SEC Revokes BBM International’s Registration for Unauthorized NGO Activities and Misleading Public
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The SEC on Saturday said the corporate registration of Bagong Bansang Maharlika (BBM) International Inc. had been revoked since November last year for illegal investment solicitation.
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 Securities and Exchange Commission (SEC) of the Philippines has revoked the corporate registration of Bagong Bansang Maharlika (BBM) International Inc. This action was taken after it was discovered that BBM International operated as a non-government organization (NGO) without the necessary licenses. The corporation was found to have been collecting membership fees from various communities, promising benefits like food security, free education, and livelihood programs, while using the president’s name to gain credibility.
The SEC’s Enforcement and Investor Protection Department determined that BBM International violated Section 44 of the Revised Corporation Code (RCC), which restricts corporations to activities outlined in their Articles of Incorporation (AOI). BBM International’s activities, including coordinating welfare programs and collecting investments, required secondary licenses from government agencies, which they failed to obtain. The SEC described these actions as ultra vires, meaning they were beyond the corporation’s legal authority.
Additionally, BBM International was found to be misleading the public by using President Ferdinand R. Marcos Jr.’s image in their promotional materials, falsely suggesting that their activities were sanctioned by the government. The SEC emphasized that the corporation’s use of such imagery was a deliberate attempt to deceive the public into believing in the legitimacy of their operations.
As a result of these violations, and due to BBM International’s failure to submit required documents such as the Mandatory Disclosure Form, the SEC officially revoked the corporation’s Certificate of Incorporation. The SEC had previously issued an advisory warning the public against dealing with BBM International.