DAVAO CITY—The Securities and Exchange Commission (SEC) has issued an advisory against a group of alleged scammers using the name of President Ferdinand Marcos Jr. to victimize residents here.
“The public is advised not to join the scheme offered by any individual or entity representing Bagong Bansang Maharlika (BBM) International Inc. or those non-stock organizations engaged in similar activities as BBMII,” the SEC Enforcement and Investor Protection Department (EIPD) said.
The EIPD sad the BBMII operates within SEC-Davao’s jurisdiction covering Davao Region, Soccsksargen, Cotabato City, and the two Maguindanao provinces.
The SEC said the BBMII program “lures its potential members by 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 of age and above, among others.”
In order to become a member, one must complete an application form and submit a processing fee of P100 for the issuance of an identification card, it said.
“Although SEC registered, an investigation by the EIPD revealed that BBMII does not appear to be among those SWDAs with valid registration/license to operate or accreditation with DSWD (Department of Social Welfare and Development),” it said.
“A SEC registration certificate only grants a juridical personality to the corporation, but does not serve as authorization to engage in activities that necessitate a license or permit from other government agencies such as the license to operate as a Private Social Welfare Development Agency (SWDA) from the DSWD,” SEC Davao Extension Office Director Katrina Ponco-Estares said.
Last week, Alex Roldan, director of the regional office of the Department of the Interior and Local Government, said barangay residents should not transact with the group “which is reportedly going to barangays to recruit members willing to pay for having their ID printed”.
He said the group would first ask payment for the identification card (IDs), and later on entice the victims to invest.
Roldan said that like the National ID, the government does not charge for its IDs. The group would ask the victims to give them P100 as payment for the ID.