THE SECURITIES and Exchange Commission (SEC) has revoked the certificate of registration of Bagong Bansang Maharlika International Inc. (BBMII).
Following the advisory issued last Aug. 28 warning the public against engaging with BBMII, SEC released an order of revocation on Nov. 14 due to serious misrepresentation to the great prejudice of or damage to the general public, which is punishable under Sec. 44 of the Revised Corporation Code of the Philippines (RCC) in relation to PD 902-A and Sec. 179 (j) of the RCC.
According to the commission, it received reports indicating that BBMII has been collecting membership fees from local communities, promising benefits such as food security, free education, free hospitalization, cash assistance, and livelihood opportunities.
In addition, BBMII has been using the image of President Marcos in the identification cards, tarpaulins, and other materials and paraphernalia of the group with the intent to mislead and deceive the public that the activities undertaken by BBMII are legitimate and sanctioned by Malacañang.
Records further showed that BBMII has not submitted its Mandatory Disclosure Form (MDF) to the commission through the Anti-Money Laundering Division (AMLD) as required under Sections 9.1 and 9.2 of Memorandum Circular No. 25, Series of 2019, and failure to comply with such is a cause for revocation of the Certificate of Incorporation of the non-complying non-stock corporation.
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 P35,000.
As warned in their previous advisory, the SEC clarifies that BBMII’s 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 a permit/license from the Department of Social Welfare and Development.
On Sept. 4, the commission issued a show-cause order directing BBMII to file an Answer on the grounds of the serious misrepresentation by the group. SEC did not receive a reply despite the due notice and repeated reminders.
SEC also stated that on Oct. 20, except for Ms. Rose Marie G. Santos, all of the incorporators and trustees declared they were no longer connected with BBMII.
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