Some of the more fraudulent among Filipinos have taken advantage of the BBM brand of governance and seek to profit from it in the guise of charitable work ostensibly to uplift the lives of its members.
The situation is such that the Securities and Exchange Commission (SEC) has let it be known that joining the Bagong Bansang Maharlika International Inc. (BBMII) may not only ruin your but your financial health as well.
According to the SEC, BBMII registered as a corporation on 18 March 2022 but its corporate identity does not include operating as a private social welfare development agency which can only be had from the Department of Social Welfare and Development.
“As the certificate of incorporation issued to BBMII show, while such certificate grants juridical personality to the corporation, the certificate of incorporation does not constitute a permit to undertake activities for which other government agencies require a license or permit,” the SEC said.
Social welfare agencies are non-stock, non-profit entities implementing either directly or indirectly social welfare and development programs and services and having capacity to operate administratively, technically and financially. Its clients include the poor, disadvantaged and vulnerable individuals or groups, families and communities.
But the SEC has found that BBMII agents across Luzon, the Visayas and Mindanao open its membership to “Filipinos worldwide from one year old and above” and “everyone but limited to those who voluntarily avail of the program”.
To enjoy the benefits offered by BBMII, new recruits are required to fill up an application form and pay P100 as processing fee for the issuance of identification cards.
Through the use of the social media and seminars conducted in public places and radio stations, the BBMII program entices the prospective members by promoting and offering its so-called “assured benefits” in the form of food security, medical services, livelihood, free education and cash assistance for the senior citizens starting 50 years and above, among others.
According to the SEC, the enterprise operates from an address in Samal, Bataan ostensibly “to uplift the living conditions of members by assisting them in the establishment of livelihood facilities, services and enterprises.
It allegedly encourages members in the effective use of local resources in livelihood activities and by these improve the living condition in the community, among other goals.
