SEC Warns Of "BBM" Investment Scam

The Securities and Exchange Commission (SEC) has advised the public against dealing with a scheme using President Ferdinand "Bongbong" R. Marcos Jr.'s initials or "BBM" with his photo to solicit investments without the necessary license.

The scheme uses President Ferdinand "Bongbong" R. Marcos Jr.'s initials or "BBM" with his photo to solicit investments without the necessary license. I Photo: Bongbong Marcos Facebook

It also warned the public against Bagong Bansang Maharlika (BBM) International Inc. (BBMII) due to its unauthorized solicitation of investments without first getting a license from the Commission.

BBMII claims to be an organization that aims to uplift the living conditions of its members by assisting them in the establishment of livelihood facilities, services, and enterprises.

It entices 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 senior citizens, among others.

SEC findings also show the following: BBMII claims to operate in Luzon, Visayas and Mindanao and is open for membership to “Filipinos worldwide from one year old and above” or “everyone but limited to those who voluntarily availed the program; charges a P100 processing fee on all prospective members; contrary to its claims, it does not appear to be among those Private Social Welfare Development Agency (SWDA) with valid registration/license to operate or accreditation with DSWD as of July 31, 2023.”

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