The Securities and Exchange Commission advised the public against dealing with Bagong Bansang Maharlika International Inc. over its alleged unauthorized solicitation of investments without the necessary license from the agency.
It said in an advisory BBMI was claiming to be an organization that aims to uplift the living conditions of its members by assisting them in the establishment of livelihood facilities, services and enterprises. BBMI entices prospective members by promoting and offering so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for senior citizens, among others, the SEC said..
The SEC said to avail of the benefits offered by BBMII, a prospective member is required to fill out an application form and pay P100 in the guise of a processing fee for their identification cards.
It said while BBMI was registered with the SEC, it had not secured necessary permit to operate as a private social welfare development agency from the Department of Social Welfare and Development.
The SEC said its investigation also showed that BBMI does not have a valid registration/license to operate or accreditation with DSWD as of July 31, 2023.
