on that and I am informing everyone it is a scam, which means asking for investment later on and the money will be doubled. So, do not believe in that, that is foolishness,” DILG XI Regional Director Alex Roldan said.
BBMII also has operations within SEC-Davao’s Area of Responsibility, specifically the Davao Region, Soccsksargen, Cotabato City, and Maguindanao.
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