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Fraud alert: SEC exposes Bagong Bansang Maharlika’s unlawful investment scheme

The Securities and Exchange Commission (SEC) is alerting the public on the illegal investment solicitation of an entity called Bagong Bansang Maharlika International Inc. (BBMII).

BBMII, which claims to uplift the living condition of its members, is inviting the public to join its project and program.

Based on the SEC’s investigation, the BBMII program entices prospective members by offering assured benefits such as food security, medical services, livelihood, free education, and cash assistance for senior citizens.

Those who will apply for membership are required to pay P100 as processing fee for their identification cards to avail of the benefits offered by the entity.

While BBMII is registered with the SEC, the commission said the entity does not possess the necessary license to operate as a private social welfare development agency from the Department of Social Welfare and Development.

According to the SEC, BBMII’s certificate of incorporation does not constitute a permit to undertake activities for which other government agencies require a license or permit.

“Thus, the public is advised not to join in any scheme offered by any individuals, agents, entities representing Bagong Bansang Maharlika International Inc. or its affiliates who are engaged in similar activities which does not have the required authority/license/permit from the concerned regulatory agencies to conduct such activities,” the SEC said.

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