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MANILA, Philippines — The Securities and Exchange Commission (SEC) has warned the public to beware of a company that is luring potential “investors” without the necessary licenses by using a company name that mimics the initials of President Ferdinand Marcos Jr. and words associated with his administration.
The Securities and Exchange Board of India said on Saturday that the company registration of Bagong Bansang Maharlika (BBM) International Inc. has been revoked since November last year for illegally soliciting investments.
read: SEC issues cease-and-desist orders to six financing and lending companies
According to the corporate regulator, BBM International collected membership fees from residents of local communities and promised to provide food, free education, free hospitalization and cash assistance to Filipinos aged one and above.
The company also used photos of Marcos in its marketing materials, “creating a false impression that its projects are legitimate and approved by the current administration,” the SEC said in a statement.
The SEC revoked the company’s license in November 2023, three months after issuing a warning to the company. However, the SEC found that BBM International continued to operate in parts of the Visayas and Mindanao despite the revocation order.
Under Section 28 of Republic Act No. 8799, or the Securities Regulation Act, anyone who sells securities without the necessary permits faces a fine of up to P5 million or imprisonment of up to 21 years, or both.
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