SEC Issues Warning Against Investment Group Misusing Philippine President’s Image

BICOL – The Securities and Exchange Commission (SEC) of Bicol has issued a public warning against Bagong Bansang Maharlika International Inc. (BBMII), a group found to be illegally soliciting investments using the image of President Ferdinand R. Marcos Jr. to mislead investors. BBMII’s corporate registration was revoked as of November 2023 for these unauthorized activities.

According to Philippines News Agency, SEC-Bicol information officer, despite the revocation order from the Enforcement and Investor Protection Department, BBMII continued operations in parts of Visayas and Mindanao. The company’s malpractices included collecting membership fees under the guise of offering benefits like food security, free education, hospitalization, cash assistance, and livelihood programs to Filipinos of all ages worldwide. “BBMII used President Ferdinand R. Marcos Jr.’s image as part of its marketing materials, creating a false impression that its programs are legitimate and sanctioned by the administration,” Alarcon explained.

The SEC highlighted that BBMII violated Section 44 of the Republic Act No. 11232, or the Revised Corporation Code, which restricts corporations to operate only within the powers conferred by the code or their articles of incorporation. Initially, when complaints emerged about BBMII’s activities in various municipalities and cities, the SEC issued an August 2023 warning about the organization’s ‘too good to be true’ promises, clarifying that BBMII’s registration did not authorize it to function as a private social welfare and development agency.