BBM Int’l Inc. no license to operate, SEC Iloilo reiterates

By Perla Lena

March 7, 2024, 5:38 pm

ILOILO CITY – The Securities and Exchange Commission (SEC) Iloilo extension office maintained that Bagong Bansang Maharlika (BBM) International, Inc. cannot operate because its certificate of incorporation and registration was revoked months ago.

Lawyer Ma. Cristina T. Montelibano, Director II for SEC Iloilo extension office, made the reiteration on Wednesday after inquiries made by some concerned citizens on the legitimacy of the group.

“This particular organization was registered under company registration number CN 2022030046453-01 way back March 18, 2022. It was a non-stock corporation,” Montelibano said in an interview Thursday.

In its declaration, the group projected that its primary purpose was to uplift the living conditions of the members by assisting in the establishment of livelihood facilities, services, and enterprises, Montelibano said.

An organization such as this, with an issued certificate of incorporation, could operate anywhere in the Philippines.

However, the SEC revoked its certificate of incorporation and registration on Nov. 14, 2023, for allegedly being fraudulent.

Before the revocation, it was reported that the group invited people in the provinces to be members in exchange for PHP100 in membership fee. It also represented itself as a private social welfare agency.

Worse, it also used President Ferdinand R. Marcos Jr.’s photo on the identification card, tarpaulins, and other materials.

“The organization, its operators and agents, has no authority to operate as a non-governmental organization for public and charitable purposes to act as social welfare and development agencies as certified by the DSWD,” the official said, quoting the decision of the SEC.

“The use of the President’s picture in the identification card, tarpaulins, and other materials, and paraphernalia of BBM International, Inc. was done with palpable intent to mislead and deceive the public that the activities undertaken by the corporation are legitimate and are sanctioned by any or with the imprimatur of the President or the Marcos administration,” she added.

The acts of the organization, according to the SEC order constitute “serious misrepresentation that could advance a fraudulent purpose or can be reasonably expected to cause a significant, imminent, and irreparable danger or injury to the public safety and welfare.” (PNA)